AAP

Perth home prices have suffered a steep fall in October, dropping almost 3 per cent as the number of new dwellings on the market surges.

Westpac expects a pickup in business lending to help prop up earnings this year amid a slowing housing market.

The Australian share market has opened relatively flat as investors await the Reserve Bank of Australia's decision on interest rates, and key economic data from the United States.

The Australian dollar is stronger ahead of key Chinese Caixin, private sector, manufacturing data due out on Monday.

Gold has fallen to a three-week low, extending two days of losses and heading for its biggest weekly drop since August on the chance the US Federal Reserve may still raise interest rates this year.

Poor performances from the banking and minerals sectors have pushed the Australian share market down almost half a per cent.

Macquarie Group is on track for a record annual profit above $2 billion due to a falling Australian dollar and improving market activity.

The Australian share market has opened around one per cent lower, pulled down by the major banks, miners and supermarket operators.

Talks between Pfizer and Allergan have raised the prospect of a mega-merger in the pharmaceutical industry as the broader US stock market finished slightly lower.

The Australian dollar has slipped further, weighed down by renewed speculation about a US interest rate rise in December.

Oil prices were little changed as traders' worries about abundant global supplies returned to the fore a day after a rally fuelled by bargain hunting from prior slumps.

Gold has fallen for a second day, reaching its lowest level in three weeks, after the Federal Reserve hinted at a possible US interest rate rise in December.

A profit warning from supermarket giant Woolworths and its contagious impact on Coles-owner Wesfarmers have weighed on the share market.

Woolworths is taking a massive profit hit from its price war with Coles and Aldi, with the supermarket giant conceding that a recovery could be several years away.

Westpac is offering refunds to more than 10,600 customers found to be paying for insurance they did not need.

Newcrest Mining's quarterly production is likely to be hit after the gold producer it confirmed a mill at a major mine will remain out of action.

WorleyParsons shareholders are seeking tens of millions of dollars from the engineering and construction giant, alleging they were misled over earnings forecasts.

ANZ Banking Group has lifted its cash profit to $7.22 billion, although its record result was at the lower end of analyst expectations.

The decision to keep rates unchanged in the US has given a note of confidence to the Australian share market, despite supermarket giant Woolworths shedding eight per cent of its value.

The Australian dollar has fallen below the 71 US cent mark after the US and New Zealand both left interest rates unchanged.

Gold prices have fallen in their weakest session in a month, with the market turning lower after the US Federal Reserve left the door open to a possible interest rate rise in December and the US dollar hit a two-and-a-half-month high.

Wall Street stocks have finished solidly higher after the Federal Reserve kept interest rates near zero and modestly upgraded its US economic outlook.

Oil prices have surged after a US stockpiles report showed oil supplies rose less than expected last week, bringing a whiff of relief to concerns about the global glut.

The share market has fallen as weaker commodity prices and a disappointing profit from National Australia Bank outweighed increasing expectations of a Melbourne Cup day rate cut.

Electronics retailer Dick Smith has slashed up to $8 million from its profit forecast as it braces for a not-so-merry Christmas.

Tame inflation figures have given the green light to the Reserve Bank of Australia for an interest rate cut, but it remains unclear whether the central bank is inclined to step on the accelerator at its next monthly meeting.

Gold miner Ramelius Resources has upgraded its full-year production forecast after a better than expected September quarter.

National Australia Bank lifted annual profit to $6.34 billion and confirmed plans to sell its unprofitable UK business and the majority of its life insurance arm.

The Australian share market has opened lower, weighed down by weakness among the big banks and miners.

The Australian dollar is falling as commodity prices struggle.

Shares of pharmacy chain Rite Aid and Starwood Hotels have bolted higher on reports of possible takeover bids, but the broader market declined on mixed earnings and lacklustre economic data.

Oil prices fell Tuesday with the market expecting another rise in US stockpiles as mild weather limited demand and sent natural gas prices to three-year lows.