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

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Australian stocks closed marginally lower for the second day in a row.

Today’s scoreboard:

  • ASX 200: 5,709.10 -4.48 -0.08%
  • All Ordinaries: 5,769.70 -2.68 -0.05%
  • AUD/USD: 0.8045 +0.0035 +0.44%

The local market opened on a slide but steadily regained ground to close flat, and still above the key 5700 point mark on the ASX200.

The major banks and big miners were mostly weaker.

The ANZ Bank was down 0.6% to $30.03. The Commonwealth was flat at $76.29.

Rio Tinto dropped 1.2% to close at $66.06.

TPG Telecom was down 6.7% to $5.12 after cutting its dividends.

Health insurer nib is in a trading halt, raising funds for the $155.5 million acquisition of GU Health.

Top stories:

1. The $11 billion Tabcorp-Tatts merger has been quashed. The Federal Court has reversed approval of the ambitious proposal and sent the matter back to the Australian Competition Tribunal.

2. Interest rate blues. The ANZ says two rate hikes are coming next year.

3. A deeper look at Harvey Norman’s property. The retailer booked $107 million in income from property this year.

4. The teen sacked for saying she was going to vote no in same-sex marriage ballot. The Fair Work Ombudsman is conducting an investigation.

5. Amazon has some work to do to make sure it’s operating legally in Australia. Amazon has been told that its contracts for its marketplace for small business need to be changed to meet Australian rules.

6. Australia’s latest hiring spree looks set to continue. According to Seek, total advertisements placed on its site jumped by 13.2% in August compared to a year earlier, leaving them at the highest level since 2010.

7. Seven Group just reduced its reliance on media assets. The Seven Group is buying the rest of equipment hire group Coates Hire, about 53%, for $517 million, as the company expands its industrial services division.

8. REVIEW: Google Nest home security camera.

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