Good morning. Here’s what you’ve missed, maybe.
1. Someone hammered gold on the Chinese open yesterday, dumping the equivalent to one-fifth of a whole day’s trade in a normal session – about five tonnes. That knocked it lower and impressively, it was timed perfectly to smash it down through the massive technical level everyone was watching. In many ways, it changed the outlook for gold. Greg McKenna highlighted yesterday that if $1,130 gave way and support was $1,085, there’s not much till $888.
2. To the local market, where it was another good day with the 200 index up 0.3%. The banks performed well even though APRA upped their capital requirement for mortgages. It appears, and the banks agreed, the move was as expected and it could have been worse – so the banks closed stronger. Looking to today’s outlook futures are indicating a rise of +10 and who can argue given the positive lead from offshore?
3. In Asia yesterday, something remarkable happened – Shanghai stocks were fairly stable. That’s even better than a rally for authorities in Beijing who, now that the index is back near 4000, would probably kill for a period of low volatility and a stable trading range to rebuild some confidence in the markets.
4. Here comes iron ore… again. Having plummeted to a record-low level of $44.59 on July 8, the spot price has now increased by 17.5% in just seven trading sessions. At $52.39, the price is also at the highest level seen since July 3. Why? No one really knows, although Metal Bulletin has a theory.
5. PayPal is now worth more than Netflix, eBay, and Twitter. It started trading as an independent company this week, following its spin out from eBay last week. And it’s already worth more than eBay, which bought it off Elon Musk and friends for $US1.5 billion in 2002, now boasting a market cap of $US49.5 billion. Musk owned 11.7% of PayPal shares when it was bought by eBay.
6. One of PayPal’s biggest fans was at its listing on the NASDAQ today. Look, it’s Aussie online retail giant Ruslan Kogan:
He was even on-stage when the bell was rung and PayPal went live – here’s why.
7. You might have seen video yesterday of a great white shark trying to eat Aussie surf champ Mick Fanning in South Africa. It failed, because Fanning punched it and screamed a lot until surf championship organisers raced out to rescue him. But there was also another reason why Fanning avoided getting bitten, according to one marine biologist. And here are 10 ways you can avoid being eaten, too.
8. Are you a member of cheating site Ashley Madison? Because some hackers might have your login details and are threatening to go public with them. And there’s no point deleting your profile, because that’s the point hackers are trying to make – they reckon you can’t delete your profile, even after paying Ashley Madison to do so. Ashley Madison is now denying this.
9. You really need to negotiate your wage. An analysis by Salary.com suggests that not negotiating could potentially cost you more than a million dollars over the course of your career. But because the hardest sell in business is always yourself, here are 15 surprising tricks which may boost your salary.
10. We have another world champ. We reported early last month that Australian drone racer Chad Nowak was headed to the US in July to race mini quadcopters. Nowak and his mates gather in underground carparks and warehouses to race at speeds around 70km/h using VR goggles, which looks something like this:
He took on the world last week, and awesomely, won three world titles along with $15,000 in prizemoney. And he was only there because the sport wanted some internationl profile in its first official outing. (He won’t be invited next year.)
BONUS ITEM: Things got weird for Sepp Blatter at a FIFA conference overnight. To be fair, he handled it like, well, a boss.
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