Concerns that a trade deal between the United States and China may not be imminent have reined in a rally in world equity markets and reversed gains on Wall Street.
A late rally from mining and health care stocks has lifted the Australian share market into the black despite energy shares and the big four banks dragging on the index.
Australian shares have fallen at the open despite overnight gains on Wall Street, with energy stocks slipping on falling oil prices, and the financial sector also dragging on the bourse.
US stocks have risen for a third straight session as President Donald Trump said trade talks with China were "moving along nicely," reviving hopes that the two countries can resolve their trade dispute.
Gold rose nearly 2.0 per cent overnight, bouncing off a three-week low touched in the previous session as the dollar fell sharply from recent highs, making the metal cheaper for holders of other currencies.
Oil has fallen nearly 3.0 per cent, with US crude futures hitting lows not seen since April, due to growing concerns that global demand is weakening at a time when output from the world's major oil producers is surging.
On the first day of November the Australian share market drew inspiration from the spring carnival - it jumped, fell behind but sensed the winning post and surged clear to close higher, lifted by banking and mining stocks.
BHP shares have jumped more than 4 per cent after the mining giant said it would return $US10.4 billion ($A14.7 billion) to shareholders in the form of an off-market buyback and special dividend.
Australian shares are ahead at the open following overnight gains on Wall Street and a five per cent surge in BHP after the mining giant announced it would return $14.7 billion to shareholders.
Oil prices have fallen and posted the worst monthly performance since mid-2016 on evidence of rising global crude supply, but losses were limited by signs of strong US demand for fuel.
Two major organisations have recently honoured successful Western Australians, with the Australian Institute of Company Directors presenting exellence awards to Wayne Osborn and Erica Smyth, while Curtin University has recognised the achievements of two former 40under40 winners.
Financial and energy stocks got a jump at the open, but miners and healthcare shares were holding the Australian market back during choppy early trade.
Gold prices have fallen as concerns about a further escalation of the US-China trade war boosted the US dollar, eroding bullion's appeal as it tested a key technical support.
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