AAP

Wall Street stocks have closed higher as an on-target inflation report largely staunched the flow of the previous session's sell-off and investors pressed the "pause" button.

The Australian stock market has suffered its worst losses since June 14, falling along with markets around the world on predictions of aggressive US rate hikes.

The Australian stock market is on pace for its worst day since June 14 after falling in early trading in the wake of a worse-than-expected US inflation report.

The Australian share market has climbed to a finish above the 7000-point mark as investors await another monthly report on US inflation.

The public submission period for the inquiry into the secret appointments of former prime minister Scott Morrison is open.

The local share market has risen one per cent to hit its highest level this month, with miners performing especially well.

The local share market finished the day up 0.7 per cent, thanks in part to gains by BHP, Fortescue Metals and Mineral Resources.

Prime Minister Anthony Albanese has paid tribute to Queen Elizabeth II after news of the 96-year-old monarch's death.

The local share market has rebounded from Wednesday's sell-off, although oil producers were hit hard as crude tumbled to a seven-month low.

A European leader in clean energy has earmarked $4.4 billion for Australia's transition, with new climate laws set to require a massive spend on the grid.

The local bourse has finished down 1.4 per cent, with market darling Chalice Mining a casualty after losing nearly 54 cents on its share price.

East Timor president Jose Ramos-Horta has urged the Albanese government to help progress a lucrative gas project and has ruled out any Chinese military base.

Cloud accounting platform Xero says nearly half of all invoices issued by Australian small businesses last year were paid late.

The local share market has lost ground, falling 0.4 per cent after the Reserve Bank hiked the cash rate by 50 basis points.

The Reserve Bank of Australia board is tipped to lift rates again, with another 0.5 percentage point rise likely on the cards.

Gains in energy and mining have helped the ASX close slightly higher, with coalminers doing especially well.

The announcement of Britain's new prime minister will trigger the beginning of a handover from Boris Johnson, who resigned in July after months of scandal.

The Australian share market has closed modestly lower, dragged by the mining sector as China's economic problems weigh on Australia's iron ore giants.

The permanent migration cap will be lifted this financial year to help relieve labour shortages across the country.

The prime minister says increasing the benefit to 26 weeks is worth considering - but budget constraints mean it won't happen immediately.

The local share market has closed sharply lower, with cyclical stocks taking a beating as fears of a prolonged US recession re-emerge.

The once-in-a-generation shift in demand to minerals needed for a cleaner world makes Australia a winner, but miners are also being urged to decarbonise.

The local share market finished Wednesday down 0.16 per cent to close out the month with a 0.6 per cent gain.

National cabinet has agreed to reduce the mandatory isolation period for positive COVID-19 cases from seven to five days.

Prime Minister Anthony Albanese will host national cabinet with his state and territory counterparts to discuss shortening COVID-19 isolation time.

The ASX has recovered a bit of Monday's sharp losses, led by the energy and tech sectors.

Prime Minister Anthony Albanese has confirmed a referendum to recognise Indigenous Australians in the constitution will not be in the first half of next year.

The local bourse has suffered its worst loss since early June following a hawkish speech by US Federal Reserve chair Jerome Powell.

Workers are likely securing higher pay by changing jobs, new data from SEEK reveals, but driving up real wages remains a problem.

The local share market has finished higher for a third straight day, gaining 0.8 per cent, but marginally lost ground for the week.

Greens leader Adam Bandt has taken aim at the government's decision to approve thousands of kilometres of offshore waters for oil and gas exploration.

The local share market has gained ground for a second session, especially in the energy and mining sectors, on the busiest day of the reporting season.