Finance news you need to know today

DONALD Trump is considering breaking up some US banks by resurrecting a Great Depression law that kept consumer and investment banks separate.

HERE are eight things making news in business and finance today.

1. SYDNEY — The Australian market looks set to open higher after the Nasdaq reached another record high, but the Dow closed lower on Wall Street and many major global markets were closed for May Day. At 0700 AEST on Tuesday, the share price futures index was up nine points, or 0.15 per cent, at 5,945.

2. SYDNEY — Meanwhile, the Australian dollar has risen more than a third of a US cent and is comfortably back above 75 US cent-mark. The local currency was trading at 75.25 US cents at 0700 AEST on Tuesday, from 74.90 on Monday.

3. WASHINGTON — US consumers cut back sharply in spending on durable goods such as autos in March, leaving overall spending unchanged for a second straight month.

4. WASHINGTON — Negotiators in the US Congress have reached a deal on around $US1 trillion ($A1.3 trillion) in federal funding that would avert a government shutdown later this week, while handing President Donald Trump a down payment on his promised military build-up.

5. BANGKOK — The United Nations says Australia’s economy remained on a positive trend but weak commodity demand in China and global economic uncertainties remain “downside risks”.

6. WASHINGTON — President Donald Trump is exploring whether to break up some of the largest US banks by resurrecting a Great Depression law that kept consumer and investment banks separate.

7. NEW YORK — Twitter Inc’s shares rose six per cent after a report that the company is partnering with Bloomberg LP for streaming news, marking the stock’s third straight day of gains following strong results last week.

8. NEW YORK — Bill Shine, co-president of Fox News Channel, has become the latest executive to resign from the cable channel in the wake of a sexual misconduct scandal, and will be partly replaced by Fox’s highest-ranking female executive.