AAP

Wall Street has extended its rally into a fifth straight day in a session of whipsaw trading as investors responded to mixed comments by US Federal Reserve Chairman Jerome Powell, while a warning from Macy's pummelled retail stocks.

The property industry is more confident in Western Australia than many other parts of the country, but some in the sector are warning that major policy changes could damage this outlook.

The Australian share market has had a flat finish to the day, as a 3.4 per cent fall in BHP shares after market giant went ex-dividend, offset any gains elsewhere.

Early losses for market giants BHP and Commonwealth Bank have offset oil-driven gains for the Australian share market, which is flat at the open despite renewed global trade optimism.

Wall Street has rallied for a fourth session, propelled by Apple, chipmakers and other trade-sensitive stocks after signs of progress in trade talks between the United States and China.

Oil prices have jumped more than four per cent as the extension of US-China talks raised hopes of easing trade tensions between the two superpowers, while OPEC-led crude output cuts also provided support.

The Australian share market has closed at an eight-week high, thanks to growing optimism about the US-China trade negotiations and the continued surge in oil prices.

Job vacancies in Australia edged higher in the three months to November to notch an all-time peak, hinting that demand for labour remains strong despite a low unemployment rate.

Australian shares are chasing global markets higher as investor confidence builds around China-US trade talks.

The S&P 500 has jumped to a three-week high, led by Apple, Amazon, Facebook and industrial shares on bets that the United States and China would strike a deal to end their trade war.

Oil prices have risen by more than two per cent, supported by hopes that crude demand may rise more quickly if talks between US and Chinese officials resolve the trade dispute between the world's two biggest economies.

Gold slipped as the US dollar rose and prospects of a US-China trade deal increased investors' appetite for riskier assets such as stocks, while palladium notched a fresh all-time high on tight supply.

Another day of gains for the Australian share market has traders wondering if the four-month downtrend is finally over.

The Australian share market is flat despite renewed optimism over US-China trade relations, with the big banks and supermarkets dragging in early trade.

Oil prices have edged higher, rebounding further from 18-month lows reached in December, on support from OPEC production cuts and steadying equities markets.

Gold has risen again, just below a more than six-month peak hit in the last session, as the dollar slid on reduced chances of further rate hikes by the US Federal Reserve, and as the United States and China resumed trade talks.

Amazon.com and Netflix have fuelled a second straight session of gains on Wall Street, as the resumption of US-China trade talks helped ease concerns that have pummelled the market in recent months.

The ASX has shaken off most of its losses from its dismal December, closing at its highest level in over a month.

Australian hospital operator Healius Ltd has rejected an 'opportunistic' $2.02 billion takeover offer from its largest shareholder, Jangho Hong Kong Holdings.

The Australian share market has burst out the gate with heavyweight mining and banking stocks leading the way, while an oil price leap also has the energy sector surging.

Oil has risen nearly two per cent after proposed trade talks between the United States and China eased some fears about a global economic slowdown, but gains were capped after the US reported a sharp build in refined product inventories.

Wall Street has surged to close at its highest level in two weeks after a strong jobs report and assurances from US Federal Reserve Chairman Jerome Powell that the central bank would be patient and flexible in steering the course of interest rates.

Gold has pulled back from a more than six-month peak, as robust US jobs data eased some concerns about an ailing economy, while palladium prices punched through the key $US1,300 level for the first time.

The Australian share market has shrugged off some of its earlier losses but fears of a slowdown in China have continued to drag on the local bourse.

Fallen Nationals MP Andrew Broad is quitting politics to ensure he doesn't remain a diminished figure and "half-laughing stock" in parliament, after a scandal involving a younger woman.

The Australian share market is chasing Wall Street lower as a revenue warning from tech giant Apple stokes fears of a global economic slowdown.

Gold prices have climbed to a six and a half month peak, moving closer to the key $US1,300 an ounce level, as concerns about economic slowdown gripped global markets and fuelled demand for safe-haven bullion.

Oil prices have risen more than one per cent in a session of volatile trade, drawing support from signs that Saudi Arabia is cutting crude output but pressured by concerns that slowing global economic growth could dent demand.

About 85 severely dehydrated cattle had to be put down and hundreds more were found already dead at a pastoral station in Western Australia's north.

The ASX has surged ahead with gains across all the major sectors, while the Aussie dollar has mostly rebounded from a flash crash that hit many major currencies.

The ASX has surged at the open, boosted by percentage-plus gains for financials, energy and mining stocks, while the Aussie dollar is limping back after slumping to a decade low.

Oil prices are up about two per cent amid choppy trading supported by a slight recovery on Wall Street, even as concerns remained about weakening global economic growth which could hurt demand for oil.