AAP

The Australian share market lost more than one per cent, with financial stocks weighing heavily as renewed fears about a global growth slowdown gripped investors pessimistic about dour economic data from China.

Australia's openers made a mockery of pre-match expectations before India's four-pronged pace attack fought back to reduce the hosts to 3-145 at tea on day one of the second Test in Perth.

Wesfarmers has appointed mergers and acquisitions expert Mike Roche to its board as it seeks out fresh opportunities, after offloading Coles and exiting the UK hardware market.

Commonwealth Bank has signed up to Apple Pay, ending ANZ's long run as the only big four bank in Australia to offer the service.

Australian shares are down at the open, with the heavyweight financial sector dragging and supermarkets Coles and Woolworths also losing ground.

Oil prices climbed one per cent overnight after data showed inventory declines in the United States and as investors began to expect that the global oil market could have a deficit sooner than they had previously thought.

Gold eased to its lowest level in nearly one week overnight as the dollar rose and investors latched on to gains in global stocks, while palladium touched record highs on expectations of higher demand for the auto-catalyst metal.

Banking and mining stocks have lifted the Australian share market higher, but gains were limited by a slump from the telco sector after the competition watchdog raised concerns over TPG's planned merger with Vodafone Australia.

Investors have shunned Vodafone Australia and TPG Telecom after the competition watchdog raised concerns that their merger into a $15 billion telco giant could mean higher mobile prices for consumers.

The Australian share market has opened higher but telco stocks are keeping the gains in check after the competition watchdog raised concerns over TPG Telecom's planned merger with Vodafone Australia.

Gold prices edged higher as the dollar slipped overnight and expectations for the number of US interest rate hikes next year dimmed, increasing the appeal of non-interest yielding bullion.

Oil prices have risen, bolstered by export cuts from Libya and planned OPEC-led production cuts, pulling back briefly after the United States reported a smaller-than-expected crude inventory drawdown.

US stocks have closed up, though well below their session highs as investors pulled back in the last few minutes of trading despite optimism about US-China trade relations and some reassuring signs in British politics.

The Australian share market has closed higher, buoyed by a surge in banking and energy stocks as trade tensions ease and investors cash in on cheaper shares.

The consumer watchdog has launched a new public inquiry into the conditions under which rival telcos use Telstra's existing copper network.

Westpac shareholders have handed the bank a first strike on executive pay in protest over bonus cuts they say did not go far enough.

Australian shares have edged higher despite volatile overnight trade, with energy, resources and healthcare stocks posting solid early gains.

Gold is holding steady near a five-month peak as expectations for fewer interest rate hikes by the US Federal Reserve next year supported the non-yielding precious metal.

The S&P 500 and the Dow have closed marginally lower after volatile trading as investors swivelled their focus between China-US trade talks, President Donald Trump's threat to shut down the US government and political uncertainty in Britain.

Oil futures pared most of their gains overnight as stock markets turned negative on worries about a possible US government shutdown.

Mining and health care stocks lifted the Australian share market higher, but the gains did little to recover the significant losses inflicted during Monday's trading.

QBE Insurance has announced a three-year operational efficiency program targeting savings of S130 million in 2021, with the company also flagging better profits in 2019.

Australian shares have extended early gains with the banks and healthcare stocks leading the way as Brexit chaos rages in the UK.

Gold edged lower as the US dollar firmed against the pound on doubts about Britain's departure from the European Union, but falling equities and prospects of a slower pace of US interest rate hikes in 2019 kept bullion near a five-month peak.

Oil prices have fallen nearly two per cent, echoing the weakness in global stock markets as the focus returned to demand growth concerns and crude prices erased some of the gains made last week on an OPEC-led decision to cut output.

The Australian share market slumped to a two-year low, weighed down by the major banks as hopes for a trade resolution between the US and China continue to dissipate.

India have recorded their first Test win in Australia since 2008, with a tense 31-run victory at Adelaide Oval putting the tourists in the box seat to taste unprecedented success against Tim Paine's shattered team.

IOOF Holdings' managing director and chairman have stepped aside following moves by the prudential regulator to disqualify the beleaguered wealth manager's top brass.

Australian shares have slumped at the start of the new trading week, with declines widespread as local markets follow Wall Street lower amid fresh uncertainty over US-China trade.

Wall Street has tumbled in a broad sell-off led by declines in big internet and technology shares, and the benchmark S&P 500 index posted its biggest weekly percentage drop since March as concerns over US-China trade tensions and interest rates convulsed Wall Street.

Oil prices ended the week more than two per cent higher after OPEC members and allies like Russia agreed to reduce output to drain global fuel inventories and support the market, but the gains were

Gold hit a five-month peak as the dollar slid following weaker-than-expected US jobs data, which added to expectations that the US Federal Reserve may go slow on interest rate hikes next year.