AUSTRALIAN STOCKS STUMBLE: What you need to know

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Australian shares closed lower.

Today’s scoreboard:

  • S&P ASX 200: 5,290.50 -27.23 -0.51%
  • All Ordinaries: 5,375.20 -27.24 -0.50%
  • AUD/USD: 0.7651 +0.0039 +0.51%

The local market dropped on the first day of a new month, winding back most of the 0.64% gain from Monday’s rally.

The major banks led the slide, with the ANZ losing 1% to close at $27.55.

BHP was down 1.1% to $22.80 and Woodside Petroleum 1.2% to $28.01.

Qantas dropped another 2.2% to $2.99 after announcing on Monday a 3% fall in quarterly revenue.

The top stories:

1. The RBA and rates. One paragraph stuck out in the statement from the governor accompanying the decision to hold.

2. Sustainability in the Tasmanian salmon industry. Shares in Tassal fell after reports questioned the future of the industry. Tassal shares lost 2.3% to close at $3.76.

3. Accenture positions itself as an innovation expert. It’s just bought 2nd Road and its strategists, designers and educators who apply innovation and design thinking to help companies innovate.

4. House prices in Sydney are up 95.7% since the GFC. Australian capital city house prices continued to ratchet higher in October, according to research from CoreLogic.

5. Owning a house in Sydney has become just a little bit more affordable. Price rises haven’t quite eaten up all the benefit of the latest interest rate cuts.

6. New owners for Cargo Bar. Six leading Sydney bars and restaurants from the failed Keystone Group have been sold to Melbourne-based Dixon Hospitality Group.

7. Bob Day leaves federal politics. The South Australian senator resigns from parliament in the wake of the collapse of his building business.

8. We need to talk about eating in the bathroom at work. Research by ICM Unlimited found that 10% of work colleagues do it.

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