Your morning Briefing: Super hit in $50bn shares fall

Welcome to your 2-minute briefing on the day’s top stories and must-reads.

Hello readers. Here is your 2-minute digest of what’s making news today.

FILE- In this Oct. 19, 2018, file photo trader Michael Milano works on the floor of the New York Stock Exchange. The U.S. stock market opens at 9:30 a.m. EDT on Thursday, Oct. 25. (AP Photo/Richard Drew, File)

Share rout wipes $50bn

Australian super savings are on track for their worst results in seven years after $50bn was wiped from the stockmarket yesterday, as all eyes turn to the ASX after the US staged a strong recovery. Atlassian co-founders Mike ­Cannon-Brookes and Scott Farquhar have lost c lose to a combined $1bn in a day.

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Trader Gregory Rowe works on the floor of the New York Stock Exchange, Tuesday, Oct. 23, 2018. Stocks are opening sharply lower on Wall Street following big drops in Asia and Europe. (AP Photo/Richard Drew)

We’ve been warned

Let’s hope this week’s markets turmoil is just a correction. But it’s more likely a warning, writes Robert Gottliebsen.

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A protestor wears a mask of depicting Saudi Crown Prince Mohammad Bin Salman with red painted hands next to people holding posters of Saudi journalist Jamal Khashoggi during the demonstration outside the Saudi Arabia consulate in Istanbul, on October 25, 2018. - Jamal Khashoggi, a Washington Post contributor, was killed on October 2, 2018 after a visit to the Saudi consulate in Istanbul to obtain paperwork before marrying his Turkish fiancee. (Photo by Yasin AKGUL / AFP)

Saudi story shifts

Saudi Arabia backs away from an earlier assertion Jamal Khashoggi’s death followed a heated brawl as his family flee the Gulf kingdom. He’s been depicted as a reformer and journalist. Yet these half-truths obscured the political role Jamal Khashoggi played.

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Australian Prime Minister Scott Morrison speaks during House of Representatives Question Time at Parliament House in Canberra, Thursday, October 25, 2018. (AAP Image/Lukas Coch) NO ARCHIVING

ScoMo’s big stick

Having previously wowed the House of Representatives with an actual lump of coal, Scott Morrison used question time to show he’s just as adept in the realm of pure imagination, writes James Jeffrey in The Sketch.

“They will not take a big stick to the electricity companies. But they will take a big stick to the values of your home. This is what they will do abolishing negative gearing and increasing the capital gains tax.”

Scott Morrison

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Kudelka’s view

Jon Kudelka Letters Cartoon for 26-10-2018.Version: Letters Cartoon (1280x720 - Aspect ratio preserved, Canvas added)COPYRIGHT: The Australian's artists each have different copyright agreements in place regarding re-use of their work in other publications.Please seek advice from the artists themselves or the Managing Editor of The Australian regarding re-use.