AAP

Wall Street stocks have finished mixed as investors digested August's gains in equities ahead of closely-watched central bank and labour market news later this week.

US oil prices have plunged more than $US3 following weak manufacturing data from China and Europe and amid generous supplies around the world.

The Australian dollar has dropped to a two week low as strong US economic data gives the greenback a boost.

Gold prices fell to a two-month low on Tuesday and palladium posted its steepest decline in two months, as pressure from a stronger dollar snuffed out investor appetite for the haven assets.

The share market has edged to its highest close since mid-2008 after the release of mixed economic data and another decision from the Reserve Bank to keep interest rates steady.

The Reserve Bank of Australia has left the cash rate unchanged and again forecast no moves for a period of time.

Businessman Joseph Gutnick has reduced his stake in a Western Australian gold explorer a week after resolving his stoush with the company's board.

Australian banks are lending out money at a faster rate than they are taking it in from deposits, forcing them to increasingly rely on international funding markets, rating agency Moody's warned.

Prime Minister Tony Abbott has intervened in an internal stoush over how the states share GST revenue.

The mining tax is all but abolished after the Senate agreed to repeal the Labor impost with amendments.

Shares in oil and gas explorer AWE have bounced by more than 3 per cent on news it has made a significant gas discovery in the Perth basin.

The Australian economy is expected to have hit a speed bump after going at breakneck speed earlier in the year.

Engineering firm Downer EDI has won a construction contract worth up to $170 million at the Chevron-operated Gorgon gas project on Barrow Island off the north-west coast of Western Australia.

The Australian sharemarket is flat following a quiet night overseas.

The Australian dollar has slipped a little after a quiet night of trade with volumes down because of a US public holiday.

The price of gold rose on the European spot market on Monday, pushed up slightly by the escalation of the conflict in eastern Ukraine.

The Reserve Bank is not expected to make any change to the cash rate when it meets on Tuesday, and a rate hike looks unlikely before the middle of 2015.

Global oil prices slid on Monday in subdued deals before a public holiday in the United States and as dealers digested weak Chinese manufacturing data, analysts said.

BHP Billiton and Rio Tinto may be powering ahead, but Australia's mining sector has taken a serious hit in the wake of sliding commodity prices.

The Australian share market has closed almost flat in the absence of any major corporate news and with little impact from Chinese manufacturing data.

The operator of Westfield shopping centres in Australia and New Zealand says it would consider selling partial stakes in some of its centres.

Australia is ramping up its business and trade sanctions against Russia.

The Abbott government is making a new attempt to repeal the mining tax - and axe a suite of associated welfare measures.

Movie and TV streaming service Quickflix has blown out its full-year loss to more than $10 million after ramping up spending to attract new customers.

The Australian share market has opened higher after markets in the United States and Europe lifted on Friday.

Federal coalition tensions are mounting as a two-year deal on port access for bulk wheat exports expires in a month.

The Australian dollar has started the week lower following gains in its US counterpart.

Palladium closed above $US900 a troy ounce for the first time in more than a decade, extending its recent rally as rising tensions between Russia and Ukraine stoke fears about supply.

Seven oils wheels with $100m stake

US stock markets brushed off rising tensions over Ukraine and Iraq to push through to new records, underpinned by easy money and steady growth in corporate profits.

The stock market has closed flat as the impact on miners of weaker iron ore prices, and falls by the retail giants, were offset by gains in other sectors.

Treasurer Joe Hockey has issued a fresh invitation to Chinese state-owned enterprises to invest in Australia.