AAP

Woolworths shares have taken a knock after the supermarket giant reported a disappointing first half and flagged subdued consumer spending for the foreseeable future.

Oil prices were mixed overnight as concerns about global crude oil demand and uncertainty over the latest round of US-China trade talks countered investor optimism around tightening supplies.

Palladium scaled a record peak to within striking distance of the $US1,500 level overnight fuelled by a sharp supply deficit, while gold climbed 1 per cent to hit a 10-month high on a weaker US dollar and global growth jitters.

Gains by Australia's big four banks have propped up the Australian sharemarket after a day of generally disappointing earnings results.

Seven West Media says its half-year net profit has fallen by 13.8 per cent as stringent cost-saving measures failed to offset a fall in advertising revenue, with the group flagging further changes including at its WA operations.

Coles' supermarket sales slowed during the run-up to Christmas, while the newly demerged retailer's first-half profit slipped 29 per cent to $381 million as restructuring costs weighed on the balance sheet.

Australian shares have moved higher as investors digest another round of earnings results.

Oil rose for a fifth day overnight, on track for its strongest first quarter in eight years, thanks to a growing belief among investors that OPEC's supply cuts will prevent a build-up in unused fuel, though concern over China's economy tempered gains.

Palladium surged to a record high overnight as a sustained supply deficit boosted the autocatalyst metal, while gold rose to its strongest since April on a lower dollar.

The Australian sharemarket has finished higher amid optimism for a deal on the US-China trade war and a spike in the price of oil.

Australia's number two lender, Westpac, has reported first-quarter unaudited cash earnings of $2.04 billion, with natural disaster insurance claims rising and mortgage delinquencies edging higher.

Woolworths has become the first national supermarket chain to dump its $1/litre milk range, with farmers saying Coles and Aldi must follow if they want Australian dairies to survive.

Australian shares have enjoyed their fourth straight day of gains as the local currency slides further against the US dollar.

Gold jumped to a two-week high on Friday after weak US economic data boosted expectations the US Federal Reserve would hold pat on monetary tightening, while palladium matched an all-time high on a prolonged deficit.

Oil prices rose more than 2 per cent on Friday after an outage at Saudi Arabia's offshore oilfield boosted expectations for tightening supply, while progressing US-China trade talks strengthened demand sentiment.

The Australian sharemarket has treaded water for another day as six more companies reported their earnings.

Australian shares are hovering in positive territory as investors digest another day of earnings results.

Oil prices edged higher overnight and Brent hit the highest level this year, but gains were capped after the steepest decline in US retail spending since 2009 heightened investor fears of a global economic slowdown.

Gold prices rose overnight as the US dollar fell on weak economic data from the United States, which bolstered expectations the Federal Reserve would stick to its dovish stance on monetary policy.

The S&P 500 and the Dow have slipped while the Nasdaq has posted a slim gain as investors struggled to square grim retail sales data with hopes that high-level talks in Beijing could resolve the ongoing US-China trade dispute.

The Australian sharemarket has closed flat after being tugged in opposite directions by mixed earnings reports from 16 of the nation's top 200 companies.

South32 has posted an 18 per cent rise in half-year underlying profit as a surge in metallurgical coal output and stronger commodity prices helped boost its bottom line.

The NBN rollout continues eat away at Telstra's balance sheet, with the telco giant cutting its interim payout to shareholders after a 28 per cent dive in first-half profit to $1.2 billion.

Scott Morrison says Australia must counter the "noisy voices" that want to shut down its mining industry.

AMP's full-year profit has plummeted 97 per cent to a worse-than-expected $28 million after the beleaguered wealth manager set aside millions in customer remediation and reported weakness in its superannuation business.

Australian shares have edged higher at the start of trade as investors digest a flurry of earnings results.

Gold prices rose to hit a peak in more than a week overnight on signs that the US Federal Reserve will likely be patient on further interest rate rises, but rallying global equities kept the metal's gains in check.

Oil prices rose 2 per cent overnight after top exporter Saudi Arabia said it would cut crude exports and deliver an even deeper cut to its production but swelling US crude inventories led the market to pare gains.

Falls by market giants CSL and Commonwealth Bank have caused the Australian sharemarket to finish in modestly negative territory.

More casual workers will be able to request a shift to permanent employment under legislation introduced to parliament.

Virgin Australia has delivered a $54.8 million profit in what the airline called its best first-half result since 2008, though market uncertainty has prevented it from providing any full-year outlook.

Australian shares are hovering in positive territory as big falls from market giants CSL and Commonwealth Bank are offset by gains elsewhere.