AAP

Australian shares rose on Wednesday after global miner BHP reported record iron ore output for 2017-18, which sent its shares up over 3 per cent in a boost to peers and overall sentiment.

BHP Billiton's iron ore production rose 3 per cent in the fourth quarter ended June 30 as productivity improved, cementing a record annual output as it set a bigger target for the current year.

Bankwest is closing 29 branches along Australia's east coast and cutting 200 jobs, saying customers are increasingly using mobile banking.

Gold has fallen more than one per cent and hit its lowest in a year as the US dollar strengthened during testimony by US Federal Reserve chairman Jerome Powell to the US Congress.

Wall Street has risen as Federal Reserve chairman Jerome Powell's optimistic view on the US economy and solid earnings from Dow component Johnson & Johnson lifted expectations of a robust second-quarter earnings season.

Australian shares have closed lower on Tuesday, with a sharp decline in global oil prices sending energy stocks down and weak commodities prices putting pressure on the broader market.

Oil prices slumped more than four per cent, with Brent reaching a three-month low, as Libyan ports reopened and traders eyed potential supply increases by Russia and other producers.

Gold steadied as the US dollar fell, but higher interest rates in the US and a weak market are expected to weigh on prices of the precious metal.

The S&P 500 has ended slightly lower following a drop in oil prices that weighed on energy shares and offset a jump in financials as Bank of America's results reinforced expectations of a strong US earnings season.

Australian shares fell nearly half a per cent on Monday, led by losses in healthcare stocks, while soft weekend property auction results undermined banks, whose business model relies heavily on home loans.

US stocks have risen slightly, putting the S&P 500 at its highest closing level in more than five months, as gains in industrials and other areas offset a drop in financials after results from three of the big banks mostly disappointed.

Australian shares have finished flat after a yo-yo final trading session of the week, which saw a retreat among the banks outweigh healthcare sector gains.

Australian shares have opened higher backed by robust commodity prices and an overnight tech-led rally on Wall Street.

Gold edged higher as the US dollar eased off a six-month high against the Japanese yen, but bullion failed to gain traction as traders said US-China trade tensions so far were boosting the greenback instead of the precious metal.

Brent crude has strengthened, recouping some of its losses from the previous session as market focus returned to concerns about spare capacity following a warning from the International Energy Agency (IEA).

US stocks have climbed as top technology names hit record highs and industrials rebounded from losses driven by trade worries the day before.

Strong showings from healthcare heavyweights and the major banks have propelled the Australian share market to its highest close for a decade after a nutty day of trading.

Australian shares have opened higher as strong gains from financial and consumer staple stocks more than offset materials and energy weakness from falling commodity prices.

Gold prices have slipped as US threat of tariffs on an additional $US200 billion of Chinese goods pushed safe-haven flows to the US dollar and dashed hopes that Washington would eventually step back from the escalating row.

Global benchmark Brent crude oil has had its biggest one-day drop in two years as escalating US-China trade tensions threatened to hurt oil demand, and news that Libya would reopen its ports raised expectations of growing supply.

US stocks have fallen, breaking a four-session streak of gains after Washington's threat to impose tariffs on an additional $US200 billion ($A270 billion) worth of Chinese goods fanned trade war fears, while a sharp drop in oil prices hit energy shares.

The Australian share market and the Aussie dollar have both come under pressure after the US ramped up its trade war with China.

Australian shares have opened lower after renewed reports of imminent US tariffs checked the momentum of a strong Wall Street close.

Wall Street's S&P 500 index rose for a fourth session to post its highest close since February 1, the day before the market began a sharp extended selloff, as strong results from PepsiCo boosted optimism about the earnings season.

Oil prices have risen, supported by a larger-than expected US stock draw and supply concerns in Norway and Libya.

Gold prices have been weighed down by a stronger US dollar, and may re-test a seven-month low after a failed attempt to break higher in the previous session.

The Australian share market has snapped its three-day winning streak, hit by losses in the big four banks and consumer-exposed stocks.

Macquarie Bank has hiked home loan rates even as the Reserve Bank cash rate remains steady, in a sign funding costs are rising and larger rivals such as the big retail banks could follow suit.

The live export company behind the disastrous Awassi Express shipment is trying to use an associated company to send another load of sheep to the Middle East while its own export licence is suspended.

Australian shares have opened higher, materials and energy leading the way following an overnight lift in commodity prices.

Gold has risen, touching its highest in two weeks as the US dollar weakened and the Chinese yuan recovered from June's lows.

Oil prices have gained, with US crude ending a choppy session higher on expectations for a Canadian production outage lasting until September, while global benchmark Brent gained on looming sanctions on Iran and falling output in Libya.