AUSTRALIAN STOCKS STALL: Here's what you need to know

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Australian stocks closed marginally lower.

Today’s scoreboard:

  • ASX200: 5,931.70 -6.07 -0.10%
  • All Ordinaries: 6,002.20 -3.29 -0.05%
  • AUD/USD: 0.7717 +0.0040 +0.52%

The local market drifted to a weak close, with the banks the main drag.

NAB fell 2.8% to $31.95 after forecasting a rise in costs as the bank re-sets its business.

Telstra shares fell 1.6% to $3.51 after the telco’s AGM was told the “current market outlook is challenging.”

Boral was up 3.8% to $7.40 after the building products company said it now expects full year earnings from to be above last year.

Credit Corp was up 5.5% to $21.22 after the collection agency upgraded its profit guidance.

Top Stories.

1. Thousands of jobs to go at the NAB. The banks says it is simplifying its business. But this will mean costs will rise at least for this year. Its shares fell 2.8% to close at $31.95.

2. The retail crunch. These charts explain why department stores are hurting in Australia.

3. Job cuts at Seven West Media. This financial year the company plans $55 million in cost savings, including $25 million in job cuts, and another $50 million in 2019. Its shares fell 6.1% to close at $0.615.

4. What Appliances online founder John Winning plans to do about about Amazon. He’s actually going to do nothing.

5. Fairfax shareholders approve the float of Domain. The new company, with current Fairfax shareholders getting one Domain share for every Fairfax share they hold, is expected to start trading on November 16.

6. How to get started with bitcoin in Australia. The benefits include paying anyone in the world with a relatively low transaction fee.

7. Sydney’s housing slowdown. Clearance rates fall below 60%.

8. VIDEO: Australia’s most popular seaside sculpture show by drone.

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