Finance news you need to know today

THE Aussie property boom is nearing its end, with housing price growth to run in the low single-digits in 2018, a leading economist says.

THE Australian share market looks set to open higher amid continuing positive sentiment and after better-than-expected produce price index figures boost Wall Street’s Dow and S&P500 indexes. At 0700 AEDT on Wednesday, the share price futures index was up 12 points, or 0.2 per cent, at 6,030.

Meanwhile, the Australian dollar has gained against the US dollar, which also rose on the stronger-than-expected PPI figures. The local currency was trading at 75.59 US cents at 0700 AEDT on Wednesday, from 75.36 on Tuesday.

WORLD FINANCE UPDATE:

PARIS — About 20 companies including Unilever, EDF and Iberdrola have joined an international alliance of 26 nations pledging to phase out coal to combat global warming.

NEW YORK CITY — Digital currency exchange operators Coinbase and Bitfinex are reporting problems with service through their websites, frustrating traders seeking to cash in on the latest surge in the value of bitcoin and other cryptocurrencies.

LONDON — House prices dipped by 0.5 per cent month-on-month in October according to official figures, as experts suggested Brexit uncertainty may be having an impact on the market.

BRUSSELS — Social media giant Facebook will start booking advertising revenue locally instead of re-routing it via its international headquarters in Dublin although the move is unlikely to result in it paying much more tax.

BERLIN — A union is calling on Germany-based pilots at budget airline Ryanair to strike in a dispute over pay and conditions, though it says there will be no walkouts in the days around Christmas.

TORONTO — Canada has ditched a plan to buy 18 Super Hornet jet fighters from US- based Boeing and will instead buy 18 used F-18 fighters from Australia.

TUESDAY HIGHLIGHTS:

WESTFIELD — Westfield Corporation has agreed to a $US24.7 billion ($A32.7 billion) takeover from a Paris property giant that will end the Lowy family’s control of the shopping centre giant but also spread the Westfield brand across Europe.

ZURICH ANZ — ANZ says its main focus will be retail and business banking after selling its life and consumer credit insurance business to international insurance giant Zurich for $2.85 billion.

HOME PRICES — Capital city house prices fell in the three months to September, driven by the sharpest fall in prices in Sydney in two years.

HOUSING — The Aussie property boom is nearing its end, with housing price growth to run in the low single-digits in 2018, a leading economist says.

TATTS — The $11.3 billion merger of gaming giants Tatts and Tabcorp has been approved by shareholders.

CONSUMER ANZ — Consumer confidence has slipped due to a drop in sentiment towards the health of household finances.

FAIRFAX — Fairfax Media has secured a partnership with Google to boost its digital advertising and publishing technology and drive digital subscription growth.

ASALEO — Shares in the company behind the Sorbent and Libra brands have fallen after it warned of a drop in full year profit.

FISHER — Fisher & Paykel Healthcare has launched federal court proceedings against rival medical products manufacturer ResMed, alleging it has infringed four of its patents.

CIMIC — Construction giant CIMIC has announced three new major contracts for its companies, including design and construction for Victoria’s multi-billion dollar West Gate Tunnel project.

TRANSURBAN — Toll road operator Transurban will raise $1.9 billion through an equity raising to part-fund the cost of the West Gate Tunnel project in Melbourne.

KOGAN — Online retailer Kogan.com will start selling budget health insurance policies under a new brand dubbed Kogan Health, after signing a deal with private health insurer Medibank Group.

LENDING FINANCE — Commercial loans including mortgages to investors fell 1.6 per cent to $39.9 billion in October.