Finance news you need to know today

GERMANY has rejected President Donald Trump’s claim that the country owes the United States “vast sums” of cash.

“You owe me.” Picture: Brendan Smialowski

1. SYDNEY — The Australian share market looks set to open lower after Wall Street dipped on Friday as investors await updates on US tax reform and the G20 meeting over the weekend watered down its commitment to free trade. At 0715 AEDT on Monday, the share price futures index was down 13 points, or 0.22 per cent, at 5,770.

2. SYDNEY — The Australian dollar is steady against its US counterpart after mixed data in the US and the uneventful G20 meeting resulted in consolidation among most currencies. At 0715 AEDT on Monday, the Australian dollar was worth 76.92 US cents, slightly ahead from 76.82 US cents at Friday’s close.

3. BADEN-BADEN — The world’s top economic powers dropped a pledge to oppose trade protectionism amid pushback from the Trump administration, which wants trade to more clearly benefit American companies and workers.

4. BERLIN — Germany has rejected President Donald Trump’s claim that the country owes NATO large sums for underspending on defence.

5. HANOVER — Japanese Prime Minister Shinzo Abe says the European Union and Japan should soon reach an economic deal, while stressing the importance of free trade to his country.

6. NEW YORK — Profits at Tiffany & Co slipped 3 per cent in the fourth quarter due to flagging US sales, but strong demand in China and Japan pushed the luxury jeweller past Wall Street expectations and its shares rose sharply Friday.

7. NEW YORK — Wal-Mart has bought trendy clothing seller ModCloth, part of a big push to pick up smaller online brands as it tries to make headway against Amazon.