THE Australian market looks set to open comfortably higher following a mainly positive performance on Wall Street. At 0700 AEDT on Friday, the share price futures index was up 19 points, or 0.32 per cent, at 5,939.

Meanwhile, the Australian dollar is slightly higher than its US dollar which has weakened following the release of President Donald Trump’s tax reform proposal. The local currency was trading at 77.18 US cents at 0700 AEDT on Friday, from 77.12 on Thursday.

WORLD FINANCE UPDATE:

LONDON — The Bank of England has lifted interest rates for the first time in 10 years, reversing an emergency cut in August 2016 following Britain’s vote to leave the European Union.

WASHINGTON — US President Donald Trump has tapped Fed governor Jerome Powell to head the US central bank, promoting a soft-spoken centrist to replace Janet Yellen when her term expires in February 2018.

WASHINGTON — The US House of Representatives Republicans has unveiled long- delayed legislation to deliver deep tax cuts that President Donald Trump has promised.

BERLIN — Germany’s unemployment rate dipped to 5.4 per cent in October as the buoyant labour market in Europe’s biggest economy benefited from a traditional autumn increase in hiring.

NEW YORK CITY — The US Department of Justice is considering blocking AT&T’s merger with Time Warner as it continues talks with the two companies, the Wall Street Journal reports.

LONDON — Digital currency bitcoin has rocketed above $US7000 ($A9800) for the first time ever, after a more than sevenfold increase in its value since the start of the year.

LONDON — Uber’s licence in the southern English city of Brighton has been renewed for six months while the council monitors the outcome of a decision by London to strip the taxi app of its licence.

FORT LAUDERDALE — Google is partnering with AutoNation, the country’s largest auto dealership chain, in its push to produce self-driving cars for wider use.

THURSDAY HIGHLIGHTS:

NAB — National Australia Bank will slash 4,000 jobs over the next three years as it simplifies its business and increases its use of digital and automated banking products.

SEVEN WEST — Seven West Media plans to make $25 million of job cuts in response to falling ad revenues and a highly competitive TV market.

RICH LIST — Mining magnate Gina Rinehart is Australia’s richest person, after a recovery in iron ore prices boosted her estimated fortune to $US16.6 billion.

FAIRFAX — Fairfax’s Domain will begin trading on the ASX in two weeks after shareholders “overwhelmingly” voted in favour of the plan to spin off the profitable real estate listings business from the news publisher.

TEN NETWORK — A Supreme Court judge has retired to consider the transfer of Ten Network’s shares to US media giant CBS, in the endgame of the $41 million takeover over the troubled free-to-air broadcaster.

TRADE — Australia’s trade surplus has doubled due to a rise in mining exports that is expected to boost economic growth.

BUILDING APPROVALS — Building approvals have rebounded in September, increasing by the most in more than six months on the back of a lift in apartment permits.

ACCC NBN — The consumer watchdog has launched an inquiry into the standard of service NBN Co is giving retailers and consumers as complaints about the network continue to rise.

TELSTRA — Telstra boss Andrew Penn says the economics of the national broadband network are “challenging”, but his organisation remains committed to being the market leader.

BORAL — Building materials supplier Boral expects better-than-anticipated earnings growth from its Australian business for the full year in the wake of strong construction activity in NSW and Queensland.

MYER — Solomon Lew’s Premier Investments has slammed Myer’s new long-term incentive plan as rewarding executives for declining performances.

DOWNER EDI — Engineering group Downer EDI will provide investors with its revised full-year guidance after a full review of recently acquired cleaning and catering firm Spotless.