WORLD FINANCE UPDATE:
The Australian dollar has slumped against the greenback, which soared as expectations of a US rate hike rose.
At 0700 AEST on Wednesday, the local unit was trading at 73.25 US cents, down from 73.51 cents on Tuesday.
And the Australian share market looks set to open lower following a sell-off on Wall Street as chances of an interest rate hike later this year rose after data pointed to firming inflation.
At 0645 AEST on Wednesday, the share price index was down 30 points at 5,368.
ELSEWHERE:
WASHINGTON - US consumer prices recorded their biggest increase in more than three years in April as petrol and rents rose, pointing to a steady inflation build-up that could give the Federal Reserve ammunition to raise interest rates later this year.
CALGARY, Alberta - Canadian energy producers have been hit with fresh disruptions as a massive wildfire burning around the oil sands hub of Fort McMurray shifted north, forcing the evacuation of about 4000 people from work camps.
THE HAGUE - Canadian retailer Hudson's Bay Company says it plans to open up to 20 new stores in the Netherlands over the next two years, creating thousands of new jobs in a nation recently hit by the closure of a major chain of stores.
LONDON - The head of exploration at BP, Richard Herbert, is leaving the British oil major after slightly more than two years in the job, a period in which the company slashed spending on the search for new deposits.
WASHINGTON - The United States has eased some sanctions on Myanmar to support political reforms and economic growth in the country but has retained other measures to discourage human rights abuses and military trade with North Korea, US officials said.
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