10 things you need to know this morning in Australia

Robert Cianflone/Getty ImagesPeter Brock

Good morning.

1. US stocks got hit hard overnight as the 10-year yield touched its highest level in over seven years, and it’s fuelling everyone’s biggest fear about markets. Selling weighed heaviest on the tech-heavy Nasdaq, which saw losses in excess of 1.8%.

It followed an equally rough session for Asian stocks, and ASX futures were pointing 31 points lower at 6.35am AEST. More from markets here.

2. The Australian dollar fell to the lowest level since February 2016 on Thursday. Higher bond yields, steep declines in stocks and some commodities as well as renewed geopolitical jitters ensured the Aussie remained under pressure. At 7am AEST, the Aussie was down 0.34% to 0.7078.

Investing.comAUD/USD Hourly Chart

Stay tuned for Australian retail sales for August which will be released today at 11.30am AEST.

3. Wesfarmers has gone into a trading halt until October 9, pending the outcome of a court decision regarding the demerger of Coles. The company announced on March 16 its plans to spin off Coles in order to free up capital for high-growth opportunities. Since then Wesfarmers shares have risen by almost 13% and closed yesterday at $49.43.

4. Apple and Amazon have fired back at an explosive report linking them to a giant Chinese microchip hack. In unusually robust on-the-record statements, the two companies said they know nothing about Chinese spies planting rice grain-sized microchips in hardware that reached 30 major American companies.

5. Australia’s housing construction boom is over. The telltale signs, from falling activity to declining orders and layoffs, suggest so. David Scutt took a look at the current state of the sector, and let’s just say it’s not a glowing report card.

6. Elon Musk just mocked the US Securities and Exchange Commission in a tweet, calling it the “Shortseller Enrichment Commission” after he was forced to pay $20 million in fines to the agency. It’s been met with a mixed reaction on Twitter, with some saying “This hurts shareholders worse than the SEC.”

7. JPMorgan has released its ultimate guide to markets and the economy. It provides detailed insight into the state of equities and both the US and global economy to help investors make decisions in the final quarter of the year. Here’s a look.

8. Devils and Details. It’s been a huge year for the Eley Griffiths Small Company Fund — the $500 million vehicle run by Ben Griffiths has returned more than 30% in the past 12 months. Griffiths, whose firm manages $1.8 billion in capital, joins the Business Insider Devils and Details podcast this week to talk banks, property, and how he picks companies — and he also lists the four CEOs he is always keen to back. You can find it online here, or under “Devils and Details” wherever you get your podcasts — or listen in below. Enjoy!

9. The “holy grail of whisky” has just set a new record price at auction. A bottle of Macallan 60-year-old sold at auction for $AU1.55 million. The extremely rare Macallan Valerio Adami was distilled in 1926 and bottled in 1986. It was purchased over the phone by a bidder in Asia.

10. Peter Brock’s most iconic HDT Commodore is up for sale — and it could fetch $1.6 million. It and other cars he took to victory during his career are going to auction this weekend, coinciding with the annual Bathurst V8 races. Here’s a look at the other gems up for grabs.

BONUS ITEM: #ICYMI now we have a robot builder that can hang plaster.

Have a great day.

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