Good morning. Here's what happened overnight and what you need to know today.
1.
All lower: US stocks were falling after Wall Street CEOs warned of a possible pullback in equity markets, raising concerns about lofty valuations following a months-long rally driven by AI optimism. The S&P 500 was 1.2% lower in afternoon trading, the Nasdaq was down 1.9% and the Dow 0.7% lower, with Big Tech stocks leading declines. Goldman Sachs CEO David Solomon told a conference in Hong Kong he expects a 10-20% drawdown in equity markets over the next 12 to 24 months, while Morgan Stanley CEO Ted Pick said at the same event that 10-15% corrections should be welcomed as healthy market developments. Palantir and Uber shares were lower after results. And Bitcoin fell below USD100,000 for the first time since June, hitting USD99,963 before recovering, as October’s heavy liquidations, Fed uncertainty and ongoing ETF outflows weighed on sentiment. (Bloomberg)(Reuters)(WSJ)
2.
Access denied: The government added Reddit and Kick to the list of companies that will be banned for people under the age of sixteen under Australia’s world-first social media ban. Communications Minister Anika Wells will today confirm that the social messaging forum and live streaming platform will be covered by the ban which comes into effect in early December. Reddit and Kick will join Snapchat, TikTok, YouTube, X, Facebook and Instagram, which include Threads, as "age-restricted" next month. Wells left the door open to further additions, saying assessments are “ongoing and this list is dynamic”. Wells said that the platforms have “no excuse for failure” in implementing the ban which will see companies risk paying fines of up to $49.5 million should they fail to comply. The eSafety Commission declared that the services currently meet the criteria for being included in the ban, specifically that their "sole or significant purpose is to enable online social interaction". (Capital Brief)(ABC)(AFR)(news.com)
