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Gold has extended its biggest weekly gain in five weeks as the US dollar falls against the euro, while US political turmoil fuells demand for bullion as a safe-haven and reduces expectations of rapid Federal Reserve interest rate rises.
Oil prices have risen as growing confidence that top exporters will agree to extend supply curbs this week and speculation that the cuts could be deepened further have pushed prices to their highest levels in more than a month.
The Australian dollar has slipped back against the US dollar, which rebounded along with the major US share markets following appointment of a special counsel to head a key federal investigation in the US.
The estate of the late Perth mining billionaire Michael Wright is fighting a court decision that awarded $25 million to his youngest daughter, Olivia Mead, arguing the $3 million he left her was enough.
Virgin Australia is likely to post an annual underlying loss after a subdued domestic travel market and Cyclone Debbie contributed to an increase in its loss for the third quarter of the financial year.
The S&P 500 and the Dow notched their biggest one-day fall since September 9 as investor hopes for tax cuts and other pro-business policies faded after reports that US President Donald Trump tried to interfere with a federal investigation set off alarm bells on Wall Street.
Oil prices settled at a two-week high on Wednesday after U.S crude inventories declined for the sixth straight week, a positive sign for markets ahead of next week's OPEC meeting, where major oil producers are expected to extend supply cuts.
The share market has posted its biggest fall in almost two months as the battle between the Turnbull government and the big banks over a proposed $6.2 billion bank levy weighs on investor sentiment towards the financial sector.
Premier Mark McGowan says he would like the resources companies that make large profits out of the state's resources to do more when it comes to paying tax and fulfilling other corporate responsibilities, such as providing local jobs and content.
Shares in Vocus Communications fell almost 30 per cent following the telecom operator's second profit warning in six months, as management grapple with a raft of problems following its rapid expansion.
Civmec has begun constructing what it says will be Australia's biggest undercover shipbuilding facility in Henderson, confident it will have enough work even before offshore patrol vessel contracts are awarded by the federal government later this year.