Good morning. Thursday already? We’re going to keep this tight…
1. It’s jobs day in Australia, and the market’s expecting 15,000 jobs created for the month of March. A big number would be a huge reassurance for nervous consumers as we head towards the federal budget. NAB chief markets economist Ivan Colhoun has one way to look at it: he says more attention needs to be paid to employment rather than unemployment. “Australia currently has a record level of employment, with some 11.7 million persons employed, 151,000 higher than in February 2014,” Colhoun says. The current rise in unemployment is very different from historic periods – the nature of the workforce is changing, and here’s a chart to make you think about it.
2. It was a weird night on the markets with the major bourses in the US rising despite scratchy data. US industrial production for March printed -0.6% while there was a sharp fall in the Empire (New York State) manufacturing survey (-1.19 from 6.90 previously). Ray Attrill, NAB’s head of currency strategy said the misses were “blamed on the weather not being cold enough.” The world we live in.
3. In the end the Dow was up 0.42%, the Nasdaq up 0.68%, and the S&P 500 up 0.51% to 2,106. The ASX bounced beautifully off its lows yesterday, setting up the conditions for the rise we’re likely to see today. Greg McKenna has more.
4. Google’s going to punish MailOnline because its content isn’t optimised for mobile. There’s a change to Google’s algorithm coming on April 21 and according to research house Somo it’s going to crush referrals to a bunch of major brands, from the Daily Mail and Kellog’s to Nintendo, Next, Ryanair and the Scottish National Party. It’s a reminder that the web is now about mobile delivery, and desktop is fading.
5. 99designs just raised $10 million in Series B funding and is moving into Asia. Great news for the Aussie design contracting startup which is already set up in the US.
6. James Packer is Australia’s richest exec.. BRW’s list of the 100 wealthiest local execs for 2015 is out and the Crown Resorts boss tops the list with $4.3 billion, despite 20% drop in his wealth, trumping News Corp’s Rupert Murdoch, who’s fallen from first to third because spinning off and delisting 21st Century Fox means that cash wasn’t counted, so his figure drops from $12.61 billion to $1.64 billion. The rising star is TPG Telecom chairman David Teoh in second place with $2.73 billion, thanks to TPG shares jumping 68% in the past year. If you want to make the top five, you’ll need at least $1.48 billion, just like Seven’s Kerry Stokes. Seems there’s still plenty of money in media.
7. Yahoo is in talks to buy Foursquare and the price tag is $US900 million.
8. The ATO is going hard after rich people. The Age reports that one in three rich people who may be dodging tax will get a call or personal visit from the taxman as it wants to beat its FY14 run rate of $1.1 billion raised in liabilities from high-wealth individuals (HWIs). Now there’s a KPI for you.
9. There was a fire at Rockpool last night – but it’s OK, lunch is still on today. Phew.
10. You too can own art like a boss. The art collection of Australian banking titan David Clarke, who was Macquarie Bank chairman for 22 years, is up for sale. Clarke died in 2011, aged 69. Sotheby’s is auctioning 43 works from his collection ranging from sculpture to paintings and works on paper. It includes works from Brett Whiteley, Margaret Olley, Sidney Nolan, Arthur Boyd and John Olsen. You could own this:
Have a great day. I’m on Twitter.
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