AAP

Trade-sensitive industrial stocks have led the Dow Jones Industrial Average to a record closing high, the last of Wall Street's main indexes to fully regain ground since a correction that began in January.

Oil prices eased, pulling back after US President Donald Trump urged OPEC to increase production at its meeting in Algeria, and slowing bullish momentum that had previously propelled the market toward four-year highs.

Gold edged up to hit its highest in nearly a week as the US dollar slumped, its safe-haven appeal lessened by reduced fears over the near-term impact of Sino-US trade tensions.

Supermarket and banking stocks have pulled the Australian share market lower, with international trade hostilities weighing on the indices.

Customers will pay more for home-branded milk at Coles and Woolworths stores with the levy to be passed on to dairy farmers gripped by drought.

Australian shares have dipped after enjoying an opening bounce, with the heavyweight materials sector again the strongest early performer.

The S&P 500 and the Dow Jones Industrials Average have risen as bank stocks gained on rising Treasury yields, while a drop in Microsoft pressured the Nasdaq.

US oil futures surged nearly two per cent as they were bolstered by a fifth weekly crude inventory drawdown and strong domestic petrol demand amid ongoing global supply concerns over US sanctions on Iran that come into force in November.

Gold rose as the US dollar weakened, indicating investors are starting to worry about the impact of the US-China trade war on the US economy, luring some buyers back into precious metals investments.

Australian shares have closed higher, buoyed by the heavyweight mining sector following improved copper and iron ore prices overnight.

Moves are under way in Western Australia to ban online lottery betting organisations, with the state government saying it will protect Lotterywest and minimise harm to at-risk gamblers.

Ten cases of needle contaminations in strawberries are being investigated by WA Police, as the national crisis escalates.

National Australia Bank has cut executive bonuses as it continues its attempt to regain consumer trust amid the fallout of the Financial Services Royal Commission.

Australian shares have opened higher, mirroring an overnight recovery on Wall Street after the heavyweight mining sector was helped by improved copper and iron ore prices.

Wall Street has rebounded in a broad-based rally as investors brushed aside intensifying trade rhetoric between the United States and China.

Oil futures rose more than one per cent on signs that OPEC would not be prepared to raise output to address shrinking supplies from Iran, and as Saudi Arabia signaled an informal target near current levels.

Gold prices turned negative as the US dollar strengthened following news that China would retaliate against a new round of tariffs on its goods.

The Australian share market is on course for its second worst month of 2018 after the Trump administration announced additional trade tariffs on China.

A $100,000 reward is being offered by the state government for information that leads to the conviction of anyone involved in contaminating strawberries with sewing needles in Western Australia.

Kathmandu is rewarding staff after the outdoor equipment retailer's full-year profit surged almost a third to $NZ50.5 million ($46.3 million) thanks to a big jump in Australian sales.

TPG Telecom has reported a 4.6 per cent drop in full-year profit to $396.9 million after the NBN hit broadband margins and home phone revenue.

Australian shares have opened lower after US President Donald Trump announced the imposition of additional trade tariffs on China.

US stocks have fallen, led by declines in technology and consumer discretionary stocks as investors looked to President Donald Trump's announcement regarding tariffs on $US200 billion of Chinese imports.

Oil prices were little changed as the market weighed deepening trade tension between the US and China that is expected to dent global crude demand and potential supply tightening due to Iran sanctions.

A softer dollar and short-covering has lifted gold after two sessions of declines, but investors braced for more US-China trade tensions, with some buying bullion as a safe haven.

Australian shares have closed higher, lifted by the banks despite heavy losses to aged care stocks in reaction to the pending royal commission.

Strawberry tampering did not happen in Western Australia despite the discovery of sewing needles secreted inside a punnet grown in the state and exported to South Australia, according to Health Minister Roger Cook.

Widespread frost has dented hopes that wheat growing areas in Australia's west could provide a much needed boost to output, further tightening supplies amid the prolonged east coast drought.

Australian shares are down at the open amid lingering uncertainty over US-China trade relations, while shares in the under-fire aged care sector are dragging on the market after the announcement of a royal commission.

National Australia Bank has tasked former NSW Premier Mike Baird with leading its retail unit after consumer boss Andrew Hagger decided to leave the bank following his mauling at the financial services royal commission.

Gold turned negative as the US dollar rose against the Chinese yuan after US President Donald Trump reportedly told aides to proceed with tariffs on Chinese imports.

Oil prices pulled back on concerns additional US tariffs would be placed on Chinese imports, after an earlier rally triggered by worries that more sanctions on Iran might constrict supply.