Finance news you need to know today

CHINA says it would not initiate a trade war with the US but vowed to defend its national interests in the face of growing American protectionism.

AUSTRALIAN stocks are expected to open stronger after US President Donald Trump promised Australia would be exempt from its planned tariffs on steel and aluminium. On Monday morning, the Australian share price futures index was up 57 points, or 0.96 per cent, at 6,020.

Meanwhile, the Australian dollar is higher after the release of strong US jobs figures and the news that there will be a summit between the leaders of the US and North Korea. At 0730 AEDT on Monday, the local currency was worth 78.48 US cents, up from 77.95 US cents on Friday.

WORLD FINANCE UPDATE:

WASHINGTON — US job growth has surged in February, recording its biggest increase in more than one-and-a-half years, but a slowdown in wage gains pointed to only a gradual increase in inflation this year.

BEIJING — China says it would not initiate a trade war with the US but vowed to defend its national interests in the face of growing American protectionism.

FRANKFURT — Deutsche Bank plans to pay out 2 billion euros ($A3.1 billion) in bonuses to its employees despite its accounts being in the red again for 2017.

LONDON — Even though more people now use cards, mobile phones or even facial recognition technology to pay street performers, buy pizza or donate to church on Sundays, hard cash is showing no signs of dying out, central bankers say.

FRIDAY HIGHLIGHTS:

TARIFFS AUST — Australia’s peak industry association says exemption from the United States’ steel and aluminium tariffs would be a “partial victory” only, with many local companies still likely to be hit by hefty imposts.

ASX — Myer’s woes have led to the struggling department store being removed from the Australian share market’s benchmark ASX200 index.

OZ MINERALS — Oz Minerals is considering renewable energy options for its current and future assets, in a bid to combat ongoing pressure from soaring electricity prices.