Finance news you need to know today

CYCLONE Debbie caused a sharper than expected fall in coal exports in April, which is likely to weigh on Australia’s economic growth.

THE Australian market looks set to open flat, echoing Wall Street’s movements after ex-FBI chief James Comey says US President Donald Trump fired him to undermine an investigation into Russia’s meddling in the US election.

At 0700 AEST on Friday, the share price futures index was up five points, or 0.09 per cent, at 5,680.

Meanwhile, the Australian dollar has fallen fractionally against its US counterpart which has edged 0.2 per cent against a basket of six major currencies. The local currency was trading at 75.47 US cents at 0700 AEST on Friday, from 75.50 on Thursday.

WORLD FINANCE UPDATE:

LONDON — Prime Minister Theresa May’s Conservative Party will fail to win a parliamentary majority in Britain’s election, according to an exit poll, in a result that would plunge domestic politics into turmoil and could delay Brexit talks.

NEW YORK CITY — The ‘Trump trade’ has made a comeback on Wall Street but the S&P and Dow industrials ended flat as former FBI director James Comey testified President Donald Trump fired him to undermine an investigation into Russian meddling into last November’s US election.

WASHINGTON, DC — Crowds packed US bars to watch former FBI chief James Comey testify to Congress, with some patrons dismissing the hearing as hype and others cheering his comments as they downed mixed drinks with names like “impeachmint” and “bad hombre.” WASHINGTON, DC — The Republican-led House of Representatives has backed legislation to undo much of former President Barack Obama’s landmark banking law created after the 2008 economic crisis.

DOHA — Pan-Arab satellite network Al Jazeera says it has come under a large scale cyber attack.

LONDON — British authorities have arrested a former senior HSBC executive accused of participating in a fraudulent scheme involving a $US3.5 billion ($A4.6 billion) currency transaction.

THURSDAY HIGHLIGHTS:

TRADE — Cyclone Debbie caused a sharper than expected fall in coal exports in April, which is likely to weigh on Australia’s economic growth in the current quarter.

BEGA — Bega Cheese has joined NZ dairy giant Fonterra in lifting its sector outlook, announcing an opening farmgate milk price that heaps further pressure on rival Murray Goulburn.

WOODSIDE — Woodside Petroleum has flagged a possible delay in the development of the promising SNE deepwater oilfield off Senegal’s coast after joint venture partner FAR Ltd refused to support a transition for the oil and gas giant to eventually take over as operator.

BUBS — Baby food maker Bubs Australia has appointed its infant formula commercial director as chief executive, five months after listing on the Australian Securities Exchange.

SLATER & GORDON — Slater and Gordon is facing more legal action, with one of its shareholders planning proceedings against the troubled law firm over allegations of misleading representations in three straight sets of full-year results.