Wall Street stocks recovered on Friday from huge losses stemming from government data showing a slowdown in the US economic recovery.

Disney is selling Miramax Films for about $US660 million ($A732.56 million) in a deal that includes rights to dozens of award-winning movie titles.

World oil prices climbed on Friday as investors shrugged off concerns that the US economic recovery could stall.

European stock markets closed lower on Friday after weaker-than-expected US growth figures stirred concern about the strength of the economic recovery.

US economic growth slowed dramatically to 2.4 per cent in the second quarter of this year, prompting fears the recovery is losing steam.

The Australian dollar closed higher on Friday ahead of expected weak economic data from the US.

Telstra Corp says it will incur a non-cash impairment charge of $170 million on the carrying value of its Hong Kong based mobile phone telco CSL New World.

A weak lead from Wall Street and a profit warning from Macquarie Group dragged on the Australian share market today, causing it to end in the red for a second consecutive session.

Programmed Maintenance Services says its unlikely to replace all work won last year from the government's stimulus package.

Origin Energy says annual sales revenues at its exploration and production business are up.

Macquarie Group warns earnings in major businesses may fall from fiscal 2010 if financial markets remain subdued.

Energy Resources of Australia has revealed a first-half profit plunge amid falls in production, higher maintenance costs and a stronger Australian dollar.

Australia's sharemarket has suffered broad-based falls, as investors offload risk ahead of the weekend.

Across Asia, most regional markets are following US leads to be convincingly higher in midday trade.

SingTel reaffirms annual guidance for Australian subsidiary Optus.

Oil and gas producer AWE Ltd says it had a disappointing June quarter, although production jumped 47 per cent to 1.65 million BOE.

iiNet has bolstered its position as one of Australia's major telecommunications providers, agreeing to buy the AAPT consumer division from Telecom NZ.

Stocks to watch on the Australian Securities Exchange (ASX) at close.

Borrowers will be spared an interest rate rise on Tuesday and it's unlikely that there will be another rate rise until the end of the year.

Iron ore explorer Sundance Resources has reiterated it is on track to complete a feasibility study for its Cameroon project by the end of the year.

The Australian stock market made further losses by noon on Friday, following disappointing company reports.

Stocks of interest on the Australian Stock Exchange at noon today.

The Australian dollar was flat at noon as the currency traded in a narrow range as investors re-position their books for month-end trading.

China has allowed an IMF report critical of its currency policy to be released for the first time in four years.

China's $US300 billion ($A337 billion) sovereign wealth fund recorded a double-digit return on its overseas investments in 2009.

The Australian dollar has opened higher on Friday as investors buy the currency ahead of a month-end readjustment of portfolios.

The Australian stock market is likely to open weaker on Friday after a fall on Wall Street overnight.

Stocks of interest on the Australian Stock Exchange on Friday.

Oil prices rose on Thursday as better-than-expected earnings from Exxon Mobil Corp, Southwest Airlines Co and others bolstered hope for an improving economy.

US stocks ended a choppy day with a modest loss on Thursday as investors tried to reconcile another batch of conflicting economic signals.