AAP

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.

Australian shares have closed lower on Tuesday, as reports of fresh investigations into financial institutions kept investors on edge, while overall sentiment was cautious ahead of key economic data.

Reserve Bank Governor Philip Lowe says wages growth has finally "picked up a little" as the central bank left the cash rate unchanged at 1.5 per cent for the 25th month in a row.

Westpac has agreed to pay a $35 million fine after admitting to wrongly assessing people's ability to repay mortgages.

Australian shares are down at the open, with the financial sector weighing heavily on the market ahead of the Reserve Bank of Australia's cash rate decision.

Oil prices have risen, supported by concerns that falling Iranian output will tighten markets once US sanctions bite from November, but gains were limited by higher supply from OPEC and the United States.

Gold prices eased slightly after the US dollar held near a one-week high on worries over an escalation in trade conflicts between the United States and other countries.

Australian shares slipped in subdued trading on Monday, as US-China trade tensions kept investors wary and the Aussie dollar came under renewed pressure from local retail data.

Perth house prices have fallen for a fourth straight month, after registering a 0.6 per cent decline in August, according to the latest data from CoreLogic.

Australian shares have opened slightly higher despite the lack of a clear lead from Wall Street, with the health care and consumer staples sectors leading the way.

Oil prices have slipped, pressured by renewed concerns that a global trade war could dent energy demand, although impending US sanctions on Iran and falling Venezuelan output limited the decline.

The S&P 500 ended flat on Friday while the Dow edged down and the Nasdaq closed higher in light trading as Canada and the US concluded trade talks without resolution ahead of the Labor Day weekend.

The Australian share market has closed lower on the last major day of the profit reporting season, dragged down by the telecommunications sector as well as the miners after a dip in iron ore prices.

Two people have been charged following an investigation by the Corruption and Crime Commission into state-owned utility Horizon Power.

Industrial manslaughter laws may be introduced in Western Australia, Premier Mark McGowan says.

Harvey Norman's full-year profit has slumped 16.4 per cent to $375.4 million due to property revaluations and the furniture and electrical goods retailer's failed dairy farming investment.

Australian shares have opened lower after falls on Wall Street overnight, with the materials sector weighing on the market following a dip in iron ore prices.

US stocks have ended their four-day winning streak as risk reduction ahead of the long holiday weekend accelerated on growing trade anxieties.

Oil prices rose on Thursday to the highest in more than a month, extending gains on growing evidence of disruptions to crude supply from Iran and Venezuela and after a fall in US inventories.

The Australian share market closed flat on Thursday, falling back from a new post-GFC intra-day high after a late slump in banking stocks.