AUSTRALIAN STOCKS FALL: Here's what you need to know

Team members from Tokai Challenger of Tokai University Japan catch the last of the sunlight to charge during day two of the 2015 World Solar Challenge outside of Alice Springs. Mark Kolbe/Getty Images for The World Solar Challange

Stocks fell today.

Today’s scoreboard:

  • S&P ASX 200: 5,235.60 -34.11 -0.65%
  • All Ordinaries: 5,271.60 -32.97 -0.62%
  • AUD/USD: 0.7273 +0.0025 +0.34%

Seven out of ten sectors were lower, led by energy and mining stocks as oil and iron ore prices fell in overnight trade.

BHP lost to 2.9% to $23.99 and Rio Tinto 2.2% to $52.14. The banks also lost ground with the ANZ down 1.59% to 28.40.

Gold miner Newcrest fell more than 5% to $14.11 after announcing disappointing September quarter production numbers.

Lower oil prices means cheaper jet fuel and this helped Qantas add 1.5% to close at $3.94.

The top stories Tuesday:

1. Shaking up the financial sector. The Turnbull government has agreed to 43 of the 44 recommendations from the Financial System Inquiry. Turnbull’s overhaul. Also see: Credit card surcharges will have to pass the fair dinkum test, the 5 things underpinning the government’s Financial System Inquiry response, legislation in crowdfunding by the end of the year

2. More official rate cuts? Notes from the RBA’s monthly meeting show the board wasn’t contemplating rate cuts. Macquarie bank researchers think there will be action next month.

3. A TV play. Billionaire television industry pioneer Bruce Gordon is about to become the biggest shareholder in the Nine network.

4. The housing question. The outlook for Australia’s housing market is deteriorating and it’s weighing on consumer confidence.

5. Rebranding at the supermarket. The “Cheap Cheap” birds marketing campaign has been replaced by “Always at Woolworths”.

6. World Statistics Day. Apparently Australians still have a lot of trust in the ABS despite some recent criticism.

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