1. The big news in Asia over the weekend was the predicted success of the Alibaba IPO which jumped 30% on debut. But it didn’t stop US markets from reversing course in what some traders and the Twitterati believe could signal a market top. With the USDJPY rate above 109, the Nikkei ripped higher on Friday, up 1.58% to 16,321. The Hang Seng rose 0.57% and in Shanghai, stocks were 0.56% higher.
2. There is virtually no data anywhere today so currency matters matter and only short-term exhaustion can probably derail what is becoming a big shift in global markets toward US dollar strength. The Aussie and yen both look like prime candidates for a pullback at sometime soon but until then, the trend is your friend. They sit this morning at 0.8932 and 109.02 respectively. The pound had a cracking run of buy the rumour, sell the fact, making a high around 1.6525 before reversing course when all the buyers were done. It closed at 1.6290 where it sits this morning (ouch). Euro is lower as well at 1.2826.
3. Deutsche Bank admits it fired a rogue trader. The AFR reports Australian regulators are investigating losses of up to $5m taken by the bank before it suspended, then sacked former currency trader Andy Donaldson back in June. Donaldson was understood to have been “overstating trades involving a number of global currencies”. Deutsche Bank is doing its best to keep a lid on things, claiming it was an internal issue only and “the sum involved was not material to the bank”.
4. The G20 finance ministers wrapped it up in Cairns and Joe Hockey is happy. The Australian Treasurer says the G20 finance ministers are 90% of the way to meet their 2% economic growth goal, bringing with it millions of jobs, but there is more to do. The ministers were prepping for the next big G20 event, the leaders’ summit in Brisbane on November 15 and 16. Here’s the 10 key points they settled on in Cairns over the weekend, including new measures that aim to lift their collective GDP by more than 2 per cent by 2018.
5. PUP will eat itself. The outspoken Tasmanian senator Jacqui Lambie made her views known on sharia law with an arguably dodgy Facebook post last week, and followed it up with a call to ban the burqa. “I don’t have a problem with Muslims, I have a problem with extremists and sharia law,” she told the ABC. Her leader Clive Palmer responded by telling Fairfax Media that “party policy is determined by a meeting of the members and is announced by the leader”, conveniently forgetting he didn’t run his recent comments about the evil Chinese regime through any similar checks.
6. Get a higher degree, beat the poor pay rises. The annual survey of Graduate Careers Australia is out and it’s good news for those who go the extra yards. The overall median salary for all postgraduates in 2013 was $79,000, a rise of $4,000 from 2012. Most (82.7%) postgraduates have a job four months after finishing their degree and having a higher degree gets you on average 5.3% more than it did last year, compared to a 2.6% rise across the board for all Australian workers.
7. We’re doing our bit for carbon reduction. The Global Carbon Project annual report released today showed Australian emissions continued to decline in 2013, adding to a downward trend that began in 2009. That’s mainly due to a decline in electricty generated by our coal power plants. We’re still right up there on a per capita basis though. And the world at large is failing, reaching a record high of 40 billion tonnes – China, USA, Europe and India, we’re looking at you.
8. iPhone 6s are officially go. No hard figure on the numbers yet, but around 7 million iPhone 6s are ticking over right now, which is considerably less than the iPhone 5’s opening weekend (9 million, although there’s no China sales this time around). But the reviews are typically ravey – here’s the take from BI’s Dave Smith on his first 24 hours with the smartphone. And here’s a great new way to monitor your battery life if you’re giving it the proper workout it deserves.
9. It’s Sydney vs Hawthorn. Only two more weeks of big footy to go in 2014, starting with the AFL Grand Final this weekend. The Swans have to start favourites after what was basically a perfect training run on Friday night when they demolished the Kangaroos. The Hawks have 24 hours less to recover from one of the best preliminary finals in recent memory, when they barely held off Port Adelaide on Saturday night. On the injury side of things, Sydney are confident they will have the handy backup marking strength of Sam Reid, who jarred his knee, but Hawthorn will be sweating on the fitness of Jordan Lewis, a strong contender for tonight’s Brownlow Medal.
10. In the other code, it was a cracking set of finals, both decided by a single point. First up, the Roosters topped the Cowboys, only by stopping the comeback of the year. Down 24-0 at half-time, the Queenslanders stormed back to 31-30 only to be denied by a controversial call in the last few minutes. Saturday night’s head-to-head was always set to be a goodie, as Manly played their arch rival and former coach, the Bulldogs and Des Hasler. Despite Canterbury dominating the first half, Manly played tit for tat with the Doggies right up until the siren. Forced into overtime, it came down to a golden point win for Canterbury, 18-17.
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