AUSTRALIAN STOCKS SLIP: What you need to know

24 of the best young footballers from Australia competing to win a two-week trial with Sydney FC’s Youth League team. Jason McCawley/Getty Images

Australian stocks closed down.

Today’s scoreboard:

  • S&P ASX 200: 5,405.90 -25.52 -0.47%
  • All Ordinaries: 5,493.70 -25.41 -0.46%
  • AUD/USD: 0.7672 +0.0036 +0.47%

The local market went on a slide but managed to recover enough to keep the ASX 200 above the key 5400 mark by the end of the session.

The banks and the miners all lost ground after Wall Street’s S&P 500 closed down 0.9% overnight.

Wespac lost 1.29% to close at $29.96 and Rio Tinto 0.7% to $50.01.

Qantas dropped 2% to close at $3.17 and Telstra 1.5% to $5.11.

The stop stories:

1. Trump VS Clinton. A mix of polls. While the majority of opening paragraphs summing up the performances in today’s first US presidential debate claim Hillary Clinton outperformed Donald Trump, a roundup of the most popular online polls disagrees.

2. What’s really happening with the housing market. Australian house prices have been all over the place recently, and HSBC thinks it knows why.

3. The prescriptive analytics software market. Veriluma Limited, with a business based on Australian defence intelligence analytical software, debuted on the ASX today in a backdoor listing through what was Parmelia Resources Limited. Its shares closed 15% higher at $0.091.

4. Expanding corporate travel in Europe. Australia’s Flight Centre Travel Group has expanded to Sweden, Denmark, Norway, Finland and Germany through a deal to acquire corporate businesses owned by European online travel agency eDreams ODIGEO. Its shares lost 1.8% to close at $36.12.

5. A big boost in confidence. Out of the blue, Australian consumer confidence surged last week, particularly when it comes to how people think about household finances.

6. Eddie Obeid lost his court case over a corrupt $30 million coal mine deal. He has lost his Supreme Court case against the finding by the NSW Independent Commission Against Corruption that he acted dishonestly.

7. A global travel insurance business. Australian travel insurance provider Cover-More Group is buying Travelex Insurance Services, the third largest retail travel insurance specialist in the US, for $US105 million ($A137 million). Cover-More Group shares closed 1.7% down at $1.44.

8. The backpacker tax has been wound back, a bit. Instead of paying 32.5% on every dollar they earned, the rate will be reduced to 19%.

9. More debt retired. Rio Tinto is further cutting debt, launching a bond purchase plan for up to $US3 billion ($A3.9 billion).

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