AAP

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.

Oil's price slide has accelerated, with US futures suffering their steepest one-day loss in more than three years due to ongoing worries about weakening global demand and oversupply.

Gold shook off earlier losses to move back above the key $US1,200-per-ounce level, benefiting from a slight retreat in the dollar after a rally driven by the US interest rate outlook and Brexit talks.

Broad-based losses to the local indices dragged the Australian share market down following a sell-off on Wall Street overnight and weakening oil prices.

Broad-based losses to the local indices dragged the Australian share market down following a sell-off on Wall Street overnight and weakening oil prices.

Explosives manufacturer Incitec Pivot has reported a 34.8 per cent fall in profit for the year to September, including a $7 million hit from lost business in Western Australia.

The Australian share market has nosedived at the open, hot on the heels of a major overnight sell-off on Wall Street.

US crude prices turned negative as President Donald Trump said he hoped there would be no oil output reductions, after Saudi Arabia said OPEC was considering cutting supply next year, citing softening demand.

Gold slid to its lowest level in a month overnight as the dollar rose to 16-month highs, boosted by the US Federal Reserve's hawkish interest rate policy and political uncertainty in Europe.

Wall Street's major indexes declined, with the S&P 500 weighed by technology and financial stocks as shares of Apple and Goldman Sachs came under pressure.

After a soft start the Australian share market has finished in the black with the index bolstered by the financial sector.

Healthscope has opened its books to Brookfield Capital Partners after the private equity firm made a $4.5 billion play for the private hospital operator, trumping a rival offer already on the table.

Heavyweight banking and mining shares dragged on the market during early trade, with Australian shares opening the new week lower in the wake of a Wall Street sell-off and concerns over a Chinese economic slowdown.

Oil prices have fallen nearly a percentage point as global supply increased and investors worried demand growth could slow, pressuring US crude to its longest stretch of daily declines since 1984.

Gold has fallen by more than a percentage point to a one-month low as the US dollar strengthened after the Federal Reserve reaffirmed its monetary tightening stance, seen as a negative for non-yielding bullion.

A late rally from banking and health care stocks limited losses to the local indices but falling oil prices ensured the energy sector would drag the Australian share market lower at the close.

Westpac has been fined $3.3 million for unconscionable conduct in the way its traders handled a key rate for several years.

Lendlease's chief executive says he is embarrassed by the problems that have forced the construction company to take a $350 million post-tax impairment in its first-half results.

Local banking and health care stocks have jumped at the open, but meaningful early gains for the Australian market have been wiped out by the materials and energy sectors.

The S&P 500 and Nasdaq closed slightly lower after a US Federal Reserve statement, and energy stocks were the biggest drag on the S&P as US crude oil prices fell.

Gold has eased to a one-week low on a stronger dollar, after the Federal Reserve held interest rates steady and was seen on track for further rate hikes.

Oil prices fell nearly 2.0 per cent overnight as investors focused on swelling global crude supply, which is increasing more quickly than many had expected.

Banking and health care stocks lifted the Australian share market higher, while the energy sector also pushed ahead despite weak oil prices.

Australia's banking regulator wants to further lift banks' capital requirements in order to strengthen the financial system's ability to cope with shocks.

The competition watchdog will allow Fairfax Media's $4 billion merger with Nine Entertainment to go ahead after deciding the move would not diminish competition in Australian news and media.

The Australian share market has extended early gains, lifted by health care, supermarkets, infotech and energy stocks.

Oil prices have slipped, continuing a recent slide after surging US crude output hit another record and domestic inventories rose more than expected.