AAP

The Australian share market has snapped an eight day losing streak, buoyed by strong results from oil and financial stocks.

Australian business conditions rebounded in August as firms reported improved sales and profits, a new survey shows.

Woolworths is facing a potential $100 million class action launched on behalf of investors whose shares lost value following a shock 2015 profit downgrade by the supermarket giant.

Prime Minister Scott Morrison has guaranteed his government will deliver the GST distribution solution promised under Malcolm Turnbull's leadership before the next election, and will even consider legislation if necessary.

Australian shares are higher in morning trade after a stronger performance on Wall Street overnight where investors are eyeing another round of tax cuts for US businesses.

US stock indexes have opened higher, boosted by the consumer discretionary sector, while hopes for a new round of tax cuts overshadowed fears of an escalation in the Sino-US trade war.

Iron ore shipments to China from Port Hedland rose nearly 10 per cent in August from a month earlier.

The Australian stock market has closed flat after recovering some of its early losses after better-than-expected economic data from China.

Wall Street's major indexes have fallen as US President Donald Trump raised the possibility of additional tariffs on Chinese imports and Apple Inc indicated that some of its products could be subjected to such levies.

Oil prices are steady, with US crude slipping on weak global equity markets while Brent inched up on geopolitical factors, including violent protests in Iraq.

The Australian stock market has marked seven straight days of losses for the first time since January 2016, as US-China trade concerns continue to drag on the indices.

Workers at Alcoa's alumina and bauxite operations in Western Australia have voted to reject a proposed workplace agreement and will continue industrial action, according to the Australian Workers Union.

Crude futures have reversed course, falling more than one per cent after US data showed petrol inventories rose unexpectedly last week, overshadowing a bullish drawdown in crude.

The S&P 500 and Nasdaq declined as the possibility of more US tariffs on Chinese imports loomed, while tech stocks stumbled, led by chipmakers and concerns about increased regulation of social media companies.

Australian shares have dropped to their lowest since June in the wake of near-across the board falls triggered by increased US-China trade worries, falling world oil prices and a new round of mortgage rate hikes by local banks.

Australia's corporate watchdog filed a lawsuit on Thursday against superannuation funds run by the wealth management unit of National Australia Bank, accusing them of charging fees to hundreds of thousands of retirees for services the were not provided.

Commonwealth Bank and ANZ have become the latest major banks to lift their home loan interest rates, with both institutions blaming rising international borrowing costs.

Telstra has trimmed its full-year earnings guidance range because a lower than expected number of NBN customers are available for connection.

The Nasdaq has fallen more than 1.0 per cent, dented by technology stocks after Facebook and Twitter executives defended their companies before sceptical US lawmakers.

Oil prices fell more than one per cent after a US Gulf storm weakened and moved away from oil-producing areas and concerns mounted about global trade disputes and Turkey's currency crisis hurting demand.

The Australian share market closed lower on Wednesday, dragged down by a slump in the heavyweight mining sector as worries about a possible escalation of trade tensions hit commodity prices.

US stocks have fallen as trade concerns lingered and declines in Facebook and Nike shares weighed on Wall Street's major indexes, though data showing US manufacturing activity accelerated in August kept losses in check.

Oil prices were little changed as energy infrastructure on the US Gulf Coast braced for a hurricane, but gains were capped as a stronger dollar and report of rising stockpiles at the Cushing, Oklahoma hub weighed.

Australian shares have closed lower on Tuesday, as reports of fresh investigations into financial institutions kept investors on edge, while overall sentiment was cautious ahead of key economic data.

Reserve Bank Governor Philip Lowe says wages growth has finally "picked up a little" as the central bank left the cash rate unchanged at 1.5 per cent for the 25th month in a row.

Westpac has agreed to pay a $35 million fine after admitting to wrongly assessing people's ability to repay mortgages.

Australian shares are down at the open, with the financial sector weighing heavily on the market ahead of the Reserve Bank of Australia's cash rate decision.

Oil prices have risen, supported by concerns that falling Iranian output will tighten markets once US sanctions bite from November, but gains were limited by higher supply from OPEC and the United States.

Gold prices eased slightly after the US dollar held near a one-week high on worries over an escalation in trade conflicts between the United States and other countries.

Australian shares slipped in subdued trading on Monday, as US-China trade tensions kept investors wary and the Aussie dollar came under renewed pressure from local retail data.

Perth house prices have fallen for a fourth straight month, after registering a 0.6 per cent decline in August, according to the latest data from CoreLogic.

Australian shares have opened slightly higher despite the lack of a clear lead from Wall Street, with the health care and consumer staples sectors leading the way.