10 things you need to know this morning in Australia

Dan Kitwood/Getty ImagesPrince Harry, Duke of Sussex and Meghan, Duchess of Sussex.

Good morning.

1. The Saudi Arabia stock market dropped as much as 7% after US President Donald Trump threatened “severe punishment” over the disappearance of Washington Post columnist Jamal Khashoggi. Saudi Arabia has responded that it rejects any “threats” of economic sanctions or political pressure. Here’s everything you need to know about the week ahead for markets.

2. The Australian dollar endured a quiet trading session on Friday, paying scant attention once again to the wild gyrations seen in stocks during the session. At 8am AEDT, the Aussie was down 0.08% to 0.7111.

Investing.comAUD/USD Hourly Chart

Over the remainder of the session, sentiment, technicals, positioning and headlines look set to dominate once again given a quiet economic calendar on Monday.

The main highlight comes from the United States with the release of retail sales data for September at 11.30pm AEDT. More on that here.

3. Tesla needs more than $1 billion in cash in the next 6 months — and Wall Street is going nuts figuring out where it’s going to come from. Optimists say Tesla could survive another close call using energy credits and some more financial engineering. Or it could turn a profit in Q4. The upcoming debt payments are putting a huge amount of pressure on Q3 results — here’s what experts have to say about the company’s make-or-break moment.

4. While we’re on the topic of Elon Musk, let’s talk about one of his other companies, SpaceX. While timelines are unreliable when it comes to human spaceflight, Musk’s ambitious estimates of when SpaceX might reach Mars reveal his zeal to accomplish that goal. Business Insider has compiled a (somewhat speculative) timeline of SpaceX’s plan based on our reporting as well as dates compiled by the Reddit community r/SpaceX. See it here.

5. Brexit? Europe’s highest court is set to decide whether Britain has the power to unilaterally halt Brexit. The case, brought by Scottish politicians and a leading barrister, will test whether Article 50 — the process by which Britain leaves the EU — can be withdrawn by the UK Prime Minister. It has previously been assumed that the approval of other EU countries would be required. Giving May the power to cancel Brexit would prevent Britain from losing its current perks of membership.

6. AI could bring a fresh surge in China’s economic growth, outpacing the US. According to research by PwC’s UK chief economist, China could lose 200 million jobs to machines and AI over the next two decades but also add almost 300 million other jobs as the economy transitions to new ways of working and as the population gets wealthier. China’s economy is forecast to get a 20% growth benefit from AI by 2037, while the US is seen as growing 15%, allowing Beijing to continue to challenge the primacy of the US in the global economy.

7. Australian auction clearance rates continue to slide. According to preliminary data from CoreLogic, just 50.7% of auctions held across the capital cities cleared last week, below the 53.7% preliminary figure reported in early October. The downtrend points to further price decline in the period ahead. CoreLogic will release updated data for Australia’s five mainland state capitals later today. More here.

8. Prince Harry and Meghan have arrived in Sydney for their first official Australian tour. The Duke and Duchess of Sussex will spend the day at Admiralty House resting before their official duties begin on Tuesday. The pair are in Australia for the Invictus Games, which starts on Saturday in Sydney. During their 16-day tour they will also visit Melbourne, Dubbo, and Fraser Island.

9. An Air India pilot flew a Boeing 737 through a brick wall, and kept going. The jet smashed through the top of a 1.5m perimeter wall but also destroyed a small landing guide tower as it climbed out of Tiruchirappalli International Airport in Tamil Nadu, India, on Friday. Despite the obvious collision, the pilot of the flight, bound for Dubai and with 130 passengers on board, apparently saw no reason to stop.

10. Khabib Nurmagomedov is three wins away from becoming the best lightweight the UFC has ever seen, and could retire as “the Floyd Mayweather of MMA”.

BONUS ITEM: Boston Dynamics’ robot Atlas is now getting into parkour:

Have a great day.

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