10 things you need to know this morning in Australia

Michael Regan – FIFA/FIFA via Getty ImagesAntoine Griezmann of France scores a penalty for his team’s first goal past Mathew Ryan of Australia during the 2018 FIFA World Cup.

Good morning.

1. The ASX200 will follow a weaker lead from global markets when it opens this morning, after US stocks dipped slightly to end the week. The cautious tone was attributed to another escalation in the ongoing trade dispute between the US and China. ASX200 SPI futures are flat at 6,100.

2. The Australian dollar continues to slide, undermined by renewed trade tensions between the United States and China. The AUD/USD currently sits at a 6-week low at 0.7442 after falling 2.1% last week. More here.

Investing.comAUD/USD 4-Hour Chart

3. Australian auction clearance rates remain below 60%, reflecting ongoing weakness in Sydney and Melbourne. Despite marginally improving last week, lifting from 55.3% to 56.9%, that figure is expected to be revised lower on Thursday after a large number of unreported results, some 514. In the prior week, a final clearance rate of 53.8% was reported, the lowest level in five years.

CoreLogic

4. The ATO is hunting crypto traders. A senior tax agent told Business Insider, despite a long-running debate over what cryptocurrency actually is, the ATO treats it as an asset. And because the tax office has “hundreds of data sources” to notify it of any unusual deposits, if you trade it for cash it is considered a capital gain.

5. Soccer fans were left disappointed by Optus after its World Cup streaming service failed over the weekend. The telco said outages and a high volume of viewers caused the patchy feed. Optus Sport has exclusive rights to 39 of the championship games. While the Socceroos lost 2-1 to France in their Cup opener, Germany’s loss to Mexico last night was the real upset. Germany is now under pressure to win its remaining group matches to progress to the next stage.

6. ICYMI: Telstra will roll out 2Gbps speeds across Australian CBDs within months. The telco has begun begins testing 2Gbps speeds with Netgear’s new Nighthawk router with “very positive results” which prove such speeds can be reached over the existing 4G network. The new tech will be deployed in Australian CDBs by the end of 2018.

7. Apple is planning to release 3 new iPhone models in September. Analysts are expecting an upgraded version of the iPhone X, a version of the iPhone X with a bigger screen, and the lower-cost LCD iPhone with facial recognition.

8. Again, really? Clive Palmer has launched a bid to re-enter politics, and he’s bringing former One Nation Senator Brian Burston with him. Palmer, the federal member for Fairfax from 2013-16, announced on Sunday morning that the deregistered Palmer United Party has now become the United Australia Party, and will contest the next federal election. Burston is expected to be named his new party’s first sitting member.

9. Incredibles 2 earns the biggest opening weekend ever for an animated movie with $US180 million. That destroys the $US135 million opening by the previous record holder, 2016’s “Finding Dory”. Despite it being 14 years since the original “Incredibles”, the movie has been attracting not just kids (many who weren’t around for the opening of the original movie), but their parents as well.

10. People are not happy with Phil Mickelson after he committed a bizarre penalty at the US Open when he putted a ball again before the first putt had stopped. The infraction earned Mickelson a 2-stroke penalty, but many believe he should have been disqualified. He later admitted that the move was calculated because he didn’t want the ball to roll off the green. See for yourself:

Have a great day.

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