Good morning, this is Eleanor Ainge Roy bringing you the main stories and must-reads on Wednesday 7 February.

Top stories

Global stock markets continue to slump but many experts believe the falls are a correction, not a coming crash. After the Australian market lost $85bn in two days, the FTSE 100 in London dropped by 2.64% or 193 points to its lowest level since last April, which is the biggest percentage drop since the day after Brexit, and marks the sixth successive trading day of declines. Although the Australian share market is set to bounce back today, according to futures trading, the uncertainty continues on Wall Street in the US. The Dow Jones average was down 500 points in Tuesday trade, but recovered into positive territory and is back in the red again. The US treasury secretary, Steven Mnuchin, said it was just a correction after exuberant buying in January. Carl Icahn, a US billionaire investor, agreed but told CNN that “one day this thing is just going to implode”. Our financial editor, Nils Pratley, said the correction theory “group-think” is worrying, however. Follow our live blog of the action here.

Kevin Rudd was advised against making the apology to the stolen generations at the opening of the new parliament after his election in 2007 and was “worried something could go wrong”, according to Jenny Macklin, the then minister for Indigenous affairs. Macklin said both she and Rudd were aware that delivering the apology first up was risky. “[Kevin was] receiving advice from others against the apology occurring on the first day of his prime ministership in the parliament,” she said. Labor’s legal advice at the time was that the apology would not expose the commonwealth to financial claims. In a piece for Meanjin published today, Macklin said stolen generations organisations are continuing to press for the full implementation of the Bringing Them Home report recommendations, including compensation, and she endorses that call.

The Australian financial system is uncompetitive, allowing banks and insurers to boost profits by exploiting loyal customers, according to the Productivity Commission’s highly critical draft report into the sector. The report calls for greater transparency to allow consumers to compare financial products and more powers for regulators. Competition was at a “less than desirable” level in the market for home loans, credit cards, home insurance, wealth management and financial advice, the draft report found. It said the most uncompetitive markets were small business credit, lenders mortgage insurance, add-on insurance and pet insurance. The draft report stated that Australia’s big four banks had “substantial market power”, allowing them to “pass on cost increases and set prices” without losing market share.

Wikileaks founder Julian Assange will continue to face arrest if he leaves the Ecuadorean embassy, after a British judge ruled the arrest warrant against him was still valid. Assange, 46, skipped bail to enter the embassy in 2012 to avoid extradition to Sweden over allegations of sexual assault and rape, which he denies. Although Swedish prosecutors dropped the investigation against him, Assange faces arrest if he leaves the embassy for breaching his former bail conditions in the UK. He argued that his situation is “akin to imprisonment” but the crown called his case “strange and untenable”. Assange remains concerned that he faces a secret US indictment on charges related to WikiLeaks’ disclosure of classified documents.

Australia’s race discrimination commissioner has responded to controversy over the reposting of Britain First videos by the new Liberal senator, Jim Molan. Tim Soutphommasane said politicians have a responsibility to avoid the promotion of prejudice, bigotry and hatred. Soutphommasane told Guardian Australia far-right groups such as Britain First represented “a clear threat to democratic values” and if people became familiar with the group’s content “it’s not something you want to endorse”. He said most Australians would have the highest respect for Molan as a former major-general, and he also acknowledged the reposting of the videos from the far-right group occurred before he entered politics. “But those in public life must do nothing to promote prejudice, bigotry or hatred,” he said. Our political editor Katharine Murphy also offers her take on the furore.

Film director Quentin Tarantino has responded to allegations he forced actor Uma Thurman into unsafe working conditions during the filming of Kill Bill, calling his decision to get her to perform a stunt “the biggest regret of my life”. Thurman said she was bullied into driving an unsafe car that then crashed, calling the incident “dehumanisation to the point of death”. Tarantino told Deadline magazine: “I am guilty, for putting her in that car, but not the way that people are saying I am guilty of it,” claiming that nobody in the filming team that day considered the drive a stunt.

Sport

Jurors in the trial of British football coach Barry Bennell have been asked to set aside their “revulsion” for him as they consider their verdicts. The former Crewe Alexandra and Manchester City coach has admitted seven charges of sexually abusing three boys, aged 11 to 14, but denies 48 other counts relating to 11 boys from 1979 to 1991.

Andy Bull takes a look at the life and death of bobsledder Steve Holcomb. The American’s passion for speed won Olympic gold in 2010 and double bronze in 2014 but will be much missed at Pyeongchang 2018 after his death last year.

Thinking time

Paddy Moriarty went missing after having his usual few beers at the Pink Panther hotel in Larrimah in the Northern Territory. Kylie Stevenson once spent two weeks there as part of a writers’ retreat and was puzzled by what happens in a place when one of its 10 residents disappears? “Unusual is often the usual in Larrimah ... So when I first heard one of the town’s handful of residents was missing, it struck me as strange, but not entirely out of the realm of normal for that odd little outback town.” She found a town riven with years-old animosities, but also one where a strong sense of mateship sits alongside the feuding.

Brave by Rose McGowan may not be the defining book of the Weinstein scandal, but viseral anger burns from every page, writes Hadley Freeman in reviewing the actor’s memoir. “That McGowan has turned out to be an avenging warrior, determined to expose Hollywood’s toxic lies and cover-ups, would have once seemed as improbable as the most ludicrous superhero movie,” writes Freeman. “She has proved to be a sexual predator’s worst nightmare because she has not just a public voice but a deeply admirable lack of fear and shame.”

What’s he done now?

Donald Trump has used the death of NFL player Edwin Jackson,who was killed on Sunday in a car crash, to ramp up his fight for a crackdown on illegal immigrants.“So disgraceful that a person illegally in our country killed @Colts linebacker Edwin Jackson,” wrote the president on Twitter on Tuesday morning. “This is just one of many such preventable tragedies. We must get the Dems to get tough on the Border, and with illegal immigration, FAST!”

Media roundup

The NT News leads with a man who was left waiting for nearly two days at Royal Darwin hospital with a stingray barb embedded in his foot. The fisherman said he wasn’t angry he had to wait 40 hours to be seen as the hospital was stretched with more serious injuries, but the lack of communication – and pain - was frustrating.

“$84 billion wiped”, shouts the Age front page, reporting that Australian shares slumped to their worst session since September 2015 on Tuesday.

Coming up

The former attorney general George Brandis will deliver his valedictory speech in the Senate before heading off to take up his new post as Australia’s high commissioner to the UK.

Australia take on England in a T20 tri series match at Bellerive Oval in Hobart.

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