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Finance News Update, what you need to know

Reported by AAP
Wednesday, August 20, 2014
Mark BourisMyths bustedHome loans can seem a bit complicated and overwhelming. But it doesn't have to be. Mark Bouris clears up some common misconceptions.

WORLD FINANCE UPDATE:

The Australian dollar is lower against the strengthening greenback following a rebound in US home construction.

At 0630 AEST on Wednesday, the local currency was trading at 93.05 US cents, down from 93.29 cents on Tuesday.

The Australian market looks set to open lower, after there were falls in commodity prices overnight.

At 0655 AEST on Wednesday, the September share price index futures contract was down seven points at 5,576.

ELSEWHERE:

WASHINGTON - US home construction rebounded in July, rising to an eight-month high and offering hope that housing has regained momentum after two months of declines.

WASHINGTON - Consumer prices in the United States rose a bare 0.1 per cent in July despite strong gains in food costs, the Labor Department reports.

NEW YORK - New York's banking regulator has hit Standard Chartered Bank with a $US300 million ($A324.6 million) fine and restrictions on its dollar-clearing business for inadequate controls on money laundering.

COPENHAGEN - Danish shipping and oil conglomerate AP Moeller Maersk has raised its full-year profit guidance after quarterly results were boosted by a strong performance by its container shipping business.

ATLANTA - Home Depot, the largest home improvement retailer in the United States, has reported a surge of 14 per cent in fiscal second-quarter net income following a rebound in its spring selling season.

JOHANNESBURG - Moody's has downgraded the credit rating of four top South African banks, after the government was forced to bail out a troubled lender.

21/08/2014 00:35Sydney, Australia. 21 August,2014
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