AAP

Gold has fallen one per cent as upbeat remarks from Federal Reserve Chair Jerome Powell and improved risk appetite offset a weaker-than-expected US nonfarm payrolls report.

Australian shares have gained for a second day on the back of optimism that trade tensions could be easing, with tech stocks the standout performers as investors regain their appetite for risk.

Westpac says it has been hit by a class action lawsuit over superannuation fees.

Andrew Forrest-backed Poseidon Nickel has edged closer to restarting operations at its Black Swan project in Western Australia following a recent surge in nickel prices.

Fortescue Metals Group has completed a $US600 million ($A880 million) bond offering at it refinances its debts.

Oil prices are little changed as support from a sharp drawdown in US crude inventories was countered by fears of slowing global demand growth amid doubts over resolving the US-China trade feud.

Gold has slumped more than 2.0 per cent and silver fell over 4.0 per cent as stronger-than-expected US economic data and hopes of a thaw in the US-China trade war boosted Treasury yields and soothed fears of an economic slowdown, driving riskier assets higher.

Australian shares have joined a broad global rally following news that the US and China have agreed to another round of trade talks.

Myer shares have climbed nearly 12 per cent on a better-than-expected full-year profit, but the department store chain's sales are still falling.

TPG Telecom's full-year profit has slumped 56.1 per cent to $173.8 million after the internet provider copped a $196.1 million hit from scrapping its planned mobile network.

Oil prices have risen by more than 4.0 per cent, boosted by a wider market pickup on positive news from China, after three days of losses due to fears about a weakening global economy.

Gold has jumped to a fresh six-year high as focus returned to economic woes with 10-year US Treasury yields slumping to a three-year low.

The Australian share market has trimmed its losses late in the session but still finished the day lower, while the Aussie dollar has touched its highest point in more than a week.

An overhaul of the list of jobs Australia needs migrants to help fill will aim to get more locals into apprenticeships and more immigrants into regional areas.

Flow tests from the deepest well ever drilled in Australia are expected within days, but it has already refocused attention on the oil and gas industry in the Perth basin.

Oil prices fell overnight, with US crude futures down 2.0 per cent after manufacturing data raised concerns about a weakening global economy while the US-China trade dispute continued to drag on investor sentiment.

Gold rose more than 1.0 per cent overnight after weak manufacturing data from the United States reinforced fears of an economic downturn while uncertainties over US-China trade ties and Brexit further boosted bullion's safe-haven appeal.

The Australian share market has finished the day flat, while the Aussie dollar dipped to close to a recent 10-year low on weak retail sales figures.

The Reserve Bank has left the cash rate unchanged at a record low 1.0 per cent as it maintains its wait and see approach to June and July's cuts.

Australia has posted its first current account surplus in 44 years with a $5.9 billion surplus for the June quarter.

The Australian share market has closed lower for the first time in five days, with telecom and energy shares leading losses.

Oil prices weakened overnight after new import tariffs imposed by the United States and China came into force, raising concerns about a further hit to global economic growth and demand for crude.

Gold rose slightly overnight after the United States and China imposed new tariffs, as expected, on each others' goods but a firmer US dollar limited gains.

The Australian share market has closed lower for the first time in five days, with telecom and energy shares leading losses.

Prime Minister Scott Morrison says he expects the latest growth figures to be "soft" but believes the right economic settings are in place.

The Australian share market has opened lower even though the heavyweight mining sector started the day in positive territory.

Telstra says peak NBN pain will now hit in FY21 instead of FY20 after the government-owned NBN Co flagged fewer than expected connections over the next year.

Oil futures fell on Friday, with US crude down nearly 3.0 per cent ahead of a hurricane near the Florida coast that could dampen demand but prices were still headed for the biggest weekly increase since early July, boosted by an easing of US-China trade rhetoric.

Gold prices fell on Friday on a slight recovery in equities markets and Treasury yields but was on track for a fourth-straight monthly gain as fears of a global recession and uncertainty on US-China trade relations drove investors to safe havens.

The Australian share market has enjoyed its best day since mid-June, with every sector posting gains as earnings season came to a close.

Harvey Norman has lifted full-year profit by 7.2 per cent to $402.3 million as its overseas ventures offset another weak result for local franchisees.

US oil futures rose 1.7 per cent overnight, lifted by a deep draw on US crude inventories, especially at the benchmark's delivery hub due to increased demand with the start-up of two new West Texas pipelines.