AAP

Australian shares have finished the week on a down note, with energy and mining sectors dragging the local bourse.

The Reserve Bank of Australia has revised down its economic forecasts as expected, but the Australian dollar has plunged again after the central bank surprised the market with the scale of its revisions.

Australian shares have opened lower, with mining and energy stocks dragging the index down after a negative lead from Wall Street overnight.

Oil fell more than 2 per cent overnight as the market confronted concerns that global demand growth would lag in the coming year.

Gold prices rose overnight on concerns that the US-China trade war may stretch beyond a March 1 deal deadline and the potential effect it could have on global growth, although gains were capped by a strengthening US dollar.

Wall Street stocks have sunk as worries that the United States and China would not be able to reach a trade deal increased concerns about slowing global economic growth.

Former foreign minister Julie Bishop says she intends to stand for her seat again at the coming election and has given her backing to Prime Minister Scott Morrison.

Australian shares have enjoyed their fourth straight day of gains as the local currency slides further against the US dollar.

AGL Energy has continued its growth in the Western Australian gas market, revealing it had approximately 33,000 customers by the end of 2018, a rise of 12,000 from six months prior.

NAB chief executive Andrew Thorburn and chairman Ken Henry are stepping down, becoming the highest-profile banking casualty of the financial services royal commission.

David Jones chief executive David Thomas has resigned after almost 18 months in the role and just weeks after results showed an improved first-half performance.

AMP has continued the overhaul of its upper ranks, replacing the head of its wealth management unit days after the release of the royal commission's final report.

Australian shares are rallying at midday while the local currency shows no sign of halting its slide against the US dollar.

Oil prices rose about 1 per cent overnight, boosted by signs of strong US demand for distillate products and tightening global crude supply, but gains were capped by a rising US dollar and ongoing concerns about a global economic slowdown.

Gold eased overnight on a firmer US dollar as investors waited for signs of resolution in US-China trade talks, while keeping an eye on the Federal Reserve's monetary policy.

US stocks have edged lower as videogame makers gave disappointing revenue forecasts and investors awaited developments on US-China trade relations.

Australian shares have finished higher for a third straight day, while the Australian dollar has hit the skids after the Reserve Bank opened the door to a possible rate cut.

Coles has signed a new deal with petrol partner Viva Energy Australia after predicting earnings from its convenience store division to plunge this year more than 60 per cent.

Commonwealth Bank of Australia's first-half cash profit has fallen 2.1 per cent to $4.676 billion, weighed down by Australia's slowing property markets.

Australian shares have strayed into positive territory at midday as mining shares picked up the slack while the major banks lost some of their gains of the previous day.

Oil prices fell overnight, pulling back from two-month highs as concerns over a global economic slowdown crept back into the market and a stronger US dollar also weighed.

Gold moved slightly higher overnight, supported by uncertainties surrounding US-China trade relations ahead of President Donald Trump's State of the Union address to the Congress, while a firmer US dollar and rising global stock markets capped gains.

US stocks have closed higher as largely upbeat corporate results fuelled investor optimism ahead of the highly awaited State of the Union address by President Donald Trump.

The Australian share market has had its biggest day in 26 months as investors breathed a sigh of relief the Hayne royal commission hadn't recommended harsher penalties for the big banks.

The Reserve Bank of Australia has again kept the official cash rate at a record low of 1.5 per cent, but Governor Philip Lowe has tempered his economic outlook.

National Australia Bank chief executive Andrew Thorburn says he is "more determined than ever" to lead the bank despite strong criticism from Kenneth Hayne in his final royal commission report.

The current and former prime ministers agree they waited too long to call the banking royal commission but the treasurer says it's time to look forward, not back.

Australian shares are rallying at midday lead by the big four banks, with investors seemingly relieved that the financial services royal commission had not recommended harsher measures.

Oil prices fell overnight after disappointing US factory data sparked fresh concerns about a slowdown in the global economy, but losses were limited as OPEC-led supply cuts and US sanctions against Venezuela pointed to lower supplies.

Gold retreated to a near one-week low overnight as the US dollar built on momentum from upbeat US economic data, denting bullion's appeal.

Wall Street has gained on Monday, with all three major indexes closing near session highs as sustained optimism on the prospects for US-China trade relations propelled technology shares.

Financial stocks have given the Australian share market a surprising lift despite the sector bracing for the fallout from a landmark misconduct inquiry.