AAP

The biggest player in Australia’s litigation funding market has supported new licensing rules proposed by the federal government while also pushing for the new requirements to be extended to law firms.

Wesfarmers has outlined plans to halve Target's 284-store network and slash jobs after a review found financial performance unsustainable at the troubled Target business.

Shares have started trade nearly flat on the Australian market although the financial, energy and materials sectors were marginally higher.

Global benchmark Brent rose more than 1 per cent overnight to its highest price since March, supported by lower US crude inventories, OPEC-led supply cuts and recovering demand as governments ease coronavirus restrictions on people's movements.

Gold fell more than 1 per cent overnight as investors booked profits from recent rallies and some switched to the safety of cash driven by growing US-China trade tensions and doubts about an economic recovery.

The Australian share market has snapped its four-day winning streak, closing modestly lower after it failed to rise above a level closely watched by short-term traders.

Residents in the Kalgoorlie-Boulder region will get improved power quality and consistency with the installation of its first community battery.

Shares on the Australian market have risen by more than 0.5 per cent in early trade as investors look to a swift recovery from the coronavirus pandemic.

Oil prices rallied overnight after US crude inventories fell in the most recent week, but gains were capped by worries over the economic fallout from the coronavirus pandemic and weak refining margins.

Gold rose overnight amid extensive stimulus measures and uncertainty over a possible coronavirus vaccine, but bullion's gains were limited as risk appetite improved on hopes of an economic recovery.

The Australian share market has finished higher for a fourth straight day, shrugging off early losses of nearly 1 per cent.

Alliance Aviation shares flew higher after it said it expected to make a $40 million profit in FY20, up from $32.8 million in FY19.

The federal government will consider university plans to bring back international students as long as they can quarantine them properly.

The Morrison government has welcomed the World Health Assembly agreeing to establish an independent inquiry into the coronavirus pandemic.

The possibility of gas playing a key part in Australia's economic recovery after the coronavirus has reignited debate about the energy source's credentials.

Shares have sunk by almost 1.0 per cent in early ASX trading following caution about early results of a coronavirus vaccine test.

US crude ended slightly higher overnight, as US Treasury Secretary Steven Mnuchin said he supported extending certain measures intended to bolster the economy, while Brent ended lower on concerns that output cuts might not be sufficient.

Gold rose overnight amid uncertainty over how economies would emerge from a deep slowdown, although optimism about a potential vaccine for the novel coronavirus capped bullion's advance.

The local bourse has busted out of its trading range to close at a two-month high as share markets around the globe rallied on hopes for a coronavirus vaccine.

Gutted Australian barley growers have warned of a bitter blow to the nation's economy after China confirmed today it would introduce an 80 per cent tariff on imports.

Shares have surged by more than 2.0 per cent in early ASX trade, taking the lead from overnight gains on Wall Street due to rising hopes of a coronavirus vaccine.

Oil prices overnight jumped to their highest values in over two months on positive early results on a potential coronavirus vaccine, optimism about a resumption in economic activity and signs producers were following through on planned output reductions.

Gold retreated overnight from a more than seven-year high, as stocks and oil surged on optimism surrounding the trial of a potential COVID-19 vaccine.

The Australian share market has gained more than one per cent for the second straight day, with miners shining after iron ore and gold prices both jumped.

BGH Capital has entered into talks with Village Roadshow to acquire the cinema and theme park owner for between $429.4 million and $468.5 million.

Emirates Group is planning to cut about 30,000 jobs to reduce costs amid the coronavirus outbreak, which will bring down its number of employees by about 30 per cent from more than 105,000 at the end of March, Bloomberg News reports.

Four private equity firms are the leading candidates to buy Virgin Australia, the biggest regional casualty of the coronavirus crisis in the global aviation industry.

Normality is starting to resume for Western Australians with cafes, restaurants and pubs reopening their doors and workers returning to offices

Shares on the Australian market are off to a good start, with a gain of more than 1.0 per cent and most sectors trading higher.

US crude prices have reached their highest price since March, on strengthening fuel demand as countries around the world eased travel restrictions they had imposed to curb the spread of the coronavirus.

Gold prices have jumped to levels last seen in 2012, as renewed US-China trade tensions added to concerns about a deep economic slump due to the coronavirus pandemic.

The whipsaw action on the Australian share market has continued for a fifth straight day of back-and-forth action.