(Australian Associated Press)
WORLD FINANCE UPDATE:
The Australian dollar is stronger against the greenback, extending its post-Reserve Bank rate decision gains.
At 0630 AEDT on Wednesday, the currency was trading at 71.68 US cents, up from 71.22 cents on Tuesday.
And the Australian share market looks set to open higher following a mixed performance of US equities as the US dollar weakened and oil prices surged.
At 0645 AEDT on Wednesday, the December share price index futures contract was up 11 points at 5,180.
LIMA – The International Monetary Fund has cut its growth forecasts for the world economy, warning of increasing risks from the slowdown in China, which is dragging other emerging markets down with it.
LIMA – The massive arrival of migrants in the European Union will burden member states’ budgets in the short term but ultimately fuel economic growth, the IMF’s chief economist says.
WASHINGTON – The International Monetary Fund has estimated that the US economy will pick up only modestly in 2016 after a mild gain this year, thanks to low energy prices and an improving housing market.
BERLIN – The new chief of scandal-hit Volkswagen has braced his workforce for tough times ahead, while admitting that billions laid aside for fines and damages arising from a massive pollution cheating scam will not be enough.
NEW YORK – Freeport-McMoRan says it’s considering spinning off its oil and gas business and other strategic alternative to focus on its copper mining business.
PURCHASE – PepsiCo’s third-quarter profit topped Wall Street expectations as the maker of Frito-Lay snacks and Mountain Dew soda hiked prices and trimmed costs.