10 things you need to know this morning in Australia

Robert Cianflone/Getty ImagesCorey Brown on Rekindling winning the 2017 Melbourne Cup

Good morning.

1. Europe is faltering and faster than expected, according to HSBC. Until now, the economic zone has coped with the Syrian war on its southern border, Russian incursion into Ukraine, the Greek crisis, Britain voting to leave the EU, and Turkey falling off a cliff. But the Italian debt crisis and Trump’s global war on trade might be the final straws.

2. Meanwhile, US jobs data moved markets on Friday night, with a bumper report which showed the economy added 250,000 jobs in October (189,000 forecast) while wage growth rose at the fastest pace since 2009. That saw US bond yields spike across the curve. Benchmark 10-year yields settling just shy of their recent high at 3.22%. ASX futures closed five points lower ahead of this morning’s open. More on markets here and what’s in the diary for the rest of the week.

3. The Australian dollar gave up earlier gains on Friday, weighed down by higher US bond yields and renewed doubts over the prospect of a trade deal between the US and China being struck.
At 8am AEDT, the Aussie is down 0.15% to 0.7186.

Investing.comAUD/USD Hourly Chart

4. Westpac announced a full year profit of $8.06 billion, flat on last year, on the back of higher costs relating to customer refunds during a “tough” and “difficult” year. Statutory net profit was up 1% $8.09 billion. The bank says the result was dragged down by higher provisions relating to customer refunds, payments and costs, the full period impact of the bank levy, and a lower markets contribution.

5. The New South Wales government has announced changes to what’s been dubbed “bracket creep” on the state’s stamp duty on property. The changes to the seven price brackets of stamp duty will come into effect from July 2019 and will index the levels to inflation. See the breakdown here.

6. Virgin Australia will now give priority boarding to war veterans and salute them before take-off. It follows an announcement by the Coalition government that will see veterans given discount cards and lapel pins and $500 million extension of the Australian War Memorial. Qantas now under pressure to do the same.

7. Tragedy. The son of Australian rocker Angry Anderson was killed in a bloody attack on Sydney’s northern beaches. The suspect, reportedly a friend of the victim, was arrested at the scene in Queenscliff on Sunday morning. Simon Thomsen has more.

8. What were you doing at 11 years old? Well, Google CEO Sundar Pichai’s son is mining Ethereum on a computer his father built. His son isn’t the only child of a Google executive who’s mining cryptocurrency. More here.

9. The Melbourne Cup is coming! It’s the race that stops a nation kicks off on Tuesday November 6, at 3pm AEDT — here’s how to watch it live, online, and on mobile for free.

10. Norway will be home to Europe’s first and the world’s largest underwater restaurant when it opens in April 2019. Fittingly called “Under,” the restaurant has three-foot-thick walls and is designed to withstand harsh weather and rough seas. Here’s a look at what it will be like:

MIR and SnøhettaA rendering of the completed dining room.

10. BONUS ITEM: A woman used her cousin’s manicured hand in her engagement photos because she “didn’t have her nails done”.

Have a great day.

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