Market Reports

• Australian Market Report: Rising commodity and energy prices have powered mining and energy stocks and lifted the Australian share market to its highest level since May. The benchmark S&P/ASX 200 index rose 42.8 points, or 0.73 per cent, to 5,889.6 points on Tuesday - as almost every sector posted strong gains..... [more]

• U.S. Market Report: The Dow Jones Industrial Average breached the 23,000-mark for the first time on Tuesday, powered by strong earnings from UnitedHealth and Johnson & Johnson. The blue-chip index has surpassed four similar 1,000-point milestones this year, indicating investor faith in the bull-run despite lofty stock valuations..... [more]

• North/South Americas Market Report: North and South American markets are mixed. The IPC is higher by 0.49%, while the Bovespa is leading the S&P 500 lower. They are down 0.88% and 0.10% respectively..... [more]

• European Market Report: European markets finished lower today with shares in London leading the region. The FTSE 100 is down 0.14% while Germany's DAX is off 0.07% and France's CAC 40 is lower by 0.03%..... [more]

• Asian Market Report: Asian markets finished mixed as of the most recent closing prices. The Nikkei 225 gained 0.38% and the Hang Seng rose 0.02%. The Shanghai Composite lost 0.19%..... [more]

Australian Business News

• Australia's high housing prices and the nation's rising household debt convinced the Reserve Bank to keep the official cash rate on hold at its recent October meeting. Minutes of the central bank's October meeting, released on Tuesday, show that the RBA noted some easing in house prices, most notably in Sydney,.... [more]

• Consumers are feeling less confident as households feel the strain of high debt levels and slow wage growth. The latest ANZ-Roy Morgan Consumer Confidence Index dropped last week to below its long-term average, with consumers only feeling more positive about future financial conditions, which hit its highest level since April..... [more]

• Ratings agency Moody's Investor Service has given the Australian real estate investment trusts (A-REITs) a clean bill of health, saying residential trusts are at cyclical peaks, while low supply of assets will underpin office rents for prime central business district locations. Retail landlords' security prices have been hit due to concerns about the impact of Amazon on tenants..... [more]

• The Turnbull Government’s plan to allow first-homebuyers to save for a deposit through their superannuation faces possible defeat after the Greens party room voted to oppose it. The draft laws set up a First Home Super Saver Scheme and also allow older Australians to contribute the proceeds of the sale of their family home to their super..... [more]

• The nation is at risk of a pension crisis unless employers stop their "discrimination" against older workers, advocates for regional Australia have warned..... [more]

• ANZ will sell its superannuation and some financial planning businesses to financial services group IOOF for $975 million as it continues to weigh how best to offload life insurance. IOOF will pick up the OnePath pensions and investments business along with four aligned dealer groups as ANZ shifts to distributing rather than manufacturing advice and superannuation products..... [more]

• Mines and Petroleum Minister Bill Johnston has hinted the Government may have to reconsider its commitment to the $10 million-a-year Exploration Incentive Scheme given the dire state of WA’s finances. Speaking on the sidelines of the Australian Nickel Conference in Perth this morning, Mr Johnston said “everything was on the table” in terms of savings measures after the Liberal Opposition blocked plans for an increase to the gold royalty which would have raised $392 million over four years..... [more]

• Turnbull presents a policy which helps him escape the energy “crisis” and Liberal rebels. The PM reckons we’re going to be sitting around counting out the $115-a-year we’ve saved from our electricity bills..... [more]

• Business backs National Energy Guarantee, but Turnbull's plan unlikely to stop coal's demise.... [more]

• Malcolm Turnbull faces uphill battle convincing states to support National Energy Guarantee.... [more]

• Oil Search says it is on track to achieve the upper end of its full-year production guidance range, helped by strong output at the PNG LNG project. The Papua New Guinea-focused oil and gas producer lifted September quarter production to 7.91 million barrels of oil equivalent, a nine per cent increase over the preceding three months. By 1125 AEDT, Oil Search shares were up 0.8 per cent to $7.27 in a firm Australian market..... [more]

