10 things you need to know this morning in Australia

Conor Molloy/ Action Plus via Getty ImagesOh dear…

Good morning.

1. Global markets shuddered Tuesday after US President Donald Trump threatened tariffs on billions of dollars worth of goods from China, to which the Chinese Commerce Ministry warned it would retaliate. It puts the world’s largest economies on the brink of a trade war. In response, the Dow Jones industrial average turned negative for the year amid its longest losing streak since March 2017, and the US dollar hit an 11-month high. That saw the AUD/USD fall to its lowest level since May 2017 before inching higher in late trade. As of 7am in Sydney, the Aussie was down 0.53% to 0.7382.

AUD/USD Hourly Chart

2. The European Central Bank will continue its large-scale stimulus program next year. ECB president Mario Draghi said at a conference in Portugal that it may postpone an end to its bond-buying program, a move announced by the central bank just last week.

3. Telstra has announced it will cut 8,000 jobs. The roles on the chopping block include employees and contractors and will see 1 in 4 executive and middle management roles go. It follows the company’s new strategy to simplifying its operations and product set to improve customer experience and cut down costs. Yesterday the telco experienced yet another service outage across the country. More here.

4. Humiliating. Australia has suffered its largest ever ODI loss after a crushing 242-run win by England at Trent Bridge. The Poms racked up a world record total of 6-481, bettering the previous title of 3-444 they set against Pakistan at the same ground in 2016. Fox Sports has more.

5. Central bankers claim bitcoin could break the internet. But the crypto world thinks they’re missing the point — bitcoin and other cryptocurrencies are still in development and shouldn’t be judged yet. The CEO of Goldman Sachs-backed crypto company Circle even called the report “shallow”, saying they haven’t done their research. “They’re looking back at stuff that’s years old, they’re not looking at what’s actually going on in terms of the real R&D in this space. It’s just really poor research.”

6. Supersized. We might be living longer but we’re doing with an excessive amount of weight. Australia is now the fattest country in the world, with more than 70% of Australian men considered overweight or obese, according to the latest biennial report card on the nation’s health. The obesity epidemic is now being regarded by health professionals as a “slow-motion disaster”. The SMH has more.

7. Attica is officially the best restaurant in Australasia after the suburban Melbourne fine diner jumped 12 places to 20th on the World’s 50 Best restaurants list. Ben Shewry, chef and owner of Attica, told Business Insider that the achievement “feels pretty amazing” and he’s incredibly proud of the team. “It’s such a huge honour to represent Australia at the World’s 50 Best and I’m lucky to run a restaurant in a country with a dining public that allows a small business to grow and evolve over time.”

8. $47,692. That was the median personal income in Australia in the 2015-16 financial year — the latest data available — according to the ABS. While it’s an increase of 1.8% from the previous year, this map shows the median level varies significantly across the country.

ABS

Ashburton in WA recorded the highest median personal income across the country at $100,665.

9. Respect. French President Emmanuel Macron does not react well to nicknames, it turns out. A widely-shared clip of the French President shows his dressing down a teenager who addressed him as “Manu”. While Macron is facing criticism online for the patronising manner in which he spoke to the boy, if you want a vis-à-vis with the French President, it’s probably best to address him by his full name – or “Sir”.

10. Skål! A Russian city reportedly ran out of beer due to Swedish fans celebrating their first World Cup win in 12 years. Sweden beat best South Korea 1-0 in their opening match thanks to a second half penalty kick from captain Andreas Granqvist. But judging by the videos of celebratory Swedish fans, the beer shortage had little impact on their ability to enjoy the victory.

BONUS ITEM: Dr Who fans, this is one time machine that you don’t want to know about.

Have a great day.

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