Finance news you need to know today

DONALD Trump’s estimated net worth is $4.8 billion, $1 billion less than a year ago, largely due to New York’s softening real estate market.

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

1. SYDNEY — The Australian dollar has barely changed against its US counterpart. At 0635 AEST on Thursday, the local unit was trading at 76.89 US cents, up from 76.85 cents on Wednesday.

2. SYDNEY — The Australian market looks set to open higher after Wall Street ended higher following an OPEC agreement to limit crude output. At 0645 AEST on Thursday the share price index was up 41 points at 5,442.

3. ALGIERS — OPEC has agreed to reduce its oil output to 32.5 million bpd from the current production levels of around 33.24 million bpd, two OPEC sources told Reuters.

4. WASHINGTON, DC — US Federal Reserve Chair Janet Yellen was thrust into the election-year boxing ring during a congressional committee hearing on Wednesday, defending the central bank’s regulatory role, taking and landing punches on Wells Fargo and other banks considered too big to fail, and addressing accusations of political conflicts of interest.

5. CHICAGO — International Monetary Fund Managing Director Christine Lagarde said the institution would lower its 2016 US growth forecast again and called policies that restrict trade “economic malpractice” that would choke off growth.

6. WASHINGTON, DC — US factories saw slightly fewer orders for big-ticket manufactured goods in August, with a decline in aircraft orders accounting for the modest slip.

7. FRANKFURT — Germany’s largest airline, Lufthansa, plans to take over Brussels Airlines, through acquiring the remaining 55 per cent of its shares, currently owned by SN Airholding.

8. LONDON — Embattled mobile phone firm BlackBerry has revealed it will stop designing smartphones in-house as it posted more losses and plunging sales.

9. MADRID — Samsung says it will resume the sale of its Galaxy Note 7 phone in Europe on October 28, after the South Korean company had to withdraw the device from markets earlier this month due to battery-related issues.

10. WASHINGTON, DC — US Republican presidential nominee Donald Trump’s estimated net worth is $US3.7 billion ($A4.8 billion), $US800 million less than a year ago, Forbes magazine reports, attributing the loss largely to New York’s softening real estate market.