AAP

Australian shares have joined a broad global rally following news that the US and China have agreed to another round of trade talks.

Myer shares have climbed nearly 12 per cent on a better-than-expected full-year profit, but the department store chain's sales are still falling.

TPG Telecom's full-year profit has slumped 56.1 per cent to $173.8 million after the internet provider copped a $196.1 million hit from scrapping its planned mobile network.

Oil prices have risen by more than 4.0 per cent, boosted by a wider market pickup on positive news from China, after three days of losses due to fears about a weakening global economy.

Gold has jumped to a fresh six-year high as focus returned to economic woes with 10-year US Treasury yields slumping to a three-year low.

The Australian share market has trimmed its losses late in the session but still finished the day lower, while the Aussie dollar has touched its highest point in more than a week.

An overhaul of the list of jobs Australia needs migrants to help fill will aim to get more locals into apprenticeships and more immigrants into regional areas.

Flow tests from the deepest well ever drilled in Australia are expected within days, but it has already refocused attention on the oil and gas industry in the Perth basin.

Oil prices fell overnight, with US crude futures down 2.0 per cent after manufacturing data raised concerns about a weakening global economy while the US-China trade dispute continued to drag on investor sentiment.

Gold rose more than 1.0 per cent overnight after weak manufacturing data from the United States reinforced fears of an economic downturn while uncertainties over US-China trade ties and Brexit further boosted bullion's safe-haven appeal.

The Australian share market has finished the day flat, while the Aussie dollar dipped to close to a recent 10-year low on weak retail sales figures.

The Reserve Bank has left the cash rate unchanged at a record low 1.0 per cent as it maintains its wait and see approach to June and July's cuts.

Australia has posted its first current account surplus in 44 years with a $5.9 billion surplus for the June quarter.

The Australian share market has closed lower for the first time in five days, with telecom and energy shares leading losses.

Oil prices weakened overnight after new import tariffs imposed by the United States and China came into force, raising concerns about a further hit to global economic growth and demand for crude.

Gold rose slightly overnight after the United States and China imposed new tariffs, as expected, on each others' goods but a firmer US dollar limited gains.

The Australian share market has closed lower for the first time in five days, with telecom and energy shares leading losses.

Prime Minister Scott Morrison says he expects the latest growth figures to be "soft" but believes the right economic settings are in place.

The Australian share market has opened lower even though the heavyweight mining sector started the day in positive territory.

Telstra says peak NBN pain will now hit in FY21 instead of FY20 after the government-owned NBN Co flagged fewer than expected connections over the next year.

Oil futures fell on Friday, with US crude down nearly 3.0 per cent ahead of a hurricane near the Florida coast that could dampen demand but prices were still headed for the biggest weekly increase since early July, boosted by an easing of US-China trade rhetoric.

Gold prices fell on Friday on a slight recovery in equities markets and Treasury yields but was on track for a fourth-straight monthly gain as fears of a global recession and uncertainty on US-China trade relations drove investors to safe havens.

The Australian share market has enjoyed its best day since mid-June, with every sector posting gains as earnings season came to a close.

Harvey Norman has lifted full-year profit by 7.2 per cent to $402.3 million as its overseas ventures offset another weak result for local franchisees.

US oil futures rose 1.7 per cent overnight, lifted by a deep draw on US crude inventories, especially at the benchmark's delivery hub due to increased demand with the start-up of two new West Texas pipelines.

Gold fell overnight as the US dollar rose and stock markets gained confidence with the latest positive development in the US-China trade deal but concerns over decelerating global economy kept prices hemmed near a multi-year peak.

The Australian share market has finished flat as traders wait for the other shoe to drop on the US-China trade war.

A Chinese company suspected of illegally clearing land at a pastoral station in Western Australia's north has had its appeal against a stop-work order dismissed, but has been encouraged to apply for a permit retrospectively.

Lynas Corporation has posted a 50 per cent jump in full-year profit amid record production of major rare earth elements but the company says most of its growth will be outside China.

Wellard's full-year loss has widened by 33 per cent to $48.4 million after the cattle exporter was hit by Turkey's halt on live feeder imports and large impairments.

Woolworths has raised full-year profit by 7.2 per cent to $1.75 billion after a robust second-half performance by its Australian supermarkets offset softness at Big W and the liquor division.

Oil prices rose nearly 2.0 per cent overnight after a larger-than-expected decline in US crude stockpiles helped ease worries about weakening oil demand caused by the US-Chinese trade conflict.