AAP

Western Australian Premier Colin Barnett says he is disappointed that Moody's Investors Service downgraded the state's credit rating, describing the analysis as "very weak".

Falling commodities prices have hammered Seven Group Holdings' results, with the Kerry Stokes-led company reporting a 46 per cent fall in full year profit to $261.1 million.

Seven West Media has posted a $149.2 million profit for 2013-14 helped by cost cuts and improved television earnings, which helped it turn around its $70 million loss a year earlier.

Pilbara miner BC Iron has shrugged off falling iron ore prices to notch up a 51 per cent increase in profit amid strong sales.

Engineering giant WorleyParsons' full-year profit has fallen 23 per cent to $249 million as it tries to improve margins.

Lend Lease has increased full year profit by nearly 50 per cent and says the outlook is positive for the next three years.

The Australian stock market has opened higher following positive leads from US and European markets which have negated the downward effect of local stocks paying out their dividend.

The controversial split of shopping centre giant Westfield has been an early winner, delivering shareholders a $4.5 billion gain in less than two months.

The Australian dollar is higher despite better than expected economic data out of the US.

The S&P 500 has finished above 2000 for the first time, capping a steep climb from 676 in March 2009, when the market hit bottom during the Great Recession.

Oil prices have traded mixed, with New York crude lifted as investors bet on another decline in commercial inventories in the United States, the world's largest oil consumer.

The Australian share market has closed almost flat as modest gains among the major banks outweighed weakness in the big miners pressured by falling iron ore prices.

Qantas is being urged to cut thousands more jobs and jettison a majority of its international routes as the company faces the most turbulent period in its 94-year history.

Westfield's new Australian spin-off expects continued income growth from its shopping centres as specialty retailers boost their sales.

Struggling clothing maker Pacific Brands is selling its workwear business to Wesfarmers Industrial and Safety, after write-downs and weaker profit margins blew its full-year loss out to $224 million.

Troubled mining services business Boart Longyear believes it has reached the bottom of the market after posting another massive loss.

The Australian share market has opened slightly higher following strong overseas leads.

Clive Palmer has apologised to the Chinese ambassador for his televised tirade against the country last week.

The Australian dollar is weaker against a strengthened greenback, despite disappointing economic data out of the US.

Oil prices traded in a mixed fashion, with little in the way of major news moving the markets.

The S&P 500 has topped the 2,000 mark for the first time, helped by more promises of economic support from the US and European central banks.

The share market has ended a seven session winning run as a fall in iron ore prices weighed on the resources sector.

BlueScope Steel lost more than $436 million from its market value on a day it triumphantly declared that its manufacturing business was back.

Fuel supplier Caltex Australia will cut 10 per cent of its workforce over the next 12 months, axing 350 jobs as part of a company-wide restructure.

 Engineering and property services firm UGL says activity in the infrastructure sector is picking up in the wake of the resources boom.

Moody's Investors Service has downgraded Western Australia's credit rating, providing yet another blow to the state's budget woes.

Former public servant Kerry Sanderson has become the first woman to be appointed governor of Western Australia.

Australian stocks were flat in early trade in a resilient start to the week following solid falls in the US and Europe on Friday.

Tony Abbott has called a special cabinet meeting ahead of the resumption of parliament in a bid to reboot the government's floundering budget sales pitch.

Gold prices rose Friday as tensions in Ukraine and the Middle East trumped investor worries about a potential rise in US interest rates.

The Australian dollar is lower against the strengthened greenback after a neutral speech by US Federal Reserve chair Janet Yellen surprised the market.

US stocks enjoyed a week of solid gains following a batch of good economic data and mostly strong corporate earnings as concerns about geopolitical hotspots ebbed somewhat.