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State spends $5.5b but borders to stay shut

Oil prices rose on Friday, lifted by some supportive economic data, but tensions between the United States and China limited gains.

Safe-haven gold pierced the $US1,900 per ounce ceiling on Friday for the first time since 2011 as a worsening US-China row added to fears over the hit to a global economy already reeling from the coronavirus pandemic.

The ASX has dropped, continuing its see-saw action, following a slide on Wall Street as US deaths topped 1,100 for a third straight day.

AAA rating defies $184b deficit

Oil prices fell 2 per cent overnight as investors worried the US Congress may not agree on a stimulus package and as jobless numbers rose, while analysts prepared to cut energy demand forecasts as the number of coronavirus cases surges higher.

Gold prices jumped more than 1 per cent, just shy of the $US1,900 level overnight, boosted by an easing US dollar and hopes for more stimulus to revive virus-hit economies, while a rise in US jobless claims raised concerns of a slower economic recovery.

The ASX has closed higher after Treasurer Josh Frydenberg delivered a budget update that showed a deficit that was not as high as the market had feared.

The way Adrian Fini and Ben Lisle got to know each other says a lot about how they plan to work together after merging their businesses.

Budget disaster could be worse

Oil prices fell overnight as US government data showed a surprise rise in US crude inventories, and as tensions escalated between the United States and China.

Gold surged to a nine-year peak overnight as an escalation in US-China tensions stoked demand for safety, while silver followed bullion's rally to hit a near seven-year high on hopes for a recovery in industrial demand.

The Australian share market has fallen across most sectors as investors apparently looked to book profits after recent gains, while the dollar has hit a 15-month high.

Technology company Cisco has been named the nation's best place to work, according to a survey by Great Place to Work Australia.

Union calls for Gorgon closure after cracks found in structures

Oil prices rose about $US1 a barrel overnight, hitting the highest level in more than four months with a boost from a European Union stimulus deal and hopeful news about coronavirus vaccine trials.

Gold soared to a nine-year peak overnight, boosted by a dollar sell-off and expectations for increased stimulus to aid the recovery of pandemic-hit economies, while silver dashed past the $US20 threshold to an over six-year high.

Bauer Media Australia, the country's biggest magazine publisher, has announced it will close eight of its brands - including Elle and Men's Health - due to the impact of the coronavirus pandemic.

The Australian share market has rallied hard, closing at its best level since before the pandemic after the federal government confirmed two wage subsidy programs would continue past September.

Premier backs WA jobs and end to FIFOs from interstate

Oil prices were little changed overnight as coronavirus cases increased in many countries, though a flurry of announcements about a potential COVID-19 vaccine and ongoing talks over a European Union fund to revive economies hit by the pandemic curbed losses.

Gold prices jumped to their highest level since September 2011, and silver hit a near four-year peak as a spike in COVID-19 infections and hopes for increased stimulus measures supported safe-haven demand.

The Australian share market has finished lower, with every sector except mining and technology in the red as the coronavirus outbreak creeps back into NSW.

Power play for Newmont and Northern Star

Oil prices edged lower on Friday as concerns about the surge in coronavirus cases sapping fuel demand while major crude-producing nations ready increases in output.

Gold jumped on Friday, poised for its sixth consecutive weekly gain, as a record-breaking rise in coronavirus infections in the United States fuelled uncertainly about an economic recovery, while a weaker greenback also added support.

Arrivals from Victoria face mandatory 14-day hotel quarantine at their own expense in Western Australia while travellers from NSW will be tested immediately.

The Australian share market has managed a late recovery to end the week higher, with shares in Fortescue Metals Group hitting an all-time high of $16.66.

Perth hotel numbers top nation thanks to FIFO lift

Oil prices fell 1 per cent overnight after OPEC+ agreed to ease record supply curbs and as new infections of the novel coronavirus continue to surge in the United States.

Gold fell below the key $US1,800 level overnight as the US dollar strengthened and the European Central Bank kept its monetary policy on hold, prompting some investors to lock in profits.

The Federal Court has ordered private health insurer Medibank to pay $5 million in penalties for making false representations to customers.