Finance news you need to know today

PURCHASE of residential property by foreign buyers has eased over the past year because of tighter capital controls by Beijing, the RBA says.

THE Australian share market looks set to reverse Monday’s losses and open solidly after positive finishes on key international indexes overnight. At 0700 AEDT on Tuesday, the share price futures index was up 23 points, or 0.39 per cent, at 5,984.

Meanwhile, the Australian dollar has slipped against its slightly stronger US counterpart, with the US dollar index up 0.3 per cent on the day reversing an earlier slide. The local currency was trading at 75.48 US cents at 0700 AEDT on Tuesday, from 75.62 on Monday.

WORLD FINANCE UPDATE:

WASHINGTON — President Donald Trump has promised a tax overhaul by Christmas, a day after the White House signalled its willingness to strike a healthcare provision from Senate tax legislation if it’s an impediment to passing the tax bill.

BRUSSELS — Amsterdam and Paris won have the right to host the two EU agencies that must leave London on Brexit after a dramatic ministerial meeting in Brussels where the result was decided by drawing lots after votes were tied.

LINCOLN — Nebraska regulators have voted to approve TransCanada Corp’s Keystone XL pipeline route through the state, lifting the last big regulatory obstacle for the long-delayed project that US President Donald Trump wants built.

LOS ANGELES — A public meeting at the British parliament has heard former opposition leader Ed Miliband demand that 21st Century Fox’s proposed takeover of Sky be blocked because of a catalogue of alleged wrongdoing at Fox News and other Murdoch-owned news outlets.

SANTA CLARA — Marvell Technology is buying fellow chip-maker Cavium in a cash- and-stock deal valued at approximately $US6 billion.

LOS ANGELES — Beyonce’s hit album Lemonade and world tour made her the highest- paid woman in music in 2017, according to an annual Forbes list, edging out Britain’s Adele and pop star Taylor Swift.

SHANGHAI — Victoria’s Secret’s glitzy annual fashion show hit the stage in China for the first time, though without several of its “Angels” and star names who had been expected to attend, including model Gigi Hadid and pop singer Katy Perry.

MONDAY HIGHLIGHTS:

RBA HOUSING — Purchase of residential property by foreign buyers, particularly from China, has eased over the past year because of tighter capital controls by Beijing and limited access to local finance, a top central bank official has said.

HOUSING PRICES — Home sales across Australia’s capital cities have edged higher in the past week, but softness in the Sydney market has continued to weigh on prices.

IMF AUST — The International Monetary Fund says any pick-up in Australian economic growth is likely to be “modest” and has dimmed hopes for stronger wage growth.

ARDENT LEISURE — Dreamworld operator Ardent Leisure has finally stemmed the tide at its troubled theme parks business and is hoping for a boost from next year’s Commonwealth Games.

CRESO PHARMA — Shares in Creso Pharma have soared after the Australian medicinal cannabis company announced an expansion into China’s $39.6 billion health food market.

BABY BUNTING — Baby Bunting shares have slumped more than 10 per cent after the retailer downgraded its full-year earnings guidance.

NETWEALTH — Financial management software provider Netwealth Group has made a strong debut on the Australian market, with its shares climbing almost 44 per cent on its first day of trading.

MACQUARIE ATLAS — Macquarie Atlas Roads will build its own internal management group, separating its arrangements from major stakeholder Macquarie Group.