Finance news you need to know today

SOME people are going hungry and suffering immense psychological stress as they try to pay their power bills.

THE Australian market looks set to open lower, ignoring Wall Street’s modest positive lead. At 0700 AEST on Friday, the share price futures index was down nine points, or 0.16 per cent, at 5,684.

The benchmark S&P/ASX200 index rose 63 points, or 1.11 per cent, to 5,736.8 points. Meanwhile, the Australian dollar is higher against the US dollar, which has been steady in the offshore session.

WORLD FINANCE UPDATE:

WASHINGTON, DC — It would be “quite challenging” for the United States to reach the three per cent growth target set by President Donald Trump, Federal Reserve Chair Janet Yellen says.

WASHINGTON, DC — A new government analysis of President Donald Trump’s budget plan says it wouldn’t come close to balancing the federal ledger like the White House has promised.

LONDON — The British government intends to begin a parliamentary debate on its legislative plan for Brexit in September, Prime Minister Theresa May’s spokeswoman says, following the publication of the ‘European Union (Withdrawal) Bill’.

NEW YORK — More frequent heatwaves and rising temperatures caused by global warming could ground up to a third of aeroplanes worldwide, a study shows.

THURSDAY HIGHLIGHTS:

TABCORP — Opposition is growing to the Australian Competition Tribunal’s authorisation of a proposed $11 billion merger of gaming giants Tabcorp and Tatts Group.

HOUSING — National Australia Bank has pulled back on its expectations for 2017’s house and unit prices on the back of softer market sentiment and recent weaker than expected price outcomes.

ELECTRICITY — Some people are going hungry and suffering immense psychological stress as they try to pay their power bills, an inquiry into Australia’s electricity system has been told.

BREAD — Cuts to the price of bread at Coles are not deep enough to convince shoppers that the supermarket chain is cheaper than Woolworths, Deutsche Bank analysts say.

DELOITTE — Two in five of Australia’s chief financial officers now believe the Reserve Bank’s cash rate will be lower this time next year, a new survey suggests.

BEER — The competition watchdog will keep a close eye on beer giants Carlton United Breweries and Lion after craft brewers complained of being locked out of taps across NSW and Victoria.

AGRICULTURE — Many of Australia’s productive agricultural regions have been hit by the driest June on record.

COCHLEAR — Hearing implant maker Cochlear is spending $50 million on a manufacturing facility in China.

WHITEHAVEN — Whitehaven Coal expects coal prices to remain elevated in the near term on strong demand from China and continued weather impact on Indonesian supplies.

IVE GROUP — Shares in IVE Group Australia have lifted after the print communications provider signed a four-year deal with Seven West Media’s publishing arm to produce its entire stable of regular mastheads.

ARRIUM — Arrium’s creditors have approved the sale of the collapsed steel and mining group to British consortium GFG Alliance, its administrators said on Thursday.

NORTHERN STAR — Gold miner Northern Star Resources achieved record production in the June quarter, taking full year production to the top end of its guidance.