Finance News Update, what you need to know

WORLD FINANCE UPDATE:

The Australian dollar has edged lower despite a rally in global oil prices.

At 0700 AEST on Tuesday, the local unit was trading at 72.89 US cents, down from 72.95 cents on Monday.

And the Australian share market looks set to open higher after Wall Street rallied sharply, juiced by a jump in Apple shares and gains from energy stocks that were backed by stronger oil prices.

At 0645 AEST on Tuesday, the share price index was 43 points at 5,389.

ELSEWHERE:

WASHINGTON - US homebuilders' confidence held steady in May for the fourth month in a row, reflecting an overall optimistic outlook for the new-home market even as the pace of sales has slowed recently.

ATHENS - Greece's parliament is set to vote on a new package of tax hikes and reforms demanded by its international lenders, two days before euro zone finance ministers assess whether Athens qualifies for much-needed bailout loans.

WASHINGTON - The US Supreme Court has rejected Exxon Mobil Corp's appeal of a $US236 million ($A325.56 million) judgment against the oil company in a case brought by New Hampshire over groundwater contamination linked to a petrol additive.

WASHINGTON - The US Supreme Court has declined to hear Philip Morris USA's challenge to a $US25 million ($A34.5 million) Oregon jury verdict in favour of a man whose wife died of a lung cancer-related brain tumour after smoking the company's low-tar cigarettes.

STOCKHOLM - Norway's $US850 billion ($A1.17 trillion) national oil fund plans to sue Volkswagen over the company's emissions-cheating scandal.

NEW YORK - Pfizer will acquire Anacor Pharmaceuticals in a deal valued at about $US5.2 billion ($A7.17 billion).

NEW YORK - USA Today owner Gannett has boosted its takeover bid for Tribune Publishing by about 22 per cent a week after the owner of the Los Angeles Times, Chicago Tribune and other newspapers adopted a "poison pill" plan to thwart the unsolicited offer.