AAP

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.

Oil prices edged higher overnight and Brent hit the highest level this year, but gains were capped after the steepest decline in US retail spending since 2009 heightened investor fears of a global economic slowdown.

Gold prices rose overnight as the US dollar fell on weak economic data from the United States, which bolstered expectations the Federal Reserve would stick to its dovish stance on monetary policy.

The S&P 500 and the Dow have slipped while the Nasdaq has posted a slim gain as investors struggled to square grim retail sales data with hopes that high-level talks in Beijing could resolve the ongoing US-China trade dispute.

The Australian sharemarket has closed flat after being tugged in opposite directions by mixed earnings reports from 16 of the nation's top 200 companies.

South32 has posted an 18 per cent rise in half-year underlying profit as a surge in metallurgical coal output and stronger commodity prices helped boost its bottom line.

The NBN rollout continues eat away at Telstra's balance sheet, with the telco giant cutting its interim payout to shareholders after a 28 per cent dive in first-half profit to $1.2 billion.

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.