10 things you need to know this morning in Australia

Miranda Kerr, keeping it together at Cannes. Picture: Getty Images

Good morning and welcome to your headstart.

1. Had a bad day already? At least you didn’t lose $15 billion, like Li Hejun did yesterday. The wealthiest man in China had his fortune halved, less than a month after he increased his stake in the company he founded, Hanergy Thin Solar, to 80.79%. Here’s what losing HK$116.7 billion in a few minutes looks like:

2. To the markets, where the local had another fantastic bounce off very important, very strong support yesterday. In truth, it keeps bouncing just above the level but you can see that previous resistance is now support. A break would be devastating for the technical outlook but traders, especially competent ones like our Greg McKenna, just go with them. They never pre-empt them, because that’s the way to the poor house.

3. In Asia, the big 2.4% print for Japanese GDP and a weaker yen helped the Nikkei close at another 15-year high yesterday. In Shanghai, rates were also higher as the afterglow of more stimulus announced this week keeps traders positive. Today’s ‘flash’ Chinese PMI is expected to be stronger, so watch out for that. There’s nothing of note out in Australia apart from consumer inflation expectations.

4. Iron ore has tanked 10% since Joe Hockey delivered the budget. Last week, as Joe and co were in delivery mode, mines were being restarted on a solid rally. Now the index has fallen for its seventh consecutive session, losing 10%, equalling the longest losing streak seen since August 2014. Not helping will be news today that China will loan Brazilian giant Vale up to $US4 billion to help fund a $US16.5 billion expansion.

5. The banks finally blinked. Housing investors are going to start finding it harder to pay ludicrous prices for two-bedder dumps in Sydney and Melbourne. First to react to ASIC chairman Greg Medcraft’s warning earlier this week looks to be CBA subsidiary BankWest, which has now capped the loan to valuation ratio (LVR) on investment lending at 80% for all investment properties Australia-wide. It was 95%.

6. Darwin’s pool is 50 yards long and the Olympic standard is 50 metres. Treasurer Joe Hockey was there yesterday with his cash bag to ensure Top End swimmers get to swim official competition lengths. See if you can guess the price of adding 50cm to a public pool? (If you said “less than $8 million”, you’re wrong.)

7. Cannes is happening and Hollywood is on the road. Here’s a bunch of red carpet pics, starring Salma Hayek and Aussies Cate Blanchett, Miranda Kerr. Our favourite is this gorgeous shot of Sean Penn looking like he can’t believe Charlize Theron is actually his girlfriend:

Sean Penn only has eyes for Charlize. Picture: Getty Images

But the big story is the shoe police, who are reportedly drunk with power and turning back women wearing flats instead of high heels.

8. If you’re suddenly feeling ugly, here’s six ways to make yourself instantly attractive.

9. This is from yesterday, but it’s proved so popular, you might be miffed to have missed out on it. Sarah Kimmorley has pulled together the ultimate cheat sheet to Sydney’s top 10 private schools for girls. Stay tuned for the boy version.

10. Flamethrower Guitar Guy is quickly making his way up the charts as the most awesome character in movies since, well, ever:

Officially known as “The Doof Warrior”, he’s also a pretty awesome Aussie musician – it’s iOTA, who first made big noise starring in “Hedwig and the Angry Inch”. If you want to catch him in Sydney, his newest rock musical, “B-Girl,” premieres next month at the Opera House. And yes, the flames are real.

BONUS ITEM: Tyrion Lannister’s still goin’ strong, and Peter Dinklage wants to sing about it. With Coldplay.

Have a great day. I’m on Twitter.

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