AAP

Lower food and grocery prices have helped drive up Coles' underlying earnings for parent company Wesfarmers.

The Australian share market is lower following almost one per cent falls on Wall Street.

Gold prices extended gains to a one-month high after minutes from last month's US Federal Reserve meeting hinted at a decreased likelihood for interest rates to be raised in September.

Oil prices in New York have sagged to a six-and-a-half year low following data showing an increase in US petroleum stocks.

US stocks have fallen decisively, with petroleum-linked equities hit especially hard amid growing fears about the slowing Chinese economy.

The Australian dollar is flat after it bounced back following the release of the minutes of the US Federal Reserve's July policy meeting.

A Perth financial executive who sent fake invoices to a client, pocketing more than $45,000 for herself and dishonestly extracting more than $220,000 from the company, has avoided jail.

Medical staff at Fiona Stanley Hospital are quitting in frustration because of ongoing problems with private contractor Serco but there are signs of improvement, the Australian Medical Association says.

A rally in energy stocks led by Woodside Petroleum has given the Australian share market a substantial boost.

Property giant Stockland is betting on Brisbane being the place to be for the next few years, as Sydney and Melbourne's booming markets finally come off the boil and the Perth market continues to slow.

Iron ore miner Mount Gibson Iron has fallen into the red with a $911.4 million full-year loss after being hit by huge impairment charges.

Kerry Stokes' Seven West Media has suffered a $1.88 billion full-year loss after making major write-downs to the value of its TV assets.

Woodside Petroleum says its key Browse project must break even at current prices before getting the go ahead next year.

The Australian share market is more than one per cent stronger, shrugging off Tuesday's falls that were sparked by volatility in the Chinese market.

Wall Street stocks have finished lower following a mixed batch of earnings from retailers, including Wal-Mart Stores, which tumbled 3.4 per cent after slashing its profit forecast.

Oil prices have risen modestly as traders looked ahead to weekly US commercial inventory data that could provide insights into demand in the world's largest consumer of crude oil.

Gold has fallen, as the US dollar rebounds following upbeat US housing data that supports views of a looming Federal Reserve interest rate rise, while silver tumbles on the heels of falling copper prices.

The Australian dollar is struggling to gain any ground, weighed down by Chinese share market volatility and an imminent Federal Reserve interest rate rise.

Broadcasters Seven and Foxtel have retained AFL TV rights in a record $2.5 billion deal.

Steep declines by the big four banks, led by the Commonwealth Bank, have pushed the share market deep into the red.

The Reserve Bank of Australia seems more at ease with the state of the economy, signalling that interest rates are unlikely to move for now.

Fortescue Metals Group has played down speculation that it is considering a $2 billion-plus sale of its Chichester hub in the Pilbara.

National rail and freight operator Asciano has agreed to a $12 billion takeover by Canada's Brookfield Infrastructure Partners, which is planning to seek a listing on the ASX.

The Australian share market has opened flat.

Gains by Disney, Apple and some other large equities have helped lift US stocks into positive territory ahead of earnings from Wal-Mart Stores and Federal Reserve meeting minutes.

Crude oil prices have fallen, deepening a long slide as traders expect US production will remain strong, adding to abundant global supplies.

The Australian dollar is slightly lower, while putting in an improved performance after last week's losses on the back of China's currency devaluations.

Gold has firmed, building on its biggest weekly rise in three months, buoyed by weaker-than-expected US data and lingering uncertainty over the implications of China's yuan devaluation.

The financial sector has offset losses among energy and resource stocks to lift the Australian share market higher.

Newcrest Mining has returned to profit and decided to retain its Telfer gold mine in Western Australia, one of its main assets.

The by-election in the Western Australian federal seat of Canning will be held on September 19.

Rail operator Aurizon has cut the capex estimate of its West Pilbara iron ore project by 25 per cent to $4.5 billion, while also announcing a 15 per cent rise in underlying net profit to $604 million for the 2015 financial year.