Finance news you need to know today

CHINA’S state media has boasted the country would win any trade war with the US, as tensions between the nations escalate.

THE Australian share market is expected to open higher as US stocks rose for a third day — their first three-day gains in about a month.

At 0700 AEST on Friday, the Australian share price futures index was up 18 points, or 0.31 per cent, at 5,788.

The major Wall Street stocks indexes finished around one per cent higher thanks to easing fears about an escalating trade conflict between the United States and China, and optimism about the upcoming company earnings season.

Australian shares on Thursday ended higher, led by gains by the big four banks.

The benchmark S & P/ASX200 closed up 27.4 points, or 0.48 per cent, at 5,788.8 points, while the broader All Ordinaries index ended up 24.3 points, or 0.41 per cent, at 5,888 points.

The Australian dollar on Friday morning is lower against a strengthening US dollar, ahead of what is expected to be some strong US jobs figures to be released on Friday night (AEST).

At 0700 AEST, the local currency was worth 76.85 US cents, down from 76.93 US cents on Thursday.

WORLD FINANCE UPDATE:

BEIJING — China would win any trade war with the US, the country’s state media says, as US officials sought to ease market jitters over escalating tensions between the world’s two biggest economies.

LONDON — Facebook is co-operating with Britain’s Information Commissioner’s Office as it examines how 30 organisations have used personal data, but the ICO says it’s too early to say whether the social media giant has done enough.

JAKARTA — An oil spill that caused a fire which killed five people and sickened hundreds in an Indonesian port city came from a broken pipe the state-owned energy company was using to transfer crude oil, authorities say.

THURSDAY HIGHLIGHTS:

WESTPAC — Westpac chief executive Brian Hartzer says the bank has been sloppy rather than deliberately negligent in its checks on whether potential customers could repay their mortgages.

ACCC LOANS — Interest rate discounts on home loans does not mean competition among Australia’s banks are vigorous, the competition watchdog says. The head of Australia’s competition watchdog is calling for more price competition among banks to lower home loan borrowing rates.

ACCC NBN — The competition watchdog says the national broadband network sale has to be completed in a way that maximises competition in the communications market, not profit for the government, in any privatisation that follows the rollout.

MURRAY GOULBURN — Shareholders of Australian dairy processor Murray Goulburn have overwhelmingly approved the $1.3 billion sale of the co-operative to C anadian dairy giant Saputo amid some sadness over Murray Goulburn’s demise.