AAP

Gold has held onto its gains, after the Federal Reserve raised US interest rates for the first time in nearly a decade, as expected, making clear it was a tentative beginning to a "gradual" tightening cycle.

US stocks have rallied after the Federal Reserve announced it is raising its key policy rate for the first time in nearly a decade in a sign of confidence in the US economy.

The Australian share market has risen by more than 2 per cent, breaking a six-day losing streak as investors snapped up bargains.

Opponents of the Perth Freight Link are celebrating after the Supreme Court of Western Australia deemed environmental approval for the most contentious part of the project invalid.

The need to overhaul Australia's 40-year-old media regulations is now urgent for domestic players trying to compete with international rivals, Ten Network chairman David Gordon says.

The Australian share market is one per cent higher following strong gains on Wall Street overnight.

Oil reversed early falls to snap a six-day slide as bargain hunters moved in after crude dropped to its lowest level since December 2008 in the prior session. The jump helped boost equities in both the United States and the Europe.

The Australian dollar has fallen, after the US dollar rallied, ending several days of losses.

US stocks have rallied broadly, led by energy and financial shares as crude oil prices rose and before Wednesday's interest rate decision from the Federal Reserve.

Gold prices have steadied following the previous day's one per cent slide ahead of a US Federal Reserve interest rate announcement.

The benchmark S&P/ASX200 index has slipped to its lowest level for the year.

Woolworths has performed a major backflip and reintroduced Qantas frequent flyer reward points for shoppers, two months after it angered many loyal customers by dumping them.

Qantas shareholders could be set for another windfall after the airline revealed it is on track for a record full-year profit, just two years after its biggest ever loss.

The Australian share market is higher in early trade, on the back of positive cues from Wall Street, but the S&P/ASX200 remains below the crucial 5,000 level.

The Australian dollar has firmed following a rebound in commodity prices overnight.

Global equity markets have swung between gains and losses, as volatile oil prices rebounded from multi-year lows while weakness in credit markets weighed on sentiment before an expected US interest rate rise.

Gold has fallen one per cent ahead of a Federal Reserve policy meeting this week, which is expected to announce the first interest rate rise in nearly a decade.

Former resources minister Ian Macfarlane, who has served in federal parliament since 1998, says he'll use the Christmas break to contemplate his future, after Queensland's Liberal National Party said today it wound not support his switch to the National Party in Canberra.

The Australian share market has fallen sharply to close below 5,000 points - an important psychological level - as mining and energy stocks took a beating on lower prices for iron ore and oil.

Woolworths is expected to reinstall a version of Qantas frequent flyer points after dumping it for a revamped rewards scheme.

The environmental impact of what could be one of Western Australia's first uranium mines outweighs its "scant" economic benefit, conservationists say.

Perth conservationist Harry Butler has been praised for his work as a community educator and a partner with industry, after passing away on Friday following a lengthy illness.

The Australian share market has again slipped below the crucial 5,000-level in early trade on Monday, with mining and energy stocks inflicting the most damage.

The Australian dollar has been weighed down by continued declines in commodity prices.

Gold prices have bounced, erasing earlier losses as the US dollar and US Treasury yields fell, but was still on track for a seventh weekly drop in eight as investors positioned themselves for a likely US rate rise.

The Australian share market is slightly weaker as it consolidates ahead of a US interest rate decision next week.

An independent expert can't say yet which of the two takeover proposals for rail and ports operator Asciano is better.

The Australian share market has opened lower as the key mining and bank stocks lose ground and as investors exercise caution ahead of next week's US interest rate decision.

US stocks have closed higher after a three-day decline but sharply pared gains late in the session as oil dropped to near seven-year lows and the strong US dollar weighed on sentiment.

US stocks have climbed but other major world equity markets were little changed ahead of a widely expected interest rate hike by the Federal Reserve next week, and oil resumed its slide over persistent worries about weak demand and a supply glut.

Gold futures prices have edged lower and are vulnerable to further weakness as the dollar rebounded and ahead of a widely anticipated US interest rate rise next week.

The Australian dollar is holding its ground after making big gains after the release of the strongest jobs figures since the 1980s.