Finance News Update, what you need to know

WORLD FINANCE UPDATE:

The Australian dollar has lost ground after another meltdown on Chinese stock markets.

At 0630 AEST on Tuesday, the currency was trading at 72.75 US cents, down from 72.79 cents on Monday.

And the Australian share market looks set to open lower following sell-offs on international markets after Chinese stocks fell more than eight per cent, sparking concern about global economic growth.

At 0645 AEST on Tuesday, the September share price index futures contract was down 46 points at 5,491.

ELSEWHERE:

ATHENS - Greek Prime Minister Alexis Tsipras has set the scene for a bruising showdown with his critics by demanding a party congress to tackle a brewing revolt over the unpopular EU-IMF bailout.

SHANGHAI - China will unleash more funds to stabilise its jittery share market, after Shanghai stocks posted their biggest daily fall for more than eight years.

WASHINGTON - New orders for US manufactured durable goods surged in June on the back of aircraft orders, rebounding from two consecutive declines.

DETROIT - Fiat Chrysler could be forced to pay hundreds of millions of dollars to get potentially defective Ram pickups and older Jeeps off the road under a deal with safety regulators.

GENEVA - Switzerland's largest bank UBS has posted a 53 per cent rise in second quarter profits.

NEW YORK - Delta Air Lines will buy a stake in China Eastern Airlines as the two carriers strengthen their partnership serving the United States and China.

MUMBAI - India's largest maker and exporter of gold, Rajesh Exports, has bought Swiss metal refining giant Valcambi for $US400 million ($A549.94 million).

NEW YORK - McGraw Hill Financial, owner of ratings agency Standard & Poor's, is buying SNL Financial for about $US2.23 billion ($A3.07 billion).

THE HAGUE - Rising sales of medical equipment has helped drive a 12 per cent increase in second quarter net profit at Dutch electronics manufacturer Philips.

NEW YORK - Israeli pharmaceutical giant Teva says it is buying the generic drug business of Allergan for $US40.5 billion ($A55.68 billion).