WORLD FINANCE UPDATE:
The Australian dollar is under pressure as global markets flip back to risk aversion on Brexit fallout fears.
At 0700 AEST on Wednesday, the local unit was trading at 74.63 US cents, down from 75.07 cents on Tuesday.
And the Australian market looks set to open lower after US markets dropped overnight on continued uncertainty over Britain's decision to leave the European Union and tumbling oil prices.
At 0645 AEST on Wednesday, the share price index was down 20 points to 5,166.
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ELSEWHERE:
LONDON - Worries about the economic impact of leaving the European Union have hit Britain's property market and hammered the pound as Conservative members of parliament began voting for a new prime minister.
ROME - Italy's bank shares have plunged, shaking the financial foundations of the euro zone's third-largest economy and threatening contagion to other EU nations.
LONDON - M&G, the fund management arm of insurer Prudential, has suspended trading in its STG4.4 billion ($A7.76 billion) UK property portfolio and feeder fund.
TORONTO - Smartphone pioneer BlackBerry will stop making its Classic model some 18 months after launching the device it was hoping would entice users who prefer a physical, rather than touchscreen, keyboard.
MILAN - Milan's new mayor Giuseppe Sala is set to fly into London, stepping up a battle between European cities competing to wrest two prestigious European Union agencies from London in the wake of Britain's vote to leave the bloc.
WASHINGTON - Orders at US factories dipped in May, dragged by less demand for steel, aluminium, furniture, electrical appliances and military aircraft.
LONDON - Sterling has hit a fresh 31-year low against the US dollar, as investors worry about the economic and financial fallout of Britain's vote to leave the European Union.
