Finance news you need to know today

PRICE gains of Toronto homes slowed slightly in May in the wake of new housing rules aimed at cooling the market in Canada’s largest city.

THE Australian market looks set to open flat following a negative lead from Wall Street after data showed that the US services sector activity had slowed in May as new orders tumbled. At 0700 AEST on Tuesday, the share price futures index was down four points, or 0.07 per cent, at 5,760.

Meanwhile, the Australian dollar has outperformed its major peers and continued to rise against its US counterpart, even as the US dollar index rose 0.1 per cent. The local currency was trading at 74.87 US cents at 0700 AEST on Tuesday, from 74.67 US cents on Monday.

ELSEWHERE:

WASHINGTON — The productivity of US workers was flat in the first three months of this year, while labour costs rose at the fastest pace since the second quarter of last year.

DETROIT — Forecasts for US economic growth are coming in slightly lower after a weak first quarter, according to a survey of business economists.

LOS ANGELES — Apple has announced its first new product since the Apple Watch more than two years ago.

OTTAWA — New listings of Toronto homes surged in May from a year earlier while sales plunged and price gains slowed slightly in the wake of new housing rules aimed at cooling the market in Canada’s largest city.

WASHINGTON — US President Donald Trump has defended his executive order banning most travellers from six Muslim-majority nations and criticised his own administration’s revisions to the policy to address legal challenges.

DUBAI — Air travel across the Gulf region and beyond faces major disruption following the move by Saudi Arabia, Egypt, the United Arab Emirates (UAE) and Bahrain to sever ties with Qatar, accusing the tiny oil rich state of supporting terrorism.