AAP

Virgin Australia is expected to receive as many as eight non-binding indicative offers from potential buyers, which will be whittled down over the next few days to a shortlist of around three, its administrators said.

Shares on the Australian market were up by about one per cent in early trade and most industry sectors were higher.

Oil prices settled higher overnight after the International Energy Agency (IEA) forecast lower global stockpiles in the second half of 2020, although worries remain that a second surge in coronavirus infections could occur in coming months.

Gold climbed to a three-week high overnight, propelled by safe-haven demand, as investors ditched riskier assets on concerns over long-drawn economic weakness and renewed US-China trade tensions.

The volatile Australian share market has plunged 1.7 per cent, repeating a familiar pattern as it trades in a fairly tight range.

Virgin Australia's administrators at Deloitte will have a better sense of which parties are interested in buying the beleaguered airline, when non-binding indicative offers are made tomorrow.

The number of Australians in employment have fallen by 594,300 people in April, with Western Australia recording 62,300 fewer people in full- or part-time work following coronavirus-related lockdowns.

NBN Co says it has connected 670,000 premises in the March quarter, with 11.2 million homes and businesses connected to the broadband network by March 31.

Graincorp has swung to a half-year profit of $388 million following the sale of its Australian Bulk Liquid Terminals business and demerger of United Malt.

Share market investors have seen a dip on the ASX in early trading, with nearly all industry sectors lower.

Oil prices fell about 2 per cent overnight despite the first decline in US crude inventories since January, as the US Federal Reserve chairman stoked demand fears with a warning the economy would take many months to recover from the coronavirus pandemic.

Gold rose overnight after US Federal Reserve Chairman Jerome Powell pledged more stimulus measures, if required, to ease the economic blow from the novel coronavirus.

The Australian share market has swung from a 102-point loss to finish in the green with a 19 point gain.

China has ignored Australia's attempts to discuss trade tensions over beef and barley imports, and state governments fear they could become the meat in the sandwich as the trade tangle heats up.

Consumer confidence received a much needed boost from last Friday's three-step plan from the national cabinet to lift coronavirus-related restrictions in the months ahead.

Commonwealth Bank is setting aside $1.5 billion for potential defaults on account of COVID-19-related shutdowns and will sell a majority stake in its Colonial First State wealth management unit, as it braces for an economic slowdown and falls in house prices.

Shares have slumped by 1.7 per cent in early trade on the Australian market after the top US infectious disease expert warned of re-opening the economy too soon.

Shares have slumped by 1.7 per cent in early trade on the Australian market after the top US infectious disease expert warned of re-opening the economy too soon.

Oil prices rose overnight after OPEC's de facto leader, Saudi Arabia, said it would increase supply curbs in June, while other members of the oil-producing group said they want to extend the deep cuts reached in April for a longer period than originally agreed.

Gold rose overnight on expectations of more stimulus from the US Federal Reserve to support an economy battered by coronavirus-induced restrictions, while an easing US dollar lent further support.

The Australian share market has given up most of Monday's gains, with all but two sectors falling amid fears of a second wave of coronavirus cases spreading in Europe and Asia.

Premier Investments is reopening the remainder of its closed stores in Australia and New Zealand this week - but some may not stay open for long.

Stocks on the Australian market have slipped by more than 0.9 per cent in early trade after mixed results in the US overnight.

Oil prices fell overnight as investors worried about a second wave of coronavirus infections, but new output cuts from Saudi Arabia tempered worries about oversupply and limited price losses.

Gold prices retreated overnight as the dollar benefitted from safe-haven buying driven by fears over a second wave of coronavirus infections.

The Australian share market has closed at its highest level this month, with gains across the board as optimism rose that the coronavirus lockdowns would soon be over.

Anthony Albanese believes the coronavirus has handed Australia a once-in-a-generation chance to reshape its economy and the nation must seize the opportunity.

Scentre Group says that 57 per cent of retailers at its 37 Westfield malls across Australia are open and trading, with significantly more shops to open over the coming weeks as the coronavirus lockdowns ease.

Western Australia's premier has defended not further relaxing coronavirus restrictions and promised a better deal soon for the state's pubs and restaurants.

Josh Frydenberg's first budget was a triumphant "back in black" performance but his second is predicted to show a $143 billion black hole in the nation's finances.

Investors have lifted share prices by more than 1.0 per cent in early trading on the ASX, with most sectors higher.

Oil producers will be hoping for a third consecutive week of gains as more countries relax lockdowns intended to halt the coronavirus pandemic.