AUSTRALIAN STOCKS HOLD THEIR GROUND: What you need to know

Australia’s John Millman hits a return against Roberto Bautista Agut of Spain during the first round at the China Open tennis tournament in Beijing. Nicolas Asfouri/AFP/Getty Images

Australian shares closed marginally higher.

Today’s scoreboard:

  • S&P ASX 200: 5,484.00 +5.49 +0.10%
  • All Ordinaries: 5,569.90 +5.06 +0.09%
  • AUD/USD: 0.7676 -0.0002 -0.03%

The local market lost ground in early trade, on weaker banks, but clawed its way back again at the close.

The major banks were mixed with the ANZ up 0.5% to $28.10 and the Commonwealth down 0.2% to 473.30.

The stop stories:

1. Presto bites the dust. The consolidation of the streaming media market gains pace.

2. The housing game. Two in every three properties in Sydney’s epic building boom are apartments. Also read: High rise construction boom looks unstoppable.

3. Qantas is now in bed with Airbnb. Qantas Frequent Flyers can earn Qantas Points when they book Airbnb accommodation through the airline’s website under a partnership deal announced today.

4. Rates unchanged. The Reserve Bank of Australia (RBA) left interest rates unchanged at 1.5% at its October monetary policy meeting, an outcome that was widely expected by markets and economists alike.

5. The first bank CEO fronts the parliamentary committee. The Commonwealth’s Ian Narev under attack over his bank’s “unethical behaviour” when he appeared before the House of Representatives economics committee in Canberra today.

6. Defending interest rates. Ian Narev’s opening address to the House of Representatives economics committee in Canberra.

7. New rules were announced around the setting of important market benchmarks like bank bill swap rate. A raft of changes to how benchmarks, such as the bank bill swap rate, are set and how the rate setting mechanism will be administered and licensed.

8. Bigger managed funds. Shares in funds manager Henderson Group jumped on the ASX after it announced a merger with the US-based investment firm Janus Capital. Henderson shares added 11.5% to close at $4.44.

9. The salesforce expert. Deloitte has bought marketing technology implementation specialist, Cinder Agency, positioning it as the Australian market leader in Salesforce implementation.

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