AAP

National Australia Bank has cut executive bonuses as it continues its attempt to regain consumer trust amid the fallout of the Financial Services Royal Commission.

Australian shares have opened higher, mirroring an overnight recovery on Wall Street after the heavyweight mining sector was helped by improved copper and iron ore prices.

Wall Street has rebounded in a broad-based rally as investors brushed aside intensifying trade rhetoric between the United States and China.

Oil futures rose more than one per cent on signs that OPEC would not be prepared to raise output to address shrinking supplies from Iran, and as Saudi Arabia signaled an informal target near current levels.

Gold prices turned negative as the US dollar strengthened following news that China would retaliate against a new round of tariffs on its goods.

The Australian share market is on course for its second worst month of 2018 after the Trump administration announced additional trade tariffs on China.

A $100,000 reward is being offered by the state government for information that leads to the conviction of anyone involved in contaminating strawberries with sewing needles in Western Australia.

Kathmandu is rewarding staff after the outdoor equipment retailer's full-year profit surged almost a third to $NZ50.5 million ($46.3 million) thanks to a big jump in Australian sales.

TPG Telecom has reported a 4.6 per cent drop in full-year profit to $396.9 million after the NBN hit broadband margins and home phone revenue.

Australian shares have opened lower after US President Donald Trump announced the imposition of additional trade tariffs on China.

US stocks have fallen, led by declines in technology and consumer discretionary stocks as investors looked to President Donald Trump's announcement regarding tariffs on $US200 billion of Chinese imports.

Oil prices were little changed as the market weighed deepening trade tension between the US and China that is expected to dent global crude demand and potential supply tightening due to Iran sanctions.

A softer dollar and short-covering has lifted gold after two sessions of declines, but investors braced for more US-China trade tensions, with some buying bullion as a safe haven.

Australian shares have closed higher, lifted by the banks despite heavy losses to aged care stocks in reaction to the pending royal commission.

Strawberry tampering did not happen in Western Australia despite the discovery of sewing needles secreted inside a punnet grown in the state and exported to South Australia, according to Health Minister Roger Cook.

Widespread frost has dented hopes that wheat growing areas in Australia's west could provide a much needed boost to output, further tightening supplies amid the prolonged east coast drought.

Australian shares are down at the open amid lingering uncertainty over US-China trade relations, while shares in the under-fire aged care sector are dragging on the market after the announcement of a royal commission.

National Australia Bank has tasked former NSW Premier Mike Baird with leading its retail unit after consumer boss Andrew Hagger decided to leave the bank following his mauling at the financial services royal commission.

Gold turned negative as the US dollar rose against the Chinese yuan after US President Donald Trump reportedly told aides to proceed with tariffs on Chinese imports.

Oil prices pulled back on concerns additional US tariffs would be placed on Chinese imports, after an earlier rally triggered by worries that more sanctions on Iran might constrict supply.

US stocks have ended little changed as financials rose with bond yields, while news that President Donald Trump instructed aides to proceed with tariffs on about $US200 billion of Chinese products limited gains.

Australian shares have finished higher on Friday, buoyed by improving global sentiment around trade, solid Chinese economic data and a bout of local buying by bargain hunters.

The corporate regulator has commenced civil penalty proceedings against ANZ Banking Group over allegations the bank breached its continuous disclosure obligations during a 2015 capital raising.

This season's Western Australian grain output will be 800,000 tonnes higher than previously expected, at 16.3 million tonnes, according to the Grain Industry Association of Western Australia, at a time when Asia is facing a potential supply shock.

Six female prison officers, who either quit or were sacked from Acacia Prison in Wooroloo WA for having "inappropriate relationships" with inmates, have been referred to the Western Australian Corruption and Crime Commission.

Australian shares have opened higher, taking their lead from a strong night on Wall Street where stocks were assisted by a bounce in Apple shares.

US stocks have risen as Apple led a rebound in technology shares and as trade worries eased after China said it was open to fresh talks with the United States.

Oil prices have fallen more than two per cent, with Brent slipping back from four-month highs as investors focused on the risk that emerging market crises and trade disputes could dent demand even as supply tightens.

The Australian share market has closed lower, dragged down by losses in the banking and health care sectors, while the Aussie dollar had a boost from better-than-expected jobs data and easing US-China trade tensions.

Western Australia’s unemployment was steady in August at 6.2 per cent in trend terms, despite a small rise in the number of people employed, although the level was much lower for women than men.

Myer chief executive John King has increased his stake in the beleaguered retailer, purchasing 100,000 shares a day after it posted a full-year net loss of $486 million.

The beekeeper-owners of Capilano Honey have thrown their support behind a private equity takeover bid for the Australian company.