US stocks have posted strong gains, with the benchmark S&P 500 and the Nasdaq hitting all-time highs, as news that the United States and Mexico were closing in on a trade deal added to optimism about the economy.
Oil prices have edged up, supported by a strengthening equities market and news that the United States and Mexico agreed to overhaul the North American Free Trade Agreement (NAFTA).
The benchmark S&P 500 stock index has clinched its longest bull-market run, closing above its previous January high, as Federal Reserve Chairman Jerome Powell affirmed the US central bank's current pace of rate hikes.
Oil prices gained more than 1 per cent on Friday, ending a run of weekly declines on signs that Iran sanctions may limit global supply and that a trade war may not curb China's appetite for US crude.
The Australian share market has closed barely higher, falling back from a surge on Friday in the wake of Scott Morrison's selection as the nation's next prime minister.
Australian shares have opened higher, helped by strength in healthcare and resources stocks, but gains could be capped following a weaker finish on Wall Street overnight and domestic political turmoil.
Wall Street's major indexes fell as trade-sensitive stocks were hit by a fresh round of tariffs in the trade dispute between the United States and China.
Oil prices have steadied as the escalating trade war between the United States and China weighed on demand expectations a day after prices jumped on a big draw in US crude inventories.
Australian shares have fallen on Thursday with banking and utilities stocks down, while the turmoil around the future of Prime Minister Malcolm Turnbull has taken its toll on the Aussie dollar.
US stocks have closed mixed, with the Nasdaq gaining on the strength of tech stocks while the S&P 500 was little changed as it marked its longest bull market run.
Oil prices have jumped three per cent, with Brent crude futures hitting a three-week high, after US government data showed a larger-than-expected draw in crude inventories and as Washington's sanctions on Iran signalled tightening supplies.
A solid run of upbeat profit results has failed to keep Australian shares aloft on Wednesday as political uncertainty and the abandonment of big business tax cuts dominated news of the day.
The benchmark S&P 500 has touched a record high and equalled its longest ever bull-market run, as US stocks rose on earnings reports in the consumer sector and relative calm in the trade dispute between the United States and China.
Australian shares fell back on Tuesday, with falls for BHP and the broader mining sector and a retreat in banks and consumer stocks weighing on the market.
The state government has selected Department of Health executive Rebecca Brown as the new director general of its industry and tourism mega department – making her the third woman picked this year to head a major government agency.
Oil futures rose after weeks of declines, as investors grew more concerned about an expected fall in supply from Iran due to US sanctions and worried less that a trade war between the United States and China would hurt economic growth.
Wall Street's major indexes have risen on optimism over trade talks between the United States and China, though they fell from session highs after President Donald Trump criticised the Federal Reserve for raising interest rates.
Australian shares have ended Monday slightly higher despite falls for the major banks, as mining stocks gained ground and reporting season began its busiest week.
US stocks have closed higher with the S&P 500 and the Dow Jones Industrial Average extending gains and the Nasdaq turning positive on reports of progress in tariff disputes between the United States and its trading partners China and Mexico.
Crude prices rose on Friday, but declined on the week on worries that oversupply would weigh on the US market while trade disputes and slowing global economic growth would dampen demand for oil.
