Good morning. It’s Cup Day.
1. The rate that stops the nation won’t be delivered today. But there will be plenty of interest in the Reserve Bank of Australia’s call at 2.30pm, 30 minutes before the Melbourne Cup jumps. While it’s expected to keep the cash rate at 1.5% for a record 27th consecutive month, the RBA is expected to flag potential changes to its forecasts for inflation, unemployment and GDP growth, indicating what it may do in the months to come. Here’s David Scutt’s 10-second guide to today’s release. And here’s a new way to get a discount on your current home loan rate.
2. Here’s another way to get a discount on your home – wait:
That black line is charting into some new territory. Sydney’s current house price is not quite the fastest, and not yet the longest, but it’s a heady mix of the two. Keep reading for the other chart you need to know how long it usually takes for the market to come out of these types of slumps.
3. Today, Australians will down tools or step away from the screens at 3pm AEDT to watch the Cup. The race itself kicks off at Flemington Racecourse in Victoria at 3pm local time, but with the time difference, it will air at 2pm in Brisbane, 2:30pm in Adelaide and 12pm in Perth. It’s so important to Australians, there has even been a call to make it a national public holiday. And for at least around an hour, it may as well be, because no one will be working. We’ll have some inside info for you later this morning on who might win, but for now, here’s how to watch the big race live, online, and on mobile for free.
4. No, this is how you end a losing streak. A BHP train carrying 268 wagons took off on its privately owned Mount Newman line – without a driver onboard. By the time BHP chose to deliberately derail it, the train was travelling at 180km/h. No one was hurt, but talk of “substantial” damage was enough to spark concern of a supply disruption. Together with a rebound in Chinese steel futures, that saw iron ore snap a three-day price plunge in spectacular fashion. Elsewhere on markets the Aussie dollar is treading water, US stocks edged higher on some positive services sector data, but the greenback drifted lower against major pairs. And Italian bond yields started to climb again. And Australian investors have a negative outlook on shares for the first time since the GFC.
5. There’s talk China could have its H-20 stealth bomber in the skies in time for a military parade next year. There has been purported images shared online, but they’re really no more reliable than concept art images. What we do know now is it’s looking like a “long-distance strategic bomber” that can carry a nuclear payload – and that’s something the US doesn’t really have any defences against yet.
6. A shark has struck again at Cid Harbour in the Whitsundays, and this time a man has died. The 33-year-old from Victoria was paddle boarding and then swimming, police said, before he was bitten around 5.30pm. He was flown to Mackay Hospital in a critical condition with bites to his left thigh, right calf and left wrist, but later died following massive blood loss. It’s the third attack in the area in two months, and Queensland Fisheries have so far killed four tiger sharks in reprisal.
7. Barely three month after it received an excavation permit, Elon Musk’s Boring Company has nearly finished a 4.3km tunnel beneath Los Angeles. Musk walked through it and posted a video of the “disturbingly long” journey”:
— Elon Musk (@elonmusk) November 3, 2018
8. If you’re flying today, you might want to skip this item. The black box from the Lion Air plane that crashed into the sea offered a massive clue about what went wrong, and tragically, it might have been avoidable. In Texas, a newlywed couple reportedly died in a helicopter crash only an hour and a half after their wedding. And in Miami, someone forgot to clean dog poo out of a plane and a passenger boarding the Delta Air Lines flight was given “two paper towels and one of those little bottles of Bombay Sapphire” to wipe it off the seats, his shoes and the floor.
9. Ever wondered what the traders from “The Big Short” are now up to in real life? Steve Eisman, played by Steve Carell in the movie, has his eye on Brexit negotiations, and is shorting “two UK banks” in the lead-up to the split from the EU. But he has a much more complicated play ready for another potential scenario. If Jeremy Corbyn is elected PM, Eisman has “a screen of about 50” shorts ready. “I know my Trotskyites well, and I know you don’t want to be invested in the UK if a Trotskyite is prime minister,” he said.
10. Apple’s redesigned iPad Pro goes on sale tomorrow, and the first reviews are in. They’re… mixed. It’s now been eight years since the original surfaced, and it seems iPads still can’t replace your laptop. You also have to rely on what storage Apple will give you, because the new USB-C port – the only port – won’t accept external storage devices. We won’t know how many are shipped, because after a soft Q3, Apple has decided it won’t report hardware unit sales any more. Shares have slipped under $US200 and are on track for their first 10% drop over two trading days since January 2013.
BONUS ITEM: Doggo Akelah has run into a screen door so many times, he now won’t enter until his owner has “opened” it:
He constantly thinks the screen door is closed, so we have to pretend to open it for him to come inside pic.twitter.com/oy6Hi8TsII
— jensen kendall (@jensenmares) November 4, 2018
Have a great day. Best of luck.
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