AAP

Oil prices have sunk in London on the expected return of Libyan crude to the market while US prices edged higher.

The Australian dollar is at a three-and-a-half month low following strong US retail data and after the Reserve Bank of Australia governor said he wanted the dollar around 85 US cents.

Australian stocks have fallen for a sixth straight day with investors appearing to book profits after a good year and recent negative economic news.

Singapore Airlines, Etihad Airways and Air New Zealand will increase their stakes in Virgin Australia to almost 70 per cent as part of a $351.5 million capital raising.

The national unemployment rate has edged up to 5.8 per cent in November, despite the number of people in employment rising by 21,000 in the month, while Western Australia continues to maintain a much lower jobless rate.

A strategic review into the national broadband network (NBN) has recommended rolling out a mix of technologies, including fibre-to-the-premise, costing $11.5 billion more than the coalition's original forecast.

Federal coalition MPs have been told to brace for a "shocking" deficit when Treasurer Joe Hockey hands down his mid-year budget review.

Australian stocks have defied a negative lead from Wall Street to start the local session slightly higher.

US stocks have tumbled in a decline that analysts attribute to profit-taking after the equity market surge of 2013.

Gold prices have slipped after a bipartisan US budget deal soothed fears of a year-end budget crisis, sapping some of the recent investor appetite for the haven asset.

The Australian dollar is lower on expectations that the unemployment rate will edge higher and amid increased expectations that tapering of US economic stimulus will begin soon.

Oz Minerals has capped off a horror year with a disappointing update on its copper and gold reserves, which caused another share price plunge.

BHP Billiton is backing the US gas boom to continue and says exports from there could start within three years, which could be bad news for Australia's rival projects.

Australian shares have weakened for the fifth consecutive session after a key consumer sentiment reading fell to a five-month low.

Car maker Holden has confirmed it will stop manufacturing in Australia in 2017, bringing to an end months of uncertainty on the company's future, but its announcement has added to speculation about Toyota's future.

Mining giant Rio Tinto is still trying to find out what caused a toxic spill at its Rossing Uranium mine in Namibia - the company's second major radioactive incident this month.

Australian shares are marginally weaker as a lacklustre lead from Wall Street weighs down the big miners and some banking stocks.

US stocks have ended lower as investors looked ahead to a retail sales report that covers the beginning of the critical holiday shopping season.

The Australian dollar is higher on the back of US dollar weakness and strong economic data out of China.

BHP Billiton chief Andrew Mackenzie says his main aim is not growing volumes, confirming plans to cut capital expenditure by 25 per cent this year and further next year.

Quickstep Holdings has signed a $75 million agreement with US aerospace giant Lockheed Martin to supply wing flaps for C-130J Hercules transport aircrafts.

Production has been suspended at German chemical giant BASF's Hutt Lagoon site in Western Australia's mid west after thousands of litres of hydrochloric acid spilled from a tank at the site.

The Australian share market has closed almost flat, with investors running out of steam after a strong start.

Seven Group Holdings subsidiary WesTrac China will pay $US130 million ($A143 million) to acquire Caterpillar Global Mining's distribution and support business in north eastern China.

The Australian market was making gains in a surprisingly strong start in trading after a flat open had been tipped.

Senior opposition figure Penny Wong claims some coalition government ministers are championing the closure of Holden.

The Australian dollar is higher amid strong data out of the US and China and a more optimistic global economic outlook.

Brent oil prices have slumped following news of weaker German industrial output, while New York crude futures dipped slightly.

US stocks have edged higher as a Federal Reserve official suggested that the central bank could take a small step next week to reel in its stimulus program.

Telecom Corp has sold its Australian AAPT unit for $450 million to ASX-listed internet service provider, TPG Telecom, beating initial expectations of what the unit would go for.

Jobs advertised on the internet and in newspapers fell for the second consecutive month, and there are no clear signs of the labour market bouncing back in the coming months.

Australia have needed only 11.4 overs on the final day of the second Test to take England's remaining four wickets and claim a two-nil lead in the Ashes series.