AAP

Supermarket giant Woolworths has lifted third-quarter grocery sales by 4.2 per cent, reaping the benefits of lower deflation and more favourable weather conditions.

The Australian share market has opened lower after the major banks lost much of their previous day's gains following NAB's first-half profit announcement.

Gold prices dropped to a one-week low overnight as the US dollar rebounded after the Federal Reserve reduced expectations of a rate cut this year, with the safe-haven metal also pressured as the central bank signalled strong economic growth.

Oil futures ended little changed overnight after supply curbs, including further talk on an extension to OPEC-led cuts, offset rising US crude inventories and record production.

A strong first-half performance by ANZ has lifted the financial sector, pushing the Australian share market higher.

ANZ Banking Group has beaten expectations to lift first-half cash profit two per cent to $3.56 billion but warned subdued credit growth, competition and compliance costs will keep bank sector earnings under pressure "for the foreseeable future".

Australian shares have opened higher as the financial sector led gains after ANZ lifted its first-half profit

Oil prices pared their gains overnight, after global benchmark Brent crude rose above $US73 a barrel, as the market grew less worried that a rebellion against Venezuelan President Nicolas Maduro would hit the country's crude exports.

Gold prices firmed overnight as the US dollar slipped to a one-week low, making bullion more attractive, with investors awaiting the Federal Reserve's interest rate decision this week to gauge the outlook for US monetary policy.

The Australian share market has closed lower for a second day, dragged by the energy, mining and utility sectors.

Electricity and gas retailer Origin Energy has posted a 53 per cent rise in third-quarter gas production revenue from its stake in Australia Pacific LNG, driven by higher oil prices.

Nine Entertainment has agreed to sell its regional and community newspapers for $115 million, offloading about 170 titles acquired last year in its merger with Fairfax Media.

The Australian share market has opened lower and looked to be heading further downwards, with the major miners among the largest losers.

Oil prices edged higher overnight as the market attempted to resume a weeks-long rally that was halted on Friday when US President Donald Trump demanded that producer club OPEC raise output to soften the impact of US sanctions against Iran.

Palladium slumped about seven per cent overnight in its biggest daily percentage drop in more than two years while gold also fell as strong US data improved investors' appetite for riskier assets ahead of the US Federal Reserve policy meeting.

The Australian share market has had its worst day in three weeks with the financial and energy sectors weighing heavily as analysts await economic clues from the US and China

An independent candidate for former foreign minister Julie Bishop's safe seat claims she is the victim of a "supposed hoax" involving fake opinion polling data and has refused to pull out of the election race.

Coles has lifted third-quarter food and liquor sales 2.1 per cent to $8 billion, boosted by its latest kid-focused collectables campaign.

Prime Minister Scott Morrison has promised 1000 shipbuilding jobs at Henderson, and opposition leader Bill Shorten has pledged $75 million towards mining exploration, ahead of their debate tonight in Perth.

The Australian share market has opened lower despite Wall Street hitting new record highs, with the energy sector leading the losses.

Oil prices fell three per cent on Friday after US President Donald Trump again pressured the Organisation of the Petroleum Exporting Countries to raise crude production to ease petrol prices.

Gold jumped to a near two-week high on Friday as the US dollar slipped on tepid US inflation data, outweighing an overall strong first-quarter growth report.

The Australian share market has been sapped of its recent bullishness during a thin day of trade, but the local bourse shook off a subdued resources sector to remain at a near 11-year high.

Flight Centre shares have dropped 12 per cent after Australia's biggest travel agency slashed its full-year profit guidance due to a weaker than expected performance in the local leisure market.

Federal Labor is calling on Environment Minister Melissa Price to explain why she approved a controversial uranium mine in Western Australia the day before the national election was called.

The Australian share market has opened lower after a pullback in oil prices and in the absence of a strong lead from Wall Street.

Oil prices have eased after Brent touched $US75 per barrel for the first time in nearly six months on the suspension of some Russian crude exports to Europe as investors second-guessed the market's ability to rally further.

Gold has risen to its highest in more than a week, supported by a slight retreat in the US dollar and a pullback in global equities as demand for riskier assets cooled.

Stalled inflation raised hopes of a rate cut and helped the Australian share market to an 11-year high, but the Aussie dollar is languishing at a near six-week low.

Consumer confidence has hit its highest point since December after last week's strong jobs data.

Vicinity Centres chairman Peter Hay will retire from the board of the shopping centre operator at the company's annual general meeting in August.

The Australian share market has opened strongly, with healthcare and tech stocks in the ascendancy after the S&P 500 and the Nasdaq hit record closing highs overnight.