AAP

Australian shares have closed in negative territory for a second day after a drop in the price of iron ore put pressure on mining shares.

The prime minister has defended the timing of his government's migration intake announcement, despite it occurring days after the Christchurch terrorist attacks.

AMP has scrapped short-term cash bonuses and cut directors' fees in an effort to avoid a second shareholder strike on remuneration and possible board spill at May's annual general meeting.

Australian shares remain in negative territory despite clawing back some ground lost in the morning on jitters about international trade.

Oil prices were largely steady around four-month highs overnight on expectations that OPEC would continue production cuts till the end of the year, and ahead of weekly US data that was forecast to show a build in crude stocks.

Palladium surged past $US1,600 for the first time overnight, in a seven-session rally, on expectations that strained supplies of the autocatalyst metal could worsen, while platinum soared 3 per cent.

Australian shares have closed marginally down after a spike in the price of iron ore that boosted mining companies couldn't make up for losses elsewhere.

A Brazilian court has ordered Vale SA, the world's largest iron ore miner, to suspend operations at two more dams, demanding that it prove the structures are stable.

TPG Telecom's first-half profit has slumped 76.5 per cent to $46.9 million after its decision to halt the rollout of its planned mobile network resulted in a $227.4 million impairment.

Westpac is selling its personal financial advice business as Australia's second-biggest bank exits the scandal-hit sector, and the bank's consumer boss George Frazis is set to leave.

Australian shares are up marginally as a spike in the price of iron ore boosted mining companies, offsetting losses by tech and health care companies.

Oil prices rose to around four-month highs overnight, aided by the prospect of prolonged OPEC-led oil supply curbs and signs of inventory declines in US crude stockpiles.

Palladium touched an all-time high overnight, continuing a strong run this year on a supply shortfall of the autocatalyst material, while gold held above the key $US1,300-per-ounce level on expectations the US Federal Reserve will hold rates steady this week.

Banks and tech helped lead Wall Street higher on Monday, while Boeing and Facebook were a drag and investors eyed this week's US Federal Reserve meeting for affirmation of its commitment to "patient" monetary policy.

The Australian stockmarket has started the week higher, buoyed by iron ore producers as the price of the resource spiked.

IOOF Holdings faces a class action over the beleaguered wealth manager's alleged failure to tell shareholders about APRA's concern over possible breaches of superannuation laws.

Australian shares have opened higher led by the tech sector.

US crude futures briefly hit a 2019 high on Friday but retreated along with benchmark Brent oil as worries about the global economy and robust US production put a brake on prices.

Palladium set a fresh record high on Friday amid expectations that China's economic stimulus would drive demand for the autocatalyst metal, while news that Russia may ban exports of precious metal scraps compounded worries of a supply deficit.

Australian shares have closed the week marginally lower after a seesaw day.

Oil prices were mixed overnight, lifted by solid demand and output cuts led by the Organisation of the Petroleum Exporting Countries though gains were capped by an ongoing surge in US supply.

Gold fell more than one per cent overnight, slipping below $US1,300 for a second time this month, as fears of a "no-deal" Brexit faded and the US dollar gained versus the pound ahead of a vote to extend the deadline for Britain's exit from the European Union.

The S&P 500 has slipped, snapping a three-day streak of gains, as uncertainty over when a trade deal between the United States and China would be reached left investors on edge.

The ASX200 has closed higher for the first time in five days, driven by the energy and tech sectors.

Commonwealth Bank of Australia is suspending the demerger of its mortgage broking and wealth management businesses to focus on customer remediation and implementing the recommendations of the royal commission.

The consumer watchdog is calling for an overhaul of Australia's product safety laws to help reduce the two deaths and 145 injuries it says are caused each day by unsafe products.

The head of the Australian Taxation Office has declared "integrity is everything" after the organisation was cleared of allegations it had executed a widespread cash grab on small businesses.

Gains in the energy and mining sectors have failed to make up for losses in consumer discretionary shares on the ASX.

Oil futures rallied more than 1 per cent overnight as an unexpected drop in US crude inventory and a forecast of slower than expected supply growth from the world's top crude producer boosted prices.

Gold hit nearly a two-week high overnight as tepid US economic data reinforced views the US Federal Reserve would be patient on monetary policy, with bullion's appeal also bolstered by uncertainty over a Brexit deal ahead of a key vote.

The Australian sharemarket has closed lower for a fourth straight day, after a vote in the British House of Commons cast the Brexit process into disarray.

Chinese telecommunications giant Huawei will continue to work on a digital radio system for Perth's rail network after the Western Australian government was assured the company could deliver the contract.