Finance News Update, what you need to know

(Australian Associated Press)

WORLD FINANCE UPDATE:

The Australian dollar is lower against its US counterpart which rose on unexpectedly strong US housing figures.

At 0635 AEST on Wednesday, the local unit was trading at 76.15 US cents, down from 76.42 cents on Tuesday.

The Australian market looks set to open higher after US stocks rose modestly as gains in the tech sector helped buoy the Nasdaq to a record intraday high and solid housing market data provided more evidence the economy may be picking up momentum..

At 0645 AEST on Wednesday, the share price index was up 19 points at 5,534.

ELSEWHERE:

LONDON – Business activity across the 19-country eurozone grew at a steady, moderate pace in August as the region continued to show little concern about the impact of a British exit from the European Union.

LONDON – Surprisingly strong growth in France supported stable eurozone private business activity during August but factories could face a tougher September as new order growth stumbled, surveys showed.

LONDON – Muddying the outlook for the coming months is the United Kingdom’s vote in late June to leave the European Union, although so far the economic repercussions seem to have been confined to Britain, not its main trading partner.

LONDON – Orders for British manufacturing exports hit a two-year peak in August following a Brexit-induced fall in sterling, as the weaker pound also pushed up price expectations to their highest in more than a year, a survey shows.

EDINBURGH – Brexit is projected to cost the Scottish economy up to STG1.2 billion ($A19.3 billion) each year, according to the Scottish government.

NEW YORK – The US budget deficit is expected to grow to $US590 billion ($A774 billion) in fiscal year 2016 due to slower than expected growth in revenues and higher spending for programs including Social Security and Medicare, the Congressional Budget Office says.

NEW YORK – Americans stepped up their purchases of new homes in July to the fastest pace in nearly nine years, as low mortgage rates and a steady job market fuel a real estate surge.

 

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