AAP

Laura Ashley has been placed in administration for a second time, falling victim to the same forces that have claimed a raft of Australian retailers.

GrainCorp shares surged by more than a third after the drought-hit grain handler received an all-cash $2.38 billion takeover bid from little-known asset manager Long-Term Asset Partners.

Australian shares have surged at the start of the new trading week, with energy and materials stocks up by more than two per cent in the wake of a 90-day truce on tariffs between China and the US.

Wall Street has risen as investors hope for progress on trade in a critical US-China meeting over the weekend, and the S&P 500 and the Nasdaq posted their biggest weekly percentage gains in nearly seven years.

Gold fell as the dollar strengthened ahead of trade talks between the US and Chinese leaders at the G20 summit, while palladium prices crossed the $US1,200 per ounce mark for the first time.

Oil prices edged lower due to concerns of oversupply and a strong dollar but losses were limited by expectations that the Organisation of the Petroleum Exporting Countries and Russia would agree some form of production cut next week.

The Australian share market suffered significant losses across the board, with consumer and banking stocks weighing the heaviest as world leaders descend on Argentina for critical trade discussions at the G20 summit.

The Australian share market has opened lower with Coles and Coca-Cola Amatil dragging consumer staples into the red, and the heavyweight mining and financial sectors also under water.

Oil reversed course and rose as much as three per cent overnight after industry sources said Russia had accepted the need to cut production, together with OPEC ahead of its meeting next week.

Gold held steady but pared some gains as the dollar recovered and minutes from the US Federal Reserve's recent meeting showed an interest rate hike was imminent in December.

The Australian share market burst out of the gates after a strong lead from Wall Street and held onto most of its gains by the close, buoyed by the banking sector and mining stocks on higher commodity prices.

The Australian share market has opened strongly with broad-based gains following Wall Street's eye-opening performance overnight.

Oil fell below $US60 per barrel overnight after US crude inventories rose for the 10th straight week amid concerns about excess global supply.

Gold prices have risen by as much as one per cent from two-week lows as the US dollar tumbled after Federal Reserve Chairman Jerome Powell indicated that interest rates were near normal, soothing investor worries over the pace of rate hikes.

The Australian share market has closed slightly lower, dragged down by losses to the major miners after mixed commodity prices overnight.

Rio Tinto has appointed former CSIRO chairman and 2011 Australian of the Year Simon McKeon as an independent non-executive director.

The big miners are weighing on the Australian share market at the open, though energy and health care stocks eked out early gains to curb the losses.

The S&P 500 and the Dow Jones Industrial Average have edged higher after White House economic adviser Larry Kudlow said an upcoming meeting between US President Donald Trump and his Chinese counterpart is an opportunity to "turn the page" on a trade war.

Oil prices fell more than one per cent overnight, in conjunction with sagging stock markets after US President Donald Trump threatened more tariffs on Chinese imports ahead of the coming G20 summit.

Gold fell overnight to its lowest in more than a week, as the dollar rallied after comments from US Federal Reserve Vice Chair Richard Clarida bolstered expectations that the central bank would continue raising interest rates.

An accounting company director in Perth who stole more than $43,000 has been spared an immediate prison sentence.

The Australian share market has closed higher after a positive afternoon of trading, buoyed by the financial sector and supported by commodity-related stocks.

The federal government will lay out its tax and spending plans unusually early in 2019, after the budget brought forward by a month to allow for an election in May.

Oil prices have risen about three per cent, clawing back some of the previous session's steep losses, although gains where capped by uncertainty over global economic growth and further signs of increasing supply, including record Saudi production.

Gold firmed overnight, supported by uncertainty over the future pace of US interest rate hikes and the outcome of the G20 summit later this week when global leaders will focus on trade tensions.

The Australian share market suffered broad-based losses but it was the commodity-related stocks bleeding red which was the biggest drag on the indices.

Global miner Rio Tinto says it will sell its entire stake in Rossing Uranium to China National Uranium Corp for up to $106.5 million.

The embattled Myer board has made a fresh pitch to shareholders ahead of a likely explosive annual general meeting on Friday, declaring the completion of its refinancing was a vote of confidence.

Real estate developer Dexus says it has agreed to set up a $2 billion trust with Singapore's sovereign wealth fund GIC to invest in Australian logistics properties.

Mining and energy stocks have plunged more than two per cent each, bleeding red all over the Australian share market in a commodity-fuelled opening dive.

US stocks have closed lower in a shortened post-holiday trading session as the energy sector tumbled on continued weakness in oil prices, and the benchmark S&P 500 confirmed its second correction of 2018.

Gold prices have slipped as investors banked on the safety of the dollar over worries about a slowdown in the global economy, exacerbated by a sharp decline in oil prices.