Finance news you need to know today

IMPROVING global growth and synchronised interest rate hikes could drive the Australian dollar as high as 90 US cents next year, an economist says.

THE Australian share market looks set to open comfortably higher after Wall Street lifted on strong US jobs figures, Europe rose on a Brexit breakthrough and Asian indexes gained after economic news beat expectations. At 0700 AEDT on Monday, the share price futures index was up 23 points, or 0.38 per cent, at 5,6,024.

Meanwhile, the Australian dollar is fractionally lower against the greenback which lifted following the better-than-expected jobs figures. The local currency was trading at 74.11 US cents at 0700 AEDT on Monday, from 75.14 on Thursday.

WORLD FINANCE UPDATE:

LONDON — The likelihood of Britain leaving the European Union without a future trade deal has “dropped dramatically” now that the two sides have reached a preliminary agreement on their divorce terms, the country’s Brexit secretary says.

WASHINGTON — President Donald Trump has signed a spending bill to avoid a United States government shutdown and keep the federal government running through until December 22.

NEW YORK — The newest way to bet on bitcoin will arrive when futures of the cryptocurrency that has taken Wall Street by a storm begin trading.

PARIS — France has banned the sale and ordered a recall of several baby formula milk and baby food products made by French dairy giant Lactalis after the discovery of salmonella bacteria.

LOS ANGELES — Apple is close to nailing down a deal to buy media-recognition app maker Shazam Entertainment, according to a TechCrunch report Friday.

FRIDAY HIGHLIGHTS:

WESTPAC — Westpac chairman Lindsay Maxsted says criticism of the Australia’s banking sector is “warranted” but he hopes a royal commission into alleged misconduct will restore trust and confidence.

AWE — Shares in AWE have jumped after a Chinese state-owned energy giant made a new takeover bid for the Australian oil and gas group.

WAGNERS — Cement-maker Wagners has had a rock-solid debut on the ASX with its shares soaring by more than 25 per cent.

SEVEN HARRISON — Seven West Media has launched contempt proceedings against Amber Harrison, the former lover of the broadcaster’s CEO, Tim Worner.

IAG — Shares in IAG have risen after the insurance giant signed a reinsurance deal with three European businesses to share a portion of its premiums and expenses from next year.

SHARK MITIGATION — The Australian maker of a sonar-based shark detection system, which was recently adopted for trial in southern California, has dropped its toothy name as it chases bigger fish.

HOUSING FINANCE — The latest monthly value of home loan approvals have surpassed market expectations with surprising strength in investor lending.

CAPILANO — Rising demand for honey in China and a growing local health market are the best opportunities for Australia’s biggest honey producer, Capilano, to grow, a new analyst report says.

DOLLAR AUST — Improving global growth and synchronised interest rate hikes could drive the Australian dollar as high as 90 US cents next year, an economist says.

Originally published as Finance news you need to know today