AUSTRALIAN STOCKS GO NOWHERE: Here's what you need to know

Trainer Gai Waterhouse waves to the crowd during the 2017 Melbourne Cup Parade. Vince Caligiuri/Getty Images

Australian stocks closed marginally lower.

Today’s scoreboard:

  • ASX200: 5,953.80 -6.08 -0.10%
  • All Ordinaries: 6,027.20 -3.12 -0.05%
  • AUD/USD: 0.7654 +0.0003 +0.04%

The local market dropped into negative territory at the start of a new week.

The main weight on the ASX200 was Westpac which dropped 2.1% to close at $32.55 after announcing its annual results.

Energy stocks were mostly higher on the back of a rise in oil. Woodside Petroleum added 1.29% to close at $32.21.

Explosives maker Orica was down 9.7% to $19.28 after posting flat full year earnings.

Top stories:

1. A big shift in how Australians are borrowing for property. A change is underway in consumer behaviour in the wake of regulatory restrictions introduced in April.

2. FULL DISCLOSURE: Turnbull moves to sort out the citizenship mess.

3. McGrath profit warning. The real estate agency is seeing fewer listings, fading Chinese buyers and regulators limiting interest only loans. Its shares fell 15.5% to close at $0.515.

4. The billions in profits. Australia’s big four banks made a combined $31.5 billion cash profit in 2017.

5. Westpac profit cracks $8 billion. Westpac posted a 3% rise in full year cash profit and kept the dividend flow to shareholders steady. Also read: Here’s how the new bank levy has cut into Westpac’s results.

6. The Paradise Papers. The ATO is closing in on Australian links.

7. Is the new iPhone partially to blame? Economists at the National Australia Bank think there is another factor behind the continued retail weakness in September.

8. The 2017 Melbourne Cup. How to watch it online.

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