AAP

Gold eased overnight after data showed fewer jobless claims in the United States and reports Beijing was bringing its latest coronavirus outbreak under control, but mounting infections globally limited losses for the safe-haven metal.

Australian shares have fallen, with every sector but one in retreat, after new data showed the country's unemployment rate jumped to 7.1 per cent in May.

Westpac has sold its remaining 9.5 per cent stake in fund manager Pendal Group for about $185.4 million.

The ASX has fallen more than half a percentage point in early trade due to rising coronavirus cases in parts of the US and Beijing.

Oil prices settled lower overnight on fuel demand worries due to an uptick in coronavirus cases, with emerging hotspots in China and the United States, and as US crude stocks grew again, taking commercial inventories to another all-time high.

Gold prices were little changed overnight, buoyed by concerns over a second coronavirus wave and expectations that the US Federal Reserve would maintain low interest rates in the near term, while a firm dollar put a lid on gains.

The ASX has closed higher for a second day, closing just under 6,000 despite the heavyweight mining sector losing ground.

Traditional owners who were devastated by Rio Tinto's destruction of ancient rock shelters in the Pilbara say they are trying to restore their fractured relationship but question the sincerity of the company's apology.

The ASX has closed higher for a second day, closing just under 6,000 despite the heavyweight mining sector losing ground.

Former bureaucrat Paul Whyte has pleaded guilty to more than 500 charges stemming from Western Australia's biggest public sector theft.

BHP has hired biotech CSL's finance boss, David Lamont, who will return to the mining giant.

New laws to overhaul Western Australia's much-criticised unpaid fines regime have been passed by the state's parliament.

The Australian share market has crept almost half a percentage point higher in early trade after US indices climbed on a record jump in retail sales and the prospect of more economic stimulus.

Oil prices rose 3 per cent in volatile trade overnight as Wall Street surged and the International Energy Agency (IEA) increased its oil demand forecast for 2020, but gains were capped by worries about a second wave of coronavirus cases.

Gold edged up overnight as concerns over a fresh coronavirus outbreak in China countered a surge on Wall Street driven by a record rise in US retail sales and optimism over a COVID-19 drug.

The Australian share market has rallied in its best day since April 6 after the US Federal Reserve began purchasing corporate bonds, sending a flood of cash into global markets.

The ASX has surged by more than 3.0 per cent in early trade after US investors lapped up a Federal Reserve pledge to buy individual corporate bonds.

Western Australia's screen production industry has received a $16 million boost to encourage work in regional areas and help local economies.

Oil prices rose more than 2 per cent overnight as signs that fuel demand was recovering, while OPEC+ members were complying with a production cut deal, outweighed fears that new coronavirus infections could further slow the global economy.

Gold fell more than 1 per cent overnight as the dollar hovered near a more than one-week high, but the metal held above $US1,700 an ounce, buoyed by fears of a second wave of coronavirus infections.

The Australian share market has closed sharply lower for a third straight day following a sell-off in the last 90 minutes of trade, amid fears of a second wave of COVID-19 infections in the US and China.

Newly appointed Boral chief executive Zlatko Todorcevski says there are no sacred cows in the company portfolio as he attempts to improve on recent disappointing results.

Super Retail Group has announced a $203 million equity raising to fund sales growth and working capital amid the disruption caused by the coronavirus pandemic.

The Australian share market has opened slightly lower after a spate of virus infections in Beijing worried investors.

Oil was little changed on Friday and logged a first weekly decline since April as new US coronavirus cases spiked, stoking fears of a second wave of the virus hitting fuel demand.

Gold prices gained on Friday as investors bought the safe-haven metal as fears of a fresh wave of coronavirus cases added to the gloomy economic outlook from the US Federal Reserve.

The Australian share market has plunged for the second day in a row, snapping a string of six consecutive winning weeks as fears rose about a second wave of coronavirus cases in the US.

Prime Minister Scott Morrison has said lifting coronavirus restrictions will be fast-tracked to allow more people into stadiums, pubs, restaurants, weddings and funerals, while acknowledging WA may keep its border shut through July.

Finance Minister Mathias Cormann has warned a second wave of coronavirus could cost the Australian economy $80 billion over the next two years.

Western Australians homebuyers taking out Keystart loans will have their increased income limits extended for a year.

Shares have sunk about 2.5 per cent early on the Australian market as local investors pulled back following a slide on Wall Street on resurgent worries of virus infections in the US.

Oil prices tumbled by about 8 per cent a barrel overnight, fuelled by renewed concerns about demand destruction as new cases of coronavirus tick up globally, while crude inventories hit a record in the United States.