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ATO targets legal privilege

US stock indexes were lower on Monday, pressured by a drop in technology and energy companies and muted appetite for equities after last week's spike in Treasury yields following healthy economic data.

Oil prices almost fully recovered from a sharp drop overnight, paring losses as investors bet China's economic stimulus moves would lift crude demand in the world's number two economy.

Gold fell to its lowest level in a week overnight as investors sought safety in the US dollar on concerns about a selloff in global stocks worsened by worries over economic growth in China.

Australian shares have suffered their worst one-day performance since March as the Aussie dollar recovered slightly from a weak opening.

The Chamber of Minerals and Energy of WA has appointed Edgar Basto as its acting president following the departure of Woodside executive and CME president Jeroen Buren.

Tumbling overseas markets - combined with weaker metals and oil prices, and pending scrutiny for the big banks - have given Australian shares a whack at the open, while the Aussie dollar remains at near two-and-a-half year lows in the face of a strong greenback.

Boost for Pilbara power plan

US stocks dropped for a second straight day on Friday, weighed down by another rise in Treasury yields in the wake of a solid jobs report that capped off a week of robust data.

Crude futures steadied after climbing to four-year highs, while both Brent and US crude marked weekly gains ahead of US sanctions on Iranian oil exports.

Gold edged higher as the US dollar softened on data that showed job growth had slowed more than expected last month, while a slide in stock markets burnished the appeal of bullion as a safe haven.

Australian stocks have recovered from a morning slump to end the week on a high but a strong greenback has battered the Aussie dollar.

Wall Street's overnight tumble has taken the edge off Australian shares at the open, while the Aussie dollar continues to loiter at near two-and-a-half year lows in the face of a strong greenback.

Stoked US pushes rates up, $A down

US stocks fell broadly on Thursday, mirroring weakness in the global markets, as government bond yields surged to multi-year highs on robust economic data and optimistic views from the Federal Reserve.

Oil prices fell overnight as the prospect of increased crude production from Saudi Arabia and Russia prompted profit-taking the day after futures hit four-year highs on a boost from imminent US sanctions on OPEC's number three producer, Iran.

Gold steadied as positive US economic data and prospects of tighter monetary policy offset limited gains from safe haven buying.

The Australian share market has closed higher, buoyed by the banks and commodity-related stocks, but the Aussie dollar has fallen below 71 US cents for the first time since February 2016.

A strong run over the past month from listed companies Mineral Resources, Woodside Petroleum and Seven Group Holdings has helped push Business News’ index of 30 local stocks to a record high this week.

The state government has today announced an updated community services policy, providing five-year contracts with the aim to give not-for-profit organisations greater funding security.

The Real Estate Institute of Western Australia council has elected Damian Collins as its new president.

Gains for materials, banking sector, and energy stocks have lifted the ASX at Thursday's open, following a strong overnight performance by Wall Street on the back of rising US Treasury yields.

Buckeridge empire breaking up

US shares have advanced and the Dow Jones Industrial Average closed at a record for a second day, after American economic data fuelled a rise in Treasury yields, lifting financial stocks.

Brent crude rose nearly two per cent after hitting a four-year high on overnight as the market focused on upcoming US sanctions on Iran, while shrugging off the year's largest weekly build in US crude stockpiles and reports of higher Saudi Arabian and Russian production.

Gold eased overnight after the Italian government indicated it was open to trimming its budget deficit and debt, soothing investors' nerves and prompting a wider move back into stocks and other higher-risk assets.

Higher commodity prices have boosted local material and energy stocks, and pushed the Australian share market to close higher.

The Australian share market has edged higher at the open, boosted by the heavyweight materials sector, which lifted on improved copper and gold prices.

Morrison stares down states on GST compo

US stocks treaded water pressured by worries of a eurozone breakup after anti-euro comments from an Italian lawmaker.

Oil prices eased slightly after rallying for three straight sessions, but remained close to four-year highs on worries that global supplies will drop due to Washington's sanctions on Iran.

Gold hit its highest in more than a week overnight, vaulting the $US1,200 per ounce mark, as investors sought refuge in the metal after stock markets sold off due to anti-euro comments by an Italian lawmaker.