AAP

Australian stocks have opened firmer amid broad-based gains as local market players took their cues from a positive night on Wall Street.

The Australian dollar is slightly higher as the possibility of the US central bank starting a new round of economic stimulus is looking more likely.

US stocks turned lower this week after six straight weekly gains as fresh signs of frailty in the global economy emerged and a number of companies cut their corporate profit forecasts.

The Australian dollar is at it's lowest level in five weeks amid pessimism about the outcome of talks between the Greece, French and German leaders on the weekend.

Central bank governor Glenn Stevens says he doesn't think Australian bank profits are excessive.

The Australian stockmarket closed lower on Friday, also finishing down for the week and ending a run of five weeks of gains.

ANZ chief executive Mike Smith has sold $10.9 million worth of shares to meet an income tax bill and reduce his debt.

Up to a dozen enterprise migration agreements (EMAs) are expected to be inked by the federal government, Special Minister of State Gary Gray says.

Fairfax Media shares have plunged to record lows after the company's biggest shareholder, mining magnate Gina Rinehart, tried to sell a chunk of her shares.

The opposition says the federal government needs to go back to the drawing board on its proposed network of marine parks.

The federal government's Future Fund will pay $2 billion to take a stake in several Australian airports, including Perth.

Automotive Holdings Group says it will be on the look out for more acquisitions in the current year after reporting a hefty jump in full year net profit.

Australian stocks have opened weaker as declines in the mining and energy sectors dragg the broader market lower.

BHP Billiton's decision to shelve two high profile projects has not changed the central bank's upbeat view about the economic outlook.

Woolworths shares slipped today after it posted a 15 per cent fall in full year profit because of its exit from the Dick Smith electronics chain.

The Australian dollar has fallen close to three-quarters of a US cent on weak Chinese data and concerns about the domestic mining industry.

Sharp falls by blue chips Boeing and Hewlett-Packard have helped give US stocks their worst day so far this month, amid more signs of weak growth in major economies.

Prime Minister Julia Gillard says she never personally benefited from a union fund which she helped set up for free, and off the books, when she was a lawyer 17 years ago.

Signs the US Federal Reserve may introduce fresh stimulus measures sooner than expected have pushed the Australian dollar higher.

Transport magnate Lindsay Fox has compared Western Australia's iron ore boom with the eastern states' goldrush of the 1850s.

The world's biggest scrap metal recycler, Sims Metal Management, wants to expand its presence in the Chinese market after gaining a foothold there this year.

The top brass of the Reserve Bank of Australia will face further grillings about scandals involving its note-making companies when they appear before a powerful parliamentary committee.

Australian stocks closed firmer as strong gains among mining and gold stocks pushed the broader market higher.

Cash Converters has posted a six per cent rise in net profit to a record $29.4 million due to strong growth in its personal loans business.

The federal government has approved Gina Rinehart's multi-billion dollar Alpha coal mine and its associated rail line in central Queensland.

Fairfax Media has posted a loss of $2.73 billion for 2011/12, driven by massive writedowns on the value of its newspapers.

The Australian share market has opened higher following mixed results from Wall Street and Europe overnight and amid renewed hopes of fresh economic stimulus in the US.

David Jones has unveiled another set of falling sales figures, but the troubled department store says it sees signs of improvement.

Qantas Airways says it will cancel orders for Boeing 787 aircraft to cut costs, as it posts a $245 million full year net loss.

Mineral sands miner Iluka Resources is holding firm on prices, but the company has declined to offer forecasts due to uncertain trading conditions.

Rail freight company QR National has confirmed it will axe 900 jobs as part of its restructure program.

US stocks have erased early losses to close mixed after a fresh sign that the US Federal Reserve is leaning toward new economic stimulus efforts.