Oil prices finished last week higher but pulled back sharply from early highs on concerns that continued spread of the novel coronavirus could stall the United States' economic rebound.
Gold gained on Friday as a rise in coronavirus cases raised concerns of a second wave of the pandemic that could compel governments to implement new lockdowns.
The Australian share market has finished flat, fading in the afternoon after being up as much as 1.2 per cent after government data showed retail sales rebounded in May.
Retail trade rebounded a record 16.3 per cent in May, following a 17.7 per cent plunge in April, amid a gradual easing of coronavirus-related restrictions during the month.
Prime Minister Scott Morrison says Australian private and public sector organisations are being targeted in a sophisticated cyber attack by a foreign entity.
The Morrison government wants to steer young Australians into degrees that lead to jobs and will more than double the cost of humanities studies to do so.
Mining giant Rio Tinto has announced a board-led review of its "heritage management processes" following criticism of its destruction of ancient rock shelters in the Pilbara.
Oil prices rose slightly overnight as a panel of OPEC and allies met to review record oil supply cuts, even as the market remained concerned about additional coronavirus cases reported in parts of the United States and China.
Gold eased overnight after data showed fewer jobless claims in the United States and reports Beijing was bringing its latest coronavirus outbreak under control, but mounting infections globally limited losses for the safe-haven metal.
Australian shares have fallen, with every sector but one in retreat, after new data showed the country's unemployment rate jumped to 7.1 per cent in May.
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.
