Finance news you need to know today

PRESIDENT Donald Trump is asking Congress for $2.1 billion to begin building a wall along the border with Mexico.

THE Australian market looks set to open higher, following Wall Street’s lead which ended higher after the release of US president Donald Trump’s budget plans. At 0705 AEST on Wednesday, the share price futures index was up 11 points, or 0.19 per cent, at 5,782.

Meanwhile, the Australian dollar is lower against its US counterpart which has lifted overnight against a basket of currencies ahead of keenly awaited minutes of the Federal Reserve’s last policy meeting. The local currency was trading at 74.83 US cents at 0700 AEST on Tuesday, from 74.94 on Tuesday.

ELSEWHERE:

WASHINGTON — US president Donald Trump’s proposed budget would slash nearly a third in funding for diplomacy and foreign aid including global health and food aid, peacekeeping and other forms of non-military foreign involvement.

WASHINGTON — President Donald Trump is asking Congress for $1.6 billion (A$2.1b) to begin building a wall along the border with Mexico, far short of the amount needed for a project sharply criticised by Democrats and even some conservative Republicans.

NEW YORK — Wall Street has ended higher after the release of President Donald Trump’s budget plan but gains were tempered by declines in consumer discretionary stocks amid weakness in auto-parts companies.