AAP

BHP Billiton spin-off South32 will slash 620 jobs in Africa and has warned of widespread job losses in Australia after revising down its commodity price forecasts.

The Australian share market has kicked off the trading day higher after a late rally on Wall Street led by an eight per cent jump in oil prices.

US stocks have staged a late-day rally as an 8-per cent jump in oil prices lifted beaten-down energy shares and financials rebounded.

The Australian dollar has rallied on the back of a broad greenback selloff triggered by weaker-than-expected US economic data.

Gold has hit three-month highs as a slower US services sector and sinking US dollar prompts investors to seek shelter in assets perceived as safer as future Fed rate hikes appeared less likely.

Heightened investor fears about global growth have caused the sharpest daily fall on the Australian share market in four months, with energy companies and banks the hardest hit.

Commonwealth Bank of Australia is expected to unveil another record first-half profit next week when it becomes the first of the big four to report results since last year's out-of-cycle mortgage rate hikes.

The Takeovers Panel has refused to intervene in construction giant CIMIC Group's $243 million takeover bid for mining services company Sedgman.

The Australian share market has opened sharply lower on further steep declines in oil prices.

US and European stock indexes have fallen sharply and buyers sought safe-haven government bonds after another tumble in depressed oil prices.

The Australian dollar has drifted lower following the Reserve Bank's widely anticipated decision to leave interest rates unchanged for the tenth straight month.

Gold has steadied after touching three-month highs, underpinned by global growth concerns and as another sharp drop in the oil price pushed investors toward safe-haven assets.

The Australian share market has closed below 5,000 points after the Reserve Bank held fire on interest rates but said there was scope for a rate cut.

The state government has again changed its mind on a key election promise, with Transport Minister Dean Nalder saying he is now in favour of an underground heavy rail system for Perth's north-western suburbs.

The Reserve Bank has again held fire on interest rates, issuing more upbeat domestic commentary despite an uncertain global outlook.

For the first time since the GFC, consumers have kicked off the new year on a pessimistic note.

Ratings agency Standard & Poor's could force BHP Billiton's hand on its controversial dividend policy after lowering the resources giant's credit rating by a notch and putting it on negative watch.

The Australian share market has opened flat, with a weak resources sector offsetting modest gains among the financials.

Strong gains in Facebook and Alphabet have helped Wall Street cut losses and stage a late-day rally, with major indexes closing near the unchanged mark.

The Australian dollar has fared well overnight despite global oil prices and equities struggling, as the Reserve Bank's policy meeting looms.

Gold has risen to a three-month high, extending its recent rally on worries about global economic growth and hopes for easier monetary policy after weak factory data in Asia and Europe.

The Australian share market has ended the trading session higher, buoyed by gains across the board.

Woodside Petroleum says its recently flagged write-downs of up to $US1.2 billion ($A1.7 billion) had taken into account possible delays at the Wheatstone LNG project near Onslow.

Uber's ride-sharing service is delivering benefits of more than $80 million to Australian consumers as users flock to the new and cheaper travel service.

The Australian share market has shot out off the blocks in early trade on Monday, boosted by gains on Wall Street and a continuing recovery in oil prices.

The Australian dollar has slipped after Japan took its interest rate into negative territory and warned it would cut further if necessary.

Gold has edged higher following data showing US economic growth braked sharply in the fourth quarter and the price of the precious metal was on track for its biggest monthly rise in a year after global economic headwinds hit riskier assets.

Premier Colin Barnett and Planning Minister John Day have officially opened Elizabeth Quay after decades of discussion and debate.

The Australian share market has raced home on a high note after enduring a fitful session of ups and downs.

The Reserve Bank is unlikely to budge from its neutral interest rate stance next week, but it may ramp its easing bias up a notch.

Perth-based miner Atlas Iron boosted shipments and trimmed costs in the December quarter, as iron ore prices weakened.

The Australian share market has got off to a firm start, led by gains in resources and energy stocks.