AAP

Coles shares have floated on the Australian Securities Exchange at $12.49, with Wesfarmers' price adjusting in early trade without the supermarket giant in its stable.

The Australian share market has dived to near two-year lows amid a global stock sell-off, with energy and mining stocks bleeding red and the banks also suffering in early trade.

Gold prices edged downward as investors flocked to the dollar and US government bonds amid steep declines in global stock markets, denting appeal for non-interest bearing bullion.

US stocks have extended their recent sell-off, with the S&P 500 hitting a three-week low, as energy shares dropped with oil prices and retailers including Target and Kohl's sank after weak earnings and forecasts.

Oil prices have tumbled about seven per cent, with US crude plunging to its lowest level in more than a year, caught in a broader Wall Street sell-off that was fed by rising concerns about slowing global economic growth.

A late rally from banking stocks kept the Australian share market from the doldrums reached in October, but broad-based losses still dragged the indices lower with local tech stocks following the fortunes of US counterparts.

Healthcare stocks are in the sick bay and the energy sector is also sapping the Australian market at the open, while local tech stocks have followed the fortunes of their US counterparts and plummeted in early trade.

The Nasdaq has slumped nearly 3 per cent and the Dow and S&P fell more than 1 per cent as investors pulled out of Apple and internet shares, while conflicting signals over the US-China trade dispute added to caution.

Gold inched up as the dollar fell, but the metal stayed in a tight range as investors held off on big moves ahead of the US Thanksgiving holiday on Thursday.

Brent crude futures fell in choppy trade, under pressure from growing supply but supported by a reported drawdown of US oil inventories, potential European Union sanctions on Iran and possible OPEC production cuts.

The war of words between Myer and Solomon Lew has escalated after the troubled retailer's shares went into freefall following its forced admission of another drop in sales. 

The Australian share market has closed lower, weighed down by APEC trade tensions and a financial sector hit by more banking woes and the loss of a significant contract for Medibank Private.

China's commerce ministry says it has launched an anti-dumping investigation into imports of barley from Australia, its top supplier of the grain, amid strained diplomatic ties between Beijing and Canberra.

Fairfax Media has less than three weeks left as an independent entity after its shareholders voted overwhelmingly in favour of the 175'-year-old company's merger with Nine Entertainment.

Australian shares slipped at noon, with energy and banking stocks continuing to weigh heavily amid post-APEC trade tensions.

Oil ended the week slightly firmer after volatile trading, supported by expectations that the Organisation of the Petroleum Exporting Countries would agree to cut output next month, though prices fell for the sixth straight week amid global oversupply concerns.

The S&P 500 and Dow Industrials are higher after President Donald Trump said the United States may not have to impose further tariffs on Chinese goods, but falling shares of Nvidia Corp dragged down the Nasdaq.

Gold rose as much as a percentage point as the dollar fell after US Federal Reserve officials made cautions comments on the outlook for interest rate hikes, while palladium hit a record high driven by worries about short supplies.

The Australian share market has closed marginally lower, with heavyweight healthcare and financial stocks unable to hold on to gains, and ended the week solidly in the red.

A labour hire business owner who fraudulently obtained more than $890,000 through illegal "phoenixing" has been jailed for five years and four months in Western Australia.

The Australian share market has lifted at the open with gains for energy and mining stocks, while the local healthcare sector was also firmly in the black.

il futures have risen, steadying after the week's steep losses as fuel stockpile declines in the United States helped offset concerns about a potentially oversupplied market next year.

Gold hit a near one-week peak as investors sought cover from market turmoil after Britain's long-awaited draft agreement to leave the European Union was thrown into chaos, helping the metal hold its ground against a rising dollar.

A rally in the final hour of trade wiped out heavy afternoon losses on the Australian share market as the ASX narrowly avoided a third straight session in the red.

Western Australia’s jobless rate has fallen to 5.7 per cent in October, while the national figure remains at a six-year low.

Australian shares have eked out modest gains at the open despite an overnight sell-off on Wall Street, with healthcare and mining stocks lifting in early trade, though the banks were weighing on the bourse.

Oil has bounced nearly two per cent, recouping some of the previous session's heavy sell-off, on the growing prospect that the Organisation of the Petroleum Exporting Countries and allied producers would cut output at a meeting next month to prop up the market.

Wall Street stocks have declined, with the S&P 500 notching a fifth straight day of losses as financial stocks were hit by fears that regulations on the banking industry would tighten once the Democratic Party takes control of the US House of Representatives.

Gold rose one per cent overnight, helped by a slight retreat in the dollar following a rally and as some investors covered their short positions after the metal held the key $US1,200 level.

The Australian share market has lost more than one and a half per cent for the second consecutive day with commodity-related stocks suffering heavy losses on plunging oil prices.

The state government has confirmed it will use an estimated $1.7 billion GST windfall to pay down its debts, after the legislation cleared federal parliament today.

Energy stocks are sapping the Australian share market in early trade, with the bourse slipping on plunging oil prices and choppy overnight results on Wall Street.