AAP

The Australian stock market is lower following a sell off on Wall Street.

US stocks have fallen sharply with the tech-rich Nasdaq suffering the deepest declines as the second-quarter earnings season kicked off.

The Australian dollar has rallied above 94 US cents as the greenback continues to weaken.

Oil prices have extended their losing streak as concerns ease over supply disruptions from the Middle East, with Libyan exports set to resume and Iraqi unrest not yet affecting exports.

The Australian stock market closed eight points, or 0.145 per cent, lower at 5,510.9 in cautious trading after US and European stocks fell overnight.

UGL chairman Trevor Rowe will retire from the engineering and property services company in October after more than a decade at the helm.

Australian firms have shrugged off the sharp slide in consumer sentiment since the federal budget, with business confidence increasing in the past month.

IG market strategist Stan Shamu said money that was on the sidelines in June as traders were sorting out portfolios for their tax returns appeared to be coming back into the market.

Qantas will cut 167 jobs from its engineering division as part of the embattled airline's ongoing turnaround plan.

Gold prices have slipped lower, after last week's strong US employment data dashed the case for owning the precious metal.

World oil prices have fallen as traders eye the imminent resumption of Libyan crude exports and Iraqi output remains unaffected by ongoing fighting in the country.

The Australian dollar is higher after the greenback lost some of its strength.

US stocks have fallen, retreating from last week's records as analysts point to profit taking and predictions from some experts that the market is due for a pullback.

The Australian stock market was slightly lower with few leads to work with due to a US holiday on Friday and subdued trade on Asian markets.

Shares in online travel business Wotif have jumped 25 per cent after global giant Expedia launched a $700 million takeover bid.

Health workers at Perth's biggest hospitals say they'll walk off the job in a series of rolling stoppages after the state government refused to talk about a new pay offer.

The Australian stock market was higher in early trade following on from Wednesday's strong gains and Wall Street hitting record highs overnight.

The Abbott government's paid parental leave scheme is expensive, unfair and will do nothing to boost numbers of working women, a new report argues.

The Australian dollar has regained some of last week's losses amid light trading volumes as the US celebrated the Independence Day holiday.

Asian markets have rallied after the United States said its economy created more than a quarter of a million jobs in June, sending Wall Street to new records and boosting the US dollar against the yen.

China's Baosteel and Aurizon are in control of miner Aquila Resources after increasing their stake to 81 per cent.

The share market has achieved a third straight day of gains, with miners leading the way.

Australian stocks are higher for the third consecutive day, following the lead of US markets which rallied to fresh highs on strong jobs growth figures.

Gold prices have ended lower, after better-than-expected jobs data showed the US recovery may be gaining traction, prompting traders to take profits on the precious metal's recent gains.

The Australian dollar is lower following strong US jobs figures and comments from the Reserve Bank governor about the currency being too high.

Wall Street rode improving economic data to fresh records this week, spawning comparisons to July 4 fireworks on the eve of the US Independence Day holiday.

Oil has extended losses on prospects that Libya will begin exporting more crude and as concerns eased about the Iraqi crisis.

Commonwealth Bank boss Ian Narev has apologised to customers hurt by misconduct in its financial planning business, but critics have hit out at the bank's latest review into the maligned division.

Australian shares have risen as home building approvals posted their strongest monthly gain in eight months following strong offshore leads.

Premier Colin Barnett says he would have preferred to see state members of parliament receive a lower pay rise than they were granted last week.

The Reserve Bank of Australia still has "ammunition" on interest rates but governor Glenn Stevens says previous cuts are still working their way through the economy.

The Australian stock market was higher in early trade following on from Wednesday's strong gains and Wall Street hitting record highs overnight.