Finance News Update, what you need to know

WORLD FINANCE UPDATE:

The Australian dollar is weaker after China's manufacturing growth fell to an eight-month low.

At 0630 AEDT on Monday, the local unit was trading at 88.95 US cents, down from 89.56 cents on Friday.

And the Australian share market looks set to open higher after the S&P 500 hit a new record peak with investors were generally optimistic about growth in the US economy.

At 0645 AEDT on Monday, the March share price index futures contract was up 21 points at 5,417.

ELSEWHERE:

BEIJING - China's manufacturing growth has fallen to an eight-month low in February, reflecting further weakening in the world's second-largest economy but also the effect of a major holiday.

WASHINGTON - Moody's has raised its outlook for the German bond rating to "stable" from "negative", citing the lowered risk that Berlin would be called on to prop up weak eurozone economies.

ROME - Italy's new government Friday decreed a payment of 570 million euros ($A878.82 million) to Rome to prevent the capital sliding into bankruptcy.

BASRA, Iraq - Iraq exported 2.8 million barrels of oil per day in February, a top minister says, a sharp month-on-month gain and the highest such figure in at least a quarter-century.

KHARTOUM - Fighting in South Sudan has cut production from the country's lifeline oilfields by about 29 per cent, the press secretary to President Salva Kiir said in Khartoum.

OMAHA, Nebraska - Warren Buffett's company says fourth-quarter earnings rose 10 per cent to nearly $US5 billion ($A5.60 billion) as its insurance, rail and energy businesses generated major profit gains.