AAP

Two more government frontbenchers are expected to resign over the weekend, leaving Scott Morrison's ministry team even further depleted just weeks out from an election.

Woodside Petroleum and Santos, Australia's top two independent gas producers, are being urged by activist investors to set carbon emissions targets to help limit climate change.

The cash-strapped company that received Western Australian government funds despite not meeting milestones attached to a wave power project has been suspended from trading on the Australian stock exchange for failing to lodge its half-year financial report.

Australia and Indonesia are just days away from signing a landmark free trade deal to bring new access to markets for agriculture and education.

The Australian share market has opened in positive territory despite the major miners starting the day with losses.

Brent oil fell while US crude futures steadied overnight as US-China trade tensions persisted, both Chinese and Indian economies showed signs of slowing and news of surging US production undermined OPEC-led output curbs.

Gold retreated to a two-week low overnight as the US dollar recouped losses on stronger-than-expected US economic data, setting bullion on course for its first monthly decline in the last five.

Australian shares have rebounded to close higher for another day, the last official day of earnings season.

Hospital operator Ramsay Health Care said it is on track to meet its full-year guidance after lifting first-half profit 9.6 per cent to $270.4 million.

Harvey Norman has lifted first-half profit on a strong performance at its overseas ventures, but sales at the company's Australian franchises were weak.

Rio Tinto has upped its estimates for the amount of iron ore at its deposits in the Pilbara region, a day after its earnings beat expectations.

Shipbuilder Austal has increased its shareholder payout after announcing a two per cent lift in first-half profit on its expanding US Navy and commercial ferry work.

Australian shares have dipped lower as gains in the energy and health care sectors were cut down by the rest of the market.

Oil futures jumped more than 2 per cent overnight after US crude inventories unexpectedly plunged and as top OPEC producer Saudi Arabia appeared unfazed by pressure from US President Donald Trump to prevent oil prices from rising.

Gold prices fell to their lowest in nearly two weeks overnight, pressured by a mild revival in the US dollar after comments from the US Trade Representative dampened expectations of a quick resolution to the US-China trade dispute.

Australian shares have finished higher on gains by the big miners and banks while investors took stock of several new earnings reports.

Australia's biggest miner Rio Tinto says it will return billions to shareholders, after it recorded a 2 per cent rise in underlying earnings for 2018, to US$8.63 billion ($12.2 billion).

Vocus Group says it is shifting its focus from the "complex and economically unattractive" NBN in favour of offering customers 5G fixed wireless.

Australian shares have climbed higher on gains by the big miners and banks while investors took stock of several new earnings reports.

Oil futures steadied overnight on signs that OPEC plans to maintain production cuts despite pressure from US President Donald Trump, whose comment criticising rising crude prices sent the market into a tailspin a day earlier.

Palladium broke past $US1,550 an ounce for the first time overnight on the back of intensifying supply deficit, while gold steadied after US Federal Reserve Chairman Jerome Powell reiterated the central bank's patient stance in further rate hikes.

Australian shares have fallen across the board, led lower by the tech sector that had been the main gainer a day earlier.

TPG Telecom will make $228 million of first-half write-downs related to its decision to stop building its mobile network.

Australian shares have fallen across the board, led lower by the tech sector that had been the main gainer a day earlier.

Palladium hit a new record high overnight as the threat of strikes in the South African mining industry raised fresh concerns about a supply deficit for the metal, while gold held steady as the US dollar slipped on signs of a US-China trade deal.

Oil futures sank more than three per cent overnight after US President Donald Trump said OPEC should ease its approach on boosting crude prices, which he said were "getting too high".

Wall Street's three major indexes have ended higher but well below the session's highs after US President Donald Trump said he would delay a planned hike in tariffs on Chinese imports.

Mining giant BHP Group has reached a settlement with the train driver who was fired over a huge derailment in Western Australia's Pilbara region last year.

Australian shares have finished higher as investors cheered optimism about a potential US-China trade deal.

Lendlease is considering offloading its engineering and services unit after the property and infrastructure group's first-half profit crashed 96.3 per cent to $15.7 million.

Prime Minister Scott Morrison was adamant Australia will meet its emissions reduction targets, as he committed $2 billion to a fund which pays businesses to slash pollution.

Australian shares have moved higher as investors cheered optimism about a potential US-China trade deal.