AAP

The stock market has opened flat, as weakness in banking stocks overshadows a positive lead from overseas.

Canadian dairy giant Saputo is set to raise its takeover offer for Warrnambool Cheese and Butter after rival bidders trumped its first offer.

Prime Minister Tony Abbott could intervene to prevent the foreign takeover of Australia's largest agribusiness despite support for the bid by his Liberal colleagues.

US stocks have barrelled to fresh records, shrugging off some disappointing earnings results amid greater confidence the Federal Reserve will wait longer before scaling back an aggressive stimulus program.

Gold futures have risen as some traders bet that testimony from Federal Reserve chair nominee Janet Yellen signals higher demand for the metal.

The Australian dollar is lower, consolidating after a rally on the back of Federal Reserve chair nominee Janet Yellen's testimony to a US Senate committee.

Electronics retailer Dick Smith hopes to raise almost $345 million by listing on the share market in December.

Premier Colin Barnett has responded angrily after being asked if there was a link between Chevron's $64 million Elizabeth Quay land purchase and its bid to secure more ground on Barrow Island for the Gorgon gas project.

The share market has closed higher due to indications economic stimulus in the US is likely to run into next year.

Optus is looking to improve its standing among customers by abolishing breakage fees and reducing bill shock, as it deals with lower revenues.

The Abbott government has failed to win Senate approval for legislation lifting the commonwealth debt ceiling to $500 billion.

Bega Cheese has increased its takeover offer for Warrnambool Cheese and Butter, but it doesn't match the $505 million offered by rival Murray Goulburn.

The share market has opened strongly on comments by the US Federal Reserve suggesting tapering of its stimulus program won't occur until next year.

Virgin Australia is raising $350 million from shareholders to reduce debt and provide cash for its new business strategy.

Australia's largest grain handler GrainCorp blames takeover costs and a smaller crop for a 31 per cent slump in its full year profit - and warns of tougher conditions ahead.

US stocks have pushed to fresh all-time highs after a strong earnings report from Macy's raised hopes about the upcoming holiday shopping season.

Oil prices have bounced back somewhat after the US benchmark contract reached a five-month low the previous day.

The Australian dollar has bounced on stronger consumer confidence figures and US dollar selling.

Kevin Rudd has announced he is quitting parliament.He said there came a time in every politician's life when families said "enough is enough".

The share market has posted a significant fall as investors took profits and consider the possibility of the United States reducing its economic stimulus program soon.

Rail operator Aurizon's shareholders have delivered a 'first strike' against what they have cited as an overly generous executive pay policy.

The three-way bidding war for Warrnambool Cheese and Butter has escalated, with Murray Goulburn now offering $505 million to trump Canadian bidder Saputo.

Treasurer Joe Hockey has introduced legislation to repeal Labor's mining tax and related measures that were supposed to be funded by the impost.

Seven West Media chief executive Tim Worner is hopeful of improved market conditions in December but says the broader ad market remains short and unpredictable.

Shopping centre owner Westfield Group is on track to meet its income growth forecasts, despite no improvement in local retail conditions.

Australian stocks have started the session lower following a weak lead from global markets.

Construction giant Leighton Holdings is on track to make a profit of up to $600 million this year but the company says its current debt levels are higher than expected.

US stocks have closed mostly lower amid renewed speculation about the Federal Reserve's intentions to reduce its massive monetary stimulus.

Gold has extended its recent losses as automatic selling orders pushed prices deeper below $US1,300.

The Australian dollar is lower amid fears that tapering of US economic stimulus could begin soon.

Australian shares have edged higher as gains by mining and chemical companies offset more falls by the major banks.

Seven Group says it will cut 630 positions across its Westrac business in a divisional restructure.