AUSTRALIAN STOCKS GO NOWHERE: What you need to know

Japan’s Takuma Asano (L) and Australia’s Matthew Spiranovic collide during the World Cup 2018 football match between Australia and Japan in Melbourne. Paul Crock/AFP/Getty Images

Australian shares closed marginally lower.

Today’s scoreboard:

  • S&P ASX 200: 5,474.60 -5.20 -0.09%
  • All Ordinaries: 5,555.20 -6.99 -0.13%
  • AUD/USD: 0.7574 +0.0034 +0.45%

The local market trended down for most of the session, following Wall Street where the S&P 500 lost 1.2% overnight, before making up lost ground and closing just 5 points lower.

The big miners and energy stocks led the slide. BHP was down 1.5% to $23.44, Santos 2.5% to $3.84 and Fortescue Metals 2.9% to $5.03.

Among the banks, Westpac was up 0.5% to $30.83 but the NAB lost 0.4% to $28.16.

The top stories:

1. Inflation is coming back. The outlook according to Paul Bloxham, HSBC Australia’s chief economist.

2. Investors want to be compensated. Law firm Slater and Gordon faces a $250 million class action, the largest by shareholders in Australian legal history. Its shares lost 8.3% to close at $0.385.

3. Stealing Australia’s secrets. Sensitive documents were stolen from the Australian government by foreign spies using malware to hack systems and cover their digital tracks.

4. Tabcorp picks up. Its shares did well from the NSW government’s decision to not ban greyhound racing. The shares closed at $5.21, up 2.7%.

5. Here’s what could spark a housing market collapse. Shane Oliver, chief economist at AMP Capital, on what could happen.

6. Iron ore blues. Iron ore prices have jumped out of the blocks following Golden Week holidays in China.

7. KPMG’s new startup program. The second generation of Energise, one of the largest energy and natural resources startup accelerators in the Asia-Pacific, has been launched.

8. The biggest chairman of the board gig in Australia. Catherine Livingstone is the new chair of the Commonwealth Bank.

9. Flight attendants share 11 of their favourite travel hacks. Who better to turn to for travel tips and tricks than the people with extensive knowledge on the matter?

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