AAP

Oil prices sank below recent 2019 highs as US government data overnight showed a sharp build in crude stocks and record production, while concerns about slowing global economic growth weighed on the market.

Gold slipped from a 10-month peak overnight, pressured by signals the US Federal Reserve will not adopt as dovish a stance on monetary policy as previously thought and as investors booked profits, while palladium retreated from a record high.

Australian shares have rebounded from a choppy morning to close higher on the backs of the big banks and discretionary consumer stocks.

Western Australia’s unemployment rate has spiked to a 17-year high, at 6.8 per cent in seasonally adjusted terms, while the national numbers held steady.

Former foreign minister Julie Bishop has declared she is retiring from federal parliament at the next election, about six months after she left the role in the aftermath of a leadership spill.

Santos, Australia's second largest independent gas producer, has reported a more than doubling in full-year underlying profit following the acquisition of Quadrant assets and higher realised prices for its oil and gas.

Wesfarmers is handing more than $1 billion of the cash it raised by demerging Coles and selling other assets back to shareholders in the form of a special dividend.

Qantas will launch a fresh $305 million buyback despite first-half profit falling 16.3 per cent to $498 million on a big jump in fuel costs.

Westpac is facing a class action for allegedly approving home loans to people who had no prospect of paying them back.

Australian shares have opened flat as investors digest a new round of earnings results.

Palladium jumped above the $US1,500 per ounce mark for the first time overnight, propelled by a stark supply deficit, while gold hit a 10-month high on a weaker US dollar as investors awaited cues on US monetary policy.

Crude prices rose more than 1 per cent overnight to their highest level this year on hopes that oil markets will balance later this year, helped by output cuts from top producers as well as US sanctions on OPEC members Iran and Venezuela.

Australian shares have closed in negative territory as gains by miners failed to outweigh losses from the consumer sector.

National property development company Stockland Corporation has reported a decline in half-year funds from operations and warned of weaker full-year results due to a steep decline in the residential property market.

Fortescue Metals Group has reported a 5 per cent dip in half-year profit, but blew past estimates as it won higher prices for its iron ore, pushing its shares to a two-year high.

Woolworths shares have taken a knock after the supermarket giant reported a disappointing first half and flagged subdued consumer spending for the foreseeable future.

Oil prices were mixed overnight as concerns about global crude oil demand and uncertainty over the latest round of US-China trade talks countered investor optimism around tightening supplies.

Palladium scaled a record peak to within striking distance of the $US1,500 level overnight fuelled by a sharp supply deficit, while gold climbed 1 per cent to hit a 10-month high on a weaker US dollar and global growth jitters.

Gains by Australia's big four banks have propped up the Australian sharemarket after a day of generally disappointing earnings results.

Seven West Media says its half-year net profit has fallen by 13.8 per cent as stringent cost-saving measures failed to offset a fall in advertising revenue, with the group flagging further changes including at its WA operations.

Coles' supermarket sales slowed during the run-up to Christmas, while the newly demerged retailer's first-half profit slipped 29 per cent to $381 million as restructuring costs weighed on the balance sheet.

Australian shares have moved higher as investors digest another round of earnings results.

Oil rose for a fifth day overnight, on track for its strongest first quarter in eight years, thanks to a growing belief among investors that OPEC's supply cuts will prevent a build-up in unused fuel, though concern over China's economy tempered gains.

Palladium surged to a record high overnight as a sustained supply deficit boosted the autocatalyst metal, while gold rose to its strongest since April on a lower dollar.

The Australian sharemarket has finished higher amid optimism for a deal on the US-China trade war and a spike in the price of oil.

Australia's number two lender, Westpac, has reported first-quarter unaudited cash earnings of $2.04 billion, with natural disaster insurance claims rising and mortgage delinquencies edging higher.

Woolworths has become the first national supermarket chain to dump its $1/litre milk range, with farmers saying Coles and Aldi must follow if they want Australian dairies to survive.

Australian shares have enjoyed their fourth straight day of gains as the local currency slides further against the US dollar.

Gold jumped to a two-week high on Friday after weak US economic data boosted expectations the US Federal Reserve would hold pat on monetary tightening, while palladium matched an all-time high on a prolonged deficit.

Oil prices rose more than 2 per cent on Friday after an outage at Saudi Arabia's offshore oilfield boosted expectations for tightening supply, while progressing US-China trade talks strengthened demand sentiment.

The Australian sharemarket has treaded water for another day as six more companies reported their earnings.

Australian shares are hovering in positive territory as investors digest another day of earnings results.