AAP

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.

US. stocks have pulled back from earlier gains as bond yields rose and technology stocks retreated ahead of a host of high-profile earnings.

The Australian dollar is a bit weaker after a sluggish night on commodities markets, and a mixed night for overseas stock markets.

The share market posted its best daily gain in four months as investors anticipated strong half year earnings results for Australian companies.

The Australian share market is stronger during morning trade following a positive lead from Wall Street and positivity over the local company earnings season.

The Australian dollar is lower, extending the losses that started after the release of weaker than expected inflation figures on Wednesday.

Oil prices have rebounded from earlier losses to end higher, after the US Energy Department said oil inventories rose for the first time in nearly three months, but was offset by strong demand for gasoline and distillate products and news that OPEC countries maintained heavy supply cuts in January.

Oil and gas producer AWE has given suitor Mineral Resources three business days to match a superior proposal lobbed by Mitsui & Co, after reaching an in-principle agreement with the Japanese firm.

Australian shares staged an afternoon recovery as US President Donald Trump delivered a market assuring State of the Union address.

Malaga company Galvin Engineering has developed Australia's first lead-free drinking tap as the state government deals with new revelations of lead contamination in taps at a number of Western Australian schools.

Australia's inflation rate has risen slightly in the December quarter, lifting the annual headline rate closer to the central bank's target range of between 2 per cent and 3 per cent.