1. US stocks erased gains for the year Tuesday, dragged lower by the biggest technology companies. The FAANG group of major tech stocks specifically fell into a bear market, down more than 20% from their June highs. As a result, ASX futures are pointing lower this morning.
2. It’s also looking ugly in iron ore markets which fell heavily across the board on Tuesday. Chinese steel futures were hammered on concerns over a potential glut forming in the months ahead. Futures markets were smoked again on Tuesday evening, pointing to a nasty start to trade in spot and physical markets on Wednesday. More here.
3. The Australian dollar is getting poleaxed in late trade on Tuesday, falling heavily against all of the major crosses. Cautious remarks from RBA Governor Philip Lowe, along with another bloodbath in stocks and commodity prices during the session, weighed upon all risk assets during the session, including the Aussie. At 8am AEDT, the Aussie was down 1% to 0.7220.
4. After yesterday’s crash, Bitcoin fluctuated between $US4,300 and $US4,800 overnight and remains under pressure this morning. Here’s the simplest reason we’ve heard for the crypto market meltdown.
5. Hmm, that didn’t go as planned. This year’s APEC summit set out to address problems in the Pacific, but it only deepened the US-China feud. Christian Edwards explains why here.
6. UK Prime Minister Theresa May has failed again to block a court case that could allow the UK to reverse Brexit. The Supreme Court on Tuesday rejected an application by the government to appeal against a ruling which has sent the Article 50 case to the European Court of Justice, Europe’s highest court. It comes as the UK’s chief trade negotiation adviser could quit “any day”.
7. Australia has formally rejected a proposed $13 billion takeover by Hong Kong-based CK Infrastructure Holdings of the country’s biggest gas pipeline operator, APA Group. Treasurer Josh Frydenberg today said the deal would be “contrary to the national interest”. Chris Pash has more.
8. Elon Musk is making a “radical change” to the design of the SpaceX’s reusable Big Falcon Rocket (BFR) headed for Mars. See the new details here — oh, and he has renamed the system’s two main parts “Starship” and “Super Heavy”.
9. The robots aren’t good enough. Australia will have a skilled talent shortage running to hundreds of thousands of people in 2020, according to analysis by organisational consulting firm Korn Ferry. In a new report the firm highlights the significant divide between supply and demand for highly-skilled workers. By 2030, the skills deficit is forecast to rise to 2.2 million highly skilled workers. More here.
10. PSA: Business Insider’s weekly in-depth economics and markets podcast, Devils and Details, is coming LIVE to The Ivy in Sydney on November 27th, from 6.30pm. Keen to know more about the stellar line-up we have planned? Well, here’s a quick chat we had with panelist Laura Fitzsimmons, executive director at JP Morgan, ahead of the event. You can also find ticket information here.
BONUS ITEM: Remember this?
Sydney may be blanketed in another red dust storm this week. See why weather forecasters say the conditions are perfect for a repeat of the 2009 phenomenon.
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