AAP

Gold fell overnight as the US dollar rose and stock markets gained confidence with the latest positive development in the US-China trade deal but concerns over decelerating global economy kept prices hemmed near a multi-year peak.

The Australian share market has finished flat as traders wait for the other shoe to drop on the US-China trade war.

A Chinese company suspected of illegally clearing land at a pastoral station in Western Australia's north has had its appeal against a stop-work order dismissed, but has been encouraged to apply for a permit retrospectively.

Lynas Corporation has posted a 50 per cent jump in full-year profit amid record production of major rare earth elements but the company says most of its growth will be outside China.

Wellard's full-year loss has widened by 33 per cent to $48.4 million after the cattle exporter was hit by Turkey's halt on live feeder imports and large impairments.

Woolworths has raised full-year profit by 7.2 per cent to $1.75 billion after a robust second-half performance by its Australian supermarkets offset softness at Big W and the liquor division.

Oil prices rose nearly 2.0 per cent overnight after a larger-than-expected decline in US crude stockpiles helped ease worries about weakening oil demand caused by the US-Chinese trade conflict.

Gold eased overnight as the US dollar strengthened and as investors locked in profit following a more than 1.0 per cent jump in the last session but uncertainty over the US-China trade dispute and the global economy kept safe-haven bullion near a multi-year peak.

The Australian share market has climbed modestly for a second day, buoyed by the tech sector, while the Aussie dollar has hit a 10-year low against its US counterpart.

Suspended Perth Lord Mayor Lisa Scaffidi has told an inquiry it was a coincidence a city chief executive was axed after she learned he had referred her to the Corruption and Crime Commission.

Macquarie Group will embark on a $1 billion capital-raising program as it seeks to shore up investments and meet new APRA credit risk requirements.

Virgin Australia says it will cut 750 corporate and head office positions as part of a restructure after posting a "disappointing" full-year loss of $349.1 million.

Oil prices rose in volatile trade overnight supported by expectations of a drawdown in US crude inventories, though gains were capped by worries about a recession and uncertainty over a China-US trade deal.

Gold rose more than 1.0 per cent overnight as fears of a possible recession gripped investors following disappointing US economic data and the ongoing US-China trade dispute while silver breached $US18 for the first time in nearly two years.

The tech sector has led the Australian share market higher after Donald Trump said trade talks with China would resume and he was hopeful for a deal.

Premier Mark McGowan said he was very disappointed with outcome of the Labor state conference, and on the same day has flagged a removal of an allowance perk for MPs.

Wesfarmers has more than quadrupled its full-year profit to a record $5.51 billion, on the back of post-tax gains of $3.17 billion on the demerger of Coles and other divestments during the year.

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

Oil prices fell 1.0 per cent overnight on the outlook for increased supply of Iranian crude after France's president lifted hopes for a deal between the US and Iranian governments but losses were limited by optimism surrounding a US-China trade deal.

Gold surged to a more than six-year peak overnight, surpassing $US1,550 in early trade as investors sought safety from a host of uncertainties including heightened US-China trade tensions and a fragile global economy.

The Australian share market has fallen sharply again as traders worry US-China trade tensions could worsen further, but gold miners were broadly up as the gold price surged again.

Woodside Petroleum and Mitsui & Co have started producing oil from the $US1.9 billion Greater Enfield project off Western Australia.

The Australian share market has opened sharply lower amid a new flare-up of US-Chinese trade tensions.

Oil prices fell on Friday after the Chinese government unveiled retaliatory tariffs against about $US75 billion worth of US goods including crude oil, another escalation of a protracted trade dispute between the world's two largest economies.

Gold surged 2.0 per cent on Friday as investors interpreted US Federal Reserve Chair Jerome Powell's speech as leaning toward a dovish monetary policy stance and US President Donald Trump's latest comments exacerbated trade tensions with China.

The Australian share market has surprised with a modest move higher despite a negative lead from Wall Street.

Australian energy giant Woodside Petroleum could be exporting liquefied natural gas to Vietnam as early as 2021.

Commonwealth Bank of Australia has renegotiated the sale of its CommInsure life insurance business to Hong Kong-based AIA for a reduced $2.375 billion.

The Australian share market is expected to open lower after a negative lead from overseas.

Oil prices weakened overnight on worries about the global economy and as equity markets were on edge over the uncertain outlook for US interest rate cuts.

Gold inched lower overnight after comments from US Federal Reserve officials dampened hopes for additional monetary easing, although investors awaited further clarity from the central bank chief at the Jackson Hole symposium.

The Australian share market has closed modestly up as investors digested a flurry of company results.