AAP

Healthscope has opened its books to Brookfield Capital Partners after the private equity firm made a $4.5 billion play for the private hospital operator, trumping a rival offer already on the table.

Heavyweight banking and mining shares dragged on the market during early trade, with Australian shares opening the new week lower in the wake of a Wall Street sell-off and concerns over a Chinese economic slowdown.

Oil prices have fallen nearly a percentage point as global supply increased and investors worried demand growth could slow, pressuring US crude to its longest stretch of daily declines since 1984.

Gold has fallen by more than a percentage point to a one-month low as the US dollar strengthened after the Federal Reserve reaffirmed its monetary tightening stance, seen as a negative for non-yielding bullion.

A late rally from banking and health care stocks limited losses to the local indices but falling oil prices ensured the energy sector would drag the Australian share market lower at the close.

Westpac has been fined $3.3 million for unconscionable conduct in the way its traders handled a key rate for several years.

Lendlease's chief executive says he is embarrassed by the problems that have forced the construction company to take a $350 million post-tax impairment in its first-half results.

Local banking and health care stocks have jumped at the open, but meaningful early gains for the Australian market have been wiped out by the materials and energy sectors.

Gold has eased to a one-week low on a stronger dollar, after the Federal Reserve held interest rates steady and was seen on track for further rate hikes.

The S&P 500 and Nasdaq closed slightly lower after a US Federal Reserve statement, and energy stocks were the biggest drag on the S&P as US crude oil prices fell.

Oil prices fell nearly 2.0 per cent overnight as investors focused on swelling global crude supply, which is increasing more quickly than many had expected.

Banking and health care stocks lifted the Australian share market higher, while the energy sector also pushed ahead despite weak oil prices.

Australia's banking regulator wants to further lift banks' capital requirements in order to strengthen the financial system's ability to cope with shocks.

The competition watchdog will allow Fairfax Media's $4 billion merger with Nine Entertainment to go ahead after deciding the move would not diminish competition in Australian news and media.

The Australian share market has extended early gains, lifted by health care, supermarkets, infotech and energy stocks.

Gold pared some gains overnight but held firm as the dollar slid after the US midterm elections delivered a split Congress and as investors looked ahead to a Federal Reserve meeting for signals on future interest rate hikes.

Oil prices have slipped, continuing a recent slide after surging US crude output hit another record and domestic inventories rose more than expected.

Wall Street is set for a modestly firmer open on Wednesday and global stocks rose after significant US election gains for the opposition Democrats, but the outcome may rule out further tax cuts, sending the dollar and Treasury yields sharply lower.

The Australian share market was lifted higher by banking and energy stocks on a choppy day's trading as investors awaited the result of US mid-term elections.

Treasurer Josh Frydenberg has rejected a Chinese consortium's proposed $13 billion purchase of APA Group, saying the deal would result in an undue concentration of foreign ownership of the country's gas transmission pipelines.

More than 10,000 Commonwealth Bank customers have responded to chief executive Matt Comyn's request for feedback on how the bank does business.

Energy and materials stocks are keeping the Australian share market flat at the open, with the financial sector keeping the bourse's head above water.

Gold fell as US equities and the dollar firmed ahead of the outcome of congressional elections in the United States, denting the precious metal's appeal.

Oil prices have fallen further, with US crude futures sliding to an eight-month low, a day after Washington granted sanction waivers to top buyers of Iranian oil and as Iran said it had so far been able to sell as much oil as it needs to sell.

Wall Street's major indexes have closed higher as voters headed to the polls in US midterm congressional elections and investors hoped the result would provide some relief for stocks after prolonged uncertainty.

The Australian share market closed nearly one per cent higher after strong gains from banking, energy and resources stocks.

BHP Billiton's rail operations in the Pilbara are expected to be out of action for a week after a runaway train laden with iron ore travelled 92 kilometres with no-one on board before it was deliberately derailed.

The death of an electrician, who was crushed between a lift car and the shaft at an alumina refinery in the state's south, has led to South32 being fined $65,000.

The Australian share market has bolted out of the chute, climbing higher at the open with broad-based gains.

Oil prices were mixed after a steep five-day fall, as the United States formally imposed punitive sanctions on Iran but granted eight countries temporary waivers allowing them to keep buying oil from the Islamic Republic.

The S&P 500 has risen with boosts from financial, energy and defensive sectors as investors showed some caution on the eve of US congressional elections.

Gold inched lower as investors took some profits following a recent rally, but the metal traded within a narrow range as caution set in ahead of the US congressional elections.