Finance news you need to know today

PROPERTY prices have ticked slightly higher across most of Australia’s capital cities, although the auction clearance rate has stayed below 70 per cent.

THE Australian market looks set to open modestly higher following positive leads from Wall Street where two of its key indexes closed at fresh record highs. At 0700 AEST on Tuesday, the share price futures index was up eight points, or 0.14 per cent, at 5,751.

Meanwhile, the Australian dollar is back below 75 US cents on US dollar strength following New York Federal Reserve president William Dudley’s comments expressing optimism that US inflation would rise, thanks to a tightening jobs market. The local currency was trading at 75.94 US cents at 0700 AEST on Tuesday, from 76.11 on Monday.

WORLD FINANCE UPDATE:

BRUSSELS — The European Union says after a first day of talks on Britain’s exit from the 28-member bloc that the clock is ticking on negotiations, but British Brexit minister David Davis said he’s optimistic they will yield a swift and good outcome.

PRETORIA — Barclays Africa Group unduly benefited from apartheid-era bailouts and must repay 1.125 billion rand ($A113m), says South Africa’s anti-graft watchdog.

COPENHAGEN — The top firms in California’s Silicon Valley carry more weight on the global stage than many countries, which makes building diplomatic relations with them increasingly important, the world’s first national technology ambassador says.

MONDAY HIGHLIGHTS:

FAIRFAX — Fairfax Media has rebuffed an approach from a consortium including advertising entrepreneur John Singleton for its 54.5 per cent stake in Macquarie Media.

AMAZON — Amazon’s recent $18 billion bite into the United States grocery sector is unlikely to signal what it has in store for major Australian supermarket chains, a new analyst report says.

BUBS — Shares in Bubs Australia have surged after the baby food maker signed a deal with Chinese online sales portal Kaola.com.

HOUSING PRICES — Property prices have ticked slightly higher across most of Australia’s capital cities, although the auction clearance rate has stayed below 70 per cent.

SPOTLESS — Shares in facilities management firm Spotless Group have lifted slightly after engineering and maintenance firm Downer EDI declared its takeover bid for Spotless unconditional.

TREASURY WINE — Australia’s Treasury Wine Estates is set to start selling French wine to China as it seeks to gain a wider share of the world’s fastest growing wine market.

MILLENNIALS — A growing number of young Australians are stashing their cash in the stock market in a bid to build wealth and get a foot on the property ladder.