AAP

The Australian dollar is lower as the European Union and the US prepare to impose sanctions on Russia after a referendum on the fate of Crimea went ahead despite Western opposition.

Gold prices have closed at the highest level in six months as investors remain cautious over the fluid geopolitical situation in Ukraine.

The growing diplomatic crisis over Ukraine has rattled markets, producing the deepest declines in US stocks for a single week since January.

Australian households are each more than $13,000 better off thanks to trade with China, the country's ambassador to Australia told a business lunch in Perth today.

Construction materials supplier Adelaide Brighton warns it could take a $15 million hit if it loses a major customer for its cement.

Finance Minister Mathias Cormann has again urged the Labor opposition to support the repeal of the mining tax when parliament resumes next week, describing it as an "anti-WA tax".

Weaker than expected economic figures from China and renewed concerns about the Ukraine have caused a significant fall on the local sharemarket.

The choice of candidates for Western Australia's senate election rerun will not be as large as first thought, with 77 candidates nominating.

Australian stocks have plummeted following disappointing Chinese economic figures and renewed concerns about the standoff between Russia and Ukraine.

Qantas chief executive Alan Joyce says he is trying to avoid impacts on workers as the airline proceeds with a turnaround plan that includes cutting 5,000 jobs.

Gold futures have edged higher amid heightened concerns about China's economy and instability in Ukraine.

The Australian dollar is lower as escalating tensions between Russia and the West overshadow positive economic data from the US.

US stocks fell sharply as weak Chinese economic data and rising tensions in Ukraine offset solid US retail sales and labour-market data.

Mining stocks have pushed the sharemarket higher, after heavy falls in iron ore prices came to an end.

Labor insists there's no rift between its Western Australian Senate candidates Joe Bullock and Louise Pratt, despite previous differences of opinion between the unionist and the gay marriage advocate.

Opposition Leader Bill Shorten has been challenged to expel union heavyweight Joe McDonald from the Labor Party after he was fined for physically threatening a worker who refused to strike.

Controversy surrounding former Treasurer Troy Buswell continues to plague Premier Colin Barnett, while police are still yet to question the former minister about a car crash.

The board of construction and contract mining group Leighton Holdings has supported an improved offer from its majority shareholder Hochtief for a greater stake in the company and dumped its chief executive at Hochtief's request.

The sharemarket is higher after a stabilisation in iron ore prices helped lift resources stocks.

State and federal governments should impose greater penalties for unlawful industrial disputes and disqualify tenders from contractors who do "sweetheart" deals with unions, the Productivity Commission has argued.

Gold futures have climbed to a six-month high as investors seek to protect their wealth from the ripple effects of financial troubles in China and geopolitical tensions in Eastern Europe.

US stocks finished mixed as cautious investors kept an eye on the Ukraine crisis and awaited more information on the direction of the economy.

The Australian dollar is recovering losses made over the past few days, getting some help from rising copper and gold prices.

Weakness amongst the major banks has pulled the sharemarket lower, despite some mining stocks bouncing back from recent losses.

Up to 5,000 Qantas workers in the firing line have been given a month's reprieve after the airline agreed to delay its planned mass redundancies.

Western Australia's controversial shark kill policy will not be probed by the state's Environmental Protection Authority.

The sharemarket has opened lower as concerns about China's economy and falling commodity prices continue to weigh on investors.

Former Treasury head Ken Henry has joined calls for the federal government to face up to the fiscal hurdles posed by the nation's growing welfare and health budgets.

US stocks have finished lower as the market retreated from last week's records and waited for news that might support further gains.

Gold futures have climbed for the second straight day as the standoff between Russia and Ukraine spurs demand for a haven.

The Australian dollar has dropped to a one-week low after weak US wholesale sales data gave traders another excuse to sell the currency.

David Jones chief executive Paul Zahra has reversed his decision to resign and will stay on at the retailer.