Finance news you need to know today

THE sale of the Ten Network to US media giant CBS would likely cause havoc for rival broadcasters Seven and Nine.

CBS drama Zoo. Photo: Hilary Bronwyn Gayle/CBS

THE Australian market looks set to open comfortably higher after all three major Wall Street indexes found yet further record highs. At 0700 AEDT on Tuesday, the share price futures index was up 19 points, or 0.33 per cent, at 5,731.

Meanwhile, the Australian dollar higher against its US counterpart despite the greenback itself strengthening. The local currency was trading at 78.28 US cents at 0700 AEDT on Tuesday, from 78.20 on Monday.

WORLD FINANCE UPDATE:

WASHINGTON — US factory activity surged to a 13-year high in September amid strong gains in new orders and raw material prices.

LONDON — Britain’s Monarch Airlines has collapsed, causing the cancellation of hundreds of thousands of holidays, after falling victim to intense competition for flights and a weaker pound.

WASHINGTON — The US Supreme Court has rejected New Zealand-based internet mogul Kim Dotcom’s challenge to the US government’s bid to seize assets held by him and others involved in the now-defunct streaming website Megaupload.

MONDAY HIGHLIGHTS:

HOUSING PRICES — Home prices across Australia’s capital cities have edged higher over the September quarter but growth is slowing, dragged down by Sydney and tighter lending by the big banks.

RATES PREVIEW — The Reserve Bank of Australia is expected to leave interest rates unchanged for a 14th straight month as it waits for signs of a gradual improvement in economic growth to play out more clearly.

AGRICULTURAL EXPORTS — Cropping knocked off beef and cattle to become Australian agriculture’s most valuable export sector for 2016/17.

CIMIC — CIMIC subsidiary UGL has won a $133 million contract to build the first stage of the 110-megawatt Bannerton solar park in Victoria.

BEACH ENERGY — Shares in Beach Energy have soared after the mid-cap oil and gas explorer raised $201 million from the institutional portion of its rights share issue to fund the acquisition of Lattice Energy.

MANUFACTURING AI — Growth in Australia’s manufacturing sector slowed in September as high energy prices continued to put pressure on profits.

TEN CBS — The sale of the Ten Network to US media giant CBS would likely cause havoc for rival broadcasters Seven West Media and Nine Entertainment, a senior analyst has warned.

VILLAGE ROADSHOW — Theme parks and cinemas operator Village Roadshow has sold its stake in Singapore cinema business Golden Village for $165 million.

CBA NZ — ASB Bank chief executive Barbara Chapman will resign at Easter next year, according to CBA’s New Zealand unit.