Oil prices fell in a volatile session on Tuesday, succumbing to fears the coronavirus would take a heavy toll on energy demand even after the Federal Reserve cut US interest rates and OPEC and allied producers considered more output cuts to support prices.
Gold surged overnight after the US central bank cut interest rates to help cushion the economic damage caused by the coronavirus outbreak and on expectations of policy easing by other major central banks.
The Australian share market has snapped a seven-day losing streak in which it lost over $250 billion in value over fears from the coronavirus epidemic.
Flinders Mines has gained shareholder approval to progress its Pilbara iron ore project, following months of questioning from minority shareholders over the role major shareholder Todd Corporation would play in developing the project.
The Reserve Bank of Australia has cut the cash rate to a new record low of 0.5 per cent as it acts to soften the economic impact of the coronavirus, with Australia's "big four" banks each announcing they would pass on the rate cut in full.
The Australian share market has powered more than 1.5 per cent higher as investors punt on global central banks taking stimulus action to ease economic pain caused by the coronavirus.
Oil prices rose over 5 per cent overnight, reversing an early fall to multi-year lows as hopes of a deeper cut in output by OPEC and stimulus from central banks countered worries about damage to demand from the coronavirus outbreak.
Gold rose nearly 1 per cent overnight after suffering its largest daily fall in nearly seven years, as expectations grew for policy easing by the US Federal Reserve and other central banks to help boost the coronavirus-hit global economy.
The Australian share market has suffered its worst day in over four years, closing the day at a six-month low amid a growing panic the coronavirus outbreak will trigger a global recession.
Rio Tinto today reported the discovery of around 200 million tonnes of iron ore reserves at its Western Range deposit, following the completion of a pre-feasibility study and the signing of a non-b
Gold pared gains as investors booked profits after prices climbed more than 1 per cent earlier in the session on mounting worries about how the coronavirus outbreak might hurt the global economy.
Oil prices tumbled for a fifth day overnight to their lowest in more than a year, as further novel coronavirus cases outside China fanned fears that a pandemic could slow the global economy and erode demand for crude.
Western Australia is the top jurisdiction in the world for mining investment, moving up from second place a year earlier, according to a recent survey from the Fraser Institute.
The Australian share market's remarkable gains for the year have vanished in four days of tumultuous trading as government officials rolled out worst-case scenarios for a response to the coronavirus outbreak.
Australia's travel ban on people coming from China has been extended for a further week as the government enacted an emergency response plan to deal with the coronavirus.
The Housing Industry Association is projecting an improvement in Western Australia's home building market by the end of this year, citing an increase in population, building approvals and private house sales as cause for optimism.
CBH Group has awarded contracts to WCP Civil and Georgiou Group, as part of what it expects to be more than $200 million in planned spending on the company's network this year.
Australia's largest car dealership chain says the tough conditions in the vehicle market show no sign of rebounding, with nationwide sales down 7.8 per cent in 2019 and 12.5 per cent in January, compared to a year ago.
Lynas Corporation says Malaysia has approved a new three-year licence that allows it to operate the only major rare earths processing plant outside of China.
Flight Centre has slashed its full-year profit guidance amid the worsening impact of the coronavirus outbreak on the travel sector and as its first-half profit plunged.
The Australian share market has crept marginally higher after three tumultuous days during which most of the gains it made this year were all but wiped out.
Oil prices fell three per cent on Wednesday after hundreds of new coronavirus cases reported in Europe and the Middle East stoked fears that energy demand would decline, and on concerns that the virus would become a pandemic in the United States.
Gold prices have gained following a steep fall in previous sessions as concerns over the coronavirus outbreak and its impact on the global economy raised hopes of interest rate cuts by major central banks.
A third straight day of monster losses for the Australian share market has come close to wiping out the local bourse's phenomenal gains since the start of the year.
