AAP

Retail giant Woolworths will shed an extra 400 jobs as it looks to save $500 million in costs.

Australia's banks have come under fire from Treasurer Joe Hockey for taking their time to pass on the Reserve Bank's interest rate cut to their customers.

The Australian share market has opened significantly lower, following on from falls in US stocks.

The Australian dollar has enjoyed a strong rally following the Reserve Bank of Australia's interest rate announcement.

Gold futures prices rose on Tuesday as the US dollar turned lower and global shares fell ahead of US non-farm payroll data later in the week.

US oil prices have shot up above $US60 a barrel for the first time this year as reports of rising tensions in petroleum-producer Libya fuelled bullish momentum.

US stocks have tumbled on worries about higher oil prices and a spike in tensions over the Greek debt crisis.

The share market gave up all of its gains during the day to close flat after investors were downbeat about the Reserve Bank of Australia's assessment of the economy.

Australia recorded a bigger than expected trade deficit in March, largely due to sagging prices for iron ore and coal exports.

ANZ Banking Group shares climbed 3 per cent after it has posted a better than expected $3.7 billion half-year profit.

The Australian share market is higher, following gains on Wall Street overnight.

The Australian dollar is slightly higher following a quiet night of trade ahead of the Reserve Bank of Australia's interest rate decision.

Gold climbed one per cent on Monday, buoyed by weak Chinese factory data and US earlier dollar weakness.

Wall Street stocks have risen as news of the first rise in US factory orders in eight months helped sustain positive momentum from last week's rally.

Oil prices have drifted lower, with the market lacking major news for direction as traders continue to worry about abundant global supplies of crude oil.

The share market is higher as the major miners offset heavy losses among the big banks.

Engineering firm WorleyParsons has blamed falling commodity prices for the retrenchment of 2,000 workers.

Coles is taking full control of the supermarket chain's credit card business less than a year after announcing its financial services joint venture with GE Capital.

Prime Minister Tony Abbott has promised this budget will be a "dull" affair but a respected economist believes it will be anything but.

Westpac shares have dropped more than 4 per cent after the bank posted a disappointing $3.78 billion first half cash profit.

The annual rate of inflation is staying well below the Reserve Bank of Australia's 2 to 3 per cent target, leaving the door wide open for a rate cut this week.

The Australian share market has opened lower following falls in commodity prices at the end of last week.

Gold fell to a six-week low on Friday as the dollar strengthened on US economic data and investor sentiment was undermined by longer-term expectations for a US rate rise.

The Australian dollar is lower as the US dollar gains ground on the back of expectations that a June rate hike by the US Federal Reserve is still possible.

The Australian share market clawed back its early losses to finish with gains on the back of positive news around iron ore and the banks' profit results due next week.

A tropical cyclone is expected to rapidly lose power over the Indian Ocean but will still cross the WA coast bringing strong gusting winds and gales.

Atlas Iron has announced a surprise reversal of last month's decision to shut down, and will keep two of its three mines operating.

The Australian share market is slightly lower following falls on Wall Street.

Gold fell two per cent on Thursday after better than forecast US jobs data encouraged investors to sell the traditional safe-haven market, reviving expectations the Federal Reserve could raise interest rates soon.

The Australian dollar is lower following better-than-expected US economic data as traders look ahead to next week's Reserve Bank of Australia board meeting.

Oil prices have risen again on data suggesting the US crude glut is easing as the dollar weakened against the euro.

Wall Street stocks have fallen sharply as earnings from online listings company Yelp and others disappointed while US data showed only modest growth in consumer spending.