AAP

US stocks have fallen modestly, ending the Dow's four-day streak of fresh records, as the Justice Department announced a record $US13 billion ($A13.91 billion) settlement over mortgage securities with JPMorgan Chase.

The Australian dollar hit is highest level in almost two weeks after China said it would ease restrictions on investment and the value of its currency.

Australian shares have closed lower for a second straight day as investors sold banking stocks due to worries about US stocks being overpriced.

Qantas has asked its 30,000 staff and their families and friends to support its campaign against the foreign ownership of rival Virgin Australia.

Mining equipment supplier WesTrac says its coal customers are still hurting and looking for cost cuts due to lower prices and a high Australian dollar but the iron ore sector in Western Australia continues to provide opportunities for the company.

Australian shares are weaker as Wall Street volatility hits all local sectors.

The Dow edged higher to a fresh record after topping 16,000 for the first time, while the S&P 500 breached 1,800 but pulled back in late trade.

Global oil prices have fallen, with the New York benchmark contract hitting the lowest level in more than five months amid ballooning US crude-oil supplies.

The Australian dollar is lower in cautious trade ahead of the release of the minutes of the Reserve Bank of Australia's November board meeting.

Australia's biggest supermarkets have agreed to a code of conduct governing how they deal with suppliers, providing a potential solution to long running tension between food and grocery producers and retail giants.

Falls by financial stocks have kept the Australian share market in negative territory, despite positive offshore leads.

Small businesses are still struggling and may yet need further support through another cut in interest rates, a leading business group warns.

Federal opposition leader Bill Shorten is under pressure to authorise the release of confidential cabinet documents on the national broadband network's costings Labor received while in government.

Shares in Warrnambool Cheese and Butter are up 19 cents as they resume trading after the company recommended the latest, higher takeover offer from Canadian dairy giant Saputo.

The Australian share market has surprised by opening lower amid uncertainty about the largest sweeping reforms in China in more than three decades.

Agribusiness Elders has reported an annual loss of $505 million due to charges related to restructuring the company, and challenging and seasonal market conditions.

Gold futures have drifted between slight gains and losses before closing fractionally higher as investors weigh a stronger euro against fading optimism over Federal Reserve Chairman nominee Janet Yellen's dovish stance.

US stocks enjoyed another sunny week highlighted by congressional testimony by Federal Reserve chief nominee Janet Yellen that raised confidence that aggressive monetary stimulus would not end too soon.

The Australian dollar has benefited from disappointing American manufacturing data coinciding with US Federal Reserve nominee Janet Yellen's comments in favour of continuing stimulus measures.

The Australian market ended the week with solid gains as investors welcomed the incoming US Federal Reserve chair's comments about maintaining economic stimulus.

The Australian Electoral Commission wants part of the federal election declared void because it can't be certain who would have won the final two Senate places in Western Australia.

The University of Western Australia has received another massive donation, with freight magnate Greg Poche gifting $10 million for a new centre for indigenous health.

The stock market has opened flat, as weakness in banking stocks overshadows a positive lead from overseas.

Canadian dairy giant Saputo is set to raise its takeover offer for Warrnambool Cheese and Butter after rival bidders trumped its first offer.

Prime Minister Tony Abbott could intervene to prevent the foreign takeover of Australia's largest agribusiness despite support for the bid by his Liberal colleagues.

US stocks have barrelled to fresh records, shrugging off some disappointing earnings results amid greater confidence the Federal Reserve will wait longer before scaling back an aggressive stimulus program.

Gold futures have risen as some traders bet that testimony from Federal Reserve chair nominee Janet Yellen signals higher demand for the metal.

The Australian dollar is lower, consolidating after a rally on the back of Federal Reserve chair nominee Janet Yellen's testimony to a US Senate committee.

Electronics retailer Dick Smith hopes to raise almost $345 million by listing on the share market in December.

Premier Colin Barnett has responded angrily after being asked if there was a link between Chevron's $64 million Elizabeth Quay land purchase and its bid to secure more ground on Barrow Island for the Gorgon gas project.

The share market has closed higher due to indications economic stimulus in the US is likely to run into next year.

Optus is looking to improve its standing among customers by abolishing breakage fees and reducing bill shock, as it deals with lower revenues.