AAP

BHP Billiton has joined its peers in sharply lifting dividends as stronger prices for iron ore, coal and petroleum helped the global miner post a solid return to profitability.

The Australian market has opened solidly higher following the mainly positive lead of Wall Street's key indexes.

The Australian dollar has extended its gain against its US counterpart as the greenback weakened.

Oil prices have fallen nearly two per cent ahead of monthly contract expiration, pulling back from last week's rally built on signs the global market is starting to rebalance from chronic oversupply.

The Australian share market has closed lower, with most sectors in the red as investors reacted negatively to a mixed bag of company earnings reports.

Shares in BlueScope Steel have fallen more than 20 per cent despite its full-year profit more than doubling, after the company offered a mixed outlook on the back of rising costs.

Investors have dumped shares in Vocus after Australia's fourth-biggest telco ended a $2.2 billion bidding war for the company, saying the two suitors were unable to support the buy on the board's terms.

The Western Australian government is considering suing the Australian Rugby Union for more than $100 million over the decision to axe the Western Force, threatening to bankrupt the body.

Australian shares have started the week in the red following falls in international markets and dragged down by a sharp loss in BlueScope Steel stocks.

Fortescue Metals has flagged it will sustain higher payouts for shareholders after a rebound in iron prices and lower costs helped it more than double full-year profit.

Tony Abbott will be spending the week far from the dramas of parliament, as a teacher's aide in the Kimberley.

The Australian dollar is up sharply against its US counterpart back above 79 US cents amid a slight rebound in risk appetite following US President Donald Trump's firing of controversial Trump adviser Steve Bannon.

Oil prices have risen sharply, as the dollar fell and US drillers cut rigs, feeding a rally that boosted global benchmark Brent crude to a weekly gain while US crude was virtually flat on the week.

Gold prices have closed little changed after jumping to their highest in more than nine months as the US dollar retreated on political uncertainty in the United States and a suspected Islamist militant attack in Spain boosted bullion's safe-haven appeal.

The share market has closed lower after increased political uncertainty in the US sparked a sharp sell-off on Wall Street and soured global risk appetite.

Film distributor Village Roadshow has won in legal proceedings brought against telco services including Telstra, forcing them to block domain names for services used to illegally download movies and other programs.

The Australian market has opened sharply lower.

The Australian dollar has fallen more than half a cent against its US counterpart with the greenback strengthening amid euro weakness following the release of European Central Bank's policy meeting minutes.

Oil prices have risen amid renewed attention on US oil stockpile declines after an industry report suggested oil inventories at the Cushing, Oklahoma hub were dropping.

Gold prices have risen for a second day after Federal Reserve officials hinted that US interest rates could rise more slowly than expected, while palladium has been lifted to a fresh 16-year high by strong industrial metals markets.

The Australian share market has posted a modest fall, dragged lower by a massive sell-off of Telstra shares after the telco said it would cut future dividends.

Unemployment in Western Australia is at its lowest level in more than two years, with Treasurer Ben Wyatt saying it was pleasing to see the rise in employment driven by full-time work.

Potato growers say farmers may be forced to accept a $650,000 reimbursement offer from the Western Australian government over a failed legal battle with Perth's maverick 'Spud King', despite it being less than half of what they are owed.

Earnings at supermarket giant Coles have fallen for the first time since its acquisition by Wesfarmers nine years ago, as its sales growth slowed further amid stiff competition.

Shares in Telstra have plunged to a five-year low as investors react to the telco giant's announcement it will reduce dividends as of the current financial year.

The Australian share market is trading higher after an initial opening plunge in the wake of a shock annoucement from Telstra that the telco giant will cut its future dividends.

The outperforming Australian dollar has soared almost one US cent as its counterpart has fallen after US president Donald Trump disbanded two business advisory councils and following Federal Reserve committee minutes.

Oil prices have fallen more than one per cent even though US crude stockpiles declined by the most in a year, as data suggesting domestic production was edging higher stoked worries about the global crude glut.

Gold has risen about one per cent, shaking off two days of losses, as the dollar edged lower after the release of the minutes from Federal Reserve's July meeting at which policymakers voted unanimously to keep US interest rates unchanged.

The Australian share market has closed higher on a day of mixed company earnings results, with market heavyweights Commonwealth Bank and Suncorp down as they traded ex-dividend.

Seven West Media chief executive Tim Worner has wrapped up a controversy-laden year with a pay cut as the company suffered a $744 million loss, courtesy of persistent weak ad revenues and a massive writedown on its broadcast licences.

Iluka Resources has widened its first-half loss to $81.5 million, from a $20.9 million loss in the prior corresponding period, dragged down by a $165 million hit in impairment and redundancy costs.