Finance News Update, what you need to know

WORLD FINANCE UPDATE:

The Australian dollar has slipped on the back of concerns over the declining construction sector.

At 0700 AEST on Friday, the local unit was trading at 75.05 US cents, down from 76.15 cents on Thursday.

The Australian share market looks set to open lower following widespread overnight losses in the US and Europe.

At 0645 AEST on Friday, the share price index was down 44 points at 4,901.

ELSEWHERE:

GENEVA, April 7 AP - The World Trade Organisation is predicting global trade will increase by a "disappointing" 2.8 per cent this year, the same rate as 2015 and the fifth straight year below 3 per cent.

WASHINGTON - The number of Americans filing for unemployment benefits fell more than expected last week, suggesting the labour market continued to strengthen despite tepid economic growth.

BERN - Swiss banks must clamp down on money laundering, the country's financial watchdog says as the Geneva prosecutor opened a criminal probe after a massive document leak showed how offshore companies are used to stash clients' wealth.

AMSTERDAM - A member of Dutch bank ABN Amro's supervisory board says he is stepping down with immediate effect after his name appeared in the huge leak of information on offshore companies known as the Panama Papers.

CHANDLER, Arizona, US - Google is bringing its self-driving vehicles to Phoenix to see how the SUVs perform in Arizona's sweltering summer.