AAP

Australian shares have closed higher for the second consecutive day, with broad-based gains led by the miners and supported by the energy and financial sectors.

Wesfarmers bosses have vowed to focus on delivering returns to shareholders after the company's disastrous foray into the UK hardware market.

AMP has been hit with a fourth shareholder class action over the scandals revealed at the Financial Services Royal Commission and the resulting damage to the embattled financial giant's market value.

The Australian share market is higher after comfortable rises on most key markets in the US and Europe and price gains for copper and iron ore.

The Australian dollar has crept higher, extending its post-gross domestic product rally against a defensive US counterpart.

Oil prices have fallen on worries that global supply is climbing after US inventories rose unexpectedly and Saudi Arabia and other big producers signaled that they may increase output.

Gold prices have stayed steady, see-sawing in a narrow range as a weaker US dollar and trade tensions provide support but investor anticipation of a US rate hike next week weighs on prices.

Higher prices for iron ore and oil and stronger-than-expected economic growth figures have helped boost the Australian share market and Australian dollar.

Western Australia has recorded its first year-on-year economic growth in more than four years, while the national economy expanded 1 per cent in the March quarter, official figures show.

Metcash will take a $352 million hit in its full-year results due to weakness in the Western Australian economy and the decision of one of its South Australian supermarket customers not to renew its contract.

Australian shares have opened comfortably higher after mainly positive finishes on global markets in the offshore session.

The Australian dollar is down against its US counterpart which has enjoyed a rally as more strong US economic data prompts positive sentiment.

The Australian dollar is down against its US counterpart which has enjoyed a rally as more strong US economic data prompts positive sentiment.

Brent crude have reversed losses, after hitting its lowest price in nearly a month following a report the US government asked Saudi Arabia and other major exporters to increase oil output.

Gold prices have risen as the US dollar has retreated slightly from close to a six-month high even as strong US economic data sealed the case for the US Federal Reserve to increase interest rates.

The Australian share market has been hit by falls in the heavyweight energy and mining sectors caused by weaker commodity prices.

The Reserve Bank has left the cash rate unchanged at 1.5 per cent for a 22nd consecutive month, as it waits for job growth and an improving economy to deliver a boost to wages and inflation.

The Australian share market has opened lower, led by falls across the energy and materials sectors and bucking the trend of market gains internationally.

The Australian dollar has continued to climb against its US counterpart after positive retail sales figures boost the local currency and as the US dollar index falls.

Oil prices have fallen about two per cent, with US crude touching its lowest level in nearly two months, breaking below technical support levels as investors keep selling amid growing US production, possible global supply growth and nagging trade tensions.

US stocks rose on Monday led by gains in technology shares and Friday's robust jobs data, which gave investors heightened confidence that the US economy remained strong.

The Australian share market has closed lower as most sectors lost ground, led by banking, telco and energy stocks.

Perth house prices have declined or remained steady in four of the past five months, according to the latest data from CoreLogic, while national values posted the first annual decline in more than five years.

ANZ is facing criminal charges over alleged cartel conduct related to a $2.5 billion share placement, while two of the underwriters to the deal, Citi and Deutsche Bank, also received notice of charges.

The Australian share market has opened lower, with the banking and energy sectors leading the losses, after Wall Street fell amid fears of a global trade war.

The Australian dollar is slightly lower after US stocks suffered significant falls as concerns about a trade war loom.

US oil fell nearly two per cent, despite a larger-than-expected decline in US crude inventories, while global benchmark Brent was little changed, pushing the spread between the two to its widest in more than three years.

US stocks have fallen after the US moved to impose tariffs on metal imports from Canada, Mexico and the European Union, prompting retaliatory measures from some of its trading partners.

The Australian share market has finished higher after energy stocks rallied on stronger oil prices and local retailers gained on news Amazon will block Australian consumers from buying products from its overseas sites.

The background of WA Labor's latest candidate for Darling Range has been extensively scrutinised, the premier says, after the party's last MP and a parliamentary hopeful for the state seat proved to be embarrassments.

Software group MYOB has dumped a $180 million deal to acquire the Australian and New Zealand assets of Reckon's Accountant Group after discovering new information about the company and its competitors.

The Australian share market has opened comfortably higher amid easing concerns about political turmoil in Italy and after oil prices surged.