AAP

Australia missed a golden chance to hammer home their ascendancy despite hometown hero Travis Head's best efforts at Adelaide Oval, where his side reached 7-191 at stumps on day two of the first Test against India.

The Australian share market has closed higher due to strong gains from supermarket and healthcare stocks, offsetting losses to the commodity-related sectors as investors moved away from volatile shares.

The state government has reluctantly accepted an improved offer from the Commonwealth for remote housing funding.

Shares in IOOF Holdings have lost more than a quarter of their value after the prudential regulator moved to disqualify the beleaguered wealth manager's top brass and impose new licence conditions.

The Australian share market has lifted at the open with the healthcare and financial sectors among the best early performers as the bourse shrugs off a choppy Wall Street session and subdued oil prices.

Gold has risen to near a five-month peak on a weaker dollar and on expectations the pace of US interest rate hikes will slow, with the bullion also getting support from falling equities.

Oil fell about three per cent in choppy overnight trade after OPEC and allied exporting countries ended a meeting without announcing a decision to cut crude output, and prepared to debate the matter the next day.

US stocks have closed slightly lower, but well above their session lows, as the arrest of a Chinese technology executive fanned fears of US-China tensions over trade, while some beaten-up big technology and internet shares posted gains.

The Australian share market closed lower, as nervousness about the US economy and the tentative trade stalemate between China and the US weighed on stocks.

Australia have silenced Virat Kohli and every member of India's star-studded top order bar Cheteshwar Pujara, who fought back fastidiously with an impressive century on day one of the first Test at Adelaide Oval.

Australian shares have slipped at the open, dragged lower by heavyweight mining and banking stocks, after Wall Street took the session off to mark the funeral of former US President George Bush Sr.

Global stocks have fallen, plagued by a flattening yield curve that sparked concerns about an economic slowdown in the United States and weakening expectations of a lasting US-China trade truce, while the US dollar steadied.

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.