AAP

The Australian share market has reversed the previous session's gains in early trade with investors wary ahead of key local and overseas economic data.

Oil prices have settled at one-month lows after dropping more than three per cent on doubts about OPEC's ability to implement its planned production cuts, with the market further weighed by expectations that the cartel had record output in October.

The Australian dollar is fractionally lower against the greenback following mixed US economic data and as investors await the Reserve Bank of Australia's rate decision.

Wall Street has ended barely changed as investors digested the latest large-scale corporate mergers as well as the most recent twist in a tumultuous US presidential election.

Gold has steadied, coming off lows as the US dollar pared gains, though concerns over the outlook for the US election and Federal Reserve policy kept the metal pinned near the previous session's near-four-week high.

Gains from the major miners and the big four banks' rise from a flat start have driven the Australian share market higher.

Qantas is facing a bumpy year as international airlines cut air fares to attract customers, just two months after the airline delivered a record annual underlying profit.

Rio Tinto has agreed to sell its its stake in the Simandou iron ore project in Guinea to partner Chinalco, setting the stage for a sizeable new competitor.

ANZ Banking Group will take a $265 million hit after agreeing to sell its retail and wealth business in five Asian countries to Singapore's DBS bank.

The Australian share market is flat in early trade, with investors a little nervous ahead of the US presidential election on November 8 and awaiting any indication of a potential lift in US interes

The Australian dollar is down just slightly on the back of stronger-than-expected US gross domestic product data.

Oil prices has settled below $US50, marking their biggest weekly loss in six weeks, on concerns OPEC will not fully carry out a planned output cut, even as data showed US oil drillers removed rigs from production for the first time since June.

Gold has risen one per cent to the highest level in nearly four weeks, extending gains late in the session after the FBI said it will further investigate Democratic presidential candidate Hillary Clinton's use of a private email system.

A sharp drop by AMP has contributed to a third straight day of falls for the share market and capped its worst week in four months.

Macquarie Group managing director Nicholas Moore says the investment bank is on track to broadly match last year's record $2.06 billion profit despite a 2 per cent slip in half-year profit.

More than $1 billion has been wiped off AMP's market capitalisation after the wealth manager announced a $668 million impairment due to ‘constant deterioration' in the insurance market.

Woolworths' first quarter sales have returned to growth for the first time in nearly two years, and the results have surpassed market expectations.

The all-Australian consortium competing for the Kidman cattle empire has withdrawn its bid, after the target's board unanimously recommended Hancock Group-Shanghai CRED's revised $386.5 million offer yesterday.

The Australian share market is higher in early trade with gains in mining and energy stocks and a boost from Woolworths, which reported positive first-quarter sales growth.

The Australian dollar has slipped sharply after rising bond yields pushed up the US dollar overnight.

Oil has settled higher, as commitments from Gulf OPEC members to cut production assuaged some lingering doubts in the market about cooperation from other producers.

Gold is little changed, pressured by a persistently strong US dollar as the market awaits more signs about the timing of an expected US interest rate rise from the Federal Reserve.

The share market has taken a second straight sharp drop due to falls across the energy, resources, consumer staples and financial sectors.

The big four banks and AMP are likely to refund at least $178 million to more than 200,000 customers who did not receive financial advice for which they were charged.

Debt-laden steelmaker Arrium should be sold off to the highest bidder, its creditors have been told.

Fruit and vegetable growers have told the competition watchdog they are reluctant to report complaints against the major supermarkets and wholesalers because they fear retribution.

National Australia Bank has held its final dividend unchanged at 99 cents after lifting full-year cash earnings 4.2 per cent to $6.48 billion.

The Australian share market is trading slightly lower in early trade as investors stay wary after a 1.5 per cent slide in the previous session.

The Australian dollar is lower after short-sellers took profits as the currency neared 77 US cents.

Oil is down more than 1.5 per cent even after a surprise drawdown in US crude inventories, as traders remain cautious that OPEC would be able to cut production come late November.

Gold prices have fallen as investor appetite for riskier assets such as equities and crude oil have recovered slightly, denting demand for bullion, often considered a safe haven.

The latest inflation figures won't eliminate the chance of another interest rate cut, but they do offer hope that the Reserve Bank won't feel compelled to go down that risky path.