1. Dr Jim Chalmers could be another world beater
With the October 25 Budget looming, Federal Treasurer, Jim Chalmers could follow in the footsteps of other Labor Treasurers and get named as the world’s best finance minister! That was Paul Keating in 1984 and Wayne Swan in 2011. If Chalmers follows and wins the award from the Euromoney magazine, he’ll know he was lucky. Why? Deloitte says high iron ore, coal and natural gas is helping to reduce the budget deficit and so is the economic growth he inherited. Deloitte sees a $114 billion of windfall revenue over the next four years. One day he might even thank Josh Frydenberg!

2. Telstra is going long cyber security
Following Optus’s challenges with hackers, the new Telstra CEO, Vicki Brady, who said the time was right for the government to reassess privacy laws and how much customer data companies were allowed to hold. The company’s commitment to safer security of customers’ information comes as the AFR says these comments came as Telstra shareholders voted “on the last major plank of the company’s T22 strategy – restructuring Telstra into four separate entities under a new holding company to better enable outside investment in its infrastructure.” And 99% of shareholders at the meeting gave it the thumbs up.

3. European stock markets down on fear
Three fears are spooking European stock markets. Concerns persist over the global growth outlook and then there is the related prospect of more monetary policy tightening from central banks. And then there’s the prospect of an embattled Vladimir Putin taking his Ukraine war to another country! The European STOXX 600 Index is down 20.8% in 2022 and 9% over the past month.

4. But why are US stocks up?
It can only be put down to Americans unkillable optimism as Wall Street awaits key inflation-related data later this week. On Wednesday, the producer price report will be released, followed by the September consumer price index Thursday. On Friday, September retail sales will give further insight into consumption. Buyers of stocks today are punting the overdue drop in inflation is near, which will mean the Fed will be closer to ditching its 0.75% interest rate rises. That will be a big buy signal for stocks, so fingers crossed.

5. Mirvac’s CEO and Chairman in surprise exit
The Australian revealed that: “Property developer Mirvac has announced the departure of chairman John Mulcahy and chief executive Susan Lloyd-Hurwitz in a dramatic shake up of the top ranks of the listed group.” Shares slid 2% to $1.92 on news. As the Oz pointed out: “Ms Lloyd-Hurwitz established a firm legacy in ESG projects and has made environmental elements a key element in Mirvac’s residential and commercial projects.” Year-to-date the share price of the company is down 36% and 17.6% over five years.