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The Australian share market has resumed its upward course, boosted by expectations of an interest rate cut, and a big lift in the shares of Woolworths after the ailing supermarket giant announced restructuring plans.
National Australia Bank is overhauling its business structure, folding parts of its wealth management unit into personal banking and separating its business banking into two units, with former Perth executive Cathryn Carver one of the winners.
Gold has rebounded above a three-week low and has risen per cent, as the US dollar fell and the key stock indexes hovered below record highs after the European Central Bank left key interest rates unchanged.
Wall Street has cooled off as disappointing quarterly reports from tech stalwart Intel and from transportation companies stalled momentum in a US corporate earnings season that has been better than feared.
Gold has fallen to its lowest level in three weeks as equities rose and the US dollar hit a four-month high following strong US economic data, which raised expectations the Federal Reserve may raise interest rates before the end of the year.
Oil prices have risen as much as one per cent, lifting US crude from two-month lows, after the US government reported a ninth straight week of crude inventory draws, easing some concerns in a market worried about a glut.
The Australian share market has closed higher after Tuesday's release of the minutes of the Reserve Bank of Australia's last board meeting boosted investors' expectations of an interest rate cut in August.
The richest 1 per cent of Australians have become less well off in the past eight years, while net wealth in the bottom 10 per cent of households has continued to grow, according to the Melbourne Institute's Hilda survey report.
BHP Billiton has fallen slightly short of its revised iron ore production target for the 2016 financial year as it struggles to make up for the suspension of operations at its Samarco joint venture in Brazil and the impact of bad weather in Western Australia.
Indian business couple Pankaj and Radhika Oswal paid two advisers $US26 million ($A34.5 million) in hush money to hide what was really going on at their Australian fertiliser business, a court has heard.
The top Senate candidate in Western Australia of Pauline Hanson's One Nation party could be ineligible to sit in parliament because he has been convicted of a crime and is still to face trial on a second charge.
The state government plans to cancel a new environmental review of the controversial Roe 8 highway extension project after winning a legal appeal today, but it remains unclear when contracts for the project will be awarded.