The final months of 2018 hit investors in Western Australian stocks hard, with the Business News index of 30 local ASX-listed companies falling 13.3 per cent.
The Australian share market has burst out the gate with heavyweight mining and banking stocks leading the way, while an oil price leap also has the energy sector surging.
Wall Street has surged to close at its highest level in two weeks after a strong jobs report and assurances from US Federal Reserve Chairman Jerome Powell that the central bank would be patient and flexible in steering the course of interest rates.
Oil has risen nearly two per cent after proposed trade talks between the United States and China eased some fears about a global economic slowdown, but gains were capped after the US reported a sharp build in refined product inventories.
Gold has pulled back from a more than six-month peak, as robust US jobs data eased some concerns about an ailing economy, while palladium prices punched through the key $US1,300 level for the first time.
Fallen Nationals MP Andrew Broad is quitting politics to ensure he doesn't remain a diminished figure and "half-laughing stock" in parliament, after a scandal involving a younger woman.
Oil prices have risen more than one per cent in a session of volatile trade, drawing support from signs that Saudi Arabia is cutting crude output but pressured by concerns that slowing global economic growth could dent demand.
Gold prices have climbed to a six and a half month peak, moving closer to the key $US1,300 an ounce level, as concerns about economic slowdown gripped global markets and fuelled demand for safe-haven bullion.
The ASX has surged ahead with gains across all the major sectors, while the Aussie dollar has mostly rebounded from a flash crash that hit many major currencies.
Gold and copper producer Doray Minerals has announced the sale of its Andy Well and Gnaweeda gold projects to Westgold Resources, in a cash and scrip deal worth $15 million.
Western Australia continues to evolve into a globally significant energy metals province, with Pilbara Minerals securing funding to support a second stage of its Pilgangoora lithium mine in the north of the state, while US chemicals giant Albemarle Corporation has begun work on its $1 billion lithium hydroxide facility near Bunbury.
The ASX has surged at the open, boosted by percentage-plus gains for financials, energy and mining stocks, while the Aussie dollar is limping back after slumping to a decade low.
Gold has risen to its highest level in over six months as weak factory activity data in Europe and Asia compounded concerns of a global economic slowdown and weighed on stock markets, increasing the precious metal's appeal.
Oil prices are up about two per cent amid choppy trading supported by a slight recovery on Wall Street, even as concerns remained about weakening global economic growth which could hurt demand for oil.
The state's financial outlook has improved since the May budget by about $3 billion across the next four years, with iron ore royalties and federal grants doing the heavy lifting, but the domestic economy will again shrink this year.
New data out today reveals population growth in Western Australia remains subdued, with only a slight rise recorded in the year to June, while nationally the population increased 1.6 per cent.
Oil prices rose overnight, recovering somewhat from a sharp selloff during the previous session, after US data showed strong demand for refined products.
Gold prices fell overnight, giving up earlier gains, after the US Federal Reserve raised interest rates and noted that "some" further gradual rate hikes would be needed next year.
A Chinese banking crisis that leads to a significant economic downturn might considerably delay Fremantle harbour reaching its container capacity, while other scenarios might accelerate traffic, according to previously unpublished economic modelling by Deloitte.
Former Synergy executive Stephanie Unwin is set to lead regional energy retailer Horizon Power next year, while Screenwest, SNC-Lavalin, Worksafe WA and Destination Perth have also announced significant appointments.
Reform to cut the government's dependence on income and company taxes remains a high priority for Australia, according to the Organization for Economic Cooperation and Development, while contingency plans are urgently needed in case of a sustained fall in house prices.
Gold firmed near a one-week high as investors cast doubts over the pace of interest rate hikes next year by the US Federal Reserve which kicked off its two-day meeting earlier in the day.
