Finance news you need to know today

FORD plans to cut 10 per cent of its salaried jobs in North America and Asia Pacific this year in an effort to boost profits.

THE Australian share market is poised to follow the major US indices into the red at the open amid escalating concern over the stability of US President Donald Trump’s administration.

At 0700 AEST on Thursday, the local share price futures index was up down 62 points, or 1.1 per cent, at 5,720.

The Dow Jones Industrial Average fell 1.78 per cent, the S&P 500 1.82 per cent and the Nasdaq 2.57 per cent, the latter experiencing its steepest one-day loss since the day after Britain voted to exit the European Union. Worries over the row generated by President Trump’s firing of FBI Director James Comey and the contentious circumstances surrounding the move also pushed the US dollar lower against its Australian counterpart.

The local unit was worth 74.31 US cents, up from 74.22 US cents late on Wednesday.

ELSEWHERE:

WASHINGTON — US household debt reached a record high in the first three months of this year, topping the previous peak reached in 2008, when the financial crisis plunged the economy into a deep recession.

WASHINGTON — A small but growing number of Republican US politicians have called for an independent probe of possible collusion between President Donald Trump’s 2016 campaign and Russia, spurred by a memo from the fired FBI chief that Trump had sought to impede the agency’s investigation.

DETROIT — Ford plans to cut 10 per cent of its salaried jobs in North America and Asia Pacific this year in an effort to boost profits.