AAP

Shares have slumped by more than 1.5 per cent early on the Australian market as investors fret over the impact of a continuing increase in coronavirus cases in the United States and other countries.

Oil prices settled lower on Friday as new coronavirus cases spiked in the United States, and on growing concerns about rising US output ticking up while crude stockpiles sat at record highs.

Gold erased earlier losses on Friday as the coronavirus spread globally with a record jump in COVID-19 infections in the United States marring risk appetite and setting the metal on track for its third straight weekly rise.

The Australian share market has rebounded from Thursday's plunge, with the financial sector leading the charge after the easing of some regulations for American banks.

Bain Capital has emerged as the winning bidder for Virgin Australia, with the administrators agreeing to sell the ailing airline to the Boston-based private equity firm.

Shares were up nearly 1.0 per cent early and almost all sectors were higher on the Australian market after a regulatory boost for American banks lifted US markets higher overnight.

Oil prices rose about 2 per cent in a volatile session overnight, buoyed by signs of a marginal improvement in the US economy and a tepid rise in fuel demand, but price gains were limited by rising cases of COVID-19 in some US states.

Gold prices drifted sideways overnight as a surge in coronavirus cases and mounting economic tolls kept investors on edge, though the metal stepped back from last session's more than 7-1/2-year high.

The Australian share market has suffered its worst loss in two weeks after a rise in coronavirus cases in both the US and Victoria.

The state government has ruled out bringing forward phase five of eased COVID-19 restrictions by one day to boost attendance at an AFL game in Perth.

Artists and entertainers will be able to apply for a slice of a $250 million support package to help the sector recover from coronavirus restrictions.

Shares have fallen early on the Australian market and all sectors were lower after US investors were finally spooked by the steady climb in coronavirus infections there.

Qantas will cut at least 6,000 jobs across all parts of the business and continue to stand down 15,000 employees as part of its plan to recover from the impact of the COVID pandemic.

Oil prices tumbled over 5 per cent, or more than $US2 a barrel overnight, after US crude storage hit another record and coronavirus cases rebounded in countries like Germany and surged in heavily populated areas of the United States.

Gold weakened after hitting more than a seven and a half year high earlier overnight, with investors selling the precious metal along with other asset classes as a global rise in coronavirus cases led a flight to cash.

The Australian share market has closed just slightly higher for a fourth straight day, with investors apparently afraid to push the ASX200 over the 6,000 level.

TPG shareholders have voted in favour of the internet service provider's merger with Vodafone Hutchison Australia.

Virgin Australia bondholders have put forward a recapitalisation proposal for the struggling airline, seeking to knock out rival offers from two US private equity firms.

The government and Labor have inched closer together on energy policy but an olive branch extended across the gap has yet to be grasped.

Shares have edged higher on the Australian market, and most sectors are up, after the release of improved home sales data in the US.

Oil futures slipped overnight as the market braced for reports expected to show swelling US crude inventories, which pulled prices back from the highest levels since before the coronavirus pandemic slammed fuel demand.

Gold prices surged to their highest mark since October 2012 on Tuesday, driven by weakness in the US dollar and widespread monetary stimulus packages by central banks as a jump in coronavirus cases dented the economic outlook.

The Australian share market has closed marginally higher after dropping and then rebounding over uncertainty about the status of the US-China trade deal.

Harvey Norman says it expects full-year profit will be 20 per cent higher, after customers flocked to its Australian stores this year.

The Australian Securities and Investments Commission is suing the Commonwealth Bank and subsidiary Colonial First State Investments over a banking royal commission finding that the latter paid bank staff to promote a superannuation product to customers.

Woolworths expects full year earnings could be 2.7 per cent lower after it outlined one-off charges worth $591 million for restructuring and staff underpayments and incurs additional costs related to COVID-19.

Shares on the Australian market have climbed in early trade following a positive lead from Wall Street on hopes of more economic stimulus in the US.

Oil was up 2 per cent overnight on tighter crude supplies from major producers and as coronavirus lockdowns kept easing despite a record rise in cases globally.

Gold prices climbed 1 per cent overnight to hit the highest level in more than a month, as investors took refuge in the safe-haven metal after an uptick in coronavirus cases dampened hopes for a quick economic recovery.

The Australian share market has closed flat after losing ground in the morning, but recovering in the afternoon.

Wholesale distributor Metcash is benefitting from a continuing growth in sales as customers rediscovered neighbourhood supermarkets during the coronavirus pandemic.

The ASX has dropped by more than one per cent at the start of trade as increasing coronavirus cases in the US and Victoria prompt traders to be cautious.