Finance News Update, what you need to know

WORLD FINANCE UPDATE:

The Australian dollar has fallen to a one-week low after weak US economic data added to negative market sentiment.

At 0630 AEDT on Wednesday, the local unit was trading at 89.69 US cents, down from 90.26 cents on Tuesday.

And the Australian share market looks set to open lower, following in Wall Street's downward lead after a report showing a drop in small business sentiment and disappointing sales data.

At 0645 AEDT on Wednesday, the March share price index futures contract was down 27 points at 5,388.

ELSEWHERE:

WASHINGTON - US wholesale businesses have suffered their steepest sales drop in nearly five years, yet they continue to increase their stockpiles.

WASHINGTON - US employers have advertised slightly more jobs, a sign that hiring should remain steady in coming months.

MILAN - Italy has returned to growth in the fourth quarter last year after its longest post-war recession, official data from the Istat agency shows.

ATHENS - The bailed-out Greek economy, struggling to emerge from deep recession, did better than estimated in the last quarter of last year, official data shows.

LONDON - The alleged manipulation of foreign exchange markets is "as serious as" the Libor rate rigging scandal that rocked the financial sector, Bank of England governor Mark Carney says.

NEW YORK - EBay CEO John Donahoe's total compensation for 2013 plunged 53 per cent compared with 2012, when the e-commerce company gave its leader more than $US23 million ($A25.5 million) in stock awards.

LONDON - A US investment firm has bought nearly a quarter of all the shares available to buy in New York-listed English soccer club Manchester United PLC.

LONDON - UK supermarket group Co-op has been thrown back into crisis after its chief executive quit the "ungovernable" group in the wake of a meltdown in boardroom relations.

BEIJING - Chinese e-commerce giant Alibaba has agreed to purchase a majority stake in Hong Kong-listed ChinaVision Media Group, ChinaVision says.