Oil prices dropped about two per cent overnight due to concerns the world's stumbling economy could pinch fuel demand as US shale fields surge and cuts by Russia come in below expectations.
Gold held firm overnight, propped by interest from investors seeking refuge from concerns over slowing global growth, while gains for the metal were limited as the dollar held near a multi-week peak.
US stocks have ended lower, snapping a four-session rally, as a gloomy global economic growth outlook, trade concerns and disappointing company forecasts dampened sentiment.
The Australian stock market has closed lower for the first time in six days dragged heavily by financials, but remains on a six-year high comparatively for January.
Heavyweight financial stocks have extended their losses and the big miners are also dragging the Australian share market lower amid a subdued growth outlook.
Rod Jones, who quit as chief executive of Navitas in 2017 only to return as part of a private equity-led takeover offer, says more staff and an improved experience for students is needed to get the most out of the university partnerships business.
Oil prices have edged up, reversing earlier losses, as investors shrugged off data that confirmed China's slowing economy and instead latched on to positive supply-side drivers for the market.
Gold has slipped to its lowest level in almost a month as a firm dollar and greater risk appetite outweighed support from an expected pause to increases in US interest rates.
Australian shares are higher as renewed US-China trade optimism lifts global equities, with the local energy and financial sectors particularly buoyant in early trade.
The resources industry is expected to be one of the unlikely drivers of wages growth in 2019, with recruiters forecasting some salaries to climb by almost a third.
Oil prices have jumped about 3 per cent, rising after OPEC detailed specifics on its production-cut activity to ease global oversupply, and on signs of progress in ending the US-China trade war.
Gold has slipped to its lowest value in more than a week and headed for its first weekly decline in five, as equities and the US dollar got a lift from investors taking on more risk due to growing hopes for a resolution in the China-US trade war.
Easing US-China trade tensions have helped Australia's big miners, energy companies, and tech stocks soar as the local bourse closes the week at a new two-month high.
The Australian share market is higher at lunchtime, led by the big miners, the big banks, and the tech sector after an 11 per cent surge in Afterpay shares.
Federal Opposition Leader Bill Shorten has kicked off his election campaign with a searing attack on big business and the wealthy, in a populist tirade that named and shamed one of Australia's most iconic companies, miner BHP.
The Australian share market is expected to open higher after Wall Street made solid gains on reports that the US government might end some tariffs on Chinese imports.
Palladium has surpassed the $US1,400 mark for the first time, as demand for the auto-catalyst metal overtook its availability in the market, while gold edged lower as the US dollar gained on better-than-expected US weekly jobs data.
Oil prices have steadied, boosted by a rebound in US equities, after earlier losses on fears about surging US crude production and a weakening global economy.
Commodity-based stocks have helped the ASX hit a new nine-week high, following the release of several encouraging earnings reports, while online retailer Kogan.com surged on strong Christmas trade.
The total number of home loans rose by 2.4 per cent in Western Australia last November, against a 0.9 per cent fall nationally, according to the Australian Bureau of Statistics.
Diversified miner South32 has announced corporate affairs and investor relations executive Katie Tovich will replace Brendan Harris as chief financial officer, who will take over the chief marketing officer role from Peter Finnimore.
Mining mogul Gina Rinehart retains her spot at the top of Forbes' Aussie rich list despite falling iron ore prices knocking her wealth down $US1.8 billion, to $US14.8 billion (down approximately $2.5 billion, to approximately $20.6 billion).
Woodside Petroleum has announced December quarter revenue of $1.42 billion, a rise of 43 per cent on the previous corresponding period and surpassing investment bank UBS's estimate of $1.35 billion for the period.
Prime Minister Theresa May has won a confidence vote in the British parliament and then appealed to MPs from across the political divide to come together to try to break the impasse on a Brexit divorce agreement.
Asian shares have crept higher as upbeat bank earnings bolstered Wall Street, while an anti-climactic end to the latest chapter in the Brexit saga gave sterling a moment's peace.
Britain's political crisis has deepened, with Prime Minister Theresa May's humiliating Brexit defeat heightening the prospect of no deal with the EU as rival political factions threaten to tear the Conservative government apart.
