AAP

The Australian share market has slipped more than 0.5 per cent in early trade after a weak lead from US markets overnight.

Oil dropped 4 per cent overnight to below $US30 a barrel as US crude stockpiles ticked up and diesel inventories swelled, offsetting OPEC-led cuts in production and hopes for a recovery in demand as some countries ease coronavirus lockdowns.

Gold fell more than 1 per cent overnight, pressured by a stronger dollar and expectations that gold supplies will grow as bullion refineries resume operations, and on gradual improvement in investor risk appetite as countries have begun to ease coronavirus restrictions.

The Australian share market has snapped its two-day winning streak, falling modestly as its range-bound trading continues for another week.

Retail spending in Western Australia increased by 9.9 per cent in March as consumers stockpiled food, home and office supplies, resulting in some retailers, including JB Hi-Fi, posting a strong quarter.

Shares have dipped in early trade on the ASX after US markets retracted late in the session overnight.

Oil prices soared overnight as some European and Asian countries along with several US states began to ease coronavirus lockdown measures.

Gold steadied above $US1,700 an ounce overnight, as massive global stimulus measures to ease the economic blow from the coronavirus pandemic offset improved risk sentiment on the back of easing restrictions and lockdowns.

The Reserve Bank of Australia has chosen to keep interest rates unchanged today at 0.25 per cent, despite news of over 1 million job losses nationwide and a 48.5 per cent drop in car sales.

The Australian share market has risen by more than one per cent for a second straight day as sentiment cautiously improved for the country's economic prospects.

Outdoor wear retailer Kathmandu has seen a surge in online sales in April but will open most of its stores in Australia by the end of this week as strict restrictions for COVID-19 are eased.

Qantas has extended the suspension of most of its domestic and trans-Tasman flights until the end of June, and for international flights until the end of July.

Australian shares have risen in early trade with the big miners and banks are all trading higher.

Oil was up 3 per cent overnight as more countries announced they would begin easing coronavirus lockdowns and as crude supply cuts by the world's top producing nations and companies take hold.

Gold rose overnight as brewing tensions between the United Sates and China over the novel coronavirus outbreak kindled fears of a new trade war and had investors seeking safe havens.

The Australian share market has demonstrated its resilience, reversing its early losses of as much as 1.4 per cent to finish higher by a similar amount and start the week off on a positive note.

Westpac has joined rival ANZ in deciding to not pay an interim dividend to shareholders after it posted a first-half profit slide because of hefty impairment charges related mainly to the COVID-19 pandemic.

Australian shares have fallen by about 0.6 per cent on average in early trade, with most sectors trading lower.

US President Donald Trump's threat to impose new tariffs on China has helped gold prices climb by more than one per cent but bullion was on track for its worst week since mid-March.

Oil producers should start the week buoyant after two industry benchmarks posted their first weekly gains in four weeks as OPEC and its allies cut output to tackle a supply glut from the coronavirus crisis.

The Australian share market has suffered its worst day in five weeks as traders continue to sell any rallies.

Retailers, shopping centre owners and shop assistants have joined forces to sell a plan to get people back into their stores and protect everyone's health.

Shares have slumped at the start of trade on the Australian stock market as investors respond to more global economic gloom from the coronavirus pandemic.

Gold prices fell overnight as investors liquidated their long positions, but was en route to its best month since August based on massive amounts of stimulus intended to help the economy recover from the COVID-19 outbreak.

Oil prices jumped overnight after producers said they would cut output and as signs the US crude glut was not growing as quickly as many feared resulted in an upbeat close.

The Australian share market has followed its worst month since 1987 with its best month since 1988, finishing April with a bang.

Australia's largest car dealership chain says it laid off 1,200 employees last month as an initial response to the COVID-19 pandemic and associated lockdowns.

Virgin Australia's administrator has disclosed that at least 20 parties have expressed interest in buying the debt-laden airline, with reports today mining magnate Andrew Forrest is among the potential bidders.

Fortescue Metals Group has upgraded its annual iron ore shipments forecast after it reported a 10 per cent rise in third-quarter shipments and said it had managed to keep a lid on costs amid the coronavirus pandemic.

ANZ Banking Group will hold off paying shareholders an interim dividend as its first-half cash profit plunges 62 per cent on a $1 billion COVID-19 hit, and the prospect of more pain to come.

Woolworths has reported a 10 per cent jump in food sales at its Australian supermarkets for the third quarter, due to panic buying amid the coronavirus pandemic.

Investors are smiling in early trade on the Australian share market, which is being pushed along by energy, materials and IT stocks.