AAP

Scott Morrison says Australia must counter the "noisy voices" that want to shut down its mining industry.

AMP's full-year profit has plummeted 97 per cent to a worse-than-expected $28 million after the beleaguered wealth manager set aside millions in customer remediation and reported weakness in its superannuation business.

Australian shares have edged higher at the start of trade as investors digest a flurry of earnings results.

Gold prices rose to hit a peak in more than a week overnight on signs that the US Federal Reserve will likely be patient on further interest rate rises, but rallying global equities kept the metal's gains in check.

Oil prices rose 2 per cent overnight after top exporter Saudi Arabia said it would cut crude exports and deliver an even deeper cut to its production but swelling US crude inventories led the market to pare gains.

Falls by market giants CSL and Commonwealth Bank have caused the Australian sharemarket to finish in modestly negative territory.

More casual workers will be able to request a shift to permanent employment under legislation introduced to parliament.

Virgin Australia has delivered a $54.8 million profit in what the airline called its best first-half result since 2008, though market uncertainty has prevented it from providing any full-year outlook.

Australian shares are hovering in positive territory as big falls from market giants CSL and Commonwealth Bank are offset by gains elsewhere.

Oil prices were up more than 2 per cent overnight on steep OPEC production cuts, with its de-facto leader Saudi Arabia planning to drop March crude output by more than a half a million barrels per day below its initial pledge.

Gold prices edged higher overnight, buoyed by a slight retreat in the US dollar amid optimism about a potential resolution of the US-China trade conflict.

Wall Street has rallied as investors were heartened by a tentative congressional spending deal to avoid another partial federal government shutdown and by optimism surrounding US-China trade negotiations.

Australian shares have closed modestly higher after a day of choppy trading marked by mixed local economic data.

Rebel Sport owner Super Retail Group is set to repay six years' worth of unpaid overtime and allowances to retail managers in an expected $43 million pre-tax hit to first-half earnings.

Macquarie Group expects annual profit to soar 15 per cent to nearly $3 billion for what should be a fourth straight record result.

Australian shares have opened flat after a mixed lead from overseas.

Oil prices edged lower overnight as worries surrounding the resumption of US-China trade talks overshadowed support from OPEC-led supply restraint.

Gold prices fell overnight as investors preferred the safety of the US dollar in the face of mounting concerns that the US-China trade dispute could slow global growth.

Wall Street has see-sawed, rarely straying far from opening levels as investors eyed ongoing US-China trade talks, potential congressional gridlock and a diminished 2019 earnings outlook.

The Australian sharemarket has closed modestly in the red as gains from miners couldn't outweigh losses from the financial sector.

Bendigo and Adelaide Bank shares have taken a dive after a 2.4 per cent dip in first-half profit, despite the lender hoping to benefit from the big four's public relations disaster at the royal commission.

JB Hi-Fi has lifted first-half profit 5.5 per cent to $160.1 million despite volatile holiday trading for the electronics and home entertainment retailer.

Australian stocks have slipped into negative territory as a strong performance by the big miners was unable to make up for losses in shares of the major banks.

The benchmark S&P 500 index and the Nasdaq edged upward to snap a two-day losing streak on Friday as positive corporate results offset lingering scepticism over the United States and China reaching a trade deal before the March 1 deadline.

Oil futures edged higher on Friday but ended the week with a loss on renewed concerns about slowing global demand and after the US dollar posted its best week in six months.

Gold rose on Friday as a gloomy global economic outlook dented risk appetite, but a firm US dollar stemmed bullion's advance and kept the metal on track for its first weekly decline in three.

Australian shares have finished the week on a down note, with energy and mining sectors dragging the local bourse.

The Reserve Bank of Australia has revised down its economic forecasts as expected, but the Australian dollar has plunged again after the central bank surprised the market with the scale of its revisions.

Australian shares have opened lower, with mining and energy stocks dragging the index down after a negative lead from Wall Street overnight.

Oil fell more than 2 per cent overnight as the market confronted concerns that global demand growth would lag in the coming year.

Gold prices rose overnight on concerns that the US-China trade war may stretch beyond a March 1 deal deadline and the potential effect it could have on global growth, although gains were capped by a strengthening US dollar.

Wall Street stocks have sunk as worries that the United States and China would not be able to reach a trade deal increased concerns about slowing global economic growth.