Finance News Update, what you need to know

WORLD FINANCE UPDATE:

The Australian dollar has reversed Tuesday's gains in the face of US dollar strength.

At 0630 AEDT on Wednesday, the local currency was trading at 87.81 US cents, down from 88.18 cents on Tuesday.

And Australian shares market looks set to open higher after international markets shot up on strong Chinese economic growth data and rumours Europe's central bank will step up its monetary stimulus.

At 0645 AEDT on Wednesday, the December share price index futures contract was up 55 points at 5,366.

ELSEWHERE:

WASHINGTON - US existing-home sales rebounded in September from a dip in August to their highest pace of the year, the National Association of Realtors says.

BRUSSELS - The European Commission has fined US banking giant JP Morgan more than 61 million euros ($A91.5 million) for its role in rigging benchmark international interest rates.

DALLAS - Kimberly-Clark plans to eliminate up to 1,300 jobs as part of restructuring efforts aimed at reducing costs and making its business more efficient.

FRANKFURT - Lufthansa pilots have extended their industrial action to include long-haul flights, grounding almost all inbound and outbound services at Germany's usually busy Frankfurt airport.

NEW YORK - Soft drinks king Coca-Cola has made headway in global volume sales in its third quarter but net earnings fell sharply, hit by slower economic growth and volatile currencies.

NEW YORK - McDonald's says profit slumped in the third quarter as global sales fell amid a food safety scandal in China and intense competition in the United States.

MILWAUKEE - Harley-Davidson's third-quarter profit fell nearly 8 per cent on a planned reduction of motorcycle shipments for the quarter.

NEW YORK - Verizon Communications has reported higher net income and revenue in its third quarter, helped by strong wireless subscriber growth and demand for its FiOS internet services.

THE HAGUE - The world's leading paint-maker AkzoNobel has posted a 32 per cent boost to net profit in the third quarter thanks to cost-cutting efforts and despite a drop in sales.

BANGKOK - Thai hotel and resort company Dusit Group has launched the development of a $550 million golf and spa resort in Springfield, Queensland.