The Australian share market has slipped lower in early trade as investors brace for fresh uncertainty sparked by exit poll results from the Italian referendum on constitutional reforms.
Gold edged higher on Friday, climbing for the first time in four sessions as it shrugged off data showing rising US job numbers, with analysts saying that an expected rise in interest rates had already been priced in.
Oil prices rallied for their best week in at least five years on Friday, steadying above $US51 a barrel, following OPEC's decision to cut crude output to rein in a global glut that has weighed on prices for more than two years.
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The share market ended the week with a fall of 1 per cent, with investors cautious ahead of the release of US jobs data and Sunday's Italian constitutional referendum.
A sharp decline in technology stocks pulled both the Nasdaq and the S&P 500 indexes into the red on Thursday, while the Dow managed to notch a record closing high with a lift from bank and energy shares.
Gold hit its lowest since February on Thursday, extending losses after its biggest monthly decline in more than three years, as a surge in oil prices boosted bond yields, denting interest in non-yielding gold as an alternative investment.
The Australian dollar is flat against the greenback, which lost ground as oil prices continued to rally on the back of OPEC's agreement to cut oil production.
Oil prices surged 4 per cent on Thursday, with Brent crude at its highest in about 16 months, extending gains after OPEC and Russia agreed to restrict output to reduce the global supply glut more quickly.
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The Australian share market has jumped more than 1 per cent, driven by a surge in energy stocks after the world's leading oil producers agreed to cut oil production for the first time in eight years.
he Australian share market has kicked off with gains in early trade as investors cheer an agreement between the world's largest oil exporters to cut output for the first time in eight years.
Oil has soared more than 10 per cent to over $US50 a barrel and its highest in a month as some of the world's largest producers agree to curb production for the first time since 2008 in a bid to support prices.
Gold has fallen to nearly a 10-month low, adding to its deepest monthly price declines in more than three years as strong US economic data and higher US Treasury yields buoy the US dollar, further cementing the case for a December rate increase.
US stocks ended with big gains for November on Wednesday thanks to a sharp post-election rally, but the S&P 500 finished the day flat as drops in utilities and technology offset energy's surge.
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The Australian share market has kicked off the trading session lower, due to renewed pressure on resource and energy companies, including Rio Tinto, BHP Billiton and Woodside Petroleum.
Oil has slumped four per cent as OPEC's leading oil exporters struggle to agree on a deal to cut production to reduce global oversupply and boost prices, with Iran and Iraq at loggerheads with Saudi Arabia a day ahead of meeting.
Gold prices have fallen due to expectations of rising US interest rates and improving sentiment for global economic growth, which mean investors are likely to favour risk assets such as equities.
The Australian dollar is marginally higher against its US counterpart after gains in the greenback fizzled out following strong third quarter US economic growth data.
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Falls in resource, energy and telecom companies, including Rio Tinto, BHP Billiton and Vocus Communications have dragged the Australian share market lower.
The Australian share market is trading barely changed in early trade as overnight declines on Wall Street and caution ahead of key risk events weigh on investors' minds.
Gold prices are more than one per cent higher recovering from their lowest levels since February as the US dollar and long-dated US Treasury bond yields retreat from recent highs.
Oil prices have gained more than two per cent, recouping earlier losses, in volatile trading as the market reacts to the shaky prospect of major producers being able to agree output cuts at their upcoming meeting.
US stocks declined on Monday for their worst performance in nearly a month, weighed down by a pullback in the financial and consumer discretionary sectors as some investors booked profits on the heels of a record-setting week.
