Market Close 1 Nov 16; Shares spend Cup day in reverse;

Australian shares erased most of Monday’s gains, with the ASX200 slipping by 0.5 per cent and closing below 5300pts. The ReserveBank offered no surprises in keeping rates on hold. Twobetter than expected updates on the state of China’s manufacturingindustry helped local stocks bounce off their intraday lows, whilevolume remained light on Melbourne Cup day. 

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