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5 things you need to know today

  • Rupurt Murdoch’s US-listed 21st Century Fox has jumped overnight on reports that it was speaking to movie-making conglomerate Walt Disney about selling "most of the company". Under the proposal Fox would primarily focus on sports and television news.
  • In economic news, job advertisements rebounded in October, increasing by 1.4% to 169,577 ads after falling by a revised 0.7% in September. Job ads are up 12.5% on a year ago. Also, the Melbourne Institute’s headline inflation gauge rose by 0.3% in October to 2.6% on a year ago, up from 2.5% in September. The annual reading has been above 2% for ten consecutive months, well above the Reserve Bank’s latest reading of 1.8% in the September quarter.
  • The Australian Bureau of Statistics yesterday released revised Consumer Price Index and Selected Cost Index weights following the recent release of its Household Expenditure Survey. The ABS will now pay more attention to how much weight it gives the cost of rent and utilities and less attention to food and non-alcoholic beverages in the new index schedule to start from December. The ABS says the update, the first in six years, is because the index needs to more accurately reflect how Australians are spending their money, with a greater percentage of household income going towards housing and services such as child care and education.
  • Another infant formula company is under the spotlight with a 25.6% increase in Wattle Health Australia’s share price yesterday prompting a "price query" from the ASX. Wattle Health shares broke through the $2 mark on Monday for the first time, rising 43 cents over the day to close at $2.11. The company had an issue price of 20c when it floated 8 months ago.  Responding to a series of questions from the ASX, the company said: "Wattle Health Australia Limited (WHA) is not aware of any information concerning it that has not been announced to the market."
  • Overnight in the US, the Dow Jones was flat at 23,548, the S&P 500 was up 0.1% at 2,591, and the Nasdaq rose 0.3% to 6,786. In Europe, the FTSE 100 was flat at 7,562, as was the German DAX at 13,469. At 8:20am the ASX SPI 200 futures was up 0.5% at 5,961.

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Published on: Tuesday, November 07, 2017

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