AAP

Australian stocks opened higher this morning as investors swooped to cover short positions and buy shares in what one trader described as an oversold market.

The Australian dollar was more than one US cent higher this morning, after the US Federal Reserve said interest rates could stay at their record lows for the next two years due to weakness in the e

US stocks rebounded strongly on Tuesday, with the Dow jumping nearly four per cent after plummeting Monday on the shock of Standard & Poor's downgrade of the US credit rating.

Wild market ride astounds watchers, shakes out value – The West; China prices rattle miners – The Fin; AMWU seeks 15pc pay rise in WA - The Fin; Business calls for targeted stimulus – The Aus; Domestic gas policy angers producers – The Aus

After falling below parity for the first time since March, the Australian dollar recovered over two US cents in afternoon trade to push back above one US dollar.

Perth market leader Mix 94.5 has suffered a two percentage point drop in the latest radio ratings, while still managing to keep itself on the top of the leaderboard.

Draft laws dealing with political lobbyists are imminent, Premier Colin Barnett says, three years after he won an election on the back of promising such legislation.

Woodside Petroleum has pledged to ensure that no populations of bilbies will be harmed during development of its proposed $30 billion gas hub in the Kimberley.

Investors are clamouring for gold as the price of the precious metal continues to set fresh records, eclipsing the platinum price.

Commonwealth Bank of Australia and Westpac have joined the growing number of lenders cutting home loan interest rates.

Virgin Australia and Air New Zealand have been granted permission to fly fewer seats across the Tasman in response to Chilean volcanic ash cloud.

Telstra is tipped to report a double-digit decline in net profit on Thursday, as its year-long bid to capture more customers eats into the bottom line.

Premier Colin Barnett has rubbished a push within his party for a royal commission to investigate the science on climate change.

Treasurer Wayne Swan is in a bit of a dilemma.

Mid-sized public companies still haven't got the message about increasing the number of women in senior roles, Macquarie Group chairman Kevin McCann says.

Wages for Western Australian politicians have been brought nearly in line with their federal counterparts with a 4.3 per cent pay increase which Premier Colin Barnett says is too much.

Debt-laden Centro Properties Group will consolidate its complicated funds structure into a new, publicly listed $7 billion shopping centre owner and manager.

Soft drink supplier Coca-Cola Amatil (CCA) says it will re-enter the beer market despite having to give up its beer operations if SABMiller succeeds in taking over Foster's Group.

The Australian dollar has fallen below parity, as last week's news of the United States' credit rating downgrade continues to spook investors.

Australia is "flavour of the month" in Asia as a reliable resources supplier and is strongly placed to weather the current global economic troubles, federal Resources Minister Martin Ferguson says.

The economy is growing below its trend rate and continuing to lose momentum, the National Australia Bank's monthly business survey has found.The survey was undertaken in July.

Official figures show the owner occupied housing sector is holding up well, and won't affect the outlook for interest rates, economists say.

Origin Energy and ConocoPhillips have finalised an agreement so China's Sinopec can take a 15 per cent interest in the Australia Pacific LNG project in Queensland.

Westpac Banking Corporation has cut the interest rate on its three-year fixed rate home loan by 20 basis points.

Australian shares made a remarkable turnaround to be flat after falling as much as five per cent during the morning.

The Australian dollar was more than 1.5 US cents weaker this morning, as last week's Standard & Poor's historic downgrade of America's credit rating continues to drag on risk sentiment.

US stocks plummeted more than five per cent on Monday, with the Dow Jones Industrial Average losing 634 points, after Standard & Poor's dealt the United States an unprecedented downgrade.

Panic selling hits Asian markets – The Fin; Generator stands by coal-fired plant revival – The Fin; Bilbies enter war on gas hub – The West; Sundance holds firm on takeover price – The Fin; Frog's Leg safety claim 'puzzle' – The West

The price of gold struck a record high above $US1,700 an ounce with dealers flocking to the safe haven metal as Asian stocks tumbled following Standard & Poor's downgrade of US debt.

The Australian dollar fell by almost a full US cent to a four-month low as the United States' credit downgrading caused traders to seek less riskier investments.

Panicked investors shaved about $32 billion off the Australian share market, sending it to a two-year low on fears of a volatile Wall Street following the first downgrading of US sovereign debt by