AAP

US crude has tumbled nearly three per cent on Wednesday, its biggest daily decline in more than two months, after a sharp rise in US inventories of refined fuel suggested demand may be flagging, while US crude production hit another weekly record.

The share market has closed lower, due to significant falls by healthcare and energy stocks and weakness in the materials and industrial sectors.

The share market has closed lower, due to significant falls by healthcare and energy stocks and weakness in the materials and industrial sectors.

The share market has closed lower, due to significant falls by healthcare and energy stocks and weakness in the materials and industrial sectors.

Australia have grabbed a 2-0 lead in the Ashes with a 120-run win at Adelaide Oval, where Josh Hazlewood effectively snuffed out England's hopes of victory during his opening spell on day five of the pink-ball Test.

Incitec Pivot has warned that its 2020 and 2021 full-year profits will be hit by the end of a contract to supply ammonium nitrate prill to mining giant BHP Billiton.

The Australian economy expanded at a slower-than-expected rate in the three months to September, however WA’s domestic economy appears to be on the mend, growing 0.9 per cent for the quarter.

The Australian share market has slipped in early trade, as overnight declines on Wall Street and a pullback in commodity prices weigh on investor sentiment.

The Australian dollar is weaker against its US counterpart, and back teasing with the 76 US cent mark.

Oil has edged higher, supported by strong demand, expectations of a drop in US crude inventories and an OPEC-led deal to extend oil output cuts.

Gold has dropped one per cent to a two-month low as the US dollar rises against a basket of currencies and US stocks rebounded as investors assessed details of the US tax overhaul legislation.

The share market has lost ground as falls in the heavyweight financial, mining and health care sectors outweighed a good session for retailers.

The Reserve Bank has left the cash rate unchanged at 1.5 per cent, with the central bank remaining concerned about sluggish spending and wages growth despite an improving jobs market.

The Australian share market has fallen in early trade as the big banks remain in the doghouse with investors.

The Australian dollar is steady against a stronger greenback which lifted following the US tax reform bill's passage through the Senate.

Oil has fallen more than one per cent on on profit-taking as the market eyed signs of rising US production, though prices remained close to recent two-year highs thanks to last week's decision by OPEC and other producers to extend output cuts.

Gold prices have fallen toward the four-week lows hit last week as the US dollar has strengthened after the US Senate approved a major tax overhaul and the market looked ahead to a meeting of the Federal Reserve later this month.

Mining giant Rio Tinto has appointed former Anglo-American Plc executive Simon Thompson as its new chairman to succeed incumbent Jan du Plessis.

The Australian share market has closed steady, as regulatory risk weighed on the country's major banks and surging iron ore futures rallied the miners.

Crown Resorts will "vigorously defend" Federal Court proceedings after the casinos operator was hit with a class action alleging it did not give shareholders enough information about risks it was taking in China.

Grocery wholesaler Metcash has lifted first-half profit by 24 per cent to $92.9 million, despite a drop in sales across its supermarkets business, with WA sales hit by increased competition and soft economic conditions.

The Australian share market is slightly higher in early trade, with investors uncertain of the direction after a volatile Friday session on Wall Street.

The Australian dollar is back above 76 US cents after news that former Trump security adviser Michael Flynn had pleaded guilty and was prepared to testify against the US president regarding Russian involvement in the presidential election dented market sentiment.

Gold has jumped as the dollar and US stocks fell on an ABC news report that former national security adviser Michael Flynn was prepared to tell investigators that Donald Trump directed him to make contact with Russians during last year's presidential election campaign.

The Australian share market has closed higher, led by the healthcare and energy sectors, while the under-pressure banks faded after an early rally as the looming royal commission weighs on the financial sector.

Lord Mayor Lisa Scaffidi has won her court appeal against 26 adverse State Administrative Tribunal findings that she breached her gift disclosure obligations and remains hopeful of returning to the post once the matter is resolved.

The Australian share market is higher in early trade, helped by strong overnight gains on Wall Street and broad-based gains in the local market.

The Australian dollar has again fallen against its US counterpart after Thursday recouping some of its previous day's losses.

Gold has dropped one per cent as upbeat sentiment on equities and positive US growth data dented the appeal of the safe-haven asset, though the metal was still stuck in its narrowest monthly range in 12 years.

Oil is mixed after OPEC members agree to extend curbs on output, though a final deal hinged on a decision by non-OPEC producers later in the day.

The Australian share market has closed lower following the shock announcement of a royal commission into the finance industry, with banks and insurers hit by the news - Commonwealth Bank and ANZ recording the biggest falls.

The dairy sector needs a mandatory code of conduct to give farmers more bargaining power and to prevent chaos like that spawned by surprise cuts to the farmgate milk price in 2016, the competition watchdog says.