AUSTRALIAN STOCKS FALL: What you need to know

Manan Vatsyayana/AFP/Getty Images

Australian shares closed lower.

Today’s scoreboard:

  • S&P ASX 200: 5,699.40 -49.04 -0.85%
  • All Ordinaries: 5,754.70 -48.27 -0.83%
  • AUD/USD: 0.7511 +0.0033 +0.44%

The ASX200 slipped below the key 5700 point mark, wiping out Monday’s 0.48% gain.

Wall Street was closed for a holiday and many investors were waiting on British Prime Minister Theresa May’s speech on Brexit later today.

The banks led the market lower with the ANZ down 1.2% to $30.40 and the NAB 1% to $30.80.

The miners also slipped with Rio Tinto down 0.8% to $62.70.

BT Investment’s head of international quit and its shares tumbled 4.5% to a close of $10.10.

The top stories:

1. ATO is watching tax-dodging Uber drivers and Airbnb landlords. The Australian Taxation Office has warned that it performs data matching with third parties to detect undeclared income.

2. The Amazon threat to supermarkets. The Amazon grocery service has been hiring in Australia for a year.

3. The tiny Australia biotech benefiting from its links to Donald Trump. Having connections in Donald Trump’s political machine in Washington has been positive so far for Innate Immunotherapeutics. Its shares were up 2.3% today to $1.30.

4. Most creditors in Pie Face will be left with nothing. The fast-food chain is heading toward profitability for the first time in a long time as its receiver flags the business will be sold shortly.

5. Australia’s economic rebalancing act. According to Paul Bloxham, chief economist at HSBC, Australia’s economic rebalancing is almost complete, with a familiar friend set to support the economy yet again at a time when it is needed most — mineral wealth.

6. Lending to housing investors surged again in November. According to the ABS, the value of investor lending jumped by 4.9% to $13.269 billion in seasonally adjusted terms.

7. Rio Tinto hits its full year iron ore target. The 329 million tonnes was very close to its original 330 million tonne target which it revised down after a slow start to the year.

8. A top class sick note. Blake Pendlebury over-indulged at the Magic Millions horse racing carnival on the Gold Coast over the weekend and this is how he explained it to his customers.

9. Melbourne’s iconic Olympic Doughnuts van has closed. And it won’t reopen due to the poor health of Nick Tsiligiris, the octogenarian Greek immigrant who ran the little caravan near Footscray railway station since 1979.

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