1. US stocks fell Monday, dragged lower by mega-cap technology companies, as Wall Street worried about global growth and trade tensions amid a quiet week for economic data. The tech-heavy Nasdaq 100 index plummeted more than 2.5%. It’s currently on pace for its lowest close in six months.
2. It was also a bloodbath on crypto markets, as Bitcoin slumped below $US5,000 for the first time since October 2017. Falls extended into the broader market with all the major alt-coins down heavily.
3. The Australian dollar is weaker against most of the major crosses in late trade on Monday, giving back gains after jumping to a three-month high on Friday. At 8am on Tuesday, the Aussie was down 0.59% to 0.7291.
4. Australia’s housing market downturn accelerated last week, coinciding with a seasonal increase in supply ahead of the Christmas and New Year period. According to CoreLogic, the median price in Australia’s five mainland state capital cities — Sydney, Melbourne, Brisbane, Adelaide and Perth — fell by 0.3% last week in average weighted terms, extending the drop over the past month to 0.6%. David Scutt has more.
5. The Brexit transition period could last until 2022, according to British Prime Minister Theresa May. Her words contradict suggestions from the EU’s Michel Barnier, who on Sunday suggested to EU27 leaders last week that the UK could opt to remain under EU control until the end of December 2022.
6. Meet Con Michalakis, chief investment officer, Statewide Super. Michalakis is part of a stellar line-up of some of Australia’s most forthright and insightful commentators and analysts for BI’s Devils and Details LIVE in Sydney on November 27th. Want to join us? There’s more info about the event and tickets here.
7. Renault CEO Carlos Ghosn has reportedly been arrested in Japan and will be ousted from his role at Nissan after the car company said it uncovered “significant acts of misconduct”. Ghosn is the mastermind behind the Renault-Nissan-Mitsubishi Alliance, which sold more than 10.6 million cars in 2017, the most of any carmaker in the world. His downfall could send the largest car company in the world into disarray.
8. The Kia Stinger is Business Insider’s 2018 Car of the Year. It bested some serious competition, including the Tesla Model 3, the Lamborghini Huracán Performante, the Ferrari 812 Superfast, the Lincoln Navigator, and the Jaguar I-Pace to take out the top gong. In Australia, the four-cylinder base model of the Kia Stinger starts at $45,990, with the V6 version raising the price to $48,990 plus on-roads.
10. NASA will dig for signs of alien life on Mars in Jezero Crater — the landing site for its 2020 rover. Jezero Crater was a water-rich area billions of years ago on Mars, and it might still hide signs of alien life such as microbes.
BONUS ITEM: A Myanmar Buddhist festival’s firework-laden hot air balloon erupted on the crowd beneath. Nine people were injured. Watch it unfold below:
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