Australian shares have plunged at the open after a dismal overnight session on Wall Street, where trade anxieties flared and fears of a growth slowdown mounted.
Wall Street has tumbled more than 3 per cent, led lower by bank and industrial shares, as the US bond market sent unsettling signs about economic growth and investors worried anew about global trade.
Oil prices pared gains in a volatile trade overnight as fears flared that demand would stall due to a trade war between the US and China, and that Russia remained a stumbling block to a deal to cut global crude supply.
Nearly 1,000 people attended the funeral of the late Stan Perron this afternoon, with his daughter Elizabeth Perron promising to maintain his legacy as a great philanthropist.
The Australian share market suffered near-across the board losses as the positive sentiment from the trade truce brokered at the G20 summit dissipates.
Valmec has secured $25 million worth of construction contracts, including at Mineral Resources’ Wodgina project, while fellow local contractor Weststar Industrial was awarded a $4 million contract at Rio Tinto’s West Angelas mine near Newman.
Oil prices jumped nearly four per cent after the United States and China agreed to a 90-day truce in a trade dispute and Canada's Alberta province ordered a production cut, while exporter group OPEC looked set to reduce supply.
Gold gained one per cent overnight, hitting its highest in more than three weeks, boosted by a sell-off in the dollar after the United States and China called a truce on fresh trade tariffs for 90 days.
Verdant Minerals has entered into a non-binding agreement for a $160 million debt facility from the Northern Australia Infrastructure Fund, adding to a string of mining projects in recent months to reach a funding agreement with the fund.
The Australian share market surged higher following a 90-day truce on tariffs between the US and China, with energy and mining stocks recording significant gains.
Piedmont Lithium has tapped investors for $12.2 million to fund an expansion and upgrade at the company’s namesake project in the US state of North Carolina.
Australian shares have surged at the start of the new trading week, with energy and materials stocks up by more than two per cent in the wake of a 90-day truce on tariffs between China and the US.
Wall Street has risen as investors hope for progress on trade in a critical US-China meeting over the weekend, and the S&P 500 and the Nasdaq posted their biggest weekly percentage gains in nearly seven years.
Oil prices edged lower due to concerns of oversupply and a strong dollar but losses were limited by expectations that the Organisation of the Petroleum Exporting Countries and Russia would agree some form of production cut next week.
Gold fell as the dollar strengthened ahead of trade talks between the US and Chinese leaders at the G20 summit, while palladium prices crossed the $US1,200 per ounce mark for the first time.
A 4,497 square metre multi-lot site in Scarborough has been placed on the market, raising the possibility for further high density residential development in the suburb.
Shares in Matrix Composites & Engineering have jumped 16 per cent today to trade at 43 cents each, after the Henderson-based oil and gas services company announced it had won a $15.3 million contract.
The Australian share market suffered significant losses across the board, with consumer and banking stocks weighing the heaviest as world leaders descend on Argentina for critical trade discussions at the G20 summit.
The Australian share market has opened lower with Coles and Coca-Cola Amatil dragging consumer staples into the red, and the heavyweight mining and financial sectors also under water.
Oil reversed course and rose as much as three per cent overnight after industry sources said Russia had accepted the need to cut production, together with OPEC ahead of its meeting next week.
Gold held steady but pared some gains as the dollar recovered and minutes from the US Federal Reserve's recent meeting showed an interest rate hike was imminent in December.
Shares in Norwest Minerals fell 10 per cent to close its first day of trading at 18 cents each, after the company raised $6.6 million via an initial public offering.
The Australian share market burst out of the gates after a strong lead from Wall Street and held onto most of its gains by the close, buoyed by the banking sector and mining stocks on higher commodity prices.
The number of new homes being built in Western Australia has fallen to its lowest level since records started in 1984, with little signs of improvement predicted in the next few years, according to the latest report from the Housing Industry Forecasting Group.
Rio Tinto has approved a $3.5 billion investment to develop its Koodaideri iron ore mine in the Pilbara, lifting the total amount to be spent on new iron ore projects in Western Australia to $12 billion.
