Finance news you need to know today

LOWER sales have dragged down Macy’s profit during the first quarter as customers’ habits shift to more online shopping.

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

1. SYDNEY — The Australian market looks set to follow Wall Street’s negative lead to open modestly lower at the end of budget week. At 0700 AEST on Friday, the share price futures index was down nine points, or 0.15 per cent, at 5,856.

2. SYDNEY — Meanwhile, the Australian dollar is higher against its US counterpart. The local currency was trading at 73.78 US cents at 0700 AEST on Friday, from 73.65 on Thursday.

3. WASHINGTON — The US Senate has approved President Donald Trump’s nominee for US Trade Representative, a critical position ahead of renegotiations of the North American Free Trade Agreement with Canada and Mexico.

4. LONDON — Britain’s manufacturing and construction sectors contracted in March and the country’s trade deficit widened as the economy continues to falter.

5. WASHINGTON — New applications for US jobless benefits unexpectedly fell last week while producer prices rebounded strongly in April, pointing to a tightening labour market and rising inflation that could spur the Federal Reserve to raise interest rates in June.

6. NEW YORK — Lower sales have dragged down Macy’s profit during the first quarter as customers’ habits shift to more online shopping and retail locations lose traffic.