AAP

The Australian share market has opened marginally higher ahead of the release of the central bank's minutes from its last meeting.

Oil prices sank about one per cent overnight on signs that the impact of a tropical storm on US Gulf Coast production and refining would be short-lived while Chinese economic data dimmed the crude demand outlook.

Gold edged lower overnight as global stock markets gained with investors focusing on some upbeat economic readings from mixed Chinese economic data while a firm US dollar further weighed on bullion.

The Australian share market has fallen for a second day, with nearly every sector in the red despite a positive lead from Wall Street last week.

Elders has made a $187 million scrip and cash offer for unlisted private wholesale buying group Australian Independent Rural Retailers.

AMP shares have hit a new all-time low after the beleaguered wealth manager flagged it would not pay a first-half dividend in anticipation that the $3.3 billion sale of its wealth protection business has failed.

The Australian share market has opened sharply lower as all sectors started the day in negative territory.

Oil prices were little changed on Friday as US Gulf of Mexico crude output dropped by more than half from disruptions caused by a tropical storm but concerns over a global crude surplus in the months ahead limited gains.

Gold prices inched higher on Friday as investors shrugged off concerns that stronger-than-expected consumer inflation in the United States could influence the US central bank's decision on aggressive monetary policy easing.

The Australian share market has finished lower, ending a lacklustre week on a negative note ahead of a raft of economic data due from China.

Australians trying to take advantage of new tax breaks have been stymied as the main government services online portal went down for several hours.

National Australia Bank and ANZ Banking Group have both cut their savings rates again in the wake of the Reserve Bank of Australia's decision to reduce the interest rate to 1.0 per cent.

The Western Australian government is suing BGC Australia over alleged building defects at the HBF Park stadium.

The Australian share market has opened lower, with only the financial sector able to make any gains.

Gold prices slumped one per cent overnight, erasing gains posted earlier in the session after stronger-than-expected consumer inflation in the United States cast doubts whether the US central bank will cut interest rates as aggressively as expected.

Oil prices fell overnight as OPEC forecast slower demand for its crude next year, with crude futures easing from their highest in more than a month after US producers cut about half of their output in the Gulf of Mexico ahead of what could be one of the first major storms of the Atlantic hurricane season.

Michael Hill International says it will spend $10 million to $25 million to compensate employees who were underpaid over a six-year period.

The Australian share market has risen for a second day, with gains across the board after US Federal Reserve Chairman Jerome Powell sent a strong signal overnight that the central bank was ready to cut interest rates.

Genex Power has secured a $610 million federal government loan to help finance its 250-megawatt pumped hydro project in far north Queensland.

About 2,300 wharfies at Fremantle's container terminal have begun a two-day strike, joining industrial action already under way in Sydney, Melbourne and Brisbane.

Oil prices rose 4.5 per cent a barrel overnight to their highest level in more than a month after US crude inventories shrank and as major producers cut nearly a third of offshore Gulf of Mexico production ahead of an expected storm.

Gold prices recouped losses to rise more than one per cent overnight as the US dollar slid after US Federal Reserve Chairman Jerome Powell fanned expectations of an interest rate cut, citing risks to the US economy.

The Australian share market has closed higher as every sector except for the miners rallied ahead of highly anticipated testimony by the US Federal Reserve chairman Jerome Powell.

National Australia Bank could face class action proceedings over excess superannuation fees levied by its wealth arm.

The federal government has signed a memorandum of understanding to invest $6 million in Western Australia's space industry so the state can play a significant role in the broader national expansion plan.

The Australian share market has jumped at the start of trade as almost every sector joined an early rally.

Oil futures rose overnight as Middle East tensions and OPEC supply cuts kept global benchmark Brent crude above $US64 a barrel, while gains were limited by the US-China trade dispute that has dragged on the global economy and crimped oil demand.

Gold edged up overnight after falling to a one-week low earlier in the session as investors used the drop in prices to buy the yellow metal, with bullion holding a key technical level.

The Australian share market has closed down for a second day as banks and tech stocks dragged on the market.

Another worker has been hurt at the trouble-plagued Forrestfield Airport rail link project in Perth.

The big four banks will have longer than expected to raise extra capital to absorb potential losses after the prudential regulator amended its proposed framework for minimising the fallout from failed institutions.

The Australian share market has opened flat as the big miners and the major banks pulled in opposite directions.