Finance news you need to know today

IRAN has proposed a state budget of $134 billion, loosening the purse strings as Donald Trump threatens to put renewed pressure on Tehran.

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

1. SYDNEY — The Australian dollar has risen against the US dollar as the greenback gives up some of its post-election gains. At 0700 AEDT on Monday, the local unit was trading at 74.52 US cents, up almost half a cent from 74.06 cents on Friday.

2. SYDNEY — The Australian stock market looks set to open higher. At 0645 AEDT on Monday, the share price index was up 21 points at 5,465.

3. LONDON — Britain’s foreign secretary dismissed as “speculation” suggestions that the UK would pay for tariff-free trade with the European Union after it leaves the bloc.

4. BERLIN — Germany’s finance minister is underlining his opposition to a debt cut for Greece and urging Athens to push ahead with reforms before a meeting with his eurozone counterparts.

5. DUBAI — Iranian President Hassan Rouhani has proposed a state budget of about $US100 billion ($A134 billion) for next year, loosening the purse strings to support economic growth as Donald Trump’s election threatens to put renewed pressure on Tehran.