Finance News Update, what you need to know

WORLD FINANCE UPDATE:

The Australian dollar is being supported by a reversal in the greenback.

At 0630 AEDT on Monday, the currency was trading at 71.18 US cents, up from 71.02 cents on Friday.

And the Australian share market looks set to open lower after US and European stocks finished October on a down note, although bourses were up for the month.

At 0645 AEDT on Monday, the December share price index futures contract was down 25 points at 5,211.

ELSEWHERE:

BEIJING - Activity in China's vast manufacturing sector in October shrank for the third month in a row, adding to fears that the world's second largest economy is slowing faster than policy makers admit.

FRANKFURT - Four major Greek banks must find up to 14.4 billion euros ($A22.35 billion) to survive potential economic shocks, the European Central Bank says.

NEW YORK - US oil giant Chevron says it is going to cut between 6000 and 7000 jobs and continue with asset sales as the company retrenches amid sharply lower oil prices.

GENEVA - Switzerland's central bank has reported a large profit for the third quarter on gains from currency trading, allowing it to whittle down a record loss booked earlier in the year.

IRVING, Texas - Exxon Mobil Corp has reported third-quarter earnings of $US4.24 billion ($A5.99 billion).

SAN FRANCISCO - An Australian will lead one half of the US IT giant Hewlett-Packard as it officially splits into two entities.

LONDON - Britain's The Sun newspaper will get rid of almost the entire paywall on its website next month just two years after installing it, the company says.