Finance news you need to know today

BARNABY Joyce is telling European officials that Australia is not out to exploit Brexit or flood their markets with agricultural products.

THE Australian market looks set to open flat after a mainly positive lead from Wall Street and a lift in oil prices. At 0700 AEST on Monday, the share price futures index was up three points, or 0.05 per cent, at 5,662.

Meanwhile, the Australian dollar is down fractionally its US counterpart which has fallen slightly against a basket of currencies on mixed signals from Federal Reserve officials and economic data. The local currency was trading at 75.61 US cents at 0700 AEST on Monday, down from 75.65 on Friday.

WORLD FINANCE UPDATE:

FRANKFURT — High debt burdens in Australia and other countries have been highlighted in a report by the peak global central banking authority as among factors that could put the global economy at risk of recession.

BRUSSELS — German Chancellor Angela Merkel has warned US President Donald Trump that Europe will react in kind if the US does not play fair in trade, while EU leaders have agreed to consider screening investments by state-owned Chinese firms.

LONDON — Deputy Prime Minister Barnaby Joyce says he’s telling European officials that Australia is not out to exploit Brexit or flood their markets with Australian agricultural products.

LONDON — Britain is bringing in new rules to crack down on funds used to finance organised crime and terrorism, requiring businesses such as banks, estate agents, accountants and payment firms to carry out more checks on money flows.

ATHENS — Moody’s has upgraded Greece’s bond rating after the country reached a deal this month with bailout lenders for continued rescue fund payments.

FRANKFURT — The European Central Bank says two troubled Italian banks will be wound down because they were about to fail.

LONDON — Outsourcer Capita says it will sell its asset management services arm to Australian financial services firm Link Administration Holdings for STG888 million ($A1.49 billion).

FRIDAY HIGHLIGHTS:

BANKS — South Australian homeowners and businesses could face targeted rate rises following the state government’s announcement of its own bank levy.

CSR — Building products supplier CSR expects a sharp jump in energy costs over the next year and has warned that Australian manufacturing businesses could face plant closures and job losses if the situation continues.

INFIGEN — Wind farm operator Infigen Energy has suffered a share price plunge after warning poor wind conditions, including the group’s two worst production months on record, are expected to cut full year earnings by around seven per cent.

ARDENT — Ardent Leisure shares have dropped in early trade after the theme parks operator announced a lower final distribution, and negative fourth-quarter sales growth for its key US bowling centres.

NAB — National Australia Bank has followed its peers by raising its variable rates for interest-only mortgages in a bid to slow down riskier lending.

DAIRY — Australia’s dairy farmers can expect a better year ahead as the forecast farmgate milk price partly recovers, seasonal conditions improve and input prices remain affordable.

BEGA — Bega Cheese is launching a $160 million capital raising in order to have cash on hand so it’s ready for yet more growth.