Finance news you need to know today

WITH the demand for physical cash in many countries growing, Australia’s journey to becoming a cashless society is likely to be slow.

THE Australian share market looks set to open firmly in the red following Wall Street’s the negative lead with the Dow and the S&P500 down as investors weigh the impact of a tax overhaul. At 0700 AEDT on Wednesday, the share price futures index was down 27 points, or 0.45 per cent, at 5,953.

Meanwhile, the Australian dollar down against its stronger US counterpart. The local currency was trading at 76.06 US cents at 0700 AEDT on Wednesday, from 76.48 on Tuesday.

WORLD FINANCE UPDATE:

BRUSSELS — Britain must present the European Union with a good offer this week on the terms of its divorce from the bloc, or it will be too late for the EU to prepare for mid-December the start of talks on a future trade deal, a senior EU diplomat says.

BRUSSELS — European Union finance ministers are adopting a blacklist of tax havens which includes 17 extra-EU jurisdictions seen as not cooperative on tax matters, French Finance Minister Bruno Le Maire says.

FRANKFURT — US Special Counsel Robert Mueller has asked Deutsche Bank for data on accounts held by President Donald Trump and his family, a person close to the matter says.

LONDON — Ireland has struck a deal with Apple to collect up to 13 billion euros ($A21 billion) in back taxes and hold it in an escrow account pending an appeal before the Court of Justice of the European Union.

TUESDAY HIGHLIGHTS:

AMAZON — Australia’s retailers have had a reprieve — however brief — with Amazon’s local online operation underwhelming analysts with a debut offering featuring a narrower than expected product range and smaller than expected discounts.

RETAIL TRADE — Shoppers splurging on shoes, accessories and eating out have driven retail spending growth to a five-month high.

RATES — The central bank is worried about Australians’ spending habits, as pay packets remain stubbornly stagnant and household debt high.

BOPS — A dip in exports and a fall in public spending could weigh on economic growth in the September quarter but economists are still maintaining forecasts for solid GDP growth.

BHP MACKENZIE — BHP chief executive Andrew Mackenzie believes government education and investment policy is too shortsighted for the mining sector and the Australians who depend on it.

RBA CASHLESS — With the demand for physical cash in many countries growing, Australia’s journey to becoming a cashless society is likely to be slow, according to the Reserve Bank of Australia.

TINYBEANS — Tinybeans, a social media platform for parents, is teaming up with US media giant Meredith Corporation in a bid to expand its user base.

SOUTH32 — Full-year production at South32’s Illawarra Metallurgical Coal operations is likely to drop sharply after operations at one of the site’s two mines remained suspended for an extended period.

SERVICES AI — Australian services sector activity has edged higher for a second month but growth is still below the 12-month average.

CONSUMER ANZ — Consumer confidence has bounced back and reversed the previous week’s fall, but higher electricity and petrol prices are expected to put pressure on Christmas season sales.

AWE — AWE shares have sunk after a Chinese state-owned energy corporation withdrew its $430 million bid for the Australian oil and gas group.