The benchmark S&P 500 and the Dow Jones Industrial Average opened flat as gains in energy companies helped offset a slide in technology stocks, which weighed on the Nasdaq.
Oil futures have risen, with Brent reaching $US80 a barrel, after a larger-than-expected drop in US crude inventories and as US sanctions on Iran added to concerns over global oil supply
The Australian share market has returned to its downward trend, closing lower on Wednesday after a rare gain a day earlier as US-China trade concerns again weigh on investor confidence.
US stocks have started the day with little change as gains in technology stocks helped the Nasdaq regain footing and curbed losses in the materials and industrials sectors after fears of an escalation in the Sino-US trade spat.
Oil prices rose more than two per cent as US sanctions squeezed Iranian crude exports and after US crude oil production in 2019 was forecast to grow at a slower rate than previously expected, prompting supply concerns.
Woolworths is facing a potential $100 million class action launched on behalf of investors whose shares lost value following a shock 2015 profit downgrade by the supermarket giant.
Australian shares are higher in morning trade after a stronger performance on Wall Street overnight where investors are eyeing another round of tax cuts for US businesses.
US stock indexes have opened higher, boosted by the consumer discretionary sector, while hopes for a new round of tax cuts overshadowed fears of an escalation in the Sino-US trade war.
The state government has announced that Fairbridge WA will take over operation of six camp schools across the state, while parent group Family Support WA will manage Landsdale Farm in Perth's northern suburbs.
Wall Street's major indexes have fallen as US President Donald Trump raised the possibility of additional tariffs on Chinese imports and Apple Inc indicated that some of its products could be subjected to such levies.
Oil prices are steady, with US crude slipping on weak global equity markets while Brent inched up on geopolitical factors, including violent protests in Iraq.
The Australian stock market has marked seven straight days of losses for the first time since January 2016, as US-China trade concerns continue to drag on the indices.
The Supreme Court has thrown out a claim by former mining executive Derek Ammon, who had complained about the impact of noise at the Raffles hotel on his neighbouring apartment.
Crude futures have reversed course, falling more than one per cent after US data showed petrol inventories rose unexpectedly last week, overshadowing a bullish drawdown in crude.
The S&P 500 and Nasdaq declined as the possibility of more US tariffs on Chinese imports loomed, while tech stocks stumbled, led by chipmakers and concerns about increased regulation of social media companies.
Australian shares have dropped to their lowest since June in the wake of near-across the board falls triggered by increased US-China trade worries, falling world oil prices and a new round of mortgage rate hikes by local banks.
Gold producer Pantoro has announced a capital raising for up to $15 million as the company aims to expand production at its Halls Creek operation to 80,000 ounces in 2019.
The Nasdaq has fallen more than 1.0 per cent, dented by technology stocks after Facebook and Twitter executives defended their companies before sceptical US lawmakers.
Oil prices fell more than one per cent after a US Gulf storm weakened and moved away from oil-producing areas and concerns mounted about global trade disputes and Turkey's currency crisis hurting demand.
The Australian share market closed lower on Wednesday, dragged down by a slump in the heavyweight mining sector as worries about a possible escalation of trade tensions hit commodity prices.
