Gold fell more than 1 per cent overnight as investors booked profits from recent rallies and some switched to the safety of cash driven by growing US-China trade tensions and doubts about an economic recovery.
The Australian share market has snapped its four-day winning streak, closing modestly lower after it failed to rise above a level closely watched by short-term traders.
Shares on the Australian market have risen by more than 0.5 per cent in early trade as investors look to a swift recovery from the coronavirus pandemic.
Oil prices rallied overnight after US crude inventories fell in the most recent week, but gains were capped by worries over the economic fallout from the coronavirus pandemic and weak refining margins.
Gold rose overnight amid extensive stimulus measures and uncertainty over a possible coronavirus vaccine, but bullion's gains were limited as risk appetite improved on hopes of an economic recovery.
Premier Mark McGowan has criticised a push by the NSW and federal governments for Western Australia to reopen interstate borders, citing the eastern states’ inconsistent health advice and high rates of community transmission.
The City of Perth has deferred until next month any decision on whether to go ahead with three major events, following a recommendation by the city’s administration to cancel scheduled events due to uncertainty caused by COVID-19.
US crude ended slightly higher overnight, as US Treasury Secretary Steven Mnuchin said he supported extending certain measures intended to bolster the economy, while Brent ended lower on concerns that output cuts might not be sufficient.
Gold rose overnight amid uncertainty over how economies would emerge from a deep slowdown, although optimism about a potential vaccine for the novel coronavirus capped bullion's advance.
The local bourse has busted out of its trading range to close at a two-month high as share markets around the globe rallied on hopes for a coronavirus vaccine.
Gutted Australian barley growers have warned of a bitter blow to the nation's economy after China confirmed today it would introduce an 80 per cent tariff on imports.
Shares have surged by more than 2.0 per cent in early ASX trade, taking the lead from overnight gains on Wall Street due to rising hopes of a coronavirus vaccine.
Oil prices overnight jumped to their highest values in over two months on positive early results on a potential coronavirus vaccine, optimism about a resumption in economic activity and signs producers were following through on planned output reductions.
The Australian share market has gained more than one per cent for the second straight day, with miners shining after iron ore and gold prices both jumped.
The federal government has granted Perth company Agrimin major status for its Mackay potash project in Western Australia for an initial three-year period.
The Lateral INCITE Awards has shortlisted 26 entrants for this year’s program, with Leederville-based startup InteliCare and IT consultancy firm Modis Australia among those advancing to the second round of judging.
Emirates Group is planning to cut about 30,000 jobs to reduce costs amid the coronavirus outbreak, which will bring down its number of employees by about 30 per cent from more than 105,000 at the end of March, Bloomberg News reports.
Four private equity firms are the leading candidates to buy Virgin Australia, the biggest regional casualty of the coronavirus crisis in the global aviation industry.
US crude prices have reached their highest price since March, on strengthening fuel demand as countries around the world eased travel restrictions they had imposed to curb the spread of the coronavirus.
Gold prices have jumped to levels last seen in 2012, as renewed US-China trade tensions added to concerns about a deep economic slump due to the coronavirus pandemic.
