Finance News Update, what you need to know

Finance News Update, what you need to know

WORLD FINANCE UPDATE:

The Australian dollar has crept higher as the dust settles from the unexpected Brexit vote.

At 0700 AEST on Monday, the local unit was trading at 74.17 US cents, up from 73.61 cents on Friday.

And the Australian share market looks set to open flat as the financial world weighs up the implications of a Brexit.

At 0645 AEST on Monday, the share price index was up three points at 5,074.

ELSEWHERE:

LONDON - British finance minister George Osborne will seek to reassure financial markets on Monday following the country's decision to leave the European Union last week, setting out the government's economic response to the vote in a statement at 0600 GMT (1000 AEST).

LONDON - Britain plunged deeper into political crisis over the weekend after its vote to leave the European Union, spreading further confusion and uncertainty to the continent, where officials were unable to agree about what to do next.

LONDON - The European Union wants a quickie divorce, but Britain wants time to think things over.

LONDON - The British were warned for weeks that a vote to leave the European Union would result in economic pain. Now they'll find out whether it will.

TIANJIN, China - Britain's decision to leave the European Union could be the beginning of the disintegration of the bloc of countries or the United Kingdom, American economist Nouriel Roubini says.

BEIJING - China's finance minister says Britain's vote to leave the European Union has heightened uncertainty for markets but described the recent market reaction as "excessive".

LONDON - Banks should shut branches to help lift flagging profits and get on a healthier long-term footing, an influential global central banking forum said in a report on Sunday.

BEIJING - The China-led Asian Infrastructure Investment Bank (AIIB) will be different from institutions like the World Bank because it has a greater understanding of the developing world's needs, officials say.


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Source: AAP


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