1. US stocks fell for a third straight day Monday, with technology leading the way lower amid worries about waning iPhone demand. The Nasdaq Composite fell 2.8%, while the Dow Jones Industrial Average was lower by 2.3%, or 602 points. The S&P 500 shed 2%. Apple sank 4.7% Monday after the facial-recognition supplier Lumentum cut its outlook, prompting worries of slowing demand for the iPhone. More markets news here.
2. The selloff in the Australian dollar intensified on Monday as investor sentiment took a turn for the worse. The US dollar index hit the highest level since June 2017, reflecting large losses in both the British pound and euro. The Aussie fell against all of the major crosses during the session, led by steep declines against the Japanese yen and US dollar. At 8.05am AEDT, it was down 0.60% to 0.7181.
3. US President Donald Trump, upon returning home from a World War I memorial event in Paris, unloaded on the US’s European allies and appeared to threaten to pull out of NATO. It comes after French President Emmanuel Macron was critical of Trump’s leadership and politics during the Paris trip and floated the idea of forming a European army that would in part defend the continent from the US.
4. The prospects of a disastrous Brexit scenario looks more likely than ever as UK Prime Minister Theresa May appears to be rapidly pushing Britain towards the Brexit danger zone.
5. Melbourne CBD espresso bar Pellegrini’s reopens today serving Sisto Malaspina’s favourite coffee all day for free. The cafe’s beloved 74-year-old co-owner was killed on Friday afternoon in a terrorist attack. A state funeral will be held next week for Malaspina.
6. North Korea is hiding a vast network of secret missile bases in the mountains. New satellite images have revealed 13 of an estimated 20 possible secret ballistic missile locations which can be used for all classes of ballistic missile from short-range to ICBM. The revelation is the latest in a string of reports indicating that North Korea is not living up to the expectations of the Trump administration, which demands complete denuclearisation.
8. Stan Lee, Marvel legend, has died aged 95. The former president and chairman of Marvel Comics had reportedly been rushed to Cedars-Sinai Medical Center on Monday, where he died. Read about his incredible life here.
9. Under pressure? Learn from the best. Our podcast has bit of a change of pace this week: the guest is Captain Richard de Crespigny, who was in charge of the Qantas A380 that suffered an engine explosion departing Singapore eight years ago. De Crespigny talks about how people can learn to perform under pressure and make better decisions in a crisis, using some of the lessons from that day. It’s packed full of insights on becoming more resilient for the bad times, and performing at your best in the good times – in both your professional and personal life. You can find the show on iTunes, listen online here, or tune in below.
While we’re talking about podcasts — Join us LIVE in Sydney on November 27th for an evening featuring some of the best minds in Australian finance and economics. It’s a raw and unplugged version of our podcast, Devils and Details, featuring guests like property expert Pete Wargent, Jo Masters of ANZ, Statewide Super CIO Con Michalakis, and Laura Fiztsimmons, VP of macro sales at JP Morgan. Lots of ideas, insights, and drinks and canapes, all hosted by BI Australia’s Paul Colgan and David Scutt. Tickets are $50 and available here.
10. There’s a diamond ring, and then there’s Jony Ive’s ring made from a diamond. That’s right, Apple’s chief design officer has designed a ring that’s made entirely out of diamond. It’s expected to sell for $US150,000 to $US250,000 with the proceeds going to charity. Behold:
BONUS ITEM: Roger Federer lost his cool and then the match at the ATP Tour Finals on Sunday. It all went downhill for the tennis champ when he accidentally hit himself in the face with a ball in the opening set. Here’s a look:
— Matthew Willis (@MattRacquet) November 11, 2018
Have a great day.
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