AAP

Oil prices steadied overnight as tensions over Iran's nuclear program countered concerns about whether slowing global economic growth would hit oil demand.

Gold prices edged lower overnight as increasing expectations that the US Federal Reserve will not aggressively cut interest rates later this month boosted the US dollar, making gold expensive for holders of other currencies.

The Australian share market has suffered its worst day in five weeks following a trade row between Japan and South Korea and concerns that the US won't deliver on interest rate cuts.

Deutsche Bank has confirmed plans to wind down its Australian equities division as part of a global restructure, but is yet to comment on overall job losses across local operations.

The Queensland government, mining industry and unions will hold urgent crisis talks after six deaths in the state's resources sector this year.

The Australian share market has opened lower, with the heavyweight mining sector leading losses.

Oil futures rose on Friday as tensions over Iran and an extension to output cuts by OPEC and its allies boosted prices, but mixed economic data limited the rally.

Gold slid as much as two per cent on Friday and was set for its first weekly fall in seven weeks after data showed US. jobs growth rebounded strongly in June, which lowered the likelihood of an interest rate cut by the Federal Reserve this month.

The Australian share market has finished the week up two per cent, after posting gains every day of an entire week for the first time since October.

APRA has told lenders they can immediately change the way they assess customers' ability to meet mortgage repayments in Australia's new low-interest paradigm.

The Australian Labor Party is about to lose its national secretary Noah Carroll, as the party rebuilds following its shock federal election loss.

The Australian share market is flat at the start of trade with the mining sector down and no overnight lead from the US, where markets were closed for the July 4 holiday.

Oil prices fell in thin trade overnight, weighed down by data showing a smaller-than-expected draw on US crude stockpiles and worries about the global economy.

Gold prices eased overnight as investors locked in profits before this week's US non-farm payrolls data and as a rally in stock markets briefly halted the metal's recent strong run.

The Australian share market has finished higher for a fourth day, setting a fresh 11-1/2-year high, despite losses in the heavyweight mining sector.

The consumer watchdog is taking Samsung to court for telling consumers that many of the four million Galaxy phones sold in Australia were water resistant, while knowing they were not.

Australian workers could receive an extra $1,000 when they lodge their tax returns from next week, after the federal government secured crossbench support for its flagship tax cut package.

The Australian share market has risen at the start of trading after stocks on Wall Street hit new highs.

Oil prices edged higher overnight ahead of a US holiday, after falling steeply a day earlier as worries about a slowing global economy outweighed a decision by OPEC and allies to extend crude output cuts.

Gold steadied overnight, paring earlier gains as a rally in equities reduced the attraction of the non-yielding metal while global growth concerns and prospects for dovish monetary policy kept bullion supported.

The Australian share market has showed its resiliency, closing higher for a third day as markets across Asia slipped.

Australia's trade surplus hit a record $5.7 billion in May after a $925 million monthly rise largely on the back of iron ore exports to China.

Supermarket giant Woolworths is combining its liquor and hospitality businesses ahead of a divestment next year.

The Australian share market has opened flat despite a positive lead from Wall Street overnight.

Oil prices fell more than four per cent overnight, even after OPEC and allies including Russia agreed to extend supply cuts until next March, as weak manufacturing data had investors worried that a slowing global economy could dent oil demand.

Gold prices rose 1.5 per cent overnight, a day after posting the biggest one-day percentage fall in two and a half years, as US Treasury yields fell on worries over global growth and renewed concerns over global trade.

The Australian share market fell flat after the Reserve Bank delivered a consecutive cash rate cut, with the big four banks and mining giants pulling in opposite directions.

The Reserve Bank of Australia has cut the cash rate to a fresh record low of 1.0 per cent, reducing the cost of borrowing for two months in a row for the first time since 2012.

The Australian share market has opened higher as investors await the central bank's cash rate decision.

Oil prices pared gains overnight after worries about oversupply persisted, pulling back from an early rally as OPEC extended supply cuts until March 2020 during a meeting in Vienna.

Gold slid by as much as two per cent overnight as the US dollar rallied and investors flocked to higher-risk assets after the agreement to resume trade talks between the United States and China.

The Australian share market has closed higher but failed to make strong gains after the US and China agreed to resume trade talks over the weekend.