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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.

The Australian share market has closed lower, dragged down by banking and health care stocks while the Australian dollar has fallen after the Reserve Bank held the cash rate at 1.5 per cent for the 26th straight month.

The Australian share market has opened flat, but rising oil and iron ore prices have lifted the energy and mining sectors, offsetting continued losses for the under-fire financials.

Export bonanza will not last long

US stocks have advanced, led by gains in shares of technology and industrial companies, as a last-minute deal to save NAFTA as a trilateral pact raised hopes for progress in talks with other countries at the start of the fourth quarter.

Oil futures jumped more than $US2 a barrel, rising to levels not seen since November 2014, as US sanctions on Iran loom and a North American trade deal fosters growth.

Gold fell as investors favoured riskier assets after the United States and Canada salvaged NAFTA as a trilateral trade pact with Mexico, while expectations that a strong US economy would lead to higher borrowing costs also influenced sentiment.

The Australian share market has closed lower, dragged down by the financial sector after a correction to banking stocks following the release of the royal commission's interim report on Friday afternoon.

City of Perth commissioners have approved $300,000 in matched funding support to the Historic Heart of Perth revitalisation in the city's east end, one year after a dispute between property developer Adrian Fini and former lord mayor Lisa Scaffidi over the project flared up.

Health care is the only major sector in the green as the Australian share market opened the public holiday lower, with the big banks weighing heavily after calls to extend the banking royal commission.