Oil prices settled lower overnight on fuel demand worries due to an uptick in coronavirus cases, with emerging hotspots in China and the United States, and as US crude stocks grew again, taking commercial inventories to another all-time high.
Gold prices were little changed overnight, buoyed by concerns over a second coronavirus wave and expectations that the US Federal Reserve would maintain low interest rates in the near term, while a firm dollar put a lid on gains.
The Australian share market has crept almost half a percentage point higher in early trade after US indices climbed on a record jump in retail sales and the prospect of more economic stimulus.
Oil prices rose 3 per cent in volatile trade overnight as Wall Street surged and the International Energy Agency (IEA) increased its oil demand forecast for 2020, but gains were capped by worries about a second wave of coronavirus cases.
Gold edged up overnight as concerns over a fresh coronavirus outbreak in China countered a surge on Wall Street driven by a record rise in US retail sales and optimism over a COVID-19 drug.
The Town of Cambridge has launched legal proceedings against Local Government Minister David Templeman, on the same day it had been due to respond to the minister’s ‘show cause’ notice.
The Australian share market has rallied in its best day since April 6 after the US Federal Reserve began purchasing corporate bonds, sending a flood of cash into global markets.
The state government is poised to reveal its $4 billion plan for a new port at Kwinana as it seeks to ramp-up infrastructure projects to help kickstart the state’s economic recovery from COVID-19.
Oil prices rose more than 2 per cent overnight as signs that fuel demand was recovering, while OPEC+ members were complying with a production cut deal, outweighed fears that new coronavirus infections could further slow the global economy.
Gold fell more than 1 per cent overnight as the dollar hovered near a more than one-week high, but the metal held above $US1,700 an ounce, buoyed by fears of a second wave of coronavirus infections.
The Australian share market has closed sharply lower for a third straight day following a sell-off in the last 90 minutes of trade, amid fears of a second wave of COVID-19 infections in the US and China.
Curtin University will join Cisco, Optus, and La Trobe University to establish a new cross-industry alliance aimed at using their collective resources to address changing digital infrastructure and stimulate economic activity.
Newly appointed Boral chief executive Zlatko Todorcevski says there are no sacred cows in the company portfolio as he attempts to improve on recent disappointing results.
Super Retail Group has announced a $203 million equity raising to fund sales growth and working capital amid the disruption caused by the coronavirus pandemic.
Oil was little changed on Friday and logged a first weekly decline since April as new US coronavirus cases spiked, stoking fears of a second wave of the virus hitting fuel demand.
Gold prices gained on Friday as investors bought the safe-haven metal as fears of a fresh wave of coronavirus cases added to the gloomy economic outlook from the US Federal Reserve.
The Australian share market has plunged for the second day in a row, snapping a string of six consecutive winning weeks as fears rose about a second wave of coronavirus cases in the US.
Prime Minister Scott Morrison has said lifting coronavirus restrictions will be fast-tracked to allow more people into stadiums, pubs, restaurants, weddings and funerals, while acknowledging WA may keep its border shut through July.
Murdoch University has withdrawn legal action against staff and senate member Gerd Schröder-Turk after the academic had reportedly criticised the university’s admission processes for international students.
Shares have sunk about 2.5 per cent early on the Australian market as local investors pulled back following a slide on Wall Street on resurgent worries of virus infections in the US.
