Finance News Update, what you need to know

3.Finance News Update what you need to know

(Australian Associated Press)

WORLD FINANCE UPDATE:

Australian dollar is lower, amid more signs of weakness in the Chinese economy after the release of weak international trade figures.

At 0630 AEDT on Wednesday, the currency was trading at 72.64 US cents, down from 73.11 cents on Tuesday.

And the Australian share market looks set to open lower following falls in overseas stocks on the back of the disappointing Chinese data.

At 0645 AEDT on Wednesday, the December share price index futures contract was down 38 points at 5,153.

ELSEWHERE:

FRANKFURT – German car giant Volkswagen says it will slash its annual investment budget by one billion euros for its main VW brand in the wake of the pollution-cheating scandal.

SINGAPORE – Falling inflation will be a key trigger in any decision by the European Central Bank to beef up its economic stimulus package, an executive board member says.

PARIS – The world’s demand for oil is expected to slow in 2016 in response to a more pessimistic outlook for the global economy, the International Energy Agency says.

FRANKFURT – German software giant SAP says it had “very strong top and bottom line growth” in the third quarter, driven by higher sales in its cloud computing business.

NEW YORK – General Electric says that it will sell financing assets valued at $US32 billion ($A43.48 billion) to US bank Wells Fargo as the conglomerate moves to focus on its core industrial operations.

SAN FRANCISCO – Twitter says it is cutting eight per cent of its workforce, or 336 jobs, in a restructuring of the troubled messaging platform under newly returned chief executive Jack Dorsey.

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