AUSTRALIAN STOCKS SLIDE AGAIN: What you need to know

Alberto Pizzoli/AFP/Getty Images

Australian stocks slipped for the second day in a row.

Today’s scoreboard:

  • S&P ASX 200: 5,326.20 -19.53 -0.37%
  • All Ordinaries: 5,399.80 -20.49 -0.38%
  • AUD/USD: 0.7560 +0.0004 +0.05%

The local market lost ground, adding to yesterday’s 0.47% loss, but is still ahead by about 1% since the US presidential election.

Pure-play Australian iron ore miner Fortescue Metals was down 2.5% to $6.09. There were signs in China that iron ore’s price run may be nearing an end.

Solomon Lew’s Premier Investments was up 4.8% to $13.90 after a broker upgrade for the retailer of Portmans, Just Jeans, Smiggle and Peter Alexander.

Nine Entertainment was up 2.7% to $0.945 after the annual general meeting was told it appears likely metro free-to-air advertising revenue will be in the low single digits for 2017.

The top stories:

1. Make sure your tax return is on the mark. The ATO’s data doctors are searching the internet to see if you’ve lied.

2. The RBA minutes. They reflect an upbeat tone around inflation, both here in Australia and around the globe.

3. The jobs market. If there’s one thing that stood out from the minutes of the Reserve Bank of Australia’s November monetary policy meeting, it’s the heightened levels of uncertainty about what is happening in Australia’s jobs market.

4. The benefits from innovation. The much-talked about benefits of innovation in Australia has already delivered almost $70 billion to the Australian economy, according to the latest analysis.

5. A hit from Brexit. Profits at OFX, formerly called OzForex, have slipped as the foreign exchange provider takes a hit from Brexit and invests in technology. OFX shares lost almost 16% to close at $1.34.

6. You want points with that? Taxi app Ingogo has signed a deal with Qantas which means Australians don’t need to fly to be a frequent flyer.

7. Microsoft chief Satya Nadella and Australian cricket. The tech giant has deployed a new performance analytics system that will be trialled this summer by Cricket Australia.

8. What Trump would that be? A major consumer confidence survey shows Australians aren’t concerned about the next US president.

9. A pay rise of 20% over four years. One of Australia’s biggest contractors, Lendlease, has reached a new pay deal with the Construction Forestry, Mining and Energy Union.

10. A big deal. The NSW government just paid $332 million for a Martin Place building its owners valued at $222 million.

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