Finance News Update, what you need to know

(Australian Associated Press)
WORLD FINANCE UPDATE:

The Australian share market is expected to start the day lower after US stocks, oil, gold and base metals prices backed away from their recent highs.

At 0730 AEDT on Wednesday, the share price futures index was down 15 points, or 0.25 per cent, at 5,945.

However, the Australian dollar bucked the trend, continuing to eke out gains.

At 0730 AEDT on Wednesday, the local unit was worth 80.82 US cents, up from 80.66 cents on Tuesday.


ELSEWHERE:

LONDON – A report prepared for the British government says the UK economy will be worse off after the country leaves the European Union, news website BuzzFeed says.

NEW YORKAmazon.com, Berkshire Hathaway and JPMorgan Chase & Co are forming a venture aimed at lowering healthcare costs for their US employees, sparking a slide in the shares of a host of healthcare-related companies.

LONDON – Blackstone Group LP has agreed that annual payments of $US325 million ($A455 million) will be made for 30 years to the Reuters News business as part of a deal by the US private equity firm to buy a majority stake in Thomson Reuters’ Financial and Risk unit, two sources say.

NEW YORK – Pfizer’s fourth-quarter profits soared to $US12.27 billion ($A17.18 billion) thanks to a huge tax benefit related to the US tax system overhaul.

TOKYO – Hackers behind last week’s $US530 million ($A742 million) cryptocurrency heist – one of the biggest ever – have started trying to sell some of the stolen “XEM” coins, the vice president of the foundation behind the digital currency says.

PARIS – French consumer fraud authorities are investigating a promotional campaign for Nutella that prompted scuffles in several supermarkets – and even a police intervention.

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