AAP

Wall Street has rebounded from its biggest sell-off in more than eight months with help from a move to loosen internet regulations and strong economic data.

The Australian dollar has slipped back against the US dollar, which rebounded along with the major US share markets following appointment of a special counsel to head a key federal investigation in the US.

Oil prices settled higher on Thursday, as key producing countries suggested they would extend supply cuts to reduce an ongoing global crude glut.

The share market has fallen for a second straight day as political uncertainty around US President Donald Trump sours risk appetite.

The prospect of a bidding war for Fairfax Media between two US private equity funds has driven the company’s shares to a fresh six-year high.

The estate of the late Perth mining billionaire Michael Wright is fighting a court decision that awarded $25 million to his youngest daughter, Olivia Mead, arguing the $3 million he left her was enough.

Virgin Australia is likely to post an annual underlying loss after a subdued domestic travel market and Cyclone Debbie contributed to an increase in its loss for the third quarter of the financial year.

Increased price competition and greater content costs have helped push Optus's full-year profit down 11.8 per cent to $794 million.

The Australian market has opened sharply lower following a slide on Wall Street over concerns U.S. President Donald Trump reportedly tried to interfere with a federal investigation.

The S&P 500 and the Dow notched their biggest one-day fall since September 9 as investor hopes for tax cuts and other pro-business policies faded after reports that US President Donald Trump tried to interfere with a federal investigation set off alarm bells on Wall Street.

The Australian dollar edged higher against the US dollar, which fell along with the major US share markets on worries over the stability of the Trump administration.

Oil prices settled at a two-week high on Wednesday after U.S crude inventories declined for the sixth straight week, a positive sign for markets ahead of next week's OPEC meeting, where major oil producers are expected to extend supply cuts.

The share market has posted its biggest fall in almost two months as the battle between the Turnbull government and the big banks over a proposed $6.2 billion bank levy weighs on investor sentiment towards the financial sector.

Premier Mark McGowan says he would like the resources companies that make large profits out of the state's resources to do more when it comes to paying tax and fulfilling other corporate responsibilities, such as providing local jobs and content.

Wesfarmers has decided against spinning-off its Officeworks stores via an initial public offering due to the market's current dim view of retail stocks.

The Australian market has opened lower despite another record close for the Nasdaq in the US.

The S&P 500 and the Nasdaq is drifting higher to hit record intraday levels, supported by gains in technology and consumer staple stocks.

The Australian dollar inched higher against the US dollar, which fell overnight partly on concerns about the US administration.

The share market has closed higher as gains by miners outweighed falls from two major banks that were sold off as they traded ex-dividend.

Federal Labor is having a bet each way on the government's new billion-dollar bank levy, backing its introduction but supporting a banker's call for a public inquiry.

Embattled Perth Lord Mayor Lisa Scaffidi will have to wait until at least June to learn her penalty for seriously breaching local government laws. 

Mining explosives maker Orica has held on to its cautious full-year outlook after spending cuts and business improvement initiatives helped it offset higher costs in the first half of the year.

The Australian market has started strongly after the S&P 500 and the Nasdaq hit record highs in the US, powered by rising oil prices and advancing technology stocks.

Gold rose as U.S. political turmoil, a missile test by North Korea and a worldwide cyber attack fuelled demand for safe-haven assets, while weaker-than-expected U.S. data pushed the dollar lower, making gold cheaper for holders of other currencies.

Oil jumped 2 per cent to its highest in more than three weeks on Monday, topping $US52 a barrel after Saudi Arabia and Russia said that supply cuts need to last into 2018, a step towards extending an OPEC-led deal to support prices for longer than first agreed.

The Australian dollar has been unable to sustain gains against the US dollar, despite a jump in crude oil futures and metals getting a boost.

The share market has closed steady after softer-than-expected Chinese figures weighed on the major miners and gains from the banks eased.

Good summer crop conditions and record livestock and wool prices have helped agribusiness Elders lift its first-half profit by 56 per cent and flag the resumption of dividend payments this year.

Fairfax Media shares have hit their highest level in six years after a consortium led by US-based private equity giant TPG Capital upped its takeover bid by $500 million and widened it to now include the entire company.

The Australian share market has slipped in early trade, as a soft lead from Wall Street trading on Friday and mixed results for commodities weighed on investor sentiment.

Gold rose on Friday and was set to end the week little changed as the sudden sacking of the head of the FBI in the United States stoked investor concerns and boosted demand for bullion, and the U.S. dollar and Treasury yields fell.

Oil prices settled slightly higher on Friday as lower U.S. crude inventories and increasing support for continued OPEC-led production cuts inspired hope that the global supply glut can be reduced.