Australian shares slipped in subdued trading on Monday, as US-China trade tensions kept investors wary and the Aussie dollar came under renewed pressure from local retail data.
Perth-based company director Peter Hepburn-Brown, who was on the board of three listed mining companies, has passed away following a period of ill-health.
Australian shares have opened slightly higher despite the lack of a clear lead from Wall Street, with the health care and consumer staples sectors leading the way.
The S&P 500 ended flat on Friday while the Dow edged down and the Nasdaq closed higher in light trading as Canada and the US concluded trade talks without resolution ahead of the Labor Day weekend.
Oil prices have slipped, pressured by renewed concerns that a global trade war could dent energy demand, although impending US sanctions on Iran and falling Venezuelan output limited the decline.
The Australian share market has closed lower on the last major day of the profit reporting season, dragged down by the telecommunications sector as well as the miners after a dip in iron ore prices.
Australian shares have opened lower after falls on Wall Street overnight, with the materials sector weighing on the market following a dip in iron ore prices.
Oil prices rose on Thursday to the highest in more than a month, extending gains on growing evidence of disruptions to crude supply from Iran and Venezuela and after a fall in US inventories.
Vodafone Australia and TPG Telecom have agreed to merge into a single $15 billion telecommunications firm in an effort to more effectively challenge telecoms giants Telstra and Optus.
Australian shares have opened higher on the back of gains in healthcare, telecoms and materials shares, and in line with a rise on Wall Street overnight.
Oil prices have risen more than one per cent, with Brent at its highest in seven weeks and US crude touching a three-week peak, supported by a drawdown in US crude and petrol stocks and reduced Iranian crude shipments as US sanctions deter buyers.
US stocks have extended their rally with the S&P 500 and the Nasdaq hitting record highs for the fourth straight session as technology companies pushed indexes higher and promising trade negotiations stoked investor sentiment.
Rising bank stocks drove a late surge on the ASX on Wednesday after Westpac announced a hike in mortgage rates, adding to earlier gains from easing global trade tensions.
Oil prices have slipped as some investors take profits on recent strong gains, but losses were limited the day after a US-Mexico trade agreement eased worries about tensions between the two countries.
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