Finance news you need to know today

THE cooling of the housing market in China will weigh on the economy during the second half of the year, credit rating agency Fitch warns.

THE Australian market looks set to open higher after Wall Street closed mainly positive with the Dow Jones Industrial hitting a record intraday high. At 0700 AEST on Tuesday, the share price futures index was up 35 points, or 0.62 per cent, at 5,670.

Meanwhile, the Australian dollar is lower against a firmer US dollar. The local currency was trading at 76.60 US cents at 0700 AEST on Tuesday, from 76.73 on Monday.

WORLD FINANCE UPDATE:

WASHINGTON, D.C. — US President Donald Trump plans to speak with German, French and Italian officials, he said ahead of a summit of the G20 leading economies later this week that could expose his sharp differences with world powers on trade and other issues.

TEHRAN — Iran has signed a $US5 billion ($A6.5 billion) agreement with France’s Total and a Chinese oil company to develop its massive offshore natural gas field, the first such deal with foreign companies since the landmark 2015 nuclear deal.

BEIJING — The cooling of the housing market in China will weigh on the economy during the second half of the year, credit rating agency Fitch warns.

LONDON — US President Donald Trump’s decision to withdraw from global action against climate change could put the Earth on a “hothouse” course similar to the one that befell Venus, British physicist Stephen Hawking has told the BBC.

MONDAY HIGHLIGHTS:

FAIRFAX — Fairfax Media will push ahead with plans to spin off its lucrative property portal Domain after two suitors withdrew their takeover interests in the company.

TEN — Troubled broadcaster Ten Network has secured a $30 million funding package so that it can keep operating while receivers and managers look to sell or recapitalise the business.

BUILDING — Building approvals for new homes have fallen for the second time in three months, indicating a cooling down in Australia’s residential housing boom.

JOBS — A strong lift in job ads in June and improving business conditions suggests a positive outlook for the labour market, says the ANZ Bank.

HOUSING — House prices continue to rise strongly in Melbourne and Sydney despite a slowdown in auction clearance rates among the major capital cities.

ZIP — Australian drinking water appliance maker Zip Industries has been taken over by US-based global water treatment firm Culligan International for an undisclosed sum.