Finance News Update, what you need to know

WORLD FINANCE UPDATE:

The Australian dollar has pushed lower after the release of disappointing building approvals figures.

At 0630 AEDT on Tuesday, the local unit was trading at 86.87 US cents, down from 87.38 cents on Monday.

And the Australian share market looks set to open lower in a likely quiet day of trade on Melbourne Cup day and following poor performances on international markets.

At 0645 AEST on Tuesday, the December share price index futures contract was down four points at 5,489.

ELSEWHERE:

WASHINGTON - US factories were busier in October, a sign that manufacturing is on sound footing despite growing concerns about the global economy.

WASHINGTON - US construction spending fell for a second straight month in September as a slight rebound in housing was offset by further declines in nonresidential building and in government projects.

DETROIT - Falling petrol prices improved buyers' moods and boosted US auto sales in October, with GM, Chrysler, Nissan and Honda all reporting sales gains.

LONDON - HSBC bank has set aside $US378 million ($A408 million) for a potential fine in Britain to settle allegations of foreign exchange market rigging, as it posted mixed third-quarter earnings.

MILAN, - Shares in Banca Monte dei Paschi di Siena have been suspended for excessive losses after Italy's third biggest bank said it was considering a capital hike.

PARIS - French cosmetics group L'Oreal has recorded a two per cent gain in third quarter sales despite a soft performance in Western Europe and a drop in the mass market segment.

DUBLIN - Irish low-fare airline Ryanair has lifted its annual earnings forecast, after revealing that first-half profits soared by almost a third, boosted by the timing of Easter and improved customer services.

LONDON - Turkey's largest food and beverage company Yildiz Holding has agreed to buy United Biscuits, forming the world's third biggest biscuit maker, the companies announced on Monday.

MEXICO CITY - Mexico's government has picked a Chinese-led consortium to build the first bullet train in Latin America after the group was the only bidder for the Mexico City-Queretaro project.

NEW YORK - Thirteen years after the 9/11 terrorist attack, the resurrected World Trade Center has opened for business - marking an emotional milestone for both New Yorkers and the nation.

NEW DELHI - Search giant Google has announced the creation of a new Hindi-language website in an ambitious bid to add 300 million Indian internet users by 2017 and bridge the country's linguistic digital divide.