AAP

US stocks have finished mostly higher as an afternoon rally led by Apple and energy equities overcame early weakness on fears about an economic slowdown in China.

The Australian dollar is one US cent higher, as traders start to see the positive side of China's currency devaluations.

Transport Minister Dean Nalder has admitted he incorrectly claimed the contentious Perth Freight Link project had received all environmental approvals, including federal.

The Australian sharemarket has closed sharply lower after China's currency devaluation helped pull back resources stocks, and the Commonwealth Bank's capital raising weighed on the other big banks.

Origin Energy has flagged a further $337 million hit to its bottom line due to lower oil prices and changes to its development plans.

Wage growth has remained at a record low for a second quarter, led by continuing fallout from the mining slowdown, but with pain across all industries and states.

Telstra shareholders hoping for another $1 billion windfall from the company this year could be disappointed as the telco funnels cash towards new acquisitions and its mobile network.

There's been a small victory in the push for the release of documents about the contentious Perth Freight Link project, which Labor claims has a "cone of silence" surrounding it.

Bankwest has announced an 11 per cent rise in cash net profit to $752 million for the year to June 30, while its parent company Commonwealth Bank of Australia unveiled a record $9.15 billion cash profit.

The Australian share market has opened lower.

US oil prices have sunk to their lowest level in more than six years after a surprise currency devaluation in China raised worries about the world's second-biggest economy.

US stocks have fallen sharply after China unexpectedly devalued its currency, as Apple, General Motors and other companies heavily exposed to China dropped.

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.