Finance News Update, what you need to know

WORLD FINANCE UPDATE:

The Australian dollar is weaker as the nation's political future remains in limbo, following the inconclusive federal election cliffhanger on the weekend.

At 0630 AEST on Monday, the local unit was trading at 74.49 US cents, down from 74.56 cents on Friday.

And the Australian share market looks set to open higher higher after US stock indexes ended the week higher with a fourth straight day of gains, helped by encouraging US manufacturing data.

At 0645 AEST on Monday, the share price index was up 32 points at 5,235.

ELSEWHERE:

LONDON - British finance minister George Osborne will put more effort into Britain's relationship with China and lead another trade visit later this year, following Britain's decision to leave the European Union, the Financial Times reports.

AIX-EN-PROVENCE, France - Britain is paying the price for a high level of inequality and a chronic lack of investment in education which prompted a disillusioned population to vote to leave the European Union, Credit Suisse Chief Executive Tidjane Thiam says.

PARIS - France is working on ways to make Paris a more attractive financial centre to rival the City of London after Britain's vote to leave the European Union, Prime Minister Manuel Valls says.

BRUSSELS - The European Commission will give Spain and Portugal three more weeks to take steps to correct their excessive deficits and avoid fiscal sanctions, an official familiar with the EU deliberations told Reuters.

LONDON - Factories across Europe enjoyed a buoyant month in June but that growth could be under threat after Britons voted to leave the European Union last week, surveys conducted almost entirely before the historic referendum showed.

WASHINGTON - US factory activity expanded at a healthy pace in June as new orders, output and exports rose, new industry data shows.

BEIJING - Apple is being sued by a subsidiary of China's broadcasting regulator over a propaganda film more than 20 years old, in the latest legal wrangling for the tech giant in China in recent weeks.

ST LOUIS, Missouri - Jack Taylor, who started a leasing company with seven cars and built it into Enterprise Rent-A-Car, has died. He was 94.