10 things you need to know this morning in Australia

Photo: Loic Venance/ AFP/ Getty Images.

Bonjour. Happy Bastille Day mes amis.

1. Is this week’s big rally over? Australian stocks finished higher for the fifth session in a row last night, but it seemed much quieter on global markets overnight ahead of the release of US bank earnings. The S&P 500 was up just 0.01% at 2152.43, while markets in the UK and Europe fell, with the FTSE down 0.15% and the DAX off 0.33%. Perhaps you can blame new British PM Theresa May giving Brexiteer Boris Johnson the key role of foreign minister in her new cabinet. (We saw someone point out that means he’s now 007’s boss.)

Expect the ASX to start in positive territory today as the AUD clings to 76 cents, and traders await an expected Bank of England rate cut tonight.

2. It’s jobs day. Australian employment figures for June are out at 11.30am today, and as David Scutt points out in his excellent 10-second primer, the pundits are looking for an increase of 10,000. The exception is the NAB, with is quite pessimistic in predicting a 17,000 loss. But to misquote Hamlet “numbers, numbers, numbers…” BI’s Greg McKenna’s take on the report is you might as well just pull the figures from a Lotto barrel. Here’s the killer point he makes in 6 things Australian traders will be talking about about how fluid the figures are:

For example, the ABS says that while they estimated an increase in jobs of 17,900 in May, there’s a caveat that they are 95% confident that the range for the actual number of jobs created in May was somewhere between -40,700 and 76,500.


4. Speaking of jobs, but in the UK, the Brexiteers who keep saying look, the sky hasn’t fallen in should still be careful looking up, with Credit Suisse taking the view that an impending recession will cost 500,000 people in the UK their jobs. With David Cameron gone, that’s 499,999 to go.

4. The one chart on China you need to see today.

Goldman Sachs has been looking at how an increasing number of Chinese companies are taking on new debt in order to pay off old debt and they’re not happy.

China’s zombie companies are now so laden with debt they’re a giant Ponzi scheme. Without a Pokemon gym in sight.

5. Think you waste a lot of time in meetings? Pivotal, the $US2.8 billion enterprise-software company backed by the likes of Ford, Microsoft, and GE, nails the daily gathering in 10 minutes. Here’s how. They do a lot of other cool stuff too, like free haircuts. And a daily catered breakfast for the 5 minute morning gathering. Where do we sign up?

6. How to convince people you’re smart. Yes, reading Business Insider is a good start, but wait, there’s more.

7. YouTube’s a nice little earner for the music industry. Google has paid the labels $3 billion but there’s still a big fight going on over copyright violations.

British Phonographic Industry boss Geoff Taylor took aim at the giant saying “Although we welcome the measures Google has taken so far, it is still one of the key enablers of piracy on the planet”.

The argument’s about Google’s Content ID system, which is supposed to prevent infringements, or at least flag them, with Google saying the music industry receives 50% of its YouTube revenue from monetising user content instead of blocking it.

8. Expect a massive spike in workplace productivity today. Apparently the Pokémon GO servers have crashed again – the second time in 48 hours.

“It’s like the Telstra of gaming,” one distressed trainer told us this morning.

Meanwhile, the game’s relentless march continues. In just one week, the app is already almost as big as Snapchat and Google Maps.

But we’re starting to see signs that the phenomenon is not welcome by all, with police called in a Sydney suburb after hundreds descended on a park hunting critters all night. And one bookie is now running a tab on where in Australia will ban the game first.

Legally blondeMGMHappy anniversary Elle. You rock.

9. Reese Witherspoon was 24, newly married to Ryan Phillippe and had a six-month old baby girl, Ava, when she stepped onto the set of Legally Blonde, the post-Spice Girls girl power film that grossed $US141 million on a $US18m cost. Witherspoon, now 40, has a teenager who’s the spitting image of her mum and Legally Blonde is now 15, and young female law graduates are celebrating their achievement by paying tribute to the film and how it inspired them. Oh, and one important detail it’s taken us 15 years to notice is that Elle has different hair in every scene.

10. Hey Queensland, chillax. The Blues finally won a State of Origin game in the dying seconds in Sydney last night. It was nice farewell gift for retiring captain Paul Gallen, but Cane Toad supporters a “gropeable” (to borrow from Kath & Kim), with Brisbane’s Courier Mail covering the match as “we woz robbed“.

Plus this snub at the end:

Remember Queensland still won the series 2-1.

But the highlight for NSW fans wasn’t so much the 79th minute try by Michael Jennings that earned them victory, it was Tigers captain Aaron Woods charging in to be part of the celebrations and missing them completely.


Show us that technique again Aaron:

Mr Bean would be impressed.

BONUS ITEM: To mark Bastille Day, here are the 5 best gourmet stops in one of the most famous squares in Paris. De rien.

Have a bonne journée. I’m on Twitter @simonthomsen

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