The Australian dollar is lower after talks to extend the US debt ceiling collapsed.


At 0630 AEDT on Monday, the local unit was trading at 94.23 US cents, down from 94.76 cents on Friday.

And the Australian market looks set to open higher after Wall Street closed higher for a second straight session on rising optimism about a Washington deal to avert a debt default.

At 0645 AEDT on Monday, the December share price index futures contract was up 33 points at 5,262.


WASHINGTON – As debate rages over the US budget and borrowing limit, International Monetary Fund Director Christine Lagarde has warned US spending cuts must not be too drastic or they could threaten global economic recovery.

WASHINGTON – With House Republicans blaming President Barack Obama for the collapse of talks on extending US borrowing authority, the Senate is scrambling to piece together a bipartisan exit strategy.

DUBLIN – Ireland will become the first eurozone country to exit its bailout in December, Prime Minister Enda Kenny says.

SEOUL – The world’s leading energy officials will meet this week in South Korea to discuss the sector’s major challenges, ranging from climate change to the rise of fracking and nuclear power’s uncertain future.

BUCHAREST – Thousands of people are blocking a major road in downtown Bucharest to protest plans to build what would be Europe’s biggest gold mine.

BEIJING – Chinese construction giant Beijing Construction Engineering Group (BCEG) has signed a deal with British firms to develop a business district around Manchester airport, the companies involved in the project say.

BERLIN – Airbus chief Fabrice Bregier says the European planemaker will overtake its US rival Boeing to become the world’s biggest producer within four or five years, in an interview with a German Sunday newspaper.

WASHINGTON – Yahoo says it has acquired tech company Bread, a URL shortener that allows users to design then target advertisements to readers who click on their links.