Finance news you need to know today

MYER is committed to dedicated clearance floors despite Solomon Lew fuming that the old stock would be more at home at the Salvos.

Myer at Centro Roselands in Sydney. Picture: Joel Carrett/AAP

THE Australian market looks set to open flat after Wall Street mainly held on to modest gains following better-than-expected US private sector jobs data and the Federal Reserve kept its interest rates unchanged. At 0700 AEDT on Thursday, the share price futures index was up four points, or 0.07 per cent, at 5,933.

Meanwhile, the Australian dollar is higher against a strengthened greenback following US economic data and the Federal Reserve’s decision to keep its interest rates on hold. The local currency was trading at 76.72 US cents at 0700 AEDT on Thursday, from 76.62 on Wednesday.

WORLD FINANCE UPDATE:

WASHINGTON — The Federal Reserve has kept interest rates unchanged, pointing to solid US economic growth and a strengthening labour market in a sign it is on track to lift borrowing costs again in December.

URAYASU — Australia and the 10 remaining nations in the Trans-Pacific Partnership are edging towards sealing a comprehensive free trade pact.

FRANKFURT — The head of Frankfurt’s financial lobby group is appealing for further housing investments just weeks after launching a fast track work permit program to deal with an influx of workers ahead of Brexit.

DUBLIN — Ireland’s High Court has rejected an appeal against Apple’s plans to build an 850 million euro ($A1.3 billion) data centre, clearing the way for the project to proceed.

LONDON — Imperial Brands is buying Nerudia, a UK maker of nicotine liquids for e-cigarettes, as the British tobacco company seeks to expand its portfolio of cigarette alternatives.

TOKYO — A Japanese firm wants to compensate its non-smoking workers by giving them an extra six days of leave because they don’t take the breaks to smoke.

WEDNESDAY HIGHLIGHTS:

MYER — Myer is lowering the bar for success of its turnaround plan after failing to meet growth targets it set two years ago but the embattled retailer insists its strategy is sound.

MYER CLEARANCE — Myer is committed to dedicated clearance floors in its department stores despite major shareholder Solomon Lew fuming that the old stock would be more at home in a Salvation Army op shop.

DOMINOS — Shares in Domino’s Pizza have dropped sharply after the Fair Work Commission terminated deals with workers under which they were paid less than minimum award rates.

OIL SEARCH — Energy explorer Oil Search is buying into oil blocks in Alaska for $US400 million ($A522 million) in its first significant expansion beyond Papua New Guinea.

HOUSING PRICES — Home price growth in the capital cities has continued to slow on a quarterly basis, weighed down by tighter lending by the big banks and easing market conditions in Sydney.

CSR — Rising power costs and concerns about the outlook for housing construction have overshadowed CSR’s lift in half year profit.

CROP FORECAST — Sustained dry weather is likely to have reduced Australia’s winter crop by 41 per cent compared to the record crop in 2016/17, agribusiness banking specialist Rabobank says.

NIB — Health insurer NIB expects to start selling health insurance in China towards the end of the 2018 calendar year.

AMCOR — Packaging giant Amcor has maintained its full year profit guidance but delivered a cautious outlook after a challenging first quarter.

HARVEY NORMAN — Shares in Harvey Norman are soaring after the corporate watchdog told the retailer it was no longer reviewing its 2015/16 financial report.

TELSTRA — Telstra has bought Australian-owned GPS and technology company MTData in a move towards boosting its ‘Internet of Things’ business globally.

CIMIC — Construction major CIMIC Group has reaffirmed its full year profit guidance after lifting third-quarter profit by 20 per cent.

WELLARD — Cattle exporter Wellard has made its first shipment of beef cattle to China for processing, under the Australia China Free Trade Agreement.