AAP

The Australian share market has lifted on Wednesday courtesy of strong investor responses to profit reports from Commonwealth Bank, AMP and Tabcorp as well as a lift in mining stocks.

Bankwest has posted a $681 million net profit for the 2018 financial year on the back of increased lending and a reduction in bad loans relative to 2017.

Australian shares are higher in early trade with mining and energy stocks lifting and gains for Commonwealth Bank, AMP and Tabcorp as they post results.

The S&P 500 inched nearer to a record high, lifted by Amazon, Alphabet and Microsoft, and a strong second-quarter earnings season that fuelled optimism about the US economy's strength.

Australian shares have retreated on Tuesday as falling metals prices and a slump in Amcor after its giant US acquisition put pressure on the materials sector.

The Reserve Bank has left the cash rate unchanged at 1.5 per cent for the 24th month in a row, with RBA governor Philip Lowe adding the drought affecting large parts of the country to his list of concerns.

Australian shares have opened lower, dragged down by the mining sector and despite a slight rise on Wall Street overnight as investors applauded a strong US earnings season.

Oil futures have gained after OPEC sources said Saudi crude production unexpectedly fell in July, raising concerns about global oil supplies as the US prepares to reinstate sanctions against major exporter Iran.

The three major US stock indexes closed higher as investors applauded a strong US earnings season with results from Berkshire Hathaway impressing and Facebook getting a boost.

Australian shares rose on Monday, as strong iron ore prices in China helped material stocks while investors were largely focused on earnings due later in the week.

Australian shares have opened higher, led by mining heavyweights BHP and Rio Tinto following a rise in metal prices, and gains on Wall Street on Friday.

Crude futures pulled back, giving up gains from the previous session as trade concerns weighed on the market and fueled concerns about demand.

The Australian share market has closed slightly lower, dragged down by losses for the banks and the materials sector.

Oil prices have strengthened, with US crude gaining nearly 2 per cent after traders saw an industry report suggesting domestic crude stockpiles would soon decline again.

Technology stocks have pushed the S&P 500 and Nasdaq higher, driven by Apple shares as the iPhone maker became the first publicly traded US company worth a trillion dollars.

The Australian share market has closed lower, dragged down by the materials sector following Rio Tinto's first-half earnings miss and further concerns over the trade war between the US and China.

Australian shares are slightly negative in early trade following falls on Wall Street's main indexes overnight and a decline in the shares of mining giant Rio Tinto following its half-year results.

Oil prices fell about 2 per cent as a surprise increase in US crude stockpiles fed concerns about global oversupply, while investors worried that trade tensions could hit energy demand.

The S&P 500 and Dow have slipped as gains in Apple shares were offset by a drop in energy and industrial companies with the US Federal Reserve remaining on course for an expected interest rate hike in September.

The Australian share market has closed slightly lower as falls in banking and energy stocks offset gains in miners BHP and Rio Tinto, industrials and healthcare companies.

US stocks have risen as technology stocks rebounded and a report said the United States and China were trying to restart negotiations to defuse a trade war between world's two largest economies.

Australian shares have finished near-flat with solid gains for energy stocks and BHP failing to overcome weakness in industrial and consumer stocks.

Clive Palmer's flagship company, Mineralogy, has lost a court bid to stall paying millions owed to a Singapore-based exploration firm.

Oil prices rose with US crude futures jumping more than two per cent, as traders continued to focus on supply disruptions and a possible hit to crude output from US sanctions on Iran.

A broad sell-off of technology stocks has pushed the three major US stock indexes lower, with the Nasdaq Composite posting its third consecutive loss of more than 1 per cent for the first time in three years just days after hitting a record high.

Australian shares have finished lower, with investor caution and a weak Wall Street lead robbing the local market of momentum on Monday.

Telstra has hired former SBS boss Michael Ebeid to look after its corporate and government customers, as part of a wider senior executive overhaul announced on Monday.

UPDATED: The massive block of land that once housed the derelict half-built mansion dubbed the "Taj on Swan" in Peppermint Grove has failed to sell at auction, but an offer was accepted on Friday 3 August.

Wall Street's major indexes have closed lower as weak earnings reports from major technology companies led to a big drop for the sector.

The Australian share market has closed stronger, with gains almost across the board and miners buoyed by BHP's deal to sell its troublesome US shale oil assets.

BHP shareholders are set for a windfall after the global miner agreed to sell its onshore US oil and gas assets for $US10.8 billion ($A14.6 billion).

The Nasdaq Composite fell on Thursday as Facebook led a selloff in technology stocks, but the Dow gained as fears of a transatlantic trade war eased after the European Union and the United States agreed to negotiate on tariffs.