Finance news you need to know today

GLOBAL debt has been massively under-reported by accounting practices that overlook about $16 trillion worth of foreign exchange derivatives, the BIS says.

HERE are five things making news in business and finance around the world today.

1. SYDNEY — The Australian market looks set to open comfortably higher after Wall Street closed higher with both the Dow and the S&P 500 hitting record highs. At 0700 AEST on Monday, the share price futures index was up 16 points, or 0.18 per cent, at 5,708.

2. SYDNEY — Meanwhile, the Australian dollar is clinging to the 80 US cent mark, after the greenback performed poorly following disappointing US economic data, including retail sales figures which fell 0.2 per cent in August when a 0.1 per cent rise had been expected.

The local currency was trading at 80.00 US cents at 0700 AEST on Monday, from 79.96 on Friday.

3. LONDON — Global debt may be under-reported by around $US13 trillion ($A16 trillion) because traditional accounting practices exclude foreign exchange derivatives used to hedge international trade and foreign currency bonds, the BIS says.

4. LONDON — Britain’s Foreign Minister Boris Johnson has been accused by cabinet colleagues of “back seat driving” on Brexit after setting out his own vision of the country’s future outside the European Union.

5. DUBAI — One of the world’s largest port operators, DP World, says it will not be renewing its contract in Indonesia after failing to agree on renewal terms with the government.