News

Oil prices rose about two per cent on Friday, with US crude hitting its highest in more than three years, as global supplies remained tight and the market awaited news from Washington on possible new US sanctions against Iran.

Gold prices rose slightly on Friday as the US dollar backed off its highs, initially rising after US jobs data was weaker than expected. However the data was still strong enough to support the case for more interest rate increases.

Scomo’s GST election pledge

The Australian share market has ended the week on a downbeat note with the big banks leading the losses.

The Australian stock market has opened a touch higher after most base metals prices rose in offshore trade, and Wall Street put in another mixed performance.

The Australian dollar is slightly higher as the greenback's rally following the US Federal Reserve meeting runs out of steam.

Oil prices rose on Thursday, boosted by OPEC production cuts and the potential for new US sanctions against Iran, but gains were limited by growing US crude inventories.

Gold prices gained on Thursday, one day after the US central bank reassured investors that increases to interest rates would be gradual and as the US dollar softened, with geopolitical uncertainties also providing support.

Confidence rises but spending still on hold

A fifth straight day of gains, fuelled by miners, retailers and IT stocks, has taken the share market to a three-month high.

Gains in oil and base metals prices have helped push the Australian share market higher, which is getting support from the energy, mining, and retail sectors.

The Australian dollar has followed Wall Street lower after the US Federal Reserve indicated that it is on track to raise its interest rate at its next policy meeting in June.

Oil prices strengthened slightly ahead of the settlement Wednesday as the Federal Reserve held interest rates steady and expressed confidence that a recent rise in inflation would be sustained.

Gold prices extended their gains on Wednesday after the US Federal Reserve's dovish remarks weakened the US dollar against a basket of currencies, yet bullion remained vulnerable to a possible rising greenback and weak investment demand.

Crackdown on rorters taking ATO for ride

A fourth straight day of gains has taken the Australian share market to its highest level in two months.

The Australian share market has opened slightly higher despite falls in base metal prices and a mixed session on Wall Street with a promise of a record full-year profit from Qantas supporting industrial stocks.

The Australian dollar has fallen to its lowest level in almost a year after metals prices lost ground overnight.

Oil prices slid more than one per cent on Tuesday as the US dollar remained near a four-month high, but worries that US President Donald Trump will pull out of the Iran nuclear deal underpinned the market.

Gold slid to a four-month low on Tuesday as the dollar strengthened ahead of a US Federal Reserve policy meeting that is being watched for clues on the future pace of interest rate hikes.

US extends tariff exemptions

A surge in support for the banks - despite a highly critical regulator's report on failings at the nation's biggest lender - has led the Australian share market to close above 6,000 points for the first time since February.

The Australian share market is modestly higher as gains by the energy sector offsets modest falls across the healthcare and the retail sectors.

Oil prices rose on Monday, bouncing off early losses after Israeli Prime Minister Benjamin Netanyahu said Israel had proof that "Iran lied" about its nuclear capabilities, and that he was sure US President Donald Trump would do "the right thing" in reviewing the country's nuclear deal with western powers.

Wall Street has fallen as healthcare stocks slid and investors worried about rising costs for companies as oil prices rose, although the major indexes eked out a gain in April to snap a two-month losing streak.

Gold prices fell to the lowest in nearly six weeks on Monday as the US dollar strengthened and easing tensions on the Korean peninsula helped boost appetite for higher risk assets such as stocks.

Wesfarmers faces exec shake-up

The Australian share market has closed at its highest level in six weeks, wrapping up April with a run of gains that has added 230 points to the benchmark index since March.

An independent events company responsible for organising one of Fringe World Festival's major venues has allegedly failed to pay about $200,000 owed to performers as it prepares for voluntary administration.

The Australian share market has opened higher buoyed by broad-based gains and despite muted offshore leads.

Oil prices edged lower on Friday, although Brent still gained for a third straight week amid supply concerns should the United States reimpose sanctions on Iran.

Gold edged higher on Friday after the US dollar and US Treasury yields backed off highs, but the prospect of a Korean denuclearisation deal eroded bullion's safe-haven appeal.