The Australian share market has closed lower, weighed down by weaker resources stocks, as investors ponder more potential interest rate hikes in the US in 2017 than had been expected.
The Australian dollar has dropped as the US dollar gains further ground following the US Federal Reserve's recent interest rate hike, with the central bank forecasting another three rate rises next year.
Gold fell more than one per cent to a 10.5 month low on Thursday after the US Federal Reserve sounded an unexpectedly hawkish note on US interest rates, sparking a surge in Treasury yields and sending the dollar to a 14-year high.
Oil settled little changed on Thursday after sliding to its lowest level in a week in volatile trade, but a surging US dollar did not pressure prices below technical support levels as OPEC members told customers they would cut crude supplies.
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Energy and resources companies including Santos, Origin Energy and Newcrest Mining have dragged the share market lower following a drop in oil prices and the US Federal Reserve's rate hike.
Fuel refiner and retailer Caltex Australia expects its underlying profit to fall by about 20 per cent because of weaker margins in its refining operations.
The Australian share market is lower in early trade, following overnight falls on Wall Street after the US Federal Reserve cut its benchmark interest rate and flagged three more rate cuts next year
The Australian dollar has plunged, falling more than one US cent in overnight trade in the wake of the US Federal Reserve's move to lift its benchmark interest rate by a quarter of one per cent.
Gold turned lower and tapped the lowest in more than 10 months on Wednesday, after the Federal Reserve raised US interest rates by a quarter point and signalled a faster pace of increases next year, causing the US dollar to rally.
Oil prices slid more than three per cent on Wednesday as the dollar jumped after the US Federal Reserve's decision to hike US interest rates and after a jump in crude inventories at the biggest US storage centre renewed concerns about a glut.
US stocks fell the most in two months on Wednesday after the Federal Reserve raised interest rates by a quarter point and signalled hikes could come next year at a faster pace than some expected.
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The Australian share market has gotten off to a firm start following overnight gains on Wall Street, but investor mood remains cautious ahead of the US Federal Reserve decision on interest rates.
Oil prices edged off earlier gains to end Tuesday nearly unchanged, as the support from OPEC's plan to limit production were undercut by an energy watchdog's assessment of how much those nations are currently producing.
Gold edged lower on Tuesday, losing its luster as the US Federal Reserve began its two-day meeting during which it is expected to deliver the second U.S. interest rate hike in a decade and provide some insight into its outlook for 2017.
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Oil rose to an 18-month high on Monday after OPEC and some of its rivals reached their first deal since 2001 to jointly reduce output to tackle global oversupply.
Oil rose to an 18-month high on Monday after OPEC and some of its rivals reached their first deal since 2001 to jointly reduce output to tackle global oversupply.
Gold prices sank to their lowest in more than 10 months on Monday, hit by expectations of an increase in US interest rates this week that have boosted US Treasury yields.
The Australian share market has surrendered most of its early gains to close almost flat in the wake of positive leads from US and European markets and the decision by global oil producers to limit production lifts the energy sector.
