Finance news you need to know today

MICHAEL Hill says a flat performance in Australia and a sharp fall in the US have offset solid sales growth elsewhere.

THE Australian share market looks set to open sharply higher after fresh record highs on US and British markets. At 0700 AEDT on Monday, the share price futures index was up 31 points, or 0.52 per cent, at 6,049.

Meanwhile, the Australian dollar is back above 79 US cents after the green fell to a more-than-three-year low against the euro, which in turn pulled the US dollar index down one per cent. The local currency was trading at 79.08 US cents at 0700 AEDT on Monday, from 78.79 on Friday.

WORLD FINANCE UPDATE:

DETROIT — The US car market will weaken in 2018, industry experts say.

LONDON — One of Britain’s largest contractors Carillion has held further emergency funding talks as the government says it hopes the struggling construction and services company’s partners will find the cash it needs to stay in business.

PARIS — French dairy group Lactalis will pay damages to families affected by a Salmonella contamination at one of its plants producing baby milk, the company’s CEO has told Journal du Dimanche.

BEIJING — A burning Iranian oil tanker that had drifted into Japan’s exclusive economic zone has sunk after a collision on January 6, Chinese state television reports.

FRIDAY HIGHLIGHTS:

INCITEC PIVOT — Incitec Pivot shares have sunk after the company warned that its profits will take an $81 million hit from the end of a contract to supply explosives and services to Gina Rinehart’s Roy Hill Iron Ore mine.

MICHAEL HILL — Jewellery chain Michael Hill International says a flat performance in Australia and a sharp fall in the US have offset solid sales growth in New Zealand and Canada.

EXPERIENCE CO — Shares in an Australian adventure tourism company have fallen sharply following a skydiving incident in New Zealand, four months after a triple fatality tragedy in north Queensland.

CROPLOGIC — Agricultural technology firm CropLogic is banking on the April launch of an app designed to identify precise problems with a crop and relay the solutions farmers need to save them.

DIGITAL ASSISTANTS — Digital voice assistant devices are displacing mobile devices as the fastest growing tech of choice inside Australian homes, the latest research from Accenture shows.