AAP

The Australian stock exchange has closed higher on optimism that global stimulus measures will buffer economies from the impact of the coronavirus.

Australia will ban travellers from South Korea and introduce enhanced screening for travellers from Italy to deal with the coronavirus spread.

TPG and Vodafone are a step closer to completing their planned $15 billion merger after the competition watchdog announced it would not appeal a Federal Court decision allowing the deal to proceed.

Department store giant Myer has reported a 37 per cent drop in first half profit, weighed down by restructuring costs, redundancies and the exit of Apple products and Country Road Group brands.

Australian stocks have jumped more than 1.5 per cent in a broad rally at the start of trade after a big surge in US markets.

Crude oil prices were mixed, giving up early gains despite expectations that major producers were closing in on an agreement to cut supply aimed at offsetting a slump in demand caused by the coronavirus outbreak.

Gold held steady overnight following a surge in the previous session on the US Federal Reserve's surprise rate cut, as a firmer dollar and strong uptick in risk sentiment limited bullion's upside.

The Australian stock market has suffered another monster sell-off, losing ground for the eighth time in nine days as three of the country's four big banks plunged to their lowest levels in many years.

The national economy put in a better than expected performance during the back end of 2019 with GDP growing 0.5 per cent in the December quarter, but the news for Western Australia was not so good, with state final demand falling.

The Australian stock market has dropped more than one per cent after US stocks tumbled overnight after a surprise rate cut.

Oil prices fell in a volatile session on Tuesday, succumbing to fears the coronavirus would take a heavy toll on energy demand even after the Federal Reserve cut US interest rates and OPEC and allied producers considered more output cuts to support prices.

Gold surged overnight after the US central bank cut interest rates to help cushion the economic damage caused by the coronavirus outbreak and on expectations of policy easing by other major central banks.

The Australian share market has snapped a seven-day losing streak in which it lost over $250 billion in value over fears from the coronavirus epidemic.

The Reserve Bank of Australia has cut the cash rate to a new record low of 0.5 per cent as it acts to soften the economic impact of the coronavirus, with Australia's "big four" banks each announcing they would pass on the rate cut in full.

The Australian share market has powered more than 1.5 per cent higher as investors punt on global central banks taking stimulus action to ease economic pain caused by the coronavirus.

Oil prices rose over 5 per cent overnight, reversing an early fall to multi-year lows as hopes of a deeper cut in output by OPEC and stimulus from central banks countered worries about damage to demand from the coronavirus outbreak.

Gold rose nearly 1 per cent overnight after suffering its largest daily fall in nearly seven years, as expectations grew for policy easing by the US Federal Reserve and other central banks to help boost the coronavirus-hit global economy.

The Australian share market has suffered its worst day in over four years, closing the day at a six-month low amid a growing panic the coronavirus outbreak will trigger a global recession.

Harvey Norman blames bushfires and extreme weather for a subdued Christmas period as the retailer's first-half profit slipped by 4.0 per cent.

Australian shares are set for their worst week since the global financial crisis after the benchmark index plunged another three per cent.

Gold pared gains as investors booked profits after prices climbed more than 1 per cent earlier in the session on mounting worries about how the coronavirus outbreak might hurt the global economy.

Oil prices tumbled for a fifth day overnight to their lowest in more than a year, as further novel coronavirus cases outside China fanned fears that a pandemic could slow the global economy and erode demand for crude.

The Australian share market's remarkable gains for the year have vanished in four days of tumultuous trading as government officials rolled out worst-case scenarios for a response to the coronavirus outbreak.

Australia's travel ban on people coming from China has been extended for a further week as the government enacted an emergency response plan to deal with the coronavirus.

Australia's largest car dealership chain says the tough conditions in the vehicle market show no sign of rebounding, with nationwide sales down 7.8 per cent in 2019 and 12.5 per cent in January, compared to a year ago.

Lynas Corporation says Malaysia has approved a new three-year licence that allows it to operate the only major rare earths processing plant outside of China.

Flight Centre has slashed its full-year profit guidance amid the worsening impact of the coronavirus outbreak on the travel sector and as its first-half profit plunged.

The Australian share market has crept marginally higher after three tumultuous days during which most of the gains it made this year were all but wiped out.

Oil prices fell three per cent on Wednesday after hundreds of new coronavirus cases reported in Europe and the Middle East stoked fears that energy demand would decline, and on concerns that the virus would become a pandemic in the United States.

Gold prices have gained following a steep fall in previous sessions as concerns over the coronavirus outbreak and its impact on the global economy raised hopes of interest rate cuts by major central banks.

Rio Tinto has announced a record final ordinary dividend of $US3.7 billion ($A5.6 billion) on the back of solid full-year results.

A third straight day of monster losses for the Australian share market has come close to wiping out the local bourse's phenomenal gains since the start of the year.