AAP

Fortescue Metals Group is on track to the meet its annual iron ore shipments forecast but has downgraded its guidance on the price it expects to realise.

The Australian market has opened lower on Thursday in the wake of a retreat on Wall Street overnight where poor earnings results pushed major indices to their worst close in seven weeks.

The Australian dollar has fallen to a three-month low against its US counterpart, on the back of weaker than expected inflation data.

US oil prices have slipped after a surprising increase in US crude inventories, while US petrol futures rallied one per cent on a sharp fall-off in inventories.

The share market has inched back above 5,900 points as mining and energy stocks gained ground, and weaker than expected inflation sent the Australian dollar to a three month low.

Australia's inflation rate lifted at a lower-than-expected rate in the September quarter, after a collapse in fruit and vegetable prices offset an upward surge in electricity costs.

Perth's new acting lord mayor, Jemma Green, has vowed to return stability to council following Lisa Scaffidi's agreement to step aside from the top job while she appeals an 18-month disqualification.

Supermarket giant Coles has suffered a slowdown in first-quarter sales growth as a rapid fall in the price of fresh produce and competition from a resurgent Woolworths keeps pressure on margins.

The Australian market has opened higher on Wednesday thanks to a strong lead from Wall Street and solid rises in most commodities overnight.

Gold prices dipped on Tuesday as investors anxiously awaited news on the next head of the US Federal Reserve, while strong share markets and a calmer geopolitical environment sapped safe-haven demand.

Oil prices rose more than one per cent on Tuesday after top exporter Saudi Arabia said it was determined to end a supply glut, while prices also drew support from forecasts of a further drop in US crude inventories as well as nervousness over tensions in Iraqi Kurdistan.

The share market overcame a soft start to end the day slightly higher as strength among miners and utility companies offset weakness for the energy producers.

The threat of corporate discount pharmacies on small, family-run businesses has triggered a review of pharmacy ownership laws in Western Australia.

Solomon Lew has launched a new attack on the board of Myer and called on shareholders to help him oust the department store's directors at next month's annual general meeting.

Domino's Pizza is taking full ownership of its Japanese joint venture by buying out partner Bain Capital's minority stake for $42 million.

The Australian share market is trading in a narrow range in early trade with investors wary after a weaker close on Wall Street overnight.

The Australian dollar has fallen against the US dollar.

Oil prices are little changed as supply disruptions in Iraq dent exports by OPEC's second-largest producer and US drilling rates show a slowdown.

The Australian share market has pulled back from earlier gains to close below 5,900 points, handing back strong gains posted at the end of last week.

The Foreign Investment Review Board will not oppose the sale of the Ten Network to CBS, leaving one last obstacle to the takeover of the troubled free-to-air broadcaster by the US media giant.

Vocus Communications is aiming to sell its New Zealand business by the end of June as part of the internet provider's strategy of offloading non-core assets to slash debt.

An audit of the trouble-plagued Perth Children's Hospital firewalls has found some minor defects but no systemic issues posing an ongoing safety risk.

Embattled Perth Lord Mayor Lisa Scaffidi has accused the WA Labor party of running a four-year campaign against her with the backing of two of her strongest critics on council.

Former Woodside Petroleum executive Keith Spence has resigned as a director of Oil Search to join rival oil and gas producer Santos as chairman.

Crown Resorts has hit back against Andrew Wilkie with an open letter accusing the federal independent MP of playing political games by alleging misconduct at Crown's Melbourne casino.

The Australian share market has opened higher following a solid rise on Wall Street amid optimism that US president Donald Trump's tax plan is moving closer to execution.

The Australian dollar has slipped against its US counterpart which has strengthened on increased optimism for US president Donald Trump's tax reform plan after the US Senate approved a budget blueprint.

Gold prices have fallen after the US Senate approved a budget blueprint that paves the way for tax cuts, causing stocks, the dollar and bond yields to rise.

Oil prices have risen slightly in see-saw trade, ending the week up on support from a sharp decline in Iraqi crude exports due to tensions in the Kurdistan region after contending with weak demand data.

The Australian share market index has closed at its highest level since May this year as the improved potential for US tax cuts and a turnaround in iron ore futures lifted sentiment.

National Australia Bank chief executive Andrew Thorburn insists the bank lifted interest-only mortgage rates to meet regulatory requirements, not to make more money.

New BHP Billiton chairman Ken MacKenzie has backed his chief executive's performance and cautioned activist shareholders that the board will ultimately determine the company's direction.