Finance news you need to know today

SCOTLAND will intervene against the UK’s central government in the legal battle over its formal divorce from the EU.

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

1. SYDNEY — The Australian dollar has surged against its US counterpart to be just under 77.5 US cents ahead of the presidential race between Democrats Hillary Clinton and Republican candidate Donald Trump. at 0635 AEDT on Wednesday, the local unit was trading at 77.48 US cents, up from 77.04 cents on Tuesday.

2. SYDNEY — The Australian market looks set to open higher as Wall Street lift with investors betting Democrat candidate Hillary Clinton will win the US presidential election. At 0645 AEDT on Wednesday, the share price index was up 19 points at 5,264.

3. EDINBURGH — Britain’s Supreme Court has granted the government permission to appeal against a High Court ruling last week that parliament’s approval was required before the formal process of leaving the European Union could begin.

4. EDINBURGH — Scotland will intervene against the United Kingdom’s central government in the legal battle to secure parliamentary approval before a formal divorce from the European Union can begin, First Minister Nicola Sturgeon says.

5. GERMANY — German industrial production and exports slumped in September with output in Europe’s biggest economy contracting more than three times the forecast rate, according to new data.

6. PARIS — France’s budget deficit reached 83 billion euros $US91.8 billion ($A119.1 billion) at the end of September, 8.5 billion more than the deficit at the same time in 2015, the finance ministry says.

7. LONDON — British cyber security authorities are investigating the theft of money from thousands of Tesco Bank accounts as experts warned that other small banks could also be vulnerable to attack.

8. JOHANNESBURG — Ratings agencies are due to visit South Africa next week ahead of reviews to its credit rating, Finance Minister Pravin Gordhan says, as he received a leadership award.