AAP

US stocks have suffered their worst day in over three months as China extended the Lunar New Year holiday due to a virus outbreak, fuelling worries about the economic impact of containment efforts in the world's second largest economy.

Crude prices dropped 2 per cent to three-month lows overnight as the death toll from China's coronavirus grew, clamping down on travel and fueling expectations of slowing oil demand.

Gold climbed to a near three-week high overnight as mounting concerns over the economic fallout of the coronavirus outbreak sent investors scurrying for safe havens.

Australian stocks have given up almost all of the day's gains, but are still on track for their best month in years.

Lynas Corporation posted a 7.4 per cent rise in quarterly revenue as higher demand for rare earth elements countered weaker prices and the miner said it was on track to get its processing licence renewed by Malaysia in March.

Australian stocks are higher as industrials bounced back despite continuing fears about the deadly virus outbreak in China.

Oil prices fell 2 per cent overnight on concern the spread of a virus from China could lower fuel demand if it stunts economic growth, but losses were limited by a drawdown in US crude inventories.

Gold rose overnight as scaling concerns over a coronavirus outbreak in China and its impact on global economy soured sentiments for riskier assets, propping up demand for the safe-haven asset.

Australian stocks have fallen for just the fourth time in 2020 after days of record highs amid profit warnings and concerns about the deadly virus outbreak in China.

The number of people working full time in Western Australia fell over December, but the state's jobless rate improved by 0.3 percentage points to 5.4 per cent, according to latest employment figures.

A new Closing the Gap agreement is a step closer after peak indigenous groups met with the prime minister in Canberra.

Westpac has named "battle-hardened" banking veteran John McFarlane as its next chairman to help it recover from the fallout of a massive money laundering and child exploitation scandal.

Australian stocks were down across the board at noon after days of record highs amid profit warnings and concerns about the deadly virus outbreak in China.

Oil prices fell about 2 per cent overnight as a market surplus forecast by the International Energy Agency and demand worries amid the outbreak of a virus in China outweighed concern over disruptions to Libya's crude output.

Gold eased slightly overnight as risk sentiment recovered and the dollar held firm, but expectations of dovish monetary policy from global central banks capped bullion's losses and kept prices above the $US1,550 an ounce level.

The Australian share market has smashed through the 7,100 mark, resuming its record-breaking trajectory as some traders were apparently caught in a short squeeze.

Australian shares have shrugged off a pullback to open higher again despite global markets reacting negatively overnight to news of a potential epidemic.

Oil prices fell overnight on expectations a well-supplied global market, including supplies from growing record US production, would be able to absorb disruptions that have cut Libya's crude production to a trickle.

Gold shed 1 per cent in volatile overnight trade as investors booked profits after prices hit a two-week high early in the session, although losses were limited by a slide in equities due to worries about a virus outbreak in China.

The Australian share market has ended its five-day record-breaking winning streak with a modest pullback.

BHP has detailed the rapid expansion of its recently established Operations Services subsidiary, which it says is delivering better results than the maintenance contractors it has displaced from its iron ore and coal operations.

More local councils are expected to get $1 million federal government grants as the scale of bushfire damage comes to light.

The Australian stock market has ended a five-day streak as shares dipped in morning trade.

Oil prices rose to their highest in more than a week overnight after two large crude production bases in Libya began shutting down amid a military blockade, risking reducing crude flows from the OPEC member to a trickle.

Gold hit a more than one-week high overnight as buyers hedged against persistent tensions in the Middle East and impeachment proceedings against US President Donald Trump, while deficit-hit palladium's record run showed no signs of abating.

Australian shares have powered to new highs for a fifth consecutive day as the unprecedented bull run continues.

The Morrison government has announced a suite of measures to immediately support small businesses, non-profit organisations and tourism businesses affected by Australia's bushfires.

NIB expects to earn $30 million less than previously forecast as claims inflation eats into the health insurer's full-year operating profit.

Australian shares have powered to new highs for a fifth consecutive day on a continuing wave of investor confidence.

Oil prices steadied after sluggish economic growth in China, the world's biggest crude importer, raised concerns over fuel demand and countered optimism from the signing of a China-US trade deal.

Palladium soared over 9 per cent to power above the key $US 2,500 an ounce level for the first time on Friday, boosted by a chronic shortage of the metal in the market and hopes the global economy might be turning the corner.

Australian shares have reached fresh all-time highs for a fourth consecutive day after Chinese economic data showed better than expected growth for Australia's top trading partner.