AAP

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.

Oil prices surged more than 10 per cent after US crude stockpiles grew less than expected and gasoline posted a surprise draw, feeding optimism that fuel consumption will recover as some European countries and US state ease coronavirus lockdowns.

Gold has fallen as optimism around the easing of coronavirus-led lockdowns and hopes of a potential treatment drug propped up risk assets, while investors awaited the US Federal Reserve's monetary policy statement later in the day.

Energy producers and banks have spearheaded a rise on the Australian share market, which closed at an eight-day high.

Private schools are being offered an early payment of more than $3.3 billion, but only if they get students back into classrooms within a month.

Banks and energy companies are keeping the Australian share market indexes higher - albeit marginally - in early trade.

US crude prices settled lower, falling about 3.0 per cent as domestic stockpiles were expected to have risen closer to record highs amid tightening storage despite plans to cut production during the COVID-19 pandemic.

Profit taking and upbeat plans in some countries to loosen coronavirus restrictions has weighed on gold prices.

The Australian share market has closed down marginally after another dip in oil prices outweighed gains by the tech and consumer discretionary sectors.

Lendlease aims to raise about $1.15 billion to guard against market uncertainty brought about by the coronavirus outbreak and has withdrawn all forecasts provided with its first-half results.

Westpac has announced it will take a $2.24 billion pre-tax first-half impairment charge, mostly because it expects some of its loan customers won't survive the coronavirus crisis.

Wesfarmers has accelerated a review into its underperforming Target business as coronavirus lockdown measures hammer sales and spell a likely earnings decline.

A Perth clinical research company wants healthy adults and elderly volunteers to participate in one of the world's first human coronavirus vaccine trials.

The Australian share market has had a sluggish start, with shares in two of the major banks seeing a marked difference in fortunes.