Finance News Update, what you need to know


The Australian dollar has surged to an eight-month high on the back of a “spectacular” jump in iron ore prices.


At 0700 AEDT on Tuesday, the local unit was trading at 74.70 US cents, up from 74.0 US cents on Monday.

And the Australian share market looks set to open higher, with resource stocks likely to get a boost from an 18 per cent jump in iron ore prices overnight.

At 0731 AEDT on Monday, the share price index was UP 26 points at 5,157 points.


WASHINGTON – US President Barack Obama has defended his efforts to rein in Wall Street, telling Americans that his administration cracked down effectively on banks and trading firms after the financial crisis of 2007-2009.

BEIJING, March 7 AP – Seeking to douse fears about China’s economy, the finance minister says Beijing can manage its rising debt load as it steps up deficit spending to prevent a slide in growth.

BEIJING – China’s foreign exchange reserves have fallen $US28.57 billion ($A38.56 billion) in February, slightly less than expected and easing from a sharp slump in January, suggesting the central bank is scaling back its interventions to support the yuan as capital outflows ease.

LONDON – British Chambers of Commerce director-general John Longworth has resigned after he breached the group’s neutral stance on the referendum on EU membership.

WASHINGTON – The US State Department said on Monday the United States took North Korean threats to use nuclear weapons seriously and urged Pyongyang to halt its provocations, including testing nuclear devices and long-range rockets.

BRUSSELS – European Union leaders have not been able to agree to an ambitious plan put forward by Turkey to stop migrants flooding into Europe but will welcome the proposals and keep working on them in coming days, an EU official says.

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