10 things you need to know this morning in Australia

Su Yang/VCG via Getty ImagesPeople pose for a photo in front of a man-made moon at the Mid-Autumn Festival in Nanjing, Jiangsu Province of China.

Good morning.

1. Independent Kerryn Phelps still looks likely to be the winner in the Wentworth by-election — but it will be by a slim margin and not the landslide it first appeared to be on Saturday night. Regardless of the result — even if Dave Sharma somehow manages a miraculous turnaround — it’s important to keep in mind that this is nothing short of a disastrous result for the Liberal Party with the implications running far beyond the immediate likelihood of a hung parliament. Here’s why.

2. US stocks closed flat on Friday, in a cautious session which capped off a volatile week of trade. Tech stocks dragged the index lower, led by falls in Atlassian which slumped by more than 14%.

Markets Insider

ASX futures closed slightly lower while the AUD held steady above US71 cents on Friday night. More on what to expect from markets this week here.

3. Chinese markets will be in focus today after the Shanghai Composite surged by almost 3% to end the week following a coordinated display of positive rhetoric from key policymakers. But the index is still down by 30% for the year, and there’s a $US600 billion reason why it could get even worse.

4. UK Prime Minister Theresa May faces another Brexit backlash as Brexit Secretary Dominic Raab admits there probably won’t be a time-limited Brexit backstop. May faces another dangerous week with Conservative MPs urging each other to oust her.

5. Australia has grabbed top place in the global household wealth stakes with $US191,453, dislodging Switzerland for the position. See how we rank in terms of wealth per adult here.

6. Jumping from job to job might not be the best way to advance your career in Australia. In fact, most employers will overlook you.

7. The 2018 Invictus Games kicked off on Saturday night with Prince Harry officially opening the event. And while it was a success, it’s this snap that has captured people’s hearts:

8. Uh oh. This chart reveals a growing problem for Apple — that “customers are getting less excited for each new generation of iPhone”:

IPhone search trendsCiti

9. ICYMI: China wants to build three artificial moons “eight times brighter than the real moon” to light up city streets. However some experts say it “potentially creates significant new environmental problems”.

10. Ever wondered what it’s like to be an executive at HSBC? Melania Edwards, who’s part of the bank’s Global Venture Capital Coverage Group in the US, recently broke down her daily routine for Business Insider. See what her day looks like here.

BONUS ITEM: Scott Morrison’s future is looking something like a Banksy artwork following the Wentworth by-election.

Have a great day.

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