1. The Dow achieved something that’s happened just seven times in the last 36 years, ending higher for its ninth consecutive session overnight. Alongside the S&P 500 it’s at an all-time high, in stark contrast to iron ore, which has now wiped out the gains it posted last week by falling 6% in six days. The commodity currencies were hardest hit, with rate cuts expected in NZ and Australia. The UK pound is showing no Brexit after effects, and the AUD is slightly down against the USD at .7469, and is now off 2.7% since last Friday.
2. The RBA’s going to go Jack the Ripper on interest rates according to analyst James McIntyre at Macquarie Research. He argues they’ll cut to 1% over the next 18 months, but the problem with that its it will do nothing to bring the Australian dollar down, especially with the central banks in Japan and England also looking at easy as the US Federal Reserve heads north. McIntyre’s scenario is worth checking out, especially if exports are your bag.
3. HSBC’s global head of foreign exchange cash trading, Mark Johnson, was arrested at JFK airport on Tuesday. He’s been charged with conspiring to defraud a client, along with former colleague Stuart Scott, who was head of foreign-exchange cash trading for Europe, the Middle East, and Africa. The US DoJ is alleging Johnson and Scott misused information about a client transaction to make trades in HSBC’s proprietary accounts in late 2011, netting the bank $US8 million.
4. Here comes Elon Musk’s Top Secret Master Plan . Putting aside from the fact that the title makes him sound like Dr Evil from Austin Powers, the Tesla founder has promised to finally unveil his TSMP this morning. Matthew Debord’s had a couple of stabs at what he thinks lies ahead – will Tesla and Solar City be fully integrated? – but you know it’s going to be interesting. We’ll keep you updated on Musk’s vision on the BI site.
5. What do Zara and Donald Trump’s wife have in common?
See if you can spot the difference between LA illustrator Tuesday Bassen’s designs and the clothing now stocked by the Spanish fashion brand:
— Tuesday Bassen (@tuesdaybassen) July 19, 2016
A striking coincidence, no? Bit like the astrophysicist who calculated the odds were one in 87 billion that Melania Trump’s speech was not plagiarised. At least the Trump camp eventually fessed up, blaming a staffer who helped The Donald write his books. Meanwhile, after Bassen wrote to Zara, she was told that might beats right, saying on Twitter that “Zara’s lawyers are literally saying I have no base because I’m an indie artist and they’re a major corporation”. It’s not the first time the retailer has been accused of nicking other people’s designs, either. If this keeps up, and Trump takes the White House, Zara could diversify into speech writing…
6. PayPal co-founder Peter Thiel has tipped a hefty slab of his considerable wealth into a German fintech startup . Called Deposit Solutions it offers a fascinating insight into the future of finance by letting people tap into the best rates at multiple banks without having to open new accounts each time.
Here’s Oscar Williams-Grut explaining how it works:
Imagine bank A, which offers a 2% savings account, has money sitting on its balance sheet that it doesn’t need right now. Bank B, meanwhile, offers a 5% savings account but needs more money. Deposit Solutions platform lets Bank A say to its customers, hey, we’ll give you Bank B’s 5% rate on our account. Bank A then lends Bank B the money it needs behind the scenes and Bank B agrees to make good on the 5% interest in exchange for the funds.
So keep that in mind and remember you read about it here first.
7. Who’s who in the Trump zoo. Three wives, five kids, a real estate business Donald Jr inherited from his father – here’s a quick visual snapshot of the family who may start 2017 in the White House. By the way, if you’re a Harry Potter fan, you probably don’t like Donald Trump, which must make the GOP Slytherin.
8. Why do some trips leave to knackered, while you breeze through others? Science has been looking at jet lag and think they’ve picked what’s happened. Our internal clock runs a bit longer than 24 hours, which makes westward travel easier. Travelling east is harder. Sunlight plays its part too. All the tips and tricks are here.
9. Getting dressed for work used to be so simple for men. Blue or grey suit, tie, white shirt, black leather shoes – a sort of corporate school uniform. But dress codes are collapsing across Australia, and now everyone’s trying to feel their way while wishing they could unless their inner t-shirt clad Todd Sampson. BI’s Chris Pash has been exploring this brave new world, with PWC saying you should dress in a way that makes you feel great. The surprise takeout is that 75% of men like shopping, and 22% say they love it. Perhaps they were thinking of Bunnings rather than MJ Bale.
10. Congrats to Miranda Kerr, who’s just announced she said yes to the 26-year-old Snapchat CEO Evan Spiegel when he asked the Australian model to marry him. Like all modern couples, they skipped the classifieds for a bitmoji from the company her future husband just bought.
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