• Telstra has slashed its earnings guidance by $600 million after NBN put a halt to the rollout of super-fast broadband on the pay television cable network, delaying payments made to the telecommunications giant. "With the addition of the delays from the NBN cease sale of HFC announced earlier this week, Telstra's outlook is now outside of the guidance range and has been updated accordingly,” Telstra said in a statement. Telstra now expects EBITDA to come in between $10.1 billion and $10.6 billion, a $600 million reduction.
  • Pressure on the Prime Minister to step down is increasing with NSW Deputy Premier John Barilaro telling 2GB’s Alan Jones this morning that he should quit before Christmas as a gift to the country. The Nationals leader said he had "lost all hope" in the Prime Minister after the LNP's apparent loss in the Queensland election.  "What really got my goat on Sunday was to hear the Prime Minister of this nation turn around and say there were no federal issues that affected the state government and the state election," he said.
  • The bank royal commission will inquire into “the use by a financial services entity of superannuation members’ retirement savings for any purpose that does not meet community standards and expectations or is otherwise not in the best interest of members”. According to the Commission’s terms of reference (which will need to be legislated) a financial services entity includes “an RSE licensee of a registrable superannuation entity (as that term is defined in the Superannuation Industry (Supervision) Act 1993) and any entity that has any connection (other than an incidental connection) to the RSE licensee of a registrable superannuation entity.”
  • In economic news, new business investment (spending on buildings and equipment) rose by 1.0% in the September quarter after a 1.1% lift in the June quarter. The fourth estimate of investment in 2017/18 is $108.9 billion and is 1.6% higher than the fourth estimate for 2016/17 – the best result for a fourth estimate reading in five years. The upgrade in investment between the first and fourth estimates is 34.1% – the biggest upgrade in 12 years, CommSec’s Craig James says.
  • Overnight in the US, the Dow Jones was up 1.4% at 24,272, the S&P 500 rose 0.8% to 2,648, as the Nasdaq lifted 0.7% to 6,874. In Europe, the FTSE 100 fell 0.9% to 7,327, and the German DAX lost 0.3% to finish at 13,024.