AAP

The Australian share market has edged up to close higher, but the Aussie dollar took a dive after NAB joined its big four rivals in hiking its variable mortgage rates.

The country's number two independent gas producer, Santos, expects production to rise by up to 32 per cent this year, boosted by the acquisition of Quadrant assets.

Coles will make a $146 million pre-tax provision in its first-half results as part of a distribution network overhaul that will cut both costs and jobs.

The Australian share market has inched higher thanks to a buoyant energy sector, although financial and mining stocks are keeping overall gains in check.

Gold prices have steadied, clawing back from losses made earlier in the session, as a recovery in stock markets fizzled out on concerns over geopolitical and economic uncertainty, triggering investors to seek safety in the metal.

Oil prices have fallen, following most US stock markets lower, on concerns about global economic weakness, forecasts for record US shale production and declining US gasoline prices.

US stocks have risen as strong earnings from IBM, United Technologies and Procter & Gamble led a rebound for Wall Street from its second biggest decline in 2019.

The Australian share market has clawed back some of its earlier losses to close lower with the financial and energy sectors weighing the heaviest. 

Commodity-related stocks and financials continue to weigh on the Australian share market but the healthcare sector has climbed into the day.

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.

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.

The Australian share market has continued its strong start to the year closing higher on Monday, bolstered by energy and financial sectors.

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.

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.

A near year-long investigation into abuse and other issues across Australia's aged care sector has begun in Adelaide today.

Mining giant Rio Tinto expects to produce more iron ore this year, after it shipped 338.2 million tonnes of iron ore from its Pilbara operations in 2018, in line with full-year guidance.

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.

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.

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).

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.

Palladium prices have risen to a record high on increasing demand and lower supply of the metal used in autocatalysts, while gold gained on expectations of a pause in the US Federal Reserve's rate hiking cycle.