AAP

US stocks have posted big gains for the second straight session as strong American economic data extended a global rally that began with a surge in beaten-down Chinese equities.

The Australian dollar has rebounded as commodity prices firm and risk appetite increases on international markets.

US oil prices have surged more than 10 per cent, climbing back above $US40 ($A56.25) a barrel after strong American economic growth data lifted confidence about the world's biggest economy and petroleum user.

Gold has eased, and is headed for its biggest weekly rout since March, as upbeat US growth and jobs data drive up stocks and the US dollar, though uncertainty over the timing of a Federal Reserve rate rise held losses in check.

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A rebound in key overseas markets has helped push the Australian share market more than 1 per cent higher.

Shares in building products supplier Boral have tumbled after the company lifted its annual profit by nearly 50 per cent but delivered a flat outlook.

Diversified firm Transfield Services expects underlying earnings to remain flat but without a repeat of the one-off costs that hit this year's bottom line.

The Australian share market is almost 1.5 per cent higher, following Wall Street's three per cent gains, a sign traders are shrugging off recent volatility.

Gold prices slipped two per cent on Wednesday as the dollar gained and US stocks advanced, while investors kept a close eye on China's efforts to support its economy.

Oil prices have dipped after US petroleum data showed lower crude-oil inventories but barely any decline in production despite sinking prices.

US stocks have surged, snapping a six-day losing streak prompted by a big pullback in Chinese equities that has roiled global markets.

The Australian dollar has gained ground after a rocky night in which the greenback bolstered on solid US economic data.

Property developer Cedar Woods Properties expects to maintain its record profit after shrugging off disappointing sales in key mining town projects.

The share market has followed other Asian markets higher as investors continue to take advantage of bargains created by Monday's huge fall.

Engineering construction giant WorleyParsons has swung into the red with a $54.9 million full-year loss.

Kerry Stokes' Seven Group Holdings fears its earnings could fall 10 per cent in the year ahead, with trading conditions in the resources sector still challenging.

Australian shares are lower as uncertainty around overseas markets continues to trouble local investors.

Oil prices have recovered some lost ground after a sharp fall sparked by worries about China's faltering economy, the world's largest energy consumer.

US stocks have finished lower for the sixth straight session, with the Dow posting another triple-digit decline after a morning rally fizzled.

The Australian dollar has been dragged down as traders remain cautious about how far China's stockmarket will unwind.

Gold has fallen more than one per cent after China's interest rate cut helped global markets rebound from the previous day's rout.

The Australian share market has posted its strongest gains in almost four years in a remarkable turnaround from Monday's $64 billion plunge.

Traffic outside the state parliament was brought to a standstill as unions held a rally against the free trade deal with China, saying it will be bad for local jobs and exploit foreign workers.

Treasurer Joe Hockey insists that an improving budget position provides scope to deliver his commitment to personal income tax cuts.

Westfield's Australian business is selling four shopping centres and funnelling the proceeds into redevelopments.

Australian shares have defied predictions of a second straight day of carnage as the big banks helped the domestic market recovered its opening losses.

The Australian dollar has hit a new six-year low as sharemarkets around the world plunged in a rout led by China.

US stocks have finished sharply lower but far above the session's floor following a bruising day in global financial markets sparked by mounting worries over the Chinese economy.

Oil prices have sunk, with the US crude benchmark finishing below $US40 a barrel for the first time in six years on worries about China's weakening economy after an equities sell-off.

The future of BlueScope Steel's Port Kembla plant is on a knife edge after the steelmaker said it would cut at least 500 jobs to reduce costs in the face of cheaper imports.

More than $70 billion has been wiped from the Australian share market as fears about China's economy sparked its heaviest fall in six and a half years.