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Wall Street has see-sawed, rarely straying far from opening levels as investors eyed ongoing US-China trade talks, potential congressional gridlock and a diminished 2019 earnings outlook.

The Australian sharemarket has closed modestly in the red as gains from miners couldn't outweigh losses from the financial sector.

Australian stocks have slipped into negative territory as a strong performance by the big miners was unable to make up for losses in shares of the major banks.

All eyes on Chinese iron ore buying as price flies

The benchmark S&P 500 index and the Nasdaq edged upward to snap a two-day losing streak on Friday as positive corporate results offset lingering scepticism over the United States and China reaching a trade deal before the March 1 deadline.

Oil futures edged higher on Friday but ended the week with a loss on renewed concerns about slowing global demand and after the US dollar posted its best week in six months.

Gold rose on Friday as a gloomy global economic outlook dented risk appetite, but a firm US dollar stemmed bullion's advance and kept the metal on track for its first weekly decline in three.

Australian shares have finished the week on a down note, with energy and mining sectors dragging the local bourse.

The Reserve Bank of Australia has revised down its economic forecasts as expected, but the Australian dollar has plunged again after the central bank surprised the market with the scale of its revisions.

Australian shares have opened lower, with mining and energy stocks dragging the index down after a negative lead from Wall Street overnight.

Inpex has win in floating hotel case

Oil fell more than 2 per cent overnight as the market confronted concerns that global demand growth would lag in the coming year.

Gold prices rose overnight on concerns that the US-China trade war may stretch beyond a March 1 deal deadline and the potential effect it could have on global growth, although gains were capped by a strengthening US dollar.

Wall Street stocks have sunk as worries that the United States and China would not be able to reach a trade deal increased concerns about slowing global economic growth.

Australian shares have enjoyed their fourth straight day of gains as the local currency slides further against the US dollar.

Australian shares are rallying at midday while the local currency shows no sign of halting its slide against the US dollar.

Seven mulls sale of Crux gas stake

Oil prices rose about 1 per cent overnight, boosted by signs of strong US demand for distillate products and tightening global crude supply, but gains were capped by a rising US dollar and ongoing concerns about a global economic slowdown.

Gold eased overnight on a firmer US dollar as investors waited for signs of resolution in US-China trade talks, while keeping an eye on the Federal Reserve's monetary policy.

US stocks have edged lower as videogame makers gave disappointing revenue forecasts and investors awaited developments on US-China trade relations.

Australian shares have strayed into positive territory at midday as mining shares picked up the slack while the major banks lost some of their gains of the previous day.

Airport win on Qantas

Oil prices fell overnight, pulling back from two-month highs as concerns over a global economic slowdown crept back into the market and a stronger US dollar also weighed.

Gold moved slightly higher overnight, supported by uncertainties surrounding US-China trade relations ahead of President Donald Trump's State of the Union address to the Congress, while a firmer US dollar and rising global stock markets capped gains.

US stocks have closed higher as largely upbeat corporate results fuelled investor optimism ahead of the highly awaited State of the Union address by President Donald Trump.

The Australian share market has had its biggest day in 26 months as investors breathed a sigh of relief the Hayne royal commission hadn't recommended harsher penalties for the big banks.

Australian shares are rallying at midday lead by the big four banks, with investors seemingly relieved that the financial services royal commission had not recommended harsher measures.

Searing scrutiny leaves big banks bruised but not broken

Oil prices fell overnight after disappointing US factory data sparked fresh concerns about a slowdown in the global economy, but losses were limited as OPEC-led supply cuts and US sanctions against Venezuela pointed to lower supplies.

Gold retreated to a near one-week low overnight as the US dollar built on momentum from upbeat US economic data, denting bullion's appeal.

Wall Street has gained on Monday, with all three major indexes closing near session highs as sustained optimism on the prospects for US-China trade relations propelled technology shares.

Financial stocks have given the Australian share market a surprising lift despite the sector bracing for the fallout from a landmark misconduct inquiry.