Finance News Update, what you need to know

(Australian Associated Press)

WORLD FINANCE UPDATE:

The Australian dollar continues to build momentum as vote counting resumes in the federal election deadlock.

At 0700 AEST on Tuesday, the local unit was trading at 75.39 US cents, up from 75.11 cents on Monday.

And the Australian market looks set to open lower as the post-Brexit recovery across global markets sputtered to a halt. At 0700 AEST on Tuesday, the share price index was down 13 points at 5,237.

ELSEWHERE:

BRUSSELS – The European Union says it will not be “paralysed” after Britons voted to leave, but Brussels policymakers say uncertainty over Britain’s future is already complicating the lawmaking process for the rest of the EU.

MILAN – The European Central Bank has asked Italy’s third-largest lender, Banca Monte dei Paschi di Siena, to slash its bad debts by 40 per cent over three years, heaping more pressure on Rome and Brussels to stabilise the Italian banking system.

LONDON – Shareholders of London Stock Exchange Group Plc have approved a plan to merge with Deutsche Boerse to create a European exchange giant.

ABUJA – Nigerian President Muhammadu Buhari has replaced Oil Minister Emmanuel Ibe Kachikwu as group

managing director of state oil company NNPC as part of a wider board overhaul.

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