AAP

Wesfarmers is facing a $774 million hit to its bottom line from its struggling Target chain and the restructure of its liquor business.

A rebound in the local banking sector has helped the Australian share market to open higher, after Wall Street stocks surged to new records.

The Australian dollar has shot up above 95 US cents after the Reserve Bank of Australia gave a more neutral statement than the market expected following its interest rate decision.

World oil prices have slipped on profit taking and marginally easing concerns about the Iraq crisis, while in the US a storm sparked fears about lower gasoline demand.

Wall Street stocks have barrelled higher to new records, opening the third quarter with big gains following strong US auto sales and Chinese manufacturing data.

Big falls by the banks have caused the share market to lose ground on the first day of the new financial year.

The Reserve Bank of Australia has kept the cash rate unchanged, saying the economy is improving but it will be some time before unemployment drops consistently.

The future of 2,500 jobs at discount retailers Crazy Clarks and Sam's Warehouse is uncertain after their owner fell into receivership.

The share market is flat with mining stocks partly offsetting weakness among the major banks.

The Australian dollar has bounced as the greenback continues to be weighed down by weak economic data.

Global oil prices have slipped amid new signs of higher OPEC production but the market was still cautious amid ongoing Iraq violence and a rebel attack on a Colombian pipeline.

Wall Street stocks turned in a mixed performance to close a strong second quarter after US pending home sales jumped but automaker General Motors announced another massive auto recall.

Electronics retailer Dick Smith says its sales have grown in recent months, in stark contrast to several other major retailers who have been hit by falling consumer confidence linked to May's feder

Last-minute share sales to lock in the profits of a strong financial year have caused the market to fall.

The share market is slightly lower as investors wait for more signs on the economy's health.

The Australian dollar remains above 94 US cents after a batch of disappointing US economic data weakened the greenback.

Gold prices have ended higher, as investors bet the metal will hold on to its recent gains amid a dovish Federal Reserve and a surge of violence in Iraq.

Coalition MPs urge sharp cut in RET

US stocks have finished a quiet day of trade higher as strong earnings from Nike helped offset a profit warning from DuPont.

The share market has ended the week with a fall as investor caution resulted in muted trade.

Australia's corporate watchdog says policing the finance industry is a battle of fear versus greed, as it responds to a critical report into its handling of dishonest activity by Commonwealth Bank financial advisers.

Borrowers can rest easy as it looks like the Reserve Bank of Australia's cash rate will not go up for the remainder of the year.

Virgin has returned nine of its Embraer 190 aircraft to service after they were grounded on the discovery of a fault with bolts that hold the plane's engine in place, which in turn prompted a worldwide alert.

Perth-based Moko Social Media is preparing to debut on the technology focused NASDAQ stock exchange in New York ahead of a $10 million capital raising.

Foreign investors are not pushing first home buyers out of the property market, a central banker says.

The share market is slightly higher despite Wall Street losing ground due to disappointing consumer spending data.

The federal government is playing down the prospect of a royal commission to investigate Commonwealth Bank financial advisers who lost clients' money.

US stocks have finished modestly lower following disappointing economic data even as shares for video camera maker Per cent soared in their first day of trade.

Gold futures have ended lower as investors weigh news of illegal gold-backed loans in China and signs that inflation was picking up in the US.

The Australian dollar is higher against the weakened greenback following more disappointing economic data out of the US.

The Big Day Out festival has been cancelled in Australia and New Zealand, amid speculation there is a shortage of headline acts for the annual event.

A strong performance by the share market has more than recovered losses suffered in the previous two days, with retailers and banks among the best performers.