Finance news you need to know today

THE Dow Jones has opened at a record high after the index capped off its best week since 2011 following Donald Trump’s surprise election win.

HERE are 10 things making news in business and finance today.

1. SYDNEY — The Australian market looks set to open lower, following the mainly downward path of Wall Street with a weak technology sector offsetting a steep rise in financial stocks as investors bet on higher interest rates. At 0645 AEDT on Tuesday, the share price index was down 19 points at 5,332.

2. SYDNEY — The Australian dollar is virtually unchanged against its US counterpart as the greenback hit an 11-month peak against a basket of currencies. At 0635 AEDT on Tuesday, the local unit was trading at 75.40 US cents, down from 75.42 cents on Monday.

3. NEW YORK — The Dow Jones Industrial average has opened at a record high, driven by financial stocks, after the index capped off its best week since 2011 following Donald Trump’s unexpected victory in the US presidential election.

4. LONDON — The US dollar hit an 11-month peak on Monday as the risk of faster domestic inflation and wider budget deficits if Donald Trump goes on a US spending binge sent Treasury and other benchmark global bond yields ever higher.

5. WASHINGTON — President-elect Donald Trump has tapped Washington insider Reince Priebus as White House chief of staff and firebrand conservative Stephen Bannon as chief strategist, showing a willingness to work with Congress and giving a nod to right-wing activists who helped sweep him into office.

6. BERLIN — Chancellor Angela Merkel is urging Germans to stand up for an “open-minded” country, warning that the US election victory of Donald Trump could inflame Germany’s refugee debate.

7. FRANKFURT — The German finance ministry is fielding an increasing number of information requests from financial institutions in Britain considering a move to Germany since the UK’s decision to leave the European Union.

8. JOHANNESBURG — South African opposition firebrand Julius Malema is telling his followers to seize any piece of white-owned land they want, defying a court trying him on charges of inciting violent property grabs.

9. MARRAKESH — The world is set to notch up a new heat record in 2016 after a sizzling 2015 as global warming stokes more floods and rising sea levels, the UN weather agency has warned.

10. SEOUL — Samsung Electronics is buying auto-systems maker Harman for $US8 billion ($A11 billion) as the South Korean giant eyes the growing market for connected cars.