Finance news you need to know today

CHINESE cities have announced new restrictions on property purchases to try to cool soaring home prices stoked by property speculators.

Residential luxury homes in Beijing's Chaoyang district. China's richest man, real estate magnate Wang Jianlin, has warned the country's property market is the “biggest bubble in history” — the latest alarm bell to be sounded on the world's second largest economy. Picture: Fred Dufour/AFP

HERE are 10 things making news in business and finance today.

1. SYDNEY — The Australian dollar is higher against the US dollar. At 0635 AEST on Monday, the local unit was trading at 76.60 US cents, up from 76.04 cents on Friday.

2. SYDNEY — The Australian market looks set to open higher after Wall Street rallied, lifted by a surge in Deutsche Bank shares and financial stocks after concerns eased about the health of the German bank. At 0645 AEST on Monday, the share price index was up 30 points at 5,446.

3. FRANKFURT — Deutsche Bank is throwing its energies into reaching a settlement before next month’s presidential election with US authorities demanding a fine of up to $US14 billion ($A18 billion) for mis-selling mortgage-backed securities.

4. BERLIN — After a week that saw Deutsche Bank’s shares hit a record low over growing concerns about its finances, the German-based lender’s troubles persisted into the weekend with a technical glitch that locked customers out of their accounts.

5. BIRMINGHAM — Prime Minister Theresa May will trigger the process to leave the EU by the end of March, offering the first glimpse of a timetable for a divorce that will redefine Britain’s ties with its biggest trading partner.

6. LONDON — Donald Tusk, the president of the European Council, says Britain’s statement on the timing of EU exit talks brought “welcome clarity” to the situation.

7. LONDON — The Bank of England has been blasted for splashing out more than GBP3,000 ($A5,000) on a lavish retirement bash for former rate-setter Martin Weale, just a week before slashing interest rates.

8. SHANGHAI — Three Chinese cities have announced new restrictions on property purchases, as second- and third-tier cities across the country to try to cool soaring home prices stoked by property speculators.

9. NEW DELHI — India, the world’s third largest emitter of greenhouse gases, has formally joined the Paris agreement on tackling climate change, taking the global pact a step nearer its enactment.

10. RIYADH — Saudi Arabia has shifted to the Gregorian or Western calendar as a basis for paying civil servants as part of an austerity package.