AAP

The Australian dollar has lost more than one US cent after China made the surprise decision to devalue its currency by almost two per cent.

Gold has risen to a three-week high as global stocks fall, and investors assess the impact of China's nearly two per cent devaluation of its currency and move to prop up its economy.

Indonesia has doubled its import permits for Australian cattle in the September quarter, after last month cutting such permits by 80 per cent.

The Australian share market has closed lower, with the banking sector down ahead of the biggest bank's, the Commonwealth, full year results on Wednesday.

Opposition leader Bill Shorten has talked down Labor's chances of picking up the Western Australian seat of Canning at a by-election.

Mining services group Bradken believes it is well placed for a turnaround in the sector after a major restructure and a full-year loss of $241.3 million.

Engineering and construction group WorleyParsons is set to take a $200 million hit as it expects challenging conditions in the resources sector to continue.

The Australian share market has opened higher.

The Australian dollar has followed most commodity currencies higher after oil prices gained ground overnight.

US stocks have surged as Berkshire Hathaway announced a $US37.2 billion ($A50.2 billion) acquisition of Precision Castparts and petroleum-linked equities rose on higher oil prices.

Oil prices have rallied, snapping a three-day losing streak as some analysts said the beaten-down commodity could be near a bottom.

Gold has risen per cent to above $US1,100 an ounce, its biggest increase in more than seven weeks, as the US dollar turns lower and comments from Federal Reserve officials raise uncertainty about a September rate rise.

National Australia Bank has lifted its quarterly cash profit nine per cent to $1.75 billion after a fall in bad debts offset the impact of tough competition among lenders in Australia.

The share market overcame a weak start to close higher as investors regained enthusiasm for the big banks.

JB Hi-Fi will launch a $15.2 million share buyback after lifting its full-year profit 6.35 per cent following a big increase in second-half sales.

Bendigo and Adelaide Bank is aiming to keep its investor home loan rates steady in a bid to attract borrowers, despite increases by the big lenders and pressure on its interest margin.

Mining giant BHP Billiton is cutting 380 jobs, mostly from its Olympic Dam mine, after a review of its South Australian operations.

The Australian share market has opened flat.

The Australian dollar has hit a three-week high after Friday's US non-farm payrolls employment report was a little weaker than expected.

The biggest one-day fall in more than three years has wiped almost $4.4 billion from the share market's value.

ANZ has suffered its heaviest share price fall in almost seven years following its announcement of a $3 billion capital raising.

Orica's shares have taken a pummelling and could be set for more punishment after the explosives maker shocked investors by announcing a profit downgrade and an asset write-down of as much as $1.65 billion.

Home loans to property investors have fallen for a second straight month in a sign the brakes may soon be applied to soaring house prices.

International travel figures released at the same time as the Reserve Bank's quarterly monetary policy report on Friday support its suspicion that the economy's potential growth has been cut by slower population growth.

Virgin Australia is overhauling its loss-making international operations as it targets a return to profitability in 2015/16.

The Australian share market is almost 1.4 per cent lower, dragged down by the banking sector's reaction to ANZ's capital raising and falls on Wall Street.

Oil prices have fallen again in a glum market as the global oversupply of crude oil looked entrenched and demand prospects weak.

A major sell-off in media equities following disappointing earnings reports from Viacom and 21st Century Fox have pushed US stocks lower, with the biggest hit taken by the Nasdaq.

Gold has edged higher, supported by the retreating US dollar and a tumble in global equities as traders await US employment data seen as key to determining when the Federal Reserve may raise interest rates.

The Australian dollar is higher despite strong US non-manufacturing activity offsetting softer US employment figures.

A weaker-than-expected profit from ANZ and its $3 billion capital raising have sparked a massive selloff of shares in the banking sector.

Engineering group Downer EDI is warning of further hits to come as belt tightening in the mining sector contributed to a 3 per cent fall in annual profit.