AAP

The federal government will announce a stimulus package of up to $20 billion tomorrow to fight the impact of the Covid-19 virus, it has been reported this afternoon, while $2.4 billion of new health funding was announced today.

Investors have switched to sell mode again as they wait for details on stimulus, sending Australia's volatile share market lower despite a rally on Wall Street overnight.

Oil prices jumped more than eight per cent overnight, bouncing from the biggest rout in nearly 30 years as the possibility of economic stimulus encouraged buying and US producers slashed spending in a move that could cut output.

Gold slid over 1.5 per cent on Tuesday, backing off the $US1,700 ceiling hit in the previous session, as expectations of global policy measures to alleviate the economic impact from the coronavirus eased some investors' concerns and lifted share markets.

Australia's turbulent stockmarket has rebounded, finishing more than three per cent higher in a dramatic recovery from early panic selling.

Prime Minister Scott Morrison told business leaders today that its stimulus package to address the impact of coronavirus would be proportionate, targeted, scalable and temporary.

Qantas has slashed the capacity of its international flights by almost a quarter for the next six months due to the coronavirus impact. The airline also announced cost saving measures, including cuts in salaries for its top executives.

Crude prices suffered their biggest daily rout since the 1991 Gulf War overnight as top producers Saudi Arabia and Russia began a price war that threatens to overwhelm global oil markets with supply.

Gold retreated from the $US1,700 level touched briefly earlier on Monday, as investors sold the bullion to cover margin calls amid plummeting equity and energy markets, overshadowing the metal's safe-haven demand.

The Australian stock market has suffered its worst single day loss in nearly a dozen years, as a brewing price war over oil added to the global tumult.

As if there wasn't enough global uncertainty already, a likely price war has broken out over the price of oil.

Brent slid to its biggest daily loss in more than 11 years on Friday after Russia baulked at OPEC's proposed steep production cuts to stabilise prices hit by economic fallout from the coronavirus, and OPEC responded by removing limits on its own production.

Gold prices fluctuated more than one per cent on Friday, sliding from a seven-year high as investors sold the precious metal to cover margin calls as the rapid spread of the coronavirus hammered equity markets.

Retail spending stayed weak in January as bushfires devastated many parts of Australia, but the coronavirus outbreak is likely to make a bigger impact.

The Morrison government has reached an agreement with the states and territories to bear the health costs of tackling the coronavirus on a 50/50 basis, which could end up costing $1 billion.

Concerns over the safety of frontline health workers responding to the COVID-19 outbreak have prompted union calls for dedicated clinics to be introduced in Western Australia.

Australian investors have swung into sell mode once more after US markets sank following a rise in the number of coronavirus cases.

Oil prices edged lower overnight as the coronavirus epidemic showed no signs of slowing, with deaths mounting globally, but losses were limited as major producers agreed on deeper output cuts to bolster prices.

Gold prices climbed two per cent to a more than one-week high overnight as worries over the global spread of the coronavirus spurred more safe-haven flows and hopes of further monetary policy easing by major central banks.

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.