US stocks drift mostly lower amid Greek debt concerns and as investors await the end of a Fed policy meeting hoping for new stimulus for the economy.

David Jones has a five year plan to turn around poor sales as first half predictions remain dire amid high inventory levels and cuts to staff hours.

Greece has vowed to stay in the eurozone "forever" and promised stronger budget action as the world waited for EU leaders to stop the debt crisis.

Australian shares closed more than one per cent lower ahead of scheduled talks between Greece, the IMF and EU, and a meeting of the US Federal Reserve.

New Hope Corporation exported a record five million tonnes for the full year to overcome being without a rail line for 11 weeks.

The central bank seems content to keep rates on-hold for some time as it assesses global uncertainty and inflationary pressures locally, economists say.