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.
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.
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.
The corporate watchdog has told Commonwealth Bank of Australia's financial planning unit to stop charging customers with fees after failing to meet its obligations from the fees-for-no-service scandal.
Australian shares are in positive territory at midday after stocks in the four major banks gained, shaking off concerns about the release of the financial services royal commission on Monday afternoon.
Oil prices rose about 3 per cent on Friday on upbeat US jobs data and signs that US sanctions on Venezuelan exports have helped tighten supply, then extending gains after weekly data showed U.S. drillers cut the number of oil rigs.
Gold slipped on Friday, weighed down by robust US jobs data, but remained on course for a second week of gains buoyed by the US Federal Reserve's signal that it would pause its interest rate hikes.
Wall Street ended mixed on Friday, as optimism from a surge in January US job growth was offset by a weaker-than-expected outlook from Amazon.com that battered retail stocks.
Wall Street has ascended, with the S&P 500 wrapping up its biggest monthly increase since 2015 after strong earnings from Facebook Inc added to optimism after the Federal Reserve's dovish remarks.
Gold prices were steady overnight, having earlier hit their highest in nine months after the US Federal Reserve kept interest rates steady and said it would be patient on further hikes, keeping bullion on track for a fourth-straight monthly gain.
Oil prices have risen for a third straight day as production cuts curbed supply from OPEC and its allies, and US monetary policy appeared to be more favourable.
A strong performance by the energy and mining sectors was not enough to save the Australian share market from being weighed down by troubled financials at the close.
Clean technology company Eden Innovations has announced it is planning to raise $9.8 million through a share placement and rights issue after running down its cash balance to $1.35 million at the end of December.
Australian shares are up at the start of trade, with the big miners and energy companies leading the way thanks to a continued rise in iron ore and oil prices.
Oil prices have risen after US government data showed signs of tightening supply and investors remained concerned about supply disruptions following US sanctions on Venezuela's oil industry.
Gold has inched lower but stayed close to its highest in more than eight months as the US dollar ticked up on better-than-expected US private-sector jobs data and investors waited to hear about the Federal Reserve's decision on monetary policy.
US stocks have surged after the Federal Reserve said it would be patient in lifting borrowing costs further this year, reassuring investors worried about a slowing economy.
The Supreme Court has this week dismissed two separate appeals, by manufacturer Best Bar Reinforcements and a Harvey Norman franchisee, finding both companies were liable for workplace incidents.
Oil prices have gained more than two per cent after the United States imposed sanctions on state-owned Venezuelan oil company PDVSA, a move likely to reduce the OPEC member's crude exports and relieve some global oversupply worries.
Gold has jumped to its highest in more than eight-months, on doubts surrounding US-China trade relations and ahead of a Federal Reserve meeting with increasing expectations for a pause to the central bank's rate hike trajectory.
