AAP

The Australian share market is still hovering around a decade-high despite a slight retreat on Friday after a week of strong gains.

Busselton has been shortlisted with nine other regional cities nationwide as the potential home for the new Qantas pilot academy, weeks after the environmental watchdog recommended conditional approval for the operations of a $70 million upgrade at the Busselton-Margaret River Airport.

The Australian share market has opened virtually unchanged despite almost all major global bourses closing lower in the offshore trading session.

The Australian dollar has gained some ground against its US counterpart which sharply reversed lower overnight following jumps in the sterling and the euro and following the release of weaker than expected business growth figures.

Global benchmark Brent crude has fallen more than two per cent ahead of a meeting of the Organisation of the Petroleum Exporting Countries, where producers were expected to boost output to stabilise prices.

US stocks have fallen at the open, weighed down by declines in Amazon after the US Supreme Court let states force online retailers to collect sales tax.

The Australian share market is at its highest level in more than 10 years, with significant gains across most sectors as investors looked past fears of a looming trade war between the US and China.

BP Australia has backed out of a deal with Woolworths to buy its petrol business more than six months after the consumer watchdog rejected the deal.

Atlas Iron's board has backed a takeover bid by billionaire Gina Rinehart after rival bidder Mineral Resources pulled out of contention.

Australian shares are notably higher in early trade, buoyed by broad-based gains after virtually all major global bourses closed with good gains in the offshore session.

The Australian dollar has continued its slide against a steady US dollar that is hovering near an 11-month peak against a basket of major currencies as China's signal of tolerance of a stronger yuan offset anxiety about the global trade conflict.

Technology and media stocks pushed Wall Street higher on Wednesday and helped the Nasdaq hit a record high, as markets eyed a recovery after being battered by a rapidly escalating China-US trade tensions.

Gold prices have dropped, remaining near a six-month low, as the US dollar has hovered around 11 month peaks but was offset by festering global trade tensions, while platinum hit a 2-1/2-year trough.

The Australian share market is at its highest level in more than 10 years as the major banks soared, while Telstra plunged after announcing major job cuts and asset sales.

Telstra is axing 8,000 jobs over the next three years as it tries to save $1 billion while tackling the cost of investing in new technology and increased competition from its rivals.

Australian shares have opened higher despite falls in commodity prices and weakness on overseas markets amid escalating trade tensions between China and the US.

Oil has fallen ahead of a possible increase in OPEC crude supply, and as an escalating trade dispute between the United States and China unleashed sharp selloffs in many global markets.

The Australian dollar has retraced some of the ground it has lost against its major currency peers regaining almost a fifth of a cent against the US dollar.

Gold has fallen to a near six-month low and platinum has hit its lowest since February 2016 as a stronger greenback is overwhelmed by safe-haven buying, spurred by fears of a trade war between the world's two top economies.

The Australian share market edged lower as the mining heavyweights were hit by falls in iron ore prices, while the Australian dollar hit a one-year low.

JPMorgan Australia chairman Robert Priestley has quit the ASX and Future Fund boards as a criminal case progresses against ANZ bank over a capital raising underwritten by the investment bank.

Atlas Iron has given ASX-listed rival Mineral Resources three days to respond to the $390 million takeover bid by Gina Rinehart's Hancock Prospecting.

The Australian share market is higher in early trading, with gains across the board led by energy stocks.

The Australian dollar has continued its slide against the US dollar, performing poorly versus an unchanged US currency.

Oil prices have risen in volatile trade as market participants lower their expectations for how much OPEC might increase production and investors assess the impact of a trade dispute between the United States and China.

The price of gold has held close to five-and-a-half-month lows, with a strong US dollar offsetting the upward influence of an escalating trade dispute between the United States and China.

The Australian share market has recovered from early weakness to eke out a tiny gain despite fears of a US-China trade war and lower commodity prices weighing upon mining and energy stocks.

Rural newspapers in Western Australia are set to shed staff with Seven West Media announcing a fresh round of voluntary redundancies as it moves to centralise its regional business.

South32 has made a $US1.3 billion ($A1.75 billion) bid to take sole ownership of US-focused Arizona Mining.

The Australian share market has opened lower, hurt by resource and energy companies, amid concerns about the global economic implications of the tit-for-tat tariffs battle between the US and China.

The Australian dollar has slipped a little further against its US counterpart as the spat between the US and China over trade hurts commodities and commodity currencies, including the Aussie.

Oil prices have fallen more than $US2 a barrel after two of the world's biggest producers indicated they might increase output at next week's OPEC meeting, while US exports were threatened by potential Chinese tariffs on crude oil and refined products.