AAP

Australia's share market has surged more than two per cent as investors buy up stocks across the board after another sharp rise in US equities.

Oil prices lost more than $US1 a barrel overnight as restrictions on travel worldwide slashed fuel demand.

Gold prices jumped to a two-week high overnight, after a record surge in US jobless claims dented the dollar and boosted expectations of further stimulus to cushion the global economic toll from the coronavirus pandemic.

Australian shares have rallied for a third straight day after a massive US stimulus deal sent global markets soaring.

Seven passengers aboard the Artania anchored off Perth have tested positive for coronavirus, prompting WA Premier Mark McGowan to call on the navy to help get the cruise ship to leave.

Virus-ravaged travel firm Flight Centre says an initial 6,000 of its sales and support staff globally will either be stood down or made redundant in the company's latest bid to preserve a future.

Australian shares have rallied more than two per cent for a third straight day of morning gains after a massive US stimulus deal sent global markets soaring.

US crude prices rose slightly overnight, bolstered by progress on the US economic stimulus package, but government data shows the coronavirus pandemic started to hurt US fuel demand last week.

Palladium prices rocketed overnight as a lockdown in major producer South Africa exacerbated supply woes, while gold inched up as markets eyed US stimulus.

Australian shares have achieved back-to-back gains for the first time since the coronavirus crisis began, rallying in the final minutes of trade on reports that US politicians have reached a deal on a massive US stimulus deal to shore up the world's biggest economy.

Medical tech firm Cochlear is seeking to eliminate liquidity risk by raising $850 million as the coronavirus pandemic delays elective surgeries across a growing number of countries.

Virgin Australia has stood down about 8,000 of its 10,000 workers until at least the end of May and further slashed domestic flight capacity in the wake of the coronavirus border restrictions.

Australian shares have surged almost six per cent back to above the 5,000-point level on a wave of optimism a massive US stimulus deal will shore up the world's biggest economy.

Oil prices rose modestly on overnight but settled off the day's highs as the coronavirus pandemic's heavy toll on demand offset hopes for a forthcoming $US2 trillion US economic relief package.

Palladium and platinum prices surged on Tuesday, with palladium on track for its biggest daily gain since 2001, as major producer South Africa was locked down due to the coronavirus, while gold soared over 5 per cent as fresh stimulus stopped liquidation among investors.

Australia's share market has rallied from a near eight-year low with the US Federal Reserve taking drastic action to shore up markets and new coronavirus cases seeming to plateau in Italy.

People already waiting at the Western Australian border will be allowed into the state after the closure deadline, as the premier flagged banning regional travel and shutting down beaches.

Woolworths has stood down 8,000 workers following the government ban on pubs, clubs and hotels while it has also postponed the separation and spin-off of its Endeavour division until 2021.

Australia's share market has risen more than 1.5 per cent from a near eight-year low but consumer confidence has sagged as a flood of profit warnings pour in and the coronavirus spreads.

Oil prices inched higher overnight while US gasoline prices plunged more than 30 per cent to a record low as global restrictions on travel to slow the spread of coronavirus destroyed demand for fuel.

Gold prices soared more than 4 per cent overnight, shrugging off early losses after the US Federal Reserve took aggressive new steps to combat the economic impact of the coronavirus outbreak, boosting investor sentiment.

The Australian share market has dived to an almost eight-year low as borders close and businesses shut in efforts to slow the spread of the coronavirus.

Virgin Australia is likely to cut more domestic flights and regional airline Rex will only operate passenger services in Queensland as a virus-spooked nation bunkers down amid new travel and tradin

Talks are under way to convert the Western Australian holiday hotspot Rottnest Island into a COVID-19 quarantine zone as the state's border closure approaches and the number of confirmed cases continue to rise.

Pubs, cinemas and churches will be forced to close across Australia from noon on Monday to stem the spread of the coronavirus.

Australian stocks have plunged more than 7.5 per cent as borders close and businesses shut in efforts to halt the spread of the coronavirus pandemic.

Wall Street has wrapped up its worst week since October 2008, with the Dow and S&P 500 sliding more than 4 per cent on Friday.

US crude tumbled 10.7 per cent on Friday and posted its biggest weekly decline since the 1991 Gulf War as the coronavirus epidemic dried up global demand and as officials in Washington said an envoy would head to Saudi Arabia to deal with fallout of a Saudi-Russia oil price war.

Gold rebounded on Friday, rising as much as 3.1 per cent, as a wave of fiscal and monetary stimulus by global central banks to counter the economic impact from coronavirus spread halted investors lure for cash.

The Australian share market has finished its worst week since October 2008 with a modest daily gain.

The federal government will pour an extra $444.6 million into aged care facilities, including money to help them hold onto staff amid the coronavirus crisis.

Small businesses impacted by the coronavirus crisis will be able to defer their loan repayments for six months under a plan put forward by the banking industry.