Finance news you need to know today

THE alcohol industry uses denial, distortion and distraction to mislead people about the risks of developing cancer, a study says.

THE Australian market looks set to open modestly higher after Wall Street closed little changed after media stocks posed a late rally and with investors tracking Hurricane Irma. At 0700 AEST on Friday, the share price futures index was up 16 points, or 0.28 per cent, at 5,693.

Meanwhile, the Australian dollar is sharply higher and well above 80 US cents as the greenback weakens following the European Central Banks failure to announce tapering of its bond-purchasing program. The local currency was trading at 80.46 US cents at 0700 AEST on Friday, from 79.85 on Thursday.

WORLD FINANCE UPDATE:

WASHINGTON, DC — President Donald Trump and Senate Democratic Leader Chuck Schumer have agreed to work toward a permanent repeal of the nation’s debt ceiling, the Washington Post reports.

FRANKFURT — The European Central Bank will consider steps next month for winding back its monetary stimulus program after saying it expects the eurozone economy to grow this year at its fastest pace in 10 years.

NEW YORK CITY — Shares of Walt Disney Co and Comcast Corp have tumbled after Disney warned of stagnant earnings and the number one cable operator Comcast forecast more subscriber losses.

NEW YORK CITY — Amazon.com is searching for a location to build its second headquarters in North America that would cost more than $US5 billion ($A6.2 billion) and house up to 50,000 staff.

LONDON — Jaguar Land Rover says all of its new vehicles will be at least partially electrified by 2020.

NEW YORK CITY — Apple ‘s new iPhone hit production glitches early in its manufacturing process and that may lead to supply shortfalls and shipping delays following its launch next week, the Wall Street Journal reports.

LONDON — The alcohol industry uses denial, distortion and distraction to mislead people about the risks of developing cancer from drinking, often employing similar tactics to those of the tobacco industry, a study says.

THURSDAY HIGHLIGHTS:

RETAIL TRADE — The strain of low wages growth and higher power bills on household budgets has led to a pause in retail spending growth in July.

CONSTRUCTION AI — A drop in apartment building tempered overall construction activity in August, though the sector continues to grow due to large engineering projects and house building.

TRADE — Australia’s trade surplus has slipped to its lowest level in three months, weighed down by a decline in LNG shipments and lower gold exports.

SANTOS — Santos and its joint venture partners at the Gladstone LNG project in Queensland have agreed to divert about 30 petajoules of gas to the domestic market, in an effort to stave off government export curbs.

DIRECTORS CULTURE — Only two per cent of board members at the top 200 publicly listed companies are culturally diverse women, indicating a gender and culture chasm exists in the upper echelons of Australian business, new research shows.

SIGMA — Pharmacies and drug supplier Sigma Healthcare has added another business to the group, dosage administrator Medication Packaging Systems (MPS), as it endeavours to become a broader-based healthcare company.

GALENA — Lead and silver miner Galena Mining has made a positive debut on the Australian share market, with its shares up 15 per cent in early trading.