1. AUD wobbles after outperforming Group of 10 peers last month

The Australian dollar could be showing some signs of instability as it fell by close to a full US cent on November 2 after the RBA pushed back against rate hike bets. And according to Bloomberg: “There is more danger ahead if jobs and wages data prove softer than expected.” What’s more, there have been record short positions taken up against the AUD. The tumble in the price of iron ore, the nation’s biggest export earner, adds to the fragility of the gains posted by the Aussie since recovering from its 2021 low in August. 

2. Does Pzifer pill spell end of Covid?

Shares locally are set to rise today with a new Coronavirus-fighting pill set to excite the market. A leading US medico, Scott Gottlieb, told CNBC that the “pandemic could be over” soon with a new Pfizer pill that slashed the potential for hospitalization or death by 89% in adults at risk for severe complications. Gottlieb called the pill “a backstop against death and disease from this infection” and could be accessible by January next year.

3. SOLD! Sydney Airport goes to Aussie Super

Sydney Airport is set to be sold (for a reported $32 billion by the AFR) to a group led by Australian Super. The AFR says Sydney Airport is expected to confirm today that its board received the consortium’s binding offer over the weekend, and will recommend investors accept the bid. Shareholders will receive $8.75 a share and the deal is the largest ever CASH bid for an Australian listed company and the shares will disappear from the Australian stock market, as the airport will be privately owned.

4. Business failures set to rise

Only 258 businesses went broke in October but liquidation experts say creditors are about to start playing hardball. 258 business going broke in a month is a low number compared to pre-pandemic levels, but industry experts say more assertive actions are coming from creditors who’ll be demanding delinquent debt-owing businesses pay up. Government support is still available but it’s expected come next year that business failures will spike.

5. ASX poised for rise as Wall St posts more record highs

“Australian shares are set for a positive open after the robust US employment report on Friday reset record highs on Wall Street and underwrote confidence that Americans are returning to work and businesses are seeing sufficient demand to hire,” the AFR reports. ASX futures are up 22 points or 0.3% to 7459. On Wall St: Dow +0.6%, S&P 500 +0.4%, Nasdaq +0.2%. US mega-caps: Tesla -0.6%, Apple +0.4%, Meta (Facebook) +1.7% and Netflix -3.4%.