Finance news you need to know today

MORE Australians are splashing out on “meaningful experiences” such as concerts and dining rather than retail, according to NAB.

Royal Caribbean’s Explorer of the Seas.

THE Australian market looks set to open higher following modest gains on Wall Street overnight where comments from Federal Reserve chair Janet Yellen boosted expectations of a December rate hike. At 0700 AEST on Wednesday, the share price futures index was up 16 points, or 0.28 per cent, at 5,675.

Meanwhile, the Australia dollar slipped overnight against a stronger US dollar which rose alongside climbing US interest rates driven by a risk-adverse stance following tension around North Korea’s comments to the US. The local currency was trading at 78.86 US cents at 0700 AEST on Wednesday, from 79.31 US cents on Tuesday.

WORLD FINANCE UPDATE:

WASHINGTON — US President Donald Trump says he wants bipartisan co-operation on tax reform, as pressure on him to produce a legislative victory on any front escalates with the collapse of the latest Republican push to repeal Obamacare.

LONDON — European Council President Donald Tusk says Brexit talks haven’t yet made sufficient progress to begin negotiating a new relationship between Britain and the European Union.

WASHINGTON — United States President Donald Trump warned North Korea that any US military option would be “devastating” for Pyongyang, but said the use of force was not Washington’s first option.

MOSCOW — Russia will block access to Facebook next year unless the social network complies with a law that requires websites which store the personal data of Russian citizens to do so on Russian servers.

ERBIL — The Iraqi government has ruled out talks on possible secession for Kurdish-held northern Iraq as Turkey threatens to choke it off after a referendum on independence showing strong support for a split.

DRESDEN — Frauke Petry, the co-chair of the far-right Alternative for Germany (AfD), has announced her departure from the party, just two days after elections that saw it become Germany’s third-strongest force in parliament.

TUESDAY HIGHLIGHTS:

KATHMANDU — New rain jackets and backpacks have helped lift adventure gear retailer Kathmandu’s full year profit by nearly 14 per cent as the broader clothing market suffers under tough trading conditions.

NAB SPENDING — More Australians are splashing out on “meaningful experiences” such as concert tickets, the theatre, hotel stays and eating out rather than retail goods, according to new data released by National Australia Bank.

CONSUMER ANZ — Consumer confidence has eased slightly in the past week but views towards the economy’s future remain downbeat.

AGL ENERGY — Under-pressure power producer and retailer AGL Energy will face renewed questioning from shareholders over the future of its Liddell power station in NSW at its annual general meeting on Wednesday.

NUFARM — Rain is needed in NSW and Queensland in the next four to eight weeks to generate demand for crop protection products over summer, chemicals supplier Nufarm says.

FAIRFAX DOMAIN — Analysts have valued Fairfax Media’s Domain real estate business at more than $2 billion.

BANKS FEES — Commonwealth Bank subsidiary Bankwest will follow the lead of the major banks and scrap ATM withdrawal fees, but not on its machines located in 7-Eleven stores.

TABCORP TATTS — The proposed $11 billion merger of Tabcorp and Tatts is set to be delayed after the Australian Competition Tribunal set hearing dates for late October.

GENDER — Progress in increasing the number of female directors at Australia’s biggest companies has plateaued, with concerns emerging that support for gender diversity in the nation’s boardrooms could dwindle as momentum slows.

DIVERSITY — Australia’s insurance industry has uncovered areas of diversity in which it is not achieving premium results.

AUTOMATION — Most employees don’t feel threatened by robots and artificial intelligence and want to be included in the “digital transformation” of their workplace, according to research commissioned by Microsoft.

ASX — The company behind the Australian stock exchange believes it has found the global ‘sweet spot’ for attracting companies to list on the local market.