AAP

Coles shares have hit a new high after the supermarket announced a $1 billion cumulative savings target over four years to compete with new discount grocery market arrivals such as Lidl and Kaufland.

Oil prices fell more than one per cent overnight after more poor Chinese economic figures fanned fears of lower worldwide oil demand.

Gold prices slipped further overnight after sliding from a more-than-14-month high the previous session on upbeat US economic data that dampened expectations the Federal Reserve could ease interest rates.

The Australian share market has given up its early gains to close lower, dragged down by the big miners and the telecommunications sector.

Vocus Group shares have lost nearly a third of their value after AGL Energy abandoned a $3.02 billion takeover proposal less than a week after making a second offer for the internet provider.

Oil rose about one per cent on Friday after attacks on two tankers in the Gulf of Oman last week raised concerns about potential supply disruptions but prices remained on track for a weekly loss on fears that trade disputes will dent global oil demand.

Gold prices retreated on Friday as upbeat US retail sales somewhat eased fears that the economy was slowing down in the second quarter.

The Australian share market has edged higher and hit another 11-and-a-half year peak in the process.

The Australian share market has opened flat as gains in the energy and mining sectors were cancelled out by a slide in financials.

Oil prices settled 2.2 per cent higher overnight after attacks on two tankers in the Gulf of Oman stoked concerns of reduced crude trade flows through one of the world's key shipping routes.

Gold prices climbed to a week's high overnight, supported by expectations for an interest rate cut by the US Federal Reserve following soft inflation data although an uptick in equities capped gains.

The Australian share market has treaded water for a second straight day as both energy and tech stocks dipped while health care shares rebounded.

Western Australia was the only state in the country to record both a decrease in employment numbers and an increase in its seasonally adjusted unemployment rate for May.

Adani has declared it's full steam ahead for its controversial coal mine after the Queensland government issued the final approval the company needs to begin construction.

Wesfarmers says full-year earnings from its department stores could fall by as much as $103 million after sales at the struggling Target chain fell by 2.3 per cent so far in the second half.

Three companies have been charged over serious injuries suffered by two workers during the redevelopment of Campbell Barracks in Perth.

The ACCC is examining whether a proposed takeover of Ruralco Holdings by a Canadian fertiliser giant could reduce wholesale competition and lead to discrimination against some independent retail stores.

Oil prices tumbled 4 per cent overnight to their lowest settlements in nearly five months, weakened by another unexpected rise in US crude stockpiles and by a dimming outlook for global oil demand.

Gold prices gained momentum overnight as the US dollar dipped on speculation about the US central bank cutting interest rates this year amid global economic growth concerns.

The Australian share market has closed flat as the heavyweight mining and finance sectors pulled in opposite directions.

The Australian share market has opened higher as the heavyweight mining sector rises on robust iron ore prices.

Oil prices were steady overnight, weighed by concerns about a global economic slowdown that could dent crude demand but supported by expectations that OPEC and its allies will extend their supply curbs.

Gold prices dipped slightly overnight as investors booked profits following robust gains over the past weeks while rising hopes of a trade deal between China and the United States lifted equities.

The Australian share market has closed at a fresh 11-and-a-half year high as a broad rally boosted most sectors by more than one per cent.

Shell has shipped the long-awaited first cargo of liquefied natural gas from its massive Prelude floating LNG plant off north-west Australia, sealing the nation's position as the world's top exporter of the fuel.

Anthony Albanese is moving to expel John Setka from the Labor Party, after the controversial union official criticised anti-domestic violence campaigner Rosie Batty.

AGL Energy has announced a new $3.02 billion offer for telco Vocus less than a week after Swedish private equity firm EQT Infrastructure scrapped its own takeover bid for the Sydney-based company.

The Australian share market has opened higher as a broad rally lifted most sectors by more than one per cent.

Oil prices fell more than one per cent overnight as US-China trade tensions continued to threaten demand for crude and as major producers Saudi Arabia and Russia had yet to agree on extending an output-cutting deal.

Gold prices dropped more than one per cent overnight, slipping from a 14-month peak, after US President Donald Trump's decision not to impose trade tariffs on Mexico spurred risk sentiment and lifted the US dollar from recent lows.

Australian financial markets are waiting to see if a purported jump in confidence on the back of the federal coalition's election win is reflected in key jobs, consumer and business data due this w

Pauline Hanson has declared she will not support the coalition government's tax cuts when federal parliament returns next month.