1. Theresa May is facing the biggest test of her primeministership after a chaotic day in Westminster saw multiple ministers, including Brexit Secretary Dominic Raab, resign in protest at her Brexit plan. As Conservative MPs threaten to bring her down, the UK PM could face a leadership challenge within days. Keep up with the latest developments as May’s Brexit deal continues to unravel here.
2. Brexit chaos was the main event on overnight markets. UK bank stocks tanked and the pound had its biggest daily fall in around two years
3. Meanwhile, the Australian dollar surged across the board on Thursday, helped by a strong Australian jobs report for October. At 8.10am AEDT, the Aussie was up 0.61% to 0.7278.
4. US President Donald Trump seems to be backing down in the trade war with China after electoral blowback and growing economic worries. Analysts say these are even signs that the two sides could strike a deal. Trump and Chinese President Xi Jinping are scheduled to meet at the G20 summit at the end of November.
5. ASIC is embedding its staff in banks to modify behaviour and ensure consumers are put first. The corporate regulator believes the initiative will change the mindset in the thinking of decision-makers in the big four banks and AMP. The scheme has been light on detail, until now. Chris Pash has more.
6. How much do you think about what drives the prices of the food you eat? On this week’s episode of Devils and Details, we’re joined by Tobin Gorey, agri-commodities strategist at CBA. He talks about how the US-China trade tensions are being felt on farms around the world, before getting into a discussion about what drives the prices of steak, bacon, wine and more. It’s a fascinating, educational chat which you can find online here, under “Devils and Details” wherever you get your podcasts, or tune in below.
And a reminder! Devils and Details is coming LIVE to The Ivy in Sydney on November 27 from 6.30pm for an evening talking markets and economics with some of the best in the business. You can meet the BI team and hear from top analysts and investors on the themes for the year ahead. Tickets here!
7. Facebook has confirmed Mark Zuckerberg’s beef with Apple CEO Tim Cook in an official company statement. It comes after Zuckerberg asked his employees to use Android phones and not Apple phones after Cook criticised Facebook in a televised interview. And it’s not the only thing Zuck is making headlines for this morning. An explosive New York Times report delved into how Facebook’s leadership dealt with scandals over the past few years. But Facebook says there are “inaccuracies” in the report.
8. Rich people are bailing out of Britain in their thousands, and many are moving to Australia. According to analysis by consultancy New World Wealth, last year 4,000 high net worth individuals left, reversing a 30 year trend of the UK as a destination high net worth individuals. The reasons include high inheritance taxes and Brexit.
9. This does not sound good. There are 1.5 million people living inside an Italian volcano — and scientists have found it’s building up for an eruption.
10. They came in like a wrecking ball. Someone just paid more than $8 million for a 2-bedroom Toorak house — and now they’re going to knock it down. The property on 1083sq metres of land was bought by the previous owners in the mid-1980s for $545,000.
BONUS ITEM: Cover band sensation Brass Against are out with a new track — this time they’re doing Audioslave’s Show Me How To Live and it is, as always, rockin’. Headphones in, volume up, and start your Friday right.
Have a great day.
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