1. We have a deal! UK Prime Minister Theresa May will put a draft Brexit deal to her Cabinet after UK and EU negotiating teams made a crucial breakthrough in talks. An agreement on preventing a hard Irish border was reached after two days of intensive talks. The deal saw the UK pound shoot back above $US1.30 overnight. It has since given back some of its gains.
2. The Australian dollar is mixed against the major crosses in late trade on Tuesday, gaining strongly against the US dollar, Japanese yen and Canadian dollar but losing ground against the British pound. The unusual performance reflects a variety of factors that had an impact on individual currencies during the session. At 8am AEDT, the Aussie was up 0.53% to 0.7210.
3. It’s wages day: Australia’s wage price index for the September quarter comes out at 11:30am AEDT. The WPI has finally begun to edge higher in recent quarters, but the report has often surprised to the downside in the past. David Scutt’s 10-second guide has everything you need to know about this key release. Other markets news here.
4. The Trump-Macron bromance is dead after Trump launched into a tirade against the French leader on Twitter, his third online attack on the country in the past week. Trump took shots at topics as varied as Macron’s approval rating and France’s wine industry.
5. The Coalition will set up a $2 billion fund to help fintechs and small banks give loans to small businesses. The AFR reports, the soon-to-be-established Australian Business Securitisation Fund will help overcome banks typically only lending to the self-employed when they pledge their personal home as collateral. More here.
6. The largest part of the Australian economy could be about to weaken. The RBA is banking on household spending to help support economic growth, lower unemployment and boost inflationary pressures, potentially allowing it to lift official interest rates. However, it admits there’s great uncertainty about the outlook for household spending, especially given recent weakness in the housing market.
7. Australia’s one-armed bricklaying robot just built its first house — in 3 days. The Perth-based creator of the Hadrian X, which built a 180 square metre, three-bedroom, two-bathroom home structure, has dubbed it a “world first”. “What we have achieved here is a quantum leap for the construction industry,” says FBR Limited CEO Mike Pivac. Here’s a look at the robot in action:
8. Shinzo Abe will visit Darwin, the first visit to the city by a Japanese PM since WWII when Japan bombed it worse than Pearl Harbour. Abe is expected to visit the Darwin Cenotaph, a monument to the country’s servicemen, with Australian Prime Minister Scott Morrison. It will be the leaders’ first meeting since the Australian PM took office in August. The historic and symbolic meeting will likely provide an opportunity for the two countries to reinforce regional ties to counter a rising China in the Pacific.
9. Apple took nearly 30 years to hit a value of $190 billion. It lost that much in little more than 5 weeks. The reason for the decline: A slew of analyst reports suggesting that iPhone unit sales could drop year-over-year, starting with the first quarter of 2019. Uh oh.
10. Join us LIVE in Sydney on November 27 for an evening featuring some of the best minds in Australian finance and economics. It’s a raw and unplugged version of our podcast, Devils and Details, featuring guests like property expert Pete Wargent, Jo Masters of ANZ, Statewide Super CIO Con Michalakis, and Laura Fiztsimmons, VP of macro sales at JP Morgan. Lots of ideas, insights, and drinks and canapes, all hosted by BI Australia’s Paul Colgan and David Scutt. Tickets are $50 and available here.
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