The Australian dollar was boosted by strong business confidence numbers on Tuesday and continued to rise overnight.

$A climbs back above US70¢

The Australian dollar has surged back above US70¢ on the back of a stabilisation in Chinese, European and US stock exchanges and a minor pick up in commodity prices.

Repercussions could derail Australia's punt on unseating Qatar as the global superpower of gas.

Woodside's bid for Oil Search 'too low'

Oil Search is set to reject an $11.6 billion takeover offer from rival Woodside Petroleum, arguing the all share bid dramatically under values its LNG assets in Papua New Guinea.