Finance News Update, what you need to know

WORLD FINANCE UPDATE:

The Australian dollar is lower after the Bank of Japan unexpectedly expanded its economic stimulus program.

At 0630 AEDT on Monday, the local unit was trading at 87.44 US cents, down from 87.93 cents on Friday.

And the Australian share market looks set to open slightly higher after Wall Street gained more than one per cent following the Bank of Japan's surprise stimulus announcement ignited a rally on global stock exchanges.

At 0645 AEST on Monday, the December share price index futures contract was up eight points at 5,526.

ELSEWHERE:

BEIJING - Chinese manufacturing growth has slowed in October, the government says, as the world's second-largest economy expands at its weakest pace in five years.

MOSCOW - The rouble has hit a new record low, falling to more than 43 roubles to the US dollar, despite defensive action by the central bank which raised interest rates a short time earlier.

WASHINGTON - US consumer spending fell in September, the first decline since January, as shoppers took a breather after a big spending spree in August. Income growth posted the slowest gain this year.

LONDON - Britain is paying back bonds issued by then finance minister Winston Churchill to cover debts from World War I, as well as the Napoleonic and Crimean campaigns.

SHANGHAI - Shanghai's mayor has promised to speed up development of China's first free trade zone (FTZ) a year after it opened, as a chorus of foreign companies expressed disappointment over the pace of pledged reforms.

WASHINGTON - Apple Pay, meant to inject momentum into a fragmented market for the emerging mobile payments sector, has instead highlighted the squabbles between retailers and the banking and payments industry.

NEW YORK - US energy giant ExxonMobil has reported slightly higher third-quarter earnings as better results in refining and chemicals offset lower profits from exploration and production.

PARIS - Drones have overflown five more nuclear plants in France, sources say, the latest in a mysterious string of such incidents across the country.