AAP

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.

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.