1. It’s going to be a big week for Australian dollar traders. It’s opened the week just shy of US77 cents, and can almost count on the US Independence Day holiday tomorrow for bit of a lift. But there’s also manufacturing PMI, ANZ job ads and building approvals data out this week, and Caixin-IHS Markit manufacturing PMI from China and quarterly Tankan survey in Japan. Oh my. Here’s Sam Jacobs with his diary of all you need to know in data this week.
2. Markets open FY18 with bond yields rising and stocks in a state of flux. US stocks rose despite more tech selling, while Euro indexes fell. On Friday, the ASX200 fell by more than 1.6% but its annual gain for the 2016/17 financial year was 9.3%. Here’s your cut-out-and-keep look at it in one chart:
But futures traders to price in a buoyant session from the open today.
3. International sport was interesting, starting with the All Blacks losing on their home soil for the first time in 2849 days. The 24-21 win to the British and Irish Lions was their first win over the All Blacks since 1993. But the big news was Manny Pacquiao’s loss to former Aussie schoolteacher Jeff Horn at Suncorp Stadium. Horn lasted about nine rounds longer than anyone thought he would and was beaten all colours of the rainbow by Pacquiao, but the judges liked his fighting spirit, so:
“If I had a towel, I would’ve thrown it into the ring myself,” Horn’s dad said after the fight. And spare a thought for the new world champion’s wife Jo, watching ringside while pregnant with the couple’s first child.
4. Chris Froome got his Tour de France under way nicely with a fifth in Saturday’s time trial. Tasmanian Richie Porte, widely considered Froome’s strongest rival, finished a disappointing 49th but admitted he wasn’t game to take risks in the rain so early. And overnight, Froome and Porte both almost came undone in a peloton crash. It’s a long race, the Tour de France.
5. The most powerful woman in the US wears a size 879 shoe. The Statue of Liberty has welcomed everyone from across the Atlantic to the USA since 1886. A gift from France, she cost less to build than the pedestal she stands on, and is coated in copper just 2.5mm thick. And here are all the other things we learnt about her on a recent tour with ranger Lee Fahley.
6. And wait, who’s this? OMG:
— Donald J. Trump (@realDonaldTrump) July 2, 2017
7. Last week, we learned that President Trump wants to start a trade war with the rest of the world by imposing a 20% import tax on goods entering the country. It’s been tried before, in 1690, when the UK slapped a 25% import tax on goods from France, and France responded in kind. In 1776, Scottish economist Adam Smith wrote about the tariffs in Wealth of Nations, and why they’re a terrible idea. And the reason still stands today – because Scottish wine is undrinkable.
8. Yes, you might be feeding your baby razor-sharp needles if you use formula. But they’re smaller than the diameter of a human hair and they’ll “dissolve easily” in your child’s gut, just like the nanoparticles found in regular milk do, according to chemicals expert Professor Ian Rae at the University of Melbourne. Just don’t inject the particles directly into your child’s bloodstream, like they were in the rats in research that Friends of the Earth quoted, and everyone will survive. And remember, if you’re going to pay attention to anything “Friends of the Earth” have to say on Facebook, first replace “Friends” with “Enemies”, and “Earth” with “Science”.
9. The iPhone just turned 10 years old, and in that time, it’s seen off and sunk a swathe of opponents. But the next 10 years won’t be so easy, and right now, Apple’s flagship product is on a precipice. Here’s Matt Weinberger with a look at how the next decade could pan out for the world’s most valuable tech company.
10. If people love anything more than a good book, it’s a good book list which makes finding their next good book a lot easier. Here’s one we carefully considered for those looking for a challenge. It’s 25 books that will blow your mind.
BONUS ITEM: Stop whining, or you’ll get arrested:
— Queensland Police (@QldPolice) July 2, 2017
Have a great day.
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