Finance news you need to know today

BARACK Obama’s top Trans-Pacific Partnership negotiator has predicted the trade deal will be approved after next week’s presidential election.

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

1. SYDNEY — The Australian dollar has hardly changed against the US dollar but has fallen against the yen and the euro. At 0635 AEDT on Wednesday, the local unit was trading at 76.50 US cents, up from 76.54 cents on Tuesday.

2. SYDNEY — The Australian market looks set to open lower following a negative performance on Wall Street. At 0645 AEDT on Wednesday, the share price index was down 31 points at 5,231.

3. WASHINGTON — US factory activity increased for a second straight month in October amid a pick-up in production and hiring, supporting views manufacturing would regain some momentum in the fourth quarter.

4. WASHINGTON — US builders cut their spending on construction projects in September, the second straight monthly decline.

5. LONDON — Thomson Reuters Corp says it will cut about 2000 jobs worldwide and take a fourth-quarter charge of $US200 million ($A261 million) to $US250 million to streamline its business.

6. NEW YORK — Drugmaker Pfizer’s third-quarter profit has plunged 38 per cent as higher spending and a slew of charges related to acquisitions more than offset higher sales.

7. WASHINGTON — Mortgage giant Freddie Mac has reported net income of $US2.3 billion ($A3 billion) for the third quarter, reversing a loss in the same period of 2015.

8. LOS ANGELES — US President Barack Obama’s top Trans-Pacific Partnership negotiator has bullishly predicted the trade deal will be approved by Congress after next week’s presidential election if congressional leaders bring it up for a vote.