AAP

Consumer confidence has slumped to its lowest level in over two years, with Australians worried about the impact the government's tough budget cuts will have on their family finances.

The Australian share market has climbed back from early losses to close slightly higher.

The share market has opened lower as further falls in the price of Australia's largest export, iron ore, hit the mining sector.

Energy giant Woodside Petroleum has abandoned a $US2.7 billion gas deal in Israel, one of the company's two major long-term growth prospects.

Fortescue bolsters iron ore reserves

The Australian dollar fell to a three week low, coming under pressure from weaker iron ore prices and concerns about the Chinese economy.

Oil prices have closed mixed as traders tracked the supply outlook amid unrest in Libya, the Ukraine-Russia crisis and the eve of US inventory data.

Wall Street stocks have slumped on a batch of mostly-disappointing retail earnings and after a US Federal Reserve official endorsed a speedier rise in benchmark interest rates than some expect.

Telstra customers will share access to their home wi-fi networks in a plan to create one of the world's largest networks of public hotspots.

The Australian share market has closed higher as bargain hunters moved in following falls in morning trade.

The winemaker behind brands including Penfolds has rejected a $3.05 billion takeover proposal from a US investment firm while announcing plans to slash costs and jobs.

Borrowers can rest assured that interest rates aren't going anywhere any time soon, with the Reserve Bank of Australia again giving no indication of any future change to the cash rate.

Ratings agency Standard & Poor's has warned Australia's AAA credit rating could be reviewed unless significant cuts are made to the budget, providing the Abbott government with much-needed ammunition as it tries to win support for its fiscal roadmap.

The Australian share market is making losses, with a positive lead from Wall Street's gains not enough to plug the gloomy sentiment about a plunge in the iron ore price.

Fortescue Metals Group has increased the amount of iron ore it estimates is located at one of its projects in the Pilbara by more than 77 per cent.

The Australian dollar is slightly lower as traders wait for the release of the minutes of the Reserve Bank of Australia's May board meeting.

Tech stocks have led US markets higher helped by the truce in the smartphone patents battle between Apple and Google.

Oil prices have been mixed amid escalating violence in crude producer Libya following a revolt by a rogue general that has raised concerns about potential supply disruptions.

Agribusiness Elders has narrowed its half year loss to $10.2 million and expects continued improvement over the full year.

The Australian share market has closed lower as mining stocks were weakened by a fall in iron ore prices, and the market generally worried about falling prices on the Chinese property market.

The new head of construction giant Leighton Holdings has vowed to cut costs and recover outstanding payments as its parent company takes greater control of the company.

Mining giant Rio Tinto expects to sign an agreement to push ahead with the troubled $US20 billion ($A21.64 billion) Simandou iron ore project in Guinea.

Australian stocks are weaker, with heavy falls by iron ore miners dragging down the overall market.

Oil prices moved modestly higher as the market found support from US gasoline demand hopes ahead of the looming summer-holiday driving season and the ongoing Ukraine crisis.

US stocks have finished higher after a choppy day of trade as investors weighed some solid retail earnings reports with mixed economic data.

The Australian dollar is higher but remains below 94 US cents after a quiet overseas trade.

Perth fashion icon Ruth Tarvydas has been found dead outside her apartment, according to WA Police.

Banks and resources stocks have pulled the Australian sharemarket lower following sell-offs overseas.

The board of food producer Goodman Fielder has unanimously recommended shareholders accept a sweetened $1.37 billion dollar takeover offer from two Asian firms.

Construction giant Leighton Holdings has agreed to pay $69.45 million to settle a shareholders dispute but maintains it did not mislead investors.

The Australian share market is weaker as disappointing European growth numbers overnight sent investors looking for safety.

The Australian dollar is lower, weighed down by disappointing euro zone economic growth figures.