AAP

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.

Gold eased overnight as the US dollar strengthened and as investors locked in profit following a more than 1.0 per cent jump in the last session but uncertainty over the US-China trade dispute and the global economy kept safe-haven bullion near a multi-year peak.

The Australian share market has climbed modestly for a second day, buoyed by the tech sector, while the Aussie dollar has hit a 10-year low against its US counterpart.

Suspended Perth Lord Mayor Lisa Scaffidi has told an inquiry it was a coincidence a city chief executive was axed after she learned he had referred her to the Corruption and Crime Commission.

Macquarie Group will embark on a $1 billion capital-raising program as it seeks to shore up investments and meet new APRA credit risk requirements.

Virgin Australia says it will cut 750 corporate and head office positions as part of a restructure after posting a "disappointing" full-year loss of $349.1 million.

Oil prices rose in volatile trade overnight supported by expectations of a drawdown in US crude inventories, though gains were capped by worries about a recession and uncertainty over a China-US trade deal.

Gold rose more than 1.0 per cent overnight as fears of a possible recession gripped investors following disappointing US economic data and the ongoing US-China trade dispute while silver breached $US18 for the first time in nearly two years.

The tech sector has led the Australian share market higher after Donald Trump said trade talks with China would resume and he was hopeful for a deal.

Premier Mark McGowan said he was very disappointed with outcome of the Labor state conference, and on the same day has flagged a removal of an allowance perk for MPs.

Wesfarmers has more than quadrupled its full-year profit to a record $5.51 billion, on the back of post-tax gains of $3.17 billion on the demerger of Coles and other divestments during the year.

The Australian share market has opened higher after a positive lead from Wall Street.

Oil prices fell 1.0 per cent overnight on the outlook for increased supply of Iranian crude after France's president lifted hopes for a deal between the US and Iranian governments but losses were limited by optimism surrounding a US-China trade deal.

Gold surged to a more than six-year peak overnight, surpassing $US1,550 in early trade as investors sought safety from a host of uncertainties including heightened US-China trade tensions and a fragile global economy.

The Australian share market has fallen sharply again as traders worry US-China trade tensions could worsen further, but gold miners were broadly up as the gold price surged again.

Woodside Petroleum and Mitsui & Co have started producing oil from the $US1.9 billion Greater Enfield project off Western Australia.