AAP

Nine Entertainment has flagged cost cuts to its free-to-air businesses after a sharp drop in half year profit amid amid a weaker advertising market.

Virgin Australia is slashing its Tigerair fleet and cutting back on flights to rein in costs as the coronavirus cruels demand for leisure destinations and its budget airline's routes.

Australian shares have tanked nearly two per cent with falls across the board following a dive on US equity markets after a warning for Americans to prepare for the coronavirus.

Oil fell below $US56 a barrel overnight dropping for a third day, as concerns about the coronavirus and its impact on oil demand outweighed OPEC output cuts and Libyan supply losses.

Gold fell over one per cent on Tuesday as the metal's rally to 7-year highs in the last session prompted profit-taking even as worries about the coronavirus kept investors anxious about the fate of global economy.

Australian stocks have suffered through second day of major losses, although they rebounded from their lows on news that US researchers had developed an experimental coronavirus vaccine.

Scott Morrison has described the coronavirus outbreak as a global health crisis, warning the economic impacts will stretch far beyond Australia's tourism and education sectors.

Vitamins producer Blackmores has reported a 46 per cent plunge in first-half profit, and flagged trouble from the coronavirus.

Australian stocks have plunged more than two per cent after fears the coronavirus could become a pandemic sparked a major sell-off on global markets.

Australian stocks are set to plunge again after fears about the spread of the coronavirus sparked a major sell off on global markets overnight.

Oil prices has slumped by nearly 4.0 per cent as the rapid spread of the coronavirus outbreak in countries outside China added to investor concerns over the effect on demand for crude.

Gold has soared as much as 2.8 per cent on Monday to its highest level in seven years, as investors worried about global economic growth in the face of sharply rising coronavirus cases outside China.

The Australian share market has suffered losses across the board, with $60 billion in value wiped out in the local bourse's worst day in six months. Energy stocks were hardest hit, as concerns grow over coronavirus, while gold was one of the few positive sectors.

Energy, chemicals and resources company Worley has posted a 40 per cent jump in interim net profit to $115 million thanks to improved market conditions and the benefits of its Jacobs Engineering division buy, while at the same appointing Andrew Liveris as its deputy chairman.

Health insurer nib has posted a 23 per cent fall in first-half profit, blaming a rise in claims for the softer result.

Australian stocks have plummeted after offshore markets fell on fears the coronavirus outbreak is spreading across Asia and will increasingly affect global economic activity.

Oil prices fell about one per cent on Friday on renewed concerns about crude demand being pinched by the economic impact of the coronavirus outbreak, while OPEC and allied producers appeared to be in no rush to curb output.

Gold has jumped more than 1.5 per cent to its highest level in seven years as investors rushed to the metal's safety due to concerns over global economic fallout from the fast-spreading coronavirus.

The Australian share market has finished lower for the first time since Tuesday, with every sector down except financials after the two days of gains sent it into record territory.

Australian shares have dipped following a record high on the local market and after US markets soured following a rise in coronavirus cases.

Oil prices rose on Thursday after the US government reported a much smaller-than-anticipated rise in crude stocks, but gains were capped by worries about the spread of coronavirus outside China.

Gold prices climbed to their highest level in seven years overnight as an uptick in the number of coronavirus cases in South Korea fuelled worries over the wider economic impact of the outbreak.

Australia's share market has hit a record high - while the Australian dollar has sunk to a decade low after China's central bank cut interest rates.

Western Australia’s unemployment rate has risen to 5.8 per cent in January, sitting above the national average, despite the state recording 6,700 more people in employment for the month.

Santos has posted a 7 per cent rise in annual net profit as a jump in production helped offset weaker gas and oil prices across the year.

Super Retail Group's shares have jumped more than 10 per cent despite announcing a 20 per cent drop in first-half profit and admitting its underpayments problem is worse than first thought.

Boral has halved its interim payout on a 40 per cent first-half profit dive, with the troubled building materials firm weighed down by higher costs and weak housing construction activity in Australia and South Korea.

Australia's share market has hit a new high amid a slew of mixed local earnings results and positive leads from offshore.

Oil prices gained more than 2 per cent overnight as worries eased about demand declining due to the spread of coronavirus cases in China.

Gold has risen, holding above $US1,600 per ounce, as worries over the new coronavirus and its impact on global growth boosted safe-haven demand, while palladium continued its record run driven by short supplies of the metal.

The Australian share market has clawed back its losses from earlier in the week to hit a fresh all-time closing high - even as five more companies announced their earnings had been affected by the coronavirus epidemic.

Vocus shares have risen after the broadband provider said it had made progress digging out of its mountain of debt and had delivered on major projects as part of a three-year turnaround.