AAP

The Australian dollar has strongly rebounded against its US counterpart but the local share market looks set for a flat open.

Oil prices have risen to near eight-week highs, with Brent crude futures above $US50 a barrel, as a much steeper than expected decline in US inventories encouraged hopes the global crude glut would recede.

Gold has jumped 1 per cent to a six-week high on Wednesday, after the US Federal Reserve said it would start to wind down its massive holdings of bonds "relatively soon," pushing the dollar lower.

The Australian share market has ended the day strongly, following positive leads from Wall Street and strong rises in the oil and commodities markets.

Australia's inflation rate has cooled in the June quarter, dragging the annual headline rate below the central bank's target in the 2 to 3 per cent range.

Car maker Ford's Australian business is facing legal action for allegedly giving customers the bum steer about ‘systemic issues' concerning transmissions in several of its models, and blaming drivers for the problem.

A healthy company earnings story coming out of the US is buoying the Australian market, led by the major miners.

The Australian dollar is slightly lower against its US counterpart, as it trades in a tight range ahead of the release of local inflation figures.

Oil rose 3.3 per cent on Tuesday to the highest close in more than a month, a day after US oil producer Anadarko said it would cut capital spending plans and Saudi Arabia vowed to reduce crude exports to help curb global oversupply.

The Australian share market has closed higher as bargain-hunting investors ignored a mixed lead from US markets and lifted most stocks across the board.

Shares in Cola-Cola Amatil have fizzled following news Woolworths will pull all but two of the beverage giant's Mount Franklin water products from shelves.

One of WA's biggest egg producers has been slugged more than $1 million after it deceived shoppers by falsely labelling some of its products free range, and consumer class action may follow.

A class action against failed electronics chain Dick Smith on behalf of disgruntled shareholders has been given the green light.

The Australian share market has lifted in early trade, bouncing back from its previous session's losses, with investors also shrugging off mixed results on Wall Street overnight.

The Australian dollar is flat against its US counterpart with little news to drive markets.

Oil has risen more than 1 per cent, after leading OPEC producer Saudi Arabia pledged to cut exports in August to help reduce the global crude glut, and Halliburton Co's executive chairman said the US shale drilling boom would probably ease next year.

Gold prices have pared gains as the US dollar has turned slightly higher, after bullion rose to a one-month high as political turmoil in the United States boosted sentiment ahead of a Federal Reserve monetary policy meeting this week.

A rising Australian dollar should protect motorists against any nasty surprises at the pump, according to the latest research by CommSec.

The Australian share market has closed lower with heavy falls by the banks and energy companies leading the way amid widespread selling.

Western Australia has achieved the unwanted title of Australia's worst performed economy for a fourth consecutive quarter.

Newcrest Mining has posted a 2.4 per cent drop in full-year gold production driven by lower output at its Cadia mine in NSW, which was shut after an earthquake in April.

Westpac has entered into exclusive discussions with property giant Charter Hall Group to sell its infrastructure investment business Hastings Management.

The Australian share market has opened sharply lower, dragged down by the big four banks and the energy sector on the back of a steep slump in commodity prices.

The Australian dollar has been an underperformer but is still slightly higher against its US counterpart which has fallen amid a sharp slump in oil prices.

Oil prices have slid, settling about 2.5 per cent lower after a consultancy forecast a rise in OPEC production for July despite the group's pledge to curb output, reigniting concerns the global market will stay awash with crude.

Gold has been pushing to its biggest weekly gain in two months as a surging euro dragged the US dollar to its weakest since June 2016, making bullion cheaper for holders of other currencies.

The Australian share market has closed lower as investors took profits, and the Australian dollar has retreated as Reserve Bank of Australia deputy governor Guy Debelle hosed down speculation that the RBA was moving towards hiking interest rates.

Bankwest is lifting mortgage rates for interest-only loans, following the lead from the big four banks, which already adjusted rates in an attempt to slow down riskier lending.

Fortescue Metals Group is likely to lodge an appeal after the Federal Court recognised the Yindjibarndi people have exclusive rights over Pilbara land where the company operates the Solomon iron ore operation.

The 22-year-old disability advocate set to fill the Greens seat left vacant by Scott Ludlam has vowed to smash stereotypes and represent the interests of the young and disabled in federal parliament.

The Australian share market has opened lower with widespread losses, including falls from the heavyweight banks, miners and energy sectors.

The Australian dollar has held on to gains after it received a boost from the latest employment numbers which showed another rise in full-time employment.