1. The Australian dollar is under pressure as concerns about the global economy continue to grow, contributing to continued declines in stocks and commodity prices. At 8am AEDT, the Aussie was down 0.06% to 0.7230.
2. To the week ahead: It’s a relatively light schedule of headline data at home and abroad. Internationally, four committee members from the US Fed are scheduled to speak, and markets will be watching for evidence of changes to the Fed’s economic outlook. The full calendar is here.
3. The federal budget could squeak into surplus this financial year as revenue collection runs way ahead of forecasts. Deloitte Access Economics forecasts a modest underlying cash deficit of $4.9 billion in 2018-19, the smallest since the GFC. Chris Pash has more.
4. A bloodbath. That’s the only way to describe the result for the Liberal Party in the Victorian state elections held on Saturday. The Andrews government romped back into office and prime minister Scott Morrison will hold crisis talks with senior party officials today to discuss the party implications. There are lots of possible explanations, but as Paul Colgan wrote yesterday, perhaps the real explanation is the simplest and most obvious one: swinging voters are turning away from the Liberals amid infighting and its inability to deliver coherent policy.
5. Russia has reportedly fired on Ukrainian Navy vessels off the Crimean coast, with the ships being seized by special forces. Kiev is convening an emergency meeting of its “war cabinet” following the incident on Sunday night, local time. It’s a major escalation of tensions off Crimea, which Russia annexed in 2014.
6. The EU has agreed to British Prime Minister Theresa May’s Brexit deal. However, the deal is likely to be rejected by the UK parliament when it returns to the House of Commons in early December. Meanwhile, May faces a fresh rebellion from her Cabinet. More on that here.
7. Podcast time. This week’s guest on Devils and Details is Sally Auld, chief economist and head of FX and fixed income strategy at JP Morgan. On the agenda: the volatility in stocks, the impact of changes in global central bank policy, Australia’s property downturn and the outlook for the RBA and the Australian dollar. Listen to it here.
8. Tackling the plastic problem means Australia needs to think much bigger than straws and shopping bags. So, how do we flip this on its head? Pete Shmigel, CEO of the Australian Council of Recycling, suggests we should look at policy around resource security, job creation, and economic sovereignty.
9. The gym killer. There’s now a mirror that can stream an exercise class into your home and it could upend the fitness world. We tried it. Here’s what we thought.
10. NASA’s $830-million Mars mission is about to land. The mission must perfectly execute thousands of steps to not burn up, crash, or get tossed into deep space. Here’s a second-by-second timeline of the InSight probe’s treacherous journey to the Martian surface.
BONUS ITEM: There’s a new virtual tour of Prince Charles’ London residence that gives fans a rare glimpse into royal life. Check it out:
Have a great day.
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