• The ASX tumbled by almost 1% on Friday, trimming its gains to less than 2% for the week
  • Elon Musk fired Twitter CEO as he completed his takeover
  • Big week ahead as RBA and the US Fed make rates decisions

Aussie shares tumbled by almost 1% on Friday, trimming its gain for the week to 1.65%.

Mining stocks were the main laggards today, down almost 4% as lithium, iron ore, and coal miners plunged.

Coal play New Hope (ASX:NHC) was the worst performer, down by 10% while Fortescue (ASX:FMG) fell 8%.

Iron ore has been slipping on slowing demand from China, who accounts for 70% of global iron ore imports.

Wuhan has just become the latest city in the country to enter a forced a lockdown as new Covid cases emerged.

The collapse in iron demand from China has left Vale SA, the world’s no 2 iron ore producer, to report earnings of $US3.7 billion for Q3, down 47% from a year ago.

ASX Tech stocks were also in the red today, tracking Wall Street’s losses overnight amid missed sales forecast by Amazon and Meta’s 25% rout.

Macquarie Group (ASX:MQG) was down half a percent despite reporting a 13% increase in half year profit after tax to $2.3 billion

Meanwhile, Elon Musk has completed his US$ 44 billion takeover of Twitter, and has immediately fired top execs including CEO Parag Agrawal along with two other execs.

Meanwhile, the Australian PPI (producer price index) rose 1.9% this quarter and 6.4% in the last 12 months – due mainly to an increase in construction costs as well as electricity, gas and water costs.

Next week will be a big week. The RBA is set to meet on the Nov 1st, while the US Fed will announce their rates decision on Nov 2nd.

Looking ahead to tonight’s session on Wall St, the US core PCE price index will be released, along with EU business and consumer survey.


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Carsales (ASX:CAR) was up half a percent following its AGM held this morning, in which CEO Cameron McIntyre said,”With diversification through geography, industry mix and business models, we’re in excellent shape to continue to grow into the future.”


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Brainchip (ASX:BRN) fell 19% after reporting an operating cash outflow of $3.8 million for the quarter. Its YTD operating cash outflow was $11.8 million, and the company now has a cash balance of only $24.6m.

Resmed (ASX:RMD) fell 5% despite reporting a 5% increase in revenue to US$950m. ResMed also said its gross margin increased 90 basis points to 56.9%.