AAP

Oil prices fell 2 per cent overnight as investors worried the US Congress may not agree on a stimulus package and as jobless numbers rose, while analysts prepared to cut energy demand forecasts as the number of coronavirus cases surges higher.

Gold prices jumped more than 1 per cent, just shy of the $US1,900 level overnight, boosted by an easing US dollar and hopes for more stimulus to revive virus-hit economies, while a rise in US jobless claims raised concerns of a slower economic recovery.

Coca-Cola Amatil said it would write down the value of its Indonesian assets by $160 million to $190 million as a result of the COVID-19 pandemic.

The ASX has closed higher after Treasurer Josh Frydenberg delivered a budget update that showed a deficit that was not as high as the market had feared.

Adelaide-based Santos has reported an 18 per cent drop in second-quarter revenue due to lower realised prices for its oil and gas.

Australia will suffer a $184.5 billion deficit as the coronavirus drives a wrecking ball through the economy.

Oil prices fell overnight as US government data showed a surprise rise in US crude inventories, and as tensions escalated between the United States and China.

Gold surged to a nine-year peak overnight as an escalation in US-China tensions stoked demand for safety, while silver followed bullion's rally to hit a near seven-year high on hopes for a recovery in industrial demand.

The federal government will not appeal a landmark ruling on the 2011 live cattle export ban.

Retail sales in Australia rose a solid 2.4 per cent in June, as people flocked to reopened cafes and restaurants and spent more on clothing in the first full month of trade since the lockdowns ended.

The Australian share market has fallen across most sectors as investors apparently looked to book profits after recent gains, while the dollar has hit a 15-month high.

Spanish suitor Iberdrola has conditionally offered to raise its bid for wind farm operator Infigen Energy in an effort to speed up acceptance from the latter's shareholders.

QBE Insurance Group has flagged a half-year net loss after tax of $US750 million ($A1.1 billion), reflecting the impact of the COVID-19 pandemic, higher claims and a loss on its investment portfolio.

Beach Energy said its earnings and oil production will be slightly below previous full-year guidance due to the impact of the coronavirus pandemic and low oil prices.

Oil prices rose about $US1 a barrel overnight, hitting the highest level in more than four months with a boost from a European Union stimulus deal and hopeful news about coronavirus vaccine trials.

Gold soared to a nine-year peak overnight, boosted by a dollar sell-off and expectations for increased stimulus to aid the recovery of pandemic-hit economies, while silver dashed past the $US20 threshold to an over six-year high.

Bauer Media Australia, the country's biggest magazine publisher, has announced it will close eight of its brands - including Elle and Men's Health - due to the impact of the coronavirus pandemic.

The Reserve Bank of Australia sees no need to adjust its policy measures in the current environment, minutes of its July policy meeting show.

The Australian share market has rallied hard, closing at its best level since before the pandemic after the federal government confirmed two wage subsidy programs would continue past September.

Private medical records have been intercepted and posted online in Western Australia, raising alarm about the use of "insecure" paging services by government agencies.

Downer expects to report a full-year statutory net loss of $150 million-$160 million after recognising charges worth $386 million on account of goodwill impairment, restructuring and portfolio review costs.

JobKeeper will be extended to a 12-month scheme but reduced in two stages as part of the federal government's overhaul of coronavirus support.

Santos will book non-cash impairments of up to $US800 million ($A1.1 billion), joining a number of global energy majors forced to write down assets.

Oil prices were little changed overnight as coronavirus cases increased in many countries, though a flurry of announcements about a potential COVID-19 vaccine and ongoing talks over a European Union fund to revive economies hit by the pandemic curbed losses.

Gold prices jumped to their highest level since September 2011, and silver hit a near four-year peak as a spike in COVID-19 infections and hopes for increased stimulus measures supported safe-haven demand.

Cooper Energy says it and Japan's Mitsui Group will invest $37 million to upgrade the Minerva Gas Plant near Port Campbell, Victoria to process gas from four existing offshore gas wells.

The Australian share market has finished lower, with every sector except mining and technology in the red as the coronavirus outbreak creeps back into NSW.

Australia's environmental protection laws are ineffective and require power to be shifted to the states to carry out assessments, a review has found.

South32 will take a non-cash impairment charge of $US109 million ($A156 million) in its full year accounts against its manganese alloy smelters.

Small to medium-sized businesses will be able to access government-guaranteed loans worth up to $1 million under a plan to drive investment.

Oil prices edged lower on Friday as concerns about the surge in coronavirus cases sapping fuel demand while major crude-producing nations ready increases in output.

Gold jumped on Friday, poised for its sixth consecutive weekly gain, as a record-breaking rise in coronavirus infections in the United States fuelled uncertainly about an economic recovery, while a weaker greenback also added support.