Finance News Update, what you need to know

6.Finance News Update_ what you need to know

(Australian Associated Press)

WORLD FINANCE UPDATE:

The Australian dollar has crept lower despite a weaker greenback and a spike in most commodities.

At 0630 AEST on Tuesday, the currency was trading at 71.17 US cents, down from 71.42 cents on Monday.

And the Australian share market looks set to open lower after Wall Street fell with nervous investors selling down stocks amid continued worries over the potential impact of China’s slowdown.

At 0645 AEST on Tuesday, the September share price index futures contract was down 21 points at 5,146.

ELSEWHERE:

NEW YORK – US crude oil has closed nearly nine per cent higher as the US government lowered its domestic production estimate and OPEC highlighted concern about multi-year low prices.

BRUSSELS – Inflation in the 19-country eurozone was unchanged at 0.2 per cent in August, official data shows, slightly higher than analysts expected.

KUWAIT CITY – Saudi stocks dived 17.2 per cent in August to lead a slide in other Gulf bourses which came under pressure from a sharp decline in oil prices and China’s economic woes.

NEW DELHI – India’s economy grew by a slower than expected 7.0 per cent in the first quarter of this financial year, official figures show.

ATHENS – Greece’s retailers association has reported a 12.7 per cent drop in sales over the past three months year-on-year, as government capital controls take their toll on customers’ spending.

MOSCOW – Russian oil giant Rosneft says its net profit fell 22 per cent in the second quarter from a year earlier, a stronger result than expected as the weak rouble partly offset falling oil prices.

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