AAP

Gold has slipped on expectations of more interest rate hikes following remarks from a US Federal Reserve official and as some investors booked profits after prices hit their highest in more than five weeks.

Oil prices dipped overnight ahead of a meeting of the world's biggest exporters, who will discuss cutting output to help shore up prices and curb excess supply.

The Australian share market has finished the day almost one per cent lower, in a broad-based sell-off sparked by worries there won't be a US-China trade truce.

Australian shares have plunged at the open after a dismal overnight session on Wall Street, where trade anxieties flared and fears of a growth slowdown mounted.

Wall Street has tumbled more than 3 per cent, led lower by bank and industrial shares, as the US bond market sent unsettling signs about economic growth and investors worried anew about global trade.

Oil prices pared gains in a volatile trade overnight as fears flared that demand would stall due to a trade war between the US and China, and that Russia remained a stumbling block to a deal to cut global crude supply.

The Australian share market suffered near-across the board losses as the positive sentiment from the trade truce brokered at the G20 summit dissipates.

The Reserve Bank has kept the official cash rate at a record low and reiterated its economic growth forecasts, but is keeping a close eye on the stumbling east coast housing markets.

Seven West Media has hired The Daily Telegraph deputy editor Anthony De Ceglie to head up its Western Australian newspaper division.

Australian shares have edged lower at the open, with the heavyweight mining and financial sectors dragging and energy stocks also in the doldrums.

Oil prices jumped nearly four per cent after the United States and China agreed to a 90-day truce in a trade dispute and Canada's Alberta province ordered a production cut, while exporter group OPEC looked set to reduce supply.

Gold gained one per cent overnight, hitting its highest in more than three weeks, boosted by a sell-off in the dollar after the United States and China called a truce on fresh trade tariffs for 90 days.

The Australian share market surged higher following a 90-day truce on tariffs between the US and China, with energy and mining stocks recording significant gains.

Laura Ashley has been placed in administration for a second time, falling victim to the same forces that have claimed a raft of Australian retailers.

GrainCorp shares surged by more than a third after the drought-hit grain handler received an all-cash $2.38 billion takeover bid from little-known asset manager Long-Term Asset Partners.

Australian shares have surged at the start of the new trading week, with energy and materials stocks up by more than two per cent in the wake of a 90-day truce on tariffs between China and the US.

Wall Street has risen as investors hope for progress on trade in a critical US-China meeting over the weekend, and the S&P 500 and the Nasdaq posted their biggest weekly percentage gains in nearly seven years.

Oil prices edged lower due to concerns of oversupply and a strong dollar but losses were limited by expectations that the Organisation of the Petroleum Exporting Countries and Russia would agree some form of production cut next week.

Gold fell as the dollar strengthened ahead of trade talks between the US and Chinese leaders at the G20 summit, while palladium prices crossed the $US1,200 per ounce mark for the first time.

The Australian share market suffered significant losses across the board, with consumer and banking stocks weighing the heaviest as world leaders descend on Argentina for critical trade discussions at the G20 summit.

The Australian share market has opened lower with Coles and Coca-Cola Amatil dragging consumer staples into the red, and the heavyweight mining and financial sectors also under water.

Oil reversed course and rose as much as three per cent overnight after industry sources said Russia had accepted the need to cut production, together with OPEC ahead of its meeting next week.

Gold held steady but pared some gains as the dollar recovered and minutes from the US Federal Reserve's recent meeting showed an interest rate hike was imminent in December.

The Australian share market burst out of the gates after a strong lead from Wall Street and held onto most of its gains by the close, buoyed by the banking sector and mining stocks on higher commodity prices.

The Australian share market has opened strongly with broad-based gains following Wall Street's eye-opening performance overnight.

Oil fell below $US60 per barrel overnight after US crude inventories rose for the 10th straight week amid concerns about excess global supply.

Gold prices have risen by as much as one per cent from two-week lows as the US dollar tumbled after Federal Reserve Chairman Jerome Powell indicated that interest rates were near normal, soothing investor worries over the pace of rate hikes.

The Australian share market has closed slightly lower, dragged down by losses to the major miners after mixed commodity prices overnight.

Rio Tinto has appointed former CSIRO chairman and 2011 Australian of the Year Simon McKeon as an independent non-executive director.

The big miners are weighing on the Australian share market at the open, though energy and health care stocks eked out early gains to curb the losses.

Oil prices fell more than one per cent overnight, in conjunction with sagging stock markets after US President Donald Trump threatened more tariffs on Chinese imports ahead of the coming G20 summit.

The S&P 500 and the Dow Jones Industrial Average have edged higher after White House economic adviser Larry Kudlow said an upcoming meeting between US President Donald Trump and his Chinese counterpart is an opportunity to "turn the page" on a trade war.