AUSTRALIAN STOCKS SLIP: What you need to know

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Australian shares closed lower.

Today’s scoreboard:

  • S&P ASX 200: 5,435.50 -39.12 -0.71%
  • All Ordinaries: 5,518.30 -36.89 -0.66%
  • AUD/USD: 0.7540 -0.0021 -0.28%

The local market slipped but still managed to keep above the 5400 point level on the ASX 200.

The major banks and the big miners both lost ground.

BHP dropped 2.9% to $22.75, Rio Tinto 2.7% to $51.57 and Woodside Petroleum 1.6% to $29.48.

The ANZ Bank lost 1.56% to close at $27.79 and Westpac 1.4% to $30.38.

Qantas stood out with an almost 1% rise to $3.16 as investors bet on cheaper aviation fuel with falling oil prices.

The top stories:

1. The coolest 100 people in Australian tech. Business Insider has sorted through Australia’s leading technology figures to bring you this list.

2. Why Paul Bassat believes Australia’s size is no obstacle to global tech competitiveness. He is a rare breed in the Australian business landscape in that he has been on both sides of the investor table.

3. Sydney’s house prices are about to go flat. The housing boom is near the end of its run for Sydney, according to QBE’s latest Housing Outlook report prepared by analysts BIS Shrapnel.

4. Foreign investors are fading. The percentage of Australian properties being snapped up by foreign investors is falling.

5. Economic growth outlook. Moody’s puts Australia on top of the Triple-A rated commodity exporting economies.

6. Selling property online. Online sales group iBuyNew is scaling up by buying property researchers Nyko.

7. Privatisation in NSW. The state government’s plan to sell off the super fund administrator Pillar hit a competition issue. Link shares dropped 7% to close at $7.59.

8. MARK TEXTOR: Trump’s greatest trick is convincing voters they have nothing to lose.

9. Reading. The 10 bestselling ebooks in Australia for September 2016.

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