AAP

A solid run of upbeat profit results has failed to keep Australian shares aloft on Wednesday as political uncertainty and the abandonment of big business tax cuts dominated news of the day.

Troubled financial services giant AMP has appointed long-time Credit Suisse executive Francesco De Ferrari as its new chief executive, effective December 1.

TPG Telecom has confirmed media speculation it is in talks with Vodafone Australia regarding a potential merger.

The benchmark S&P 500 has touched a record high and equalled its longest ever bull-market run, as US stocks rose on earnings reports in the consumer sector and relative calm in the trade dispute between the United States and China.

Australian shares fell back on Tuesday, with falls for BHP and the broader mining sector and a retreat in banks and consumer stocks weighing on the market.

Seven West Media has swung to a full-year profit for the 2018 financial year, while also announcing a five-year extension to its long-standing program supply agreement with Prime Media Group.

Mining giant BHP has posted a 37 per cent drop in full-year year net profit after taking heavy writedowns on its US shale assets, while iron ore production lifted slightly to 275 million tonnes.

Oil futures rose after weeks of declines, as investors grew more concerned about an expected fall in supply from Iran due to US sanctions and worried less that a trade war between the United States and China would hurt economic growth.

Wall Street's major indexes have risen on optimism over trade talks between the United States and China, though they fell from session highs after President Donald Trump criticised the Federal Reserve for raising interest rates.

Australian shares have ended Monday slightly higher despite falls for the major banks, as mining stocks gained ground and reporting season began its busiest week.

Fortescue Metals Group has posted a 58 per cent drop in annual profit for the 2018 financial year compared with the previous period, but has increased its dividend payout ratio to shareholders.

Retail giant Woolworths has posted a 12.5 per cent jump in annual net profit but has flagged that supermarket sales in the new financial year have come under pressure by the removal of single-use plastic bags.

US stocks have closed higher with the S&P 500 and the Dow Jones Industrial Average extending gains and the Nasdaq turning positive on reports of progress in tariff disputes between the United States and its trading partners China and Mexico.

Crude prices rose on Friday, but declined on the week on worries that oversupply would weigh on the US market while trade disputes and slowing global economic growth would dampen demand for oil.

Australian shares have closed higher and the benchmark index has established a fresh 10-year high as an easing in US-China trade worries underpinned a week of solid company results.

The next move for interest rates is up, but the outlook for jobs is good and a wage rise could be around the corner, says Reserve Bank governor Philip Lowe.

Evolution Mining has lifted full-year profit 21 per cent to $263.4 million, helped by the sale of its Edna May gold mine in Western Australia for $90 million.

Australian shares have opened subdued, , despite Wall Street rallying overnight, as weakness in materials and healthcare shares continues to weigh amid a cautious approach by investors.

US stocks have rebounded with the Dow posting its biggest percentage gain in over four months, as positive earnings and waning trade jitters buoyed investor confidence.

Oil prices rose slightly as global markets steadied, recovering some of the previous day's two per cent slide, though a weakening outlook for crude demand kept prices in check.

Australian shares have closed flat, despite strong individual performances from Telstra, Treasury Wine Estates and QBE as materials and energy stocks came under pressure.

The state’s unemployment rate has declined for a fourth straight month, after the economy added about 13,000 full-time jobs in July, according to the latest figures from the Australian Bureau of Statistics.

Origin Energy has more than doubled underlying profit on the back of improved performance in its retail and gas production operations, and signalled a return to dividend payouts in the current financial year.

Markets operator ASX Limited has posted a 2.5 per cent lift in full-year net profit to $445.1 million with a strong contribution from its listings service, capital raisings and futures trading.

Telstra's shares have hit their highest price since May, despite the telco giant reporting a full-year profit drop of 8.4 per cent to $3.56 billion.

US stock indexes have fallen in a broad-based decline, hurt by concerns over the strong US dollar and Turkey's currency crisis, as well as the trade tensions with American trading partners that have dominated the first half of 2018.

Australian shares have hit a fresh 10-year high, with a surge in CSL stocks and gains for Wesfarmers helping the market overcome falls in energy and materials stocks.

Wesfarmers has suffered a 58 per cent drop in full-year net profit after taking more than $1.3 billion in costs and losses on its disastrous Bunnings UK exit and a $300 million write-down on underperforming Target, while also announcing leadership changes at its department stores.

Western Australia continues to have the slowest nominal wages growth in Australia, with the latest data showing growth of 1.5 per cent, slightly ahead of local inflation at 1.1 per cent.

Woodside Petroleum has further fleshed out its plans for the Scarborough and Browse LNG developments, as it reported a 6.7 per cent lift in half yearly profit.

Australian shares have started lower, despite overnight gains on Wall Street, weighed down by declines in resources and a number of blue-chips trading ex-dividend.

Wall Street's three major indexes have risen with the S&P 500 posting its strongest gain in three weeks as a string of healthy earnings boosted investor optimism and a rebound in the Turkish lira eased fears of a broader financial contagion.