10 things you need to know this morning in Australia

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Good morning.

1. Global markets were gripped by another round of fear overnight, as US stocks got sold off sharply into the close. The S&P500 fell for the sixth straight session and has now wiped out its 2018 gains. The tech-focused NASDAQ index lost almost 5% to fall into a technical correction.

Markets Insider

ASX futures are down almost 100 points ahead of this morning’s open. More from markets here.

2. The Australian dollar is sliding as sentiment takes a turn for the worse. It came under renewed selling pressure on Wednesday, moving back towards multi-year lows against the greenback. Weak economic data and an abrupt selloff in US stocks at the end of the session weighed on investor sentiment. At 8am AEDT, the Aussie was down 0.32% to 0.7061.

Investing.comAUD/USD Hourly Chart

3. “This clearly was an act of terror.” “Live explosive devices” were mailed to the home of former US President Bill Clinton and former US Secretary of State Hillary Clinton, the home of former US President Barack Obama, as well as CNN’s New York office on Wednesday. Authorities safely located and removed the packages. New York City Mayor Bill de Blasio condemned the incident as an “act of terror”.

4. Tesla has reported a surprise third-quarter profit that easily surpassed Wall Street’s expectations. Shares spiked as much as 8% in after-hours trading following the release.


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5. “Dante’s first circle of hell.” That was the phrase used to describe UK Prime Minister Theresa May’s Brexit plan during a heated Cabinet row. Her critics are increasingly confident they approaching the required number of votes to trigger a no-confidence vote in her leadership.

6. AMP has sold its insurance business for $3.3 billion. It also plans an IPO of its New Zealand wealth management and advice businesses. The moves are the result of a portfolio review to reshape AMP as a simpler, more focused group.

7. The “dangers are profound” if AI falls into the wrong hands, according to Apple CEO Tim Cook. The tech exec has warned against big tech companies infringing on people’s privacy to develop AI, saying: “Advancing AI by collecting huge personal profiles is laziness, not efficiency.” He also told a conference in Brussels that the stockpiling of personal data should make us “very uncomfortable”.

8. Looking for a CEO to learn from? Well, the Harvard Business Review this week revealed its 2018 list of the best performing CEOs on the planet. To make it easy for you, we’ve pulled together a quick guide on the top third of the candidates here, but if you want to see the full ranking, it can be found on the HBR’s website.

9. Roger Federer is planning for retirement. The 37-year-old tennis champ has purchased an “old autobus from the 60s” and he plans on driving it around Europe so he can visit the cities he competed in, but was never able to fully explore. Federer hasn’t give an indication of when he will begin his post-career travels, but it’s unlikely to be anytime soon.

10. Noma, the Michelin-starred restaurant in Copenhagen that’s been named best in the world, takes drastic measures to keep from getting stale. In a recent episode of “Business Insider Today”, head chef René Redzepi explained why he completely shut down the business in order to improve the experience. “I was getting a bit annoyed with how we were working,” he said. “I felt the routine was sort of stifling us… The conclusion was let’s just play around again, be fearless. There’s nothing to lose; don’t get attached to the thing.” Now, reopened and revamped, the team spends at least two weeks brainstorming before making any dishes.

BONUS ITEM: ICYMI, NASA has found a perfectly rectangular iceberg in Antarctica, and the photos are oddly satisfying.

NASA/Jeremy Harbeck

Have a great day.

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