10 things you need to know this morning in Australia

Telstra, or shoe? It made no difference yesterday. Photo by NBC/NBC

Good morning.

1. Telstra still doesn’t know what caused yesterday’s nationwide outage, or exactly how many customers were affected by the problem. CEO Andrew Penn has since apologised for the telco’s third outage in a month.

2. Set to fail. US President Donald Trump’s planned summit with North Korean leader Kim Jong Un increasingly looks doomed. Trump has of late talked up his work on North Korea, crediting himself with creating the conditions for talks through a hardline policy. But that self-congratulation could come back to haunt him. He is said to be ill-prepared for the summit and worried it could blow up in his face as an embarrassment. Meanwhile, the White House made a coin for the unprecedented meeting, but there’s something a little unflattering with the image of the North Korean leader. Can you see it?

3. A US-China trade war is “on hold”, according to the Trump administration. After a week of meetings in Washington, Beijing agreed to significantly reduce the US-China trade deficit. But some remain skeptical about how the deal will hold up. The tentative nature of the deal means Trump could reverse course at any time, and experts say that if Trump’s summit with North Korea does not go well, the deal with China could fall apart.

4. The AUD rallied overnight, assisted by strength in stocks and most commodity markets as trade tensions ease. At 7am AEST, the Aussie was up 0.95% to 0.7582.

AUD/USD 5-Minute Chart

Its price action today will likely be determined by sentiment and technicals, rather than economic data. Put simply, there is none; at least none that will interest traders in Asia.

5. Toys ‘R’ Us Australia has collapsed into administration, with an uncertain future for 700 staff and 44 stores nationwide. It follows the collapse of the Toys ‘R’ Us chain in the US, where the company filed for bankruptcy protection in March and started the the process of closing its 735 stores across America. More here.

6. Pauline Hanson has dealt a blow to Prime Minister Malcolm Turnbull’s company tax cuts by withdrawing support for the package. The Australian reports the One Nation leader, who controls three Senate seats, cited her disappointment with the government’s strategy on debt ­reduction. Senator Hanson’s backflip comes ahead of the “Super Saturday” by-elections.

7. The after-party. Prince Harry and Meghan Markle ended their wedding day with an intimate evening reception (of 200 guests) hosted by Prince Charles at Frogmore House. Guests were reportedly treated to a sit-down meal, and later “dirty burgers” and candyfloss, washed down with rum-and-ginger cocktails called “When Harry Met Meghan”. George Clooney was reportedly seen getting down on the dance floor with the bride, Elton John performed, James Corden compered, and at 11pm an impressive fireworks show was spotted by local residents. Meanwhile, Serena Williams won the night. The tennis star apparently won beer pong at the party — and she wore trainers under her gown. Sounds like our kind of wedding party.

8. If you have children, this is a must-read. It’s a league table revealing that Facebook and YouTube are the worst offenders when it comes to exposing children to sex, violence, and suicide. Produced by Britain’s highest-profile children’s charity, the NSPCC, the table follows reviews from more than 4,000 parents and young people. As you can see, Facebook and YouTube posed a “high” risk to kids across all the categories examined, with a one in four chance of young people encountering adult content. They were therefore slapped with a red warning light.

NSPCC tableNSPCC

9. Barack Obama’s got a new jobMaking TV shows for Netflix. The former president of the United States and his wife Michelle have signed a multiyear deal that could include “scripted