AAP

The Australian share market has bolted out of the chute, climbing higher at the open with broad-based gains.

Gold inched lower as investors took some profits following a recent rally, but the metal traded within a narrow range as caution set in ahead of the US congressional elections.

Oil prices were mixed after a steep five-day fall, as the United States formally imposed punitive sanctions on Iran but granted eight countries temporary waivers allowing them to keep buying oil from the Islamic Republic.

The S&P 500 has risen with boosts from financial, energy and defensive sectors as investors showed some caution on the eve of US congressional elections.

A runaway train loaded with iron ore travelled with no-one on board for 92 kilometres in Western Australia's Pilbara region before it was deliberately derailed.

The Australian share market has closed lower following a weak lead from Wall Street with energy and healthcare stocks remaining in the red.

Westpac has reported a flat full-year profit of $8.07 billion after customer compensation and legal costs contributed to a weak second half at its consumer and wealth divisions.

Backpackers and other visitors on working holidays will be able to stay in Australia longer under a federal government plan to help farmers fill job shortages.

There was little lead from Wall Street as Australian shares dipped at the start of a new trading week, with energy, healthcare, and telco stocks sapping the local bourse in early trade.

Concerns that a trade deal between the United States and China may not be imminent have reined in a rally in world equity markets and reversed gains on Wall Street.

Oil prices have fallen about one per cent and notched a weekly loss of over six per cent, as investors worried about oversupply after the United States said it will temporarily spare eight jurisdictions from Iran-related sanctions.

Gold has slipped as the US dollar regained some ground on the back of strong American jobs data, putting the metal on track for its first weekly loss in five weeks.

The federal government expects to raise $6 billion over the next decade from changes to the taxation of Australia's big oil and gas producers.

A late rally from mining and health care stocks has lifted the Australian share market into the black despite energy shares and the big four banks dragging on the index.

Macquarie Group has lifted first-half profit 5.0 per cent to $1.31 billion, helped by increased mortgage lending and its involvement in the NSW government's part privatisation of WestConnex.

Australian shares have fallen at the open despite overnight gains on Wall Street, with energy stocks slipping on falling oil prices, and the financial sector also dragging on the bourse.

US stocks have risen for a third straight session as President Donald Trump said trade talks with China were "moving along nicely," reviving hopes that the two countries can resolve their trade dispute.

Gold rose nearly 2.0 per cent overnight, bouncing off a three-week low touched in the previous session as the dollar fell sharply from recent highs, making the metal cheaper for holders of other currencies.

Oil has fallen nearly 3.0 per cent, with US crude futures hitting lows not seen since April, due to growing concerns that global demand is weakening at a time when output from the world's major oil producers is surging.

On the first day of November the Australian share market drew inspiration from the spring carnival - it jumped, fell behind but sensed the winning post and surged clear to close higher, lifted by banking and mining stocks.

NAB's full-year profit has dropped 14.2 per cent to $5.7 billion after the lender booked more than $1.1 billion in restructuring costs and customer remediation.

BHP shares have jumped more than 4 per cent after the mining giant said it would return $US10.4 billion ($A14.7 billion) to shareholders in the form of an off-market buyback and special dividend.

Australian shares are ahead at the open following overnight gains on Wall Street and a five per cent surge in BHP after the mining giant announced it would return $14.7 billion to shareholders.

Oil prices have fallen and posted the worst monthly performance since mid-2016 on evidence of rising global crude supply, but losses were limited by signs of strong US demand for fuel.

Gold has fallen to a near three-week low as the US dollar scaled a 16-month peak and a stock market rebound stirred renewed appetite for riskier

A late surge from heavyweight banking, mining and energy stocks has pulled the Australian share market higher on a choppy trading day.

Perth’s annual inflation rate has hit its highest mark in nearly three years, driven by rising electricity prices in the September quarter, according to the latest data from the Australian Bureau of Statistics.

ANZ has announced its full-year cash profit has dropped 5 per cent to $6.5 billion, as the bank simplifies operations and prepares for customer remediation in the wake of the royal commission.

Commonwealth Bank will sell its asset management arm to Mitsubishi UFJ Financial Group for $2.9 billion in a surprise sale, the latest business to be sold by an Australian financial giant amid unprecedented regulatory scrutiny.

Financial and energy stocks got a jump at the open, but miners and healthcare shares were holding the Australian market back during choppy early trade.

Oil prices have dropped more than one per cent on signs of rising supply and concern that global economic growth and demand for fuel will fall victim to the US-China trade war.

Gold prices have fallen as concerns about a further escalation of the US-China trade war boosted the US dollar, eroding bullion's appeal as it tested a key technical support.