AAP

The Australian stock market has closed lower, weighed down by the heavyweight financials and ailing healthcare shares.

Australia's economy will be affected by slower global growth in the next two years, a leading economic forecaster predicts.

TPG Telecom's $2 billion plan to build Australia's newest mobile network looks to be in tatters because of the federal government's ban on using equipment from China's Huawei.

Australian shares have continued to slip under pressure from the heavyweight financial sector, while subdued business confidence has hit the local dollar.

US stocks have tumbled after warnings from Caterpillar Inc and Nvidia Corp added to concerns about a slowing Chinese economy and tariffs taking a bite out of US corporate profits.

Gold was little changed on Monday, hovering near the $US1,300 mark as investors awaited further developments on the US-China trade dispute and the Federal Reserve's interest rate trajectory.

Oil has fallen more than three per cent, heading for its biggest one-day percentage drop in a month due after an increase in US crude drilling pointed to further supply growth.

The Australian share market has powered into Friday's close on a ten-week high thanks to strong performances by the energy and financial sectors despite AMP's woes.

AMP has flagged a 96 per cent drop in full-year profit and a drastically smaller final dividend after confirming it will set aside another $200 million to cover the cost of customer remediation related to issues heard at the banking royal commission.

The Australian share market has inched higher bolstered by strong gains in the energy sector as oil prices continue to climb.

Gold has steadied following initial losses, supported by uncertainties surrounding the government shutdown in the United States and its trade relations with China, but gains were capped by a stronger dollar.

US oil prices have risen by one per cent, boosted by the US threat of sanctions on Venezuela, but gains were capped by record high gasoline inventories and an unexpected big build in crude stocks in the United States.

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.