AAP

Oil prices have fallen to a one-month low after US data showed a build in inventories and record high crude production, raising worries that the market could be in for more selling, exposing speculators that have bet big on upward momentum in crude.

Gold has slipped as the US dollar has strengthened and global shares have clawed their way off two-month lows, though bullion was underpinned by the view that the dollar's bear run remains in place despite rate hike expectations.

Australian shares have clawed back about $17 billion as markets recover from the impact of a big sell-off on Wall Street.

Rio Tinto's full-year net profit has soared 90 per cent to $US8.76 billion ($A11.1 billion), helped by stronger iron ore and coal prices in 2017.

Australia’s major banks are under mounting pressure today, with a draft report from the Productivity Commission raising doubts about competition levels as regulators apply more scrutiny to three of the 'big four'.

Premier Investments is acting on threats to oust the board of Myer with a request for the department store chain's shareholder register in a first step towards holding a vote to install new directors.

CIMIC Group's shares have soared after the construction giant raised its dividend by 13 cents on the back of a 21 per cent lift in full-year profit and forecast a rise in profit in the year ahead.

Australia shares are regaining ground after an overnight turnaround on Wall St stablilised three days of horror losses on global markets.

The Australian dollar has crept a little higher against its US counterpart the day after global equity markets plunged amid widespread sell-offs that wiped out $US4 trillion in value - $66 billion of it off Australian shares.

Oil has fallen for a third day as the US dollar rose to its highest in more than a week in the wake of a sharp sell-off on Wall Street and other stock markets, a global rout that wiped out $US4 trillion ($A5.1 trillion) in value.

Gold prices have fallen one per cent to a 2-1/2-week low, as investors focused on expectations for higher US interest rates, even as US stock markets swung wildly in both directions a day after the Dow and SP 500 indexes tumbled.

The Australian share market has suffered its biggest one-day fall in more than two years, wiping around 3.3 per cent from its value, after Monday night's plunge on Wall Street.

Western Australian small businesses are unhappy with the current state of the economy but are the most optimistic in the nation about its future, a survey has found.

Retail spending was more sluggish than expected in December, following a surprisingly strong lift in November.

Australia's trade balance fell into deficit for only the second time in 2017 in December due to a rise in imports.

Consumer spending remains a concern for the Reserve Bank of Australia, which has again left the cash rate on hold at 1.5 per cent.

The plunge in US stocks has infected Australian shares, with the local bourse opening sharply lower in a "bloodbath" after the Dow industrials hit its biggest one-day decline in history.

US stocks' losses have accelerated in afternoon trading, pushing the S&P 500 down more than 5 per cent from its January 26 record high and the Dow below 25,000 for the first time since January 4.

The Australian dollar has continued to gently slide against a stronger US counterpart despite the latter pausing from its US jobs data and wages growth inspired lift.

Gold prices have steadied as a slide in stock markets helped the precious metal claw back some lost ground after logging its biggest one-day loss in two months in the previous session.

Oil prices have traded lower as rising US output, a weaker physical market and recent US dollar strength add to the pressure from a widespread decline across equities and commodities markets.

Australian shares have lost around $33 billion after a sharp fall in US markets last Friday sent local investors running for the exits on Monday.

Downer EDI has flagged a goodwill impairment charge of $77 million on its mining operations after failing to renew two material contracts and delays in securing alternative business.

Takeover target AWE has decided that an offer from Japanese firm Mitsui & Co is the best option among three suitors vying for control of the company.

Wesfarmers is overhauling the leadership at its underperforming UK hardware business after the struggling unit was responsible for the majority of $1.3 billion in first-half writedowns and impairments.

Australian shares have slid sharply in early trade after the US stocks markets' worst day in nearly two years weighed on investors' minds, while the Aussie dollar has also slipped back below the 80 US cents level.

The Australian dollar is back under 80 US cents as the downward movement in the US dollar seems to have stopped and weaker metals prices offered no help.

Gold prices have declined as the US dollar ticked up against the euro after US jobs data showed a robust rise in jobs and wages and 10-year US Treasury yields peaked.

Oil prices have fallen as the dollar has surged following strong US jobs numbers, though compliance with output cuts by OPEC and rising global demand kept much of the early year oil rally in place.

New Rugby Australia chief executive Raelene Castle has left the door ajar for the Western Force to return to the fold in 2021, but the Indo Pacific Rugby Championship remains in limbo.

The Australian share market has made solid gains after a surge in energy stocks and improvements for the big banks turned around a mixed overnight lead out of the US.

Australian shares have opened lower following a mixed lead from Wall Street's key indices and despite a generally strong performance across the commodities market.