AAP

Seven West's acquisition of Prime is unlikely to be approved by shareholders, Prime says, even as the competition watchdog cleared the $64 million takeover.

Oil prices rose more than 1.0 per cent overnight, supported by hopes the US-China trade deal will bolster oil demand in 2020 after a prolonged dispute between the world's two largest economies dented global market sentiment.

Gold steadied overnight as robust US manufacturing data lifted risk appetite and offset lingering doubts on US-China trade while scarce palladium retreated after its record run towards the $US2,000 an ounce level.

The Australian share market has closed flat, with losses for the tech sector and utilities weighing on gains by the Commonwealth Bank and BHP.

Car dealership chain AP Eagers has become the latest Australian company forced to apologise for underpaying its employees.

The Australian share market has opened higher after a positive lead from overseas.

Oil prices rose slightly overnight on hopes energy demand will benefit from the trade deal between the United States and China announced last week but prices remained below the previous session's three-month highs.

Gold held steady overnight as the US dollar eased and investors sought clarity on the fine print of the "phase one" US-China trade deal, offsetting strong gains in the equities markets.

The Australian share market has rallied to its second-best day of the year on optimism that a resolution to the US-China trade war and Brexit are finally close at hand.

Woolworths has been given the go-ahead to restructure its $10 billion hotels, liquor and gaming businesses ahead of a planned demerger and likely spin-off in late 2020.

Federal Treasurer Josh Frydenberg is confident his government will be able to keep its election promise of surpluses over the next four years, despite marked downgrades to the outlook in his last budget update.

The Australian share market has opened higher after the announcement of a "phase one" US-China trade deal at the end of last week.

Oil rose on Friday to its highest in nearly three months as investors cheered progress in resolving the US-China trade dispute and a decisive general election result in Britain.

Gold prices rose on Friday as investors remained cautious about the developments in the United States and China trade negotiations, while political uncertainties in the world's biggest economy further boosted the metal's safe-haven appeal.

The Australian share market has closed higher, with mining stocks rallying on news that the US would roll back tariffs on China as part of an interim trade deal.

A senior bureaucrat accused with two others of Western Australia's biggest public sector theft is facing a lengthy prison term after making admissions in relation to more than 500 charges, his lawyer has told a court.

The Australian share market has opened higher after Wall Street gained overnight amid new hopes of a US-Chinese trade truce.

Oil prices rose more than 1.0 per cent overnight after US President Donald Trump said his country was "very close" to nailing down a trade deal with China.

Gold retreated from a more than one-month peak in a volatile session overnight after US President Donald Trump said his country was close to a trade deal with China, denting the safe-haven metal's appeal.

The Australian share market closed lower ahead of Sunday's deadline for the US and China to reach an interim deal on trade before higher US tariffs kick in.

Rio Tinto is considering its options after the Takeovers Panel ruled the mining giant can't use its funding of a clean up of a controversial NT uranium mine to acquire a partially owned subsidiary.

Financially strapped live exporter Wellard is cutting its fleet size from four to three with the sale of the world's largest purpose-built livestock carrier for $US53 million ($A77 million).

Westpac has been handed a second strike on executive pay but dodged a potential board spill despite shareholders roasting the bank over its child exploitation scandal.

The Australian share market has moved lower, with the heavyweight financial sector behind much of the slide, despite a positive lead from Wall Street after the US central bank kept interest rates unchanged.

Oil prices dropped almost 1.0 per cent overnight following a surprise build in US crude inventories and as investors waited to see if a fresh round of tariffs by the US government on Chinese goods would come into force on Sunday.

Gold rose overnight as a deadline for an additional round of US tariffs on Chinese imports loomed with no phase-one deal in sight while palladium again soared to a record on supply woes.

The Australian share market has climbed higher following a report that the Trump administration was set to delay the next round of US tariffs on China that are set to kick in on Sunday.

Westpac is bracing for a barrage of investor angst and the threat of a board spill at an annual general meeting likely to be dominated by the bank's money laundering and child exploitation scandal.

Nickel bounced from a five-month low overnight as investors regarded a sharp downtrend as overdone given an export ban on ore from Indonesia from 2020 is expected to tighten the market.

The Australian share market has risen, shrugging off a weak finish from Wall Street.

Oil prices inched up overnight as OPEC's deal with associated producers last week to deepen output cuts in 2020 continued to provide a floor for prices but US-China trade tensions clouded the demand outlook.

Palladium zoomed past $US1,900 an ounce for the first time ever overnight as a power crisis halted production at mines in major producer South Africa, exacerbating concerns over supply and extending the autocatalyst's record run.