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The Australian share market has jumped more than 1 per cent, driven by a surge in energy stocks after the world's leading oil producers agreed to cut oil production for the first time in eight years.
he Australian share market has kicked off with gains in early trade as investors cheer an agreement between the world's largest oil exporters to cut output for the first time in eight years.
Oil has soared more than 10 per cent to over $US50 a barrel and its highest in a month as some of the world's largest producers agree to curb production for the first time since 2008 in a bid to support prices.
Gold has fallen to nearly a 10-month low, adding to its deepest monthly price declines in more than three years as strong US economic data and higher US Treasury yields buoy the US dollar, further cementing the case for a December rate increase.
US stocks ended with big gains for November on Wednesday thanks to a sharp post-election rally, but the S&P 500 finished the day flat as drops in utilities and technology offset energy's surge.
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The Australian share market has kicked off the trading session lower, due to renewed pressure on resource and energy companies, including Rio Tinto, BHP Billiton and Woodside Petroleum.
Oil has slumped four per cent as OPEC's leading oil exporters struggle to agree on a deal to cut production to reduce global oversupply and boost prices, with Iran and Iraq at loggerheads with Saudi Arabia a day ahead of meeting.
Gold prices have fallen due to expectations of rising US interest rates and improving sentiment for global economic growth, which mean investors are likely to favour risk assets such as equities.
The Australian dollar is marginally higher against its US counterpart after gains in the greenback fizzled out following strong third quarter US economic growth data.
AAA loss to ‘ricochet through the economy’Shadow treasurer Chris Bowen will today outline the bleak scenario facing the nation’s banks and heavily indebted households if t
Falls in resource, energy and telecom companies, including Rio Tinto, BHP Billiton and Vocus Communications have dragged the Australian share market lower.
The Australian share market is trading barely changed in early trade as overnight declines on Wall Street and caution ahead of key risk events weigh on investors' minds.
Gold prices are more than one per cent higher recovering from their lowest levels since February as the US dollar and long-dated US Treasury bond yields retreat from recent highs.
Oil prices have gained more than two per cent, recouping earlier losses, in volatile trading as the market reacts to the shaky prospect of major producers being able to agree output cuts at their upcoming meeting.
US stocks declined on Monday for their worst performance in nearly a month, weighed down by a pullback in the financial and consumer discretionary sectors as some investors booked profits on the heels of a record-setting week.
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Gold prices have steadied after falling to nine-and-a-half-month lows, heading for a third consecutive weekly decline as investors sold on factors including expectations of a US interest rate rise.
US crude have fallen nearly four per cent, dragged down by uncertainty over whether the Organization of the Petroleum Exporting Countries will reach an output deal, after Saudi Arabia said it will not attend talks on Monday with non-OPEC producers to discuss supply cuts.
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The share market is flat in early trade with strong gains from gaming giants Tabcorp and Tatts Group, and utilities offsetting weakness from the banks and miners.
Oil prices are little changed ahead of next week's meeting of the Organization of the Petroleum Exporting Countries (OPEC) to discuss implementation of its proposed cap on production.
Gold has edged lower as the US dollar trades within reach of an almost 14-year high hit on positive US economic data, which increased expectations the Federal Reserve will increase interest rates in December.
