Finance news you need to know today

TWO of the world’s biggest luxury goods conglomerates say they want to make those who are unhealthily thin ineligible to work.

THE Australian market looks set to open modestly higher after US lawmakers voted to extend until December the debt ceiling and government spending sparked a lift in Wall Street. At 0700 AEST on Thursday, the share price futures index was up 13 points, or 0.23 per cent, at 5,687.

Meanwhile, the Australian dollar has again breached the 80 US cents mark. The local currency was trading at 80.01 US cents at 0700 AEST on Thursday, from 79.81 on Wednesday.

WORLD FINANCE UPDATE:

WASHINGTON, DC — The US House of Representatives has approved roughly $US8 billion ($A10 billion) in initial emergency aid for relief and rebuilding after Hurricane Harvey, which tore into Texas last month.

WASHINGTON, DC — The US trade deficit increased less than expected in July as both exports and imports fell, suggesting that trade could contribute to economic growth in the third quarter.

PARIS — France plans to pass legislation this year to phase out all oil and gas exploration and production on its mainland and overseas territories by 2040, becoming the first country to do so.

BRUSSELS — European Union finance ministers are set to discuss rule changes next week aimed at increasing taxes on digital multinationals such as Google and Amazon, an EU document seen by Reuters says.

LONDON — Downing Street has approached some of Britain’s biggest companies asking them to publicly support the government’s approach to Brexit.

DALLAS — United Airlines says Hurricane Harvey and a fare war contributed to a loss of $US400 million ($A500 million) in expected revenue, and the storm saddled the company with higher prices for jet fuel.

PARIS — Two of the world’s biggest luxury goods conglomerates say they want to protect the health of fashion models by making those who are unhealthily thin ineligible to work.

WEDNESDAY HIGHLIGHTS:

GDP — Australia’s economic growth has picked up pace as governments and consumers spend more, but soft inflation and wages growth will mean the central bank will continue to hold off on interest rate hikes.

DOLLAR — Slightly disappointing economic growth figures may have hit pause on the Australian dollar’s resurgence, but an increasingly positive local outlook and declining US dollar could see it surge well above 80 US cents.

ACRUX — Shares in biotech Acrux have plummeted after Acrux and US-based pharmaceutical giant Eli Lilly and Co agreed to end their licensing deal for Axiron, a testosterone replacement therapy for men.