AAP

Oil futures have risen, with Brent reaching $US80 a barrel, after a larger-than-expected drop in US crude inventories and as US sanctions on Iran added to concerns over global oil supply

The benchmark S&P 500 and the Dow Jones Industrial Average opened flat as gains in energy companies helped offset a slide in technology stocks, which weighed on the Nasdaq.

The Australian share market has returned to its downward trend, closing lower on Wednesday after a rare gain a day earlier as US-China trade concerns again weigh on investor confidence.

NBN Co will have to pay internet providers a $25 rebate for every late connection, fault repair or missed appointment under a new requirement enforced by the consumer watchdog.

Scott Morrison is "absolutely satisfied" none of his MPs were bullied because of their gender during the recent leadership spill.

Shares in department store Myer have fallen to a two-month low after the embattled retailer reported a full-year net loss of $486 million.

The competition watchdog has approved a Hong Kong consortium's $13 billion takeover bid for APA Group, Australia's biggest gas pipeline company, on the proviso that four major assets in Western Australia are sold to new owners.

US stocks have started the day with little change as gains in technology stocks helped the Nasdaq regain footing and curbed losses in the materials and industrials sectors after fears of an escalation in the Sino-US trade spat.

Oil prices rose more than two per cent as US sanctions squeezed Iranian crude exports and after US crude oil production in 2019 was forecast to grow at a slower rate than previously expected, prompting supply concerns.

The Australian share market has snapped an eight day losing streak, buoyed by strong results from oil and financial stocks.

Australian business conditions rebounded in August as firms reported improved sales and profits, a new survey shows.

Woolworths is facing a potential $100 million class action launched on behalf of investors whose shares lost value following a shock 2015 profit downgrade by the supermarket giant.

Prime Minister Scott Morrison has guaranteed his government will deliver the GST distribution solution promised under Malcolm Turnbull's leadership before the next election, and will even consider legislation if necessary.

Australian shares are higher in morning trade after a stronger performance on Wall Street overnight where investors are eyeing another round of tax cuts for US businesses.

US stock indexes have opened higher, boosted by the consumer discretionary sector, while hopes for a new round of tax cuts overshadowed fears of an escalation in the Sino-US trade war.

Iron ore shipments to China from Port Hedland rose nearly 10 per cent in August from a month earlier.

The Australian stock market has closed flat after recovering some of its early losses after better-than-expected economic data from China.

Wall Street's major indexes have fallen as US President Donald Trump raised the possibility of additional tariffs on Chinese imports and Apple Inc indicated that some of its products could be subjected to such levies.

Oil prices are steady, with US crude slipping on weak global equity markets while Brent inched up on geopolitical factors, including violent protests in Iraq.

The Australian stock market has marked seven straight days of losses for the first time since January 2016, as US-China trade concerns continue to drag on the indices.

Workers at Alcoa's alumina and bauxite operations in Western Australia have voted to reject a proposed workplace agreement and will continue industrial action, according to the Australian Workers Union.

Crude futures have reversed course, falling more than one per cent after US data showed petrol inventories rose unexpectedly last week, overshadowing a bullish drawdown in crude.

The S&P 500 and Nasdaq declined as the possibility of more US tariffs on Chinese imports loomed, while tech stocks stumbled, led by chipmakers and concerns about increased regulation of social media companies.

Australian shares have dropped to their lowest since June in the wake of near-across the board falls triggered by increased US-China trade worries, falling world oil prices and a new round of mortgage rate hikes by local banks.

Australia's corporate watchdog filed a lawsuit on Thursday against superannuation funds run by the wealth management unit of National Australia Bank, accusing them of charging fees to hundreds of thousands of retirees for services the were not provided.

Commonwealth Bank and ANZ have become the latest major banks to lift their home loan interest rates, with both institutions blaming rising international borrowing costs.

Telstra has trimmed its full-year earnings guidance range because a lower than expected number of NBN customers are available for connection.

The Nasdaq has fallen more than 1.0 per cent, dented by technology stocks after Facebook and Twitter executives defended their companies before sceptical US lawmakers.

Oil prices fell more than one per cent after a US Gulf storm weakened and moved away from oil-producing areas and concerns mounted about global trade disputes and Turkey's currency crisis hurting demand.

The Australian share market closed lower on Wednesday, dragged down by a slump in the heavyweight mining sector as worries about a possible escalation of trade tensions hit commodity prices.

US stocks have fallen as trade concerns lingered and declines in Facebook and Nike shares weighed on Wall Street's major indexes, though data showing US manufacturing activity accelerated in August kept losses in check.

Oil prices were little changed as energy infrastructure on the US Gulf Coast braced for a hurricane, but gains were capped as a stronger dollar and report of rising stockpiles at the Cushing, Oklahoma hub weighed.