The Australian share market reached a new record high while Fortescue announced plans to cut 700 jobs — as it unfolded.

Australian stocks have closed higher, setting a new record after a rally on Wall Street. Meanwhile, Andrew Forrest’s Fortescue announced plans to cut 700 jobs, equivalent to 5% of its workforce, by the end of the month.

Review the day’s business and financial market news as it unfolded in our blog.