A big drop in Telstra shares following a disappointing half-year profit result has weighed upon a relatively flat Australian share market in another busy day of company earnings reports.
Wall Street pushed further into record-high territory, with the S&P 500 notching a seven-session winning streak, helped by a round of robust economic data and ongoing optimism that President Donald Trump will cut corporate taxes.
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Gold has risen as the dollar comes off its highs, shrugging off earlier pressure from stronger-than-forecast US inflation and retail sales that added to expectations for near-term US interest rate rises.
Strong investor demand for financial stocks, thanks to Commonwealth Bank's record first-half profit, has pushed the share market to its highest level since mid-2015.
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US stocks were little changed, with the "Trump rally" pausing ahead of a testimony by Federal Reserve Chair Janet Yellen that will be scrutinised for clues on the timing of the next interest rate hike.
The Australia share market is heading towards the key 5,800 mark, thanks to strong investor demand for resource, healthcare and financial stocks after Wall Street hit record highs.
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The Australian dollar is lower against its US counterpart which has risen against a basket of currencies on re-ignited hopes of a US Federal Reserve interest rate rise.
Gold prices have slipped as the US dollar rises and global equities climb, but political and economic uncertainties in the United States and Europe are expected to provide support for now.
Oil has fallen by about 2 per cent, the most since mid January, as a stronger dollar and signs of rising US crude output pressured prices while an OPEC report showing high compliance with last year's production-cut deal underwhelmed investors.
Some encouraging company earnings reports, a positive lead from US markets and higher commodity prices have helped lift the Australian share market by about 0.7 per cent to its best close in a month.
The Australia share market has gained ground, thanks to investor demand for growth stocks, including Rio Tinto, BHP Billiton and Woodside Petroelum, after Wall Street hit record highs.
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Oil prices have risen after reports that OPEC members deliver more than 90 per cent of the output cuts they pledged in a landmark deal that took effect in January.
Gold has steadied, but remains below this week's three-month top as the US dollar and Treasury yields came off their highs after the currency initially jumped on US President Donald Trump's promise of a major tax announcement.
Australian shares closed stronger, buoyed by record highs on Wall Street and investor hopes the local earnings season won't be as bad as initially feared.
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Oil prices have held onto gains after an unexpected draw in US petrol inventories pointed to higher demand in the world's biggest oil market, although bloated crude supplies meant that fuel markets remain under pressure.
Gold has slipped from a three-month high in the previous session after robust US economic data pointed to a stronger economy, increasing the likelihood that the Federal Reserve will raise US interest rates.
Wall Street stocks surged to record highs on Thursday and the US dollar and bond yields rose after US President Donald Trump said he would release a "phenomenal" tax plan in the next few weeks.
The share market has edged higher as investors digested mixed earnings reports from the likes of miner Rio Tinto, investment manager AMP and AGL Energy.
