AAP

The Australian stock market has suffered its worst single day loss in nearly a dozen years, as a brewing price war over oil added to the global tumult.

As if there wasn't enough global uncertainty already, a likely price war has broken out over the price of oil.

Brent slid to its biggest daily loss in more than 11 years on Friday after Russia baulked at OPEC's proposed steep production cuts to stabilise prices hit by economic fallout from the coronavirus, and OPEC responded by removing limits on its own production.

Gold prices fluctuated more than one per cent on Friday, sliding from a seven-year high as investors sold the precious metal to cover margin calls as the rapid spread of the coronavirus hammered equity markets.

Retail spending stayed weak in January as bushfires devastated many parts of Australia, but the coronavirus outbreak is likely to make a bigger impact.

The Morrison government has reached an agreement with the states and territories to bear the health costs of tackling the coronavirus on a 50/50 basis, which could end up costing $1 billion.

Concerns over the safety of frontline health workers responding to the COVID-19 outbreak have prompted union calls for dedicated clinics to be introduced in Western Australia.

Australian investors have swung into sell mode once more after US markets sank following a rise in the number of coronavirus cases.

Oil prices edged lower overnight as the coronavirus epidemic showed no signs of slowing, with deaths mounting globally, but losses were limited as major producers agreed on deeper output cuts to bolster prices.

Gold prices climbed two per cent to a more than one-week high overnight as worries over the global spread of the coronavirus spurred more safe-haven flows and hopes of further monetary policy easing by major central banks.

The Australian stock exchange has closed higher on optimism that global stimulus measures will buffer economies from the impact of the coronavirus.

Australia will ban travellers from South Korea and introduce enhanced screening for travellers from Italy to deal with the coronavirus spread.

TPG and Vodafone are a step closer to completing their planned $15 billion merger after the competition watchdog announced it would not appeal a Federal Court decision allowing the deal to proceed.

Department store giant Myer has reported a 37 per cent drop in first half profit, weighed down by restructuring costs, redundancies and the exit of Apple products and Country Road Group brands.

Australian stocks have jumped more than 1.5 per cent in a broad rally at the start of trade after a big surge in US markets.

Crude oil prices were mixed, giving up early gains despite expectations that major producers were closing in on an agreement to cut supply aimed at offsetting a slump in demand caused by the coronavirus outbreak.

Gold held steady overnight following a surge in the previous session on the US Federal Reserve's surprise rate cut, as a firmer dollar and strong uptick in risk sentiment limited bullion's upside.

The Australian stock market has suffered another monster sell-off, losing ground for the eighth time in nine days as three of the country's four big banks plunged to their lowest levels in many years.

The national economy put in a better than expected performance during the back end of 2019 with GDP growing 0.5 per cent in the December quarter, but the news for Western Australia was not so good, with state final demand falling.

The Australian stock market has dropped more than one per cent after US stocks tumbled overnight after a surprise rate cut.

Oil prices fell in a volatile session on Tuesday, succumbing to fears the coronavirus would take a heavy toll on energy demand even after the Federal Reserve cut US interest rates and OPEC and allied producers considered more output cuts to support prices.

Gold surged overnight after the US central bank cut interest rates to help cushion the economic damage caused by the coronavirus outbreak and on expectations of policy easing by other major central banks.

The Australian share market has snapped a seven-day losing streak in which it lost over $250 billion in value over fears from the coronavirus epidemic.

The Reserve Bank of Australia has cut the cash rate to a new record low of 0.5 per cent as it acts to soften the economic impact of the coronavirus, with Australia's "big four" banks each announcing they would pass on the rate cut in full.

The Australian share market has powered more than 1.5 per cent higher as investors punt on global central banks taking stimulus action to ease economic pain caused by the coronavirus.

Oil prices rose over 5 per cent overnight, reversing an early fall to multi-year lows as hopes of a deeper cut in output by OPEC and stimulus from central banks countered worries about damage to demand from the coronavirus outbreak.

Gold rose nearly 1 per cent overnight after suffering its largest daily fall in nearly seven years, as expectations grew for policy easing by the US Federal Reserve and other central banks to help boost the coronavirus-hit global economy.

The Australian share market has suffered its worst day in over four years, closing the day at a six-month low amid a growing panic the coronavirus outbreak will trigger a global recession.

Harvey Norman blames bushfires and extreme weather for a subdued Christmas period as the retailer's first-half profit slipped by 4.0 per cent.

Australian shares are set for their worst week since the global financial crisis after the benchmark index plunged another three per cent.

Gold pared gains as investors booked profits after prices climbed more than 1 per cent earlier in the session on mounting worries about how the coronavirus outbreak might hurt the global economy.

Oil prices tumbled for a fifth day overnight to their lowest in more than a year, as further novel coronavirus cases outside China fanned fears that a pandemic could slow the global economy and erode demand for crude.