• Alkane Resources maintains focus to refresh board. .... [more]

• Nickel West poised to double up Kwinana lithium-ion supply plans. BHP Billiton’s Nickel West is eyeing further investments to become a key global player in the growing lithium-ion battery supply chain. Speaking at the Australian Nickel Conference in Perth this morning, Nickel West boss Eddy Haegel said the company was considering expediting plans for a stage two expansion of its proposed nickel sulphate plant at Kwinana..... [more]

• Peel Mining Ltd has been granted a trading halt by the ASX, pending details of an exploration update. Peel is focused on the Mallee Bull project near Cobar in New South Wales, which is a 50:50 joint venture with CBH Resources Limited (CBH)..... [more]

• British billionaire Sanjeev Gupta is believed to be eyeing Rio Tinto's Australian and New Zealand aluminium assets to add to his local portfolio. Mr Gupta, who leads the GFG Alliance which recently bought the Australian steelmaker and mining group Arrium, is understood to be checking out Rio's PacAl assets at Gladstone in Queensland this week..... [more]

• Greenland Minerals and Energy Ltd has appointed Mr Xiaolei Guo, a representative of Shenghe Resources Holding Limited, to the board as a non-executive director. Mr Guo holds a degree in Law, and is a member of the Bar, in China..... [more]

• Myer says it is refreshing its board by appointing an experienced retail manager who already oversees its struggling sass & bide brand. Former managing director of Bulgari in the UK and in Australia, Julie Ann Morrison, will join the board as a non-executive director as part of a leadership overhaul in response to complaints from major shareholder Solomon Lew about the group's lack of progress in lifting profit and sales..... [more]

• Embattled logistics giant Brambles faces a fresh challenge in the shape of a potential $100 million class action over alleged failures to keep investors informed. Brambles, which is a global pallet giant that operates in more than 60 countries, faces the prospect of a Maurice Blackburn-led class action that will allege the company failed to keep investors informed about its true financial position leading into the early months of this year..... [more]

• Stargroup Ltd has been granted a trading halt by the ASX this morning, pending details in relation to a restructure of debt..... [more]

• A new WA Liberal senator has used his first speech to Parliament to call for Australia to become a world leader in genetically modified crops. Slade Brockman said politicians should ensure the fear campaign — which demonises GM crops as dangerous and unproven — was not allowed to overwhelm the possibilities offered by the technology..... [more]

• Leaf Resources Ltd has secured a license for an innovative biodegradable coating product for the packaging market. The product is based on lignin and also utilizes glycerol, two of the products that Leaf’s Glycell process will produce..... [more]

• New ASIC boss wants to be nimble and inquisitive. James Shipton says success for him will be a nimble, proactive and inquisitive corporate regulator. As the new chairman of the Australian Securities and Investments Commission it is a massive ambition..... [more]

• Telstra says competition in the telecommunications sector remains tough and concedes it will probably lose customers to smaller rival TPG Telecom when the market newcomer establishes its own mobile phone network. Telstra chairman John Mullen says TPG is "a formidable operator", and Telstra is not underestimating its impact on pricing and competition..... [more]

• Opinion - Stephen Long: Clean Energy Target: There's nothing in the ACCC report that suggests it should be axed.... [more]

• Opinion - Elizabeth Knight: Will banks win the technology arms race? What will banks look like in 20 years and will they all survive the technology revolution that is allowing all manner of fintech companies to chip away at various aspects of their businesses?.... [more]

World Business News

• Risk premium returns to oil over Iraq fighting, Iran tensions. After months of range-bound trading, prices have moved up significantly..... [more]

• Jerome Powell likely will be the next Federal Reserve chairman, according to a slim majority of economists in a Reuters poll - but most of them said current Fed Chair Janet Yellen would be the best option..... [more]

• Mexico, Canada poised to push back over U.S. NAFTA demands.... [more]

• If Trump kills NAFTA, farmers, bars and factories lose jobs. President Trump's threat to blow up NAFTA once seemed far fetched. But life without the U.S.-Mexico-Canada trade agreement could become a reality..... [more]

• Netflix plans huge movie push as it faces post-Disney reality.... [more]

• US banking giant Goldman Sachs has reported a fall in third-quarter profits following a further fall in bond trading revenue. However, the 26% drop in bond trading revenue was smaller than expected, following a slump of 40% in the second quarter..... [more]

• Wall Street rivals Goldman Sachs Group Inc and Morgan Stanley topped analyst expectations on Tuesday, reporting third-quarter earnings gains from a range of products and services despite an industry-wide decline in bond trading..... [more]

• President Donald Trump has dropped to No. 248 on Forbes’ list of the ranks of the richest people in the U.S., down from No. 156 in 2016 as his wealth has fallen by $600 million. Forbes estimates Trump’s net worth at $3.1 billion, down from $3.7 billion a year ago..... [more]

• George Soros, who built one of the world’s largest fortunes through a famous series of trades, has turned over nearly $18 billion to Open Society Foundations, according to foundation officials, a move that transforms both the philanthropy he founded and the investment firm supplying its wealth..... [more]

• Reversing the Brexit process would boost the UK economy, the international economic body, the OECD has said. A new referendum or a change of government leading to the UK staying within the EU would have a "significant" positive impact on growth, the OECD said..... [more]

• European business association BusinessEurope said on Tuesday it was extremely concerned with the slow pace of Brexit talks and called on the British government to rapidly come up with proposals that would speed them up..... [more]

• Swiss bank UBS asked staff whether they would prefer to relocate to Amsterdam, Madrid or Frankfurt after Britain leaves the European Union in a survey sent to its investment bankers on Tuesday, according to sources familiar with the matter..... [more]

• UK inflation at highest since April 2012.... [more]

• The Bank of England’s new deputy governor distanced himself from the central bank’s majority view that interest rates probably need to rise soon, and another newcomer said her support for that position was “very contingent on the data”..... [more]

• UK Treasury rejects OECD's call for second Brexit referendum. Thinktank warns Britain must stay close to EU or face long-term decline as it suggests a second poll.... [more]

• Shares in Legoland-owner Merlin Entertainments have plunged after the company said recent terrorist attacks had continued to hit visitor numbers. Merlin, which also runs Alton Towers, said "record levels" of attacks in Europe during the summer - its peak trading season - slowed revenue growth to just 0.3% compared with last summer..... [more]

• Online fashion retailer Asos has reported record annual sales and profits, boosted by the weak pound and a "strong international performance". Pre-tax profits jumped by 145% to £80m in the 12 months to 31 August, compared with £32.7m last year..... [more]

• Sainsbury's has said it will cut up to 2,000 jobs from its human resources staff. The chain, which is the UK's second biggest supermarket, says the "difficult decision" is part of a plan to save £500m of costs..... [more]

• Trucks and construction equipment maker Volvo said on Tuesday it had decided to end a sales process for its Governmental Sales business due to insufficient offers. The Gothenburg-based firm, announced its plan to sell the business in November last year..... [more]

• European aerospace firm Airbus is to take a majority stake in Bombardier's C-Series jet project. Bombardier has faced a series of problems over the plane, most recently a trade dispute in the US that imposed a 300% import tariff..... [more]

• Italy President underscores independence of central bank after ruling party vote - source.... [more]

• Alibaba, Amazon duel for SEAsia’s online shoppers. Global titan competition is intensifying for a region projected as the next high-growth frontier for online retailers.... [more]

• Qualcomm Inc wants to hit Apple Inc where it hurts most: iPhone sales in China - one of its biggest global markets where most of its flagship smartphones are made. The U.S. chipmaker’s legal gambit to ban sales and manufacturing of iPhones could cripple global supply of Apple’s most important product, legal experts say, but many believe Qualcomm faces a stiff battle to get there..... [more]

• India is set to emerge as a key market for American crude exports in coming months, as refineries in that country are ramping up "test" purchases of U.S. grades to diversify their imports. U.S. exports recently set a weekly record with nearly 2 million barrels of crude a day sent overseas..... [more]