Wall Street surged on Wednesday, with the S&P 500 and Dow hitting fresh record intraday highs, as equities continued their march upward after the presidential election of Donald Trump, even as his comments on prescription drug pricing wounded the healthcare sector.
Oil prices eased overnight on bearish US petroleum inventory data and doubts that production cuts promised by OPEC and Russia would be deep enough to end a supply overhang that has weighed on markets for more than two years.
Gold rose further from this week's 10-month low overnight as the US dollar eased against the euro ahead of a European Central Bank meeting, and on the view that a US rate rise next week was already reflected in prices.
The share market closed nearly 1 per cent higher, boosted by a positive session on Wall Street and confidence the resources sector will continue to improve.
Wall Street has climbed as telecom stalwarts AT&T and Verizon gained and bank shares added to their torrid post-election rally, helping the Dow set another record closing high.
The Australian dollar is nearly flat with traders taking a breather ahead of the release of Australian GDP figures and next week's US interest rates meeting.
Oil prices overnight ended lower for the first time in a week since OPEC agreed to cut output on growing scepticism that the cartel would be able to reduce supplies as data showed record high production in most major export regions.
Gold hovered near 10-month lows on Tuesday as the market braced for an increase in US interest rates this month and anticipated more monetary tightening next year.
Shorten says no to loan for Adani mineOpposition Leader Bill Shorten has declined to back a call by the Queensland Labor government for the Commonwealth to help finance a
The Australian share market is higher in early trade, bouncing back from Monday's losses as investors follow the lead in European and US markets overnight.
The Australian dollar has risen against its US counterpart as investors await the Reserve Bank of Australia's rate announcement and economic outlook commentary.
US crude futures strengthened Monday before retreating in post-settlement trade as the market lost confidence OPEC cuts would be sufficient to reduce oversupply given increased US drilling.
Gold fell to its lowest price in 10 months as global equities strengthened and investors shrugged off worries of political instability in Italy, while US Treasury yields rose after US economic data.
The Australian share market has slipped lower in early trade as investors brace for fresh uncertainty sparked by exit poll results from the Italian referendum on constitutional reforms.
Gold edged higher on Friday, climbing for the first time in four sessions as it shrugged off data showing rising US job numbers, with analysts saying that an expected rise in interest rates had already been priced in.
Oil prices rallied for their best week in at least five years on Friday, steadying above $US51 a barrel, following OPEC's decision to cut crude output to rein in a global glut that has weighed on prices for more than two years.
eBay steps up push against GSTThe global CEO of eBay, Devin Wenig, has met Prime Minister Malcolm Turnbull and key cabinet ministers to argue against budg
The share market ended the week with a fall of 1 per cent, with investors cautious ahead of the release of US jobs data and Sunday's Italian constitutional referendum.
A sharp decline in technology stocks pulled both the Nasdaq and the S&P 500 indexes into the red on Thursday, while the Dow managed to notch a record closing high with a lift from bank and energy shares.
Gold hit its lowest since February on Thursday, extending losses after its biggest monthly decline in more than three years, as a surge in oil prices boosted bond yields, denting interest in non-yielding gold as an alternative investment.
The Australian dollar is flat against the greenback, which lost ground as oil prices continued to rally on the back of OPEC's agreement to cut oil production.
Oil prices surged 4 per cent on Thursday, with Brent crude at its highest in about 16 months, extending gains after OPEC and Russia agreed to restrict output to reduce the global supply glut more quickly.
Law firm Gadens will trade as Dentons in Perth, Sydney and Port Moresby from this month, but other offices in Gadens’ Australian network are sticking with their established brand.
