AAP

The Australian share market has opened slightly higher, recouping some of the previous day's losses.

Gold retreated from a one-month high hit earlier overnight as stock markets and the US dollar took heart after the United States and China agreed to keep negotiations going to end their prolonged trade conflict.

Oil prices rose more than one per cent overnight after top exporter Saudi Arabia said explosive-laden drones launched by a Yemeni-armed movement had attacked facilities belonging to state oil company Aramco.

BHP Group will retain its Nickel West business, with a potential expansion of the company's WA nickel operations likely to generate a higher return, with higher risk, than the Scarborough LNG development.

The Australian share market has plummeted after renewed concerns about US-Chinese trade tensions led to large losses on Wall Street overnight.

If elected prime minister Bill Shorten will promptly scrap the coalition's "insipid" wage submission and ask the industrial umpire to raise award wages.

The Australian share market has plummeted at the start of trade after renewed concerns about US-Chinese trade tensions led to large losses on Wall Street overnight.

Oil futures fell overnight with Wall Street as the negative turn in the US-Chinese trade talks spooked investors who had sent oil higher in early trade on concerns about reports of sabotage attacks on tankers in the Middle East that could disrupt supplies.

Gold prices climbed and were on track for their best day in nearly three months overnight as investors sought a safe haven from market turmoil triggered by a Chinese announcement that it will retaliate over levies imposed by the US government.

The Australian share market has closed lower, pulled down by the financial sector as two banks went ex-dividend and housing finance approvals came in weaker than expected.

Commonwealth Bank of Australia's provisioning for customer remediation and responding to the royal commission has passed $2 billion after the lender set aside another $714 million in the third quarter.

The Australian share market has opened lower as traders appeared cautious amid renewed concerns about China-US trade relations.

Oil prices were mostly steady on Friday, ending last week slightly lower as trade tensions stoked by a US move to hike tariffs on Chinese goods overshadowed tightened global supplies and expectations of rising US refining demand.

Gold prices rose on Friday and were set to post a weekly rise as the United States raised tariffs on Chinese goods, exacerbating fears of a global economic slowdown, while palladium surged more than 5 per cent on technical buying and short covering.

The Australian share market has finished up slightly in choppy trading as investors kept a wary eye on developments in US-Chinese trade talks.

Bill Shorten says Labor will deliver a "better set of books" than the coalition if elected on May 18.

Brent oil futures settled slightly higher overnight, rebounding from a drop after US President Donald Trump revived investor hopes that the United States might not raise tariffs on Chinese imports, a step that could hit economic growth and crimp oil demand.

Gold prices rose overnight, supported by a weaker US dollar and as investors sought safe-haven assets after US President Donald Trump warned a trade deal with China was in danger, sending global stocks lower.

Australian shares have finished higher despite weakness in the mining sector, as investors watch the US-China trade talks for a chance of a deal.

Qantas has posted a 2.3 per cent rise in third-quarter revenue and forecast record annual revenue, as more business travellers chose to fly with the airline.

Bulk grains handler GrainCorp says it will not pay shareholders an interim dividend after it swung to a $59 million half-year loss following severe drought conditions and trade disruptions.

Oil futures gained one per cent overnight, boosted by a surprise drawdown in US crude stockpiles but an escalating US-Chinese trade fight limited oil's gains as investors worried about the global outlook for energy demand.

Gold prices slipped after climbing to a more than three-week peak overnight as safe haven demand eased after the White House said it had received an indication from China that Beijing wanted to make a trade deal.

Australian shares have closed lower amid renewed concerns about US-China trade tensions, but a feared rout of the market was avoided.

A legal dispute between Australia's richest person Gina Rinehart and two of her children will be heard in private after the High Court ruled in her favour.

TPG Telecom shares have crashed along with those of Vodafone's local joint venture partner after the competition watchdog blocked the communications giants' $15 billion merger.

Oil prices closed at their lowest in about a month overnight as renewed doubts over a US-China trade deal stoked concerns over global growth and on expectations that US crude stockpiles could hit fresh 19-month highs.

Gold prices gained overnight as stock markets weakened after a US threat to hike tariffs on Chinese imports renewed trade tensions and improved demand for safe-haven bullion.

The Australian share market has closed up slightly, having given up some of its gains following the Reserve Bank's decision to keep rates on hold for a record 33rd month.

The Reserve Bank of Australia has resisted temptation to cut the cash rate from its record low 1.5 per cent, but a move could still be on the horizon after it flagged concerns at the pace at which unemployment is falling.

Australia's trade surplus dropped four per cent in March, to a seasonally adjusted $4.95 billion.

Rio Tinto has agreed to buy a fleet of autonomous trucks and other mining equipment from Caterpillar for its new Koodaideri iron ore mine in Western Australia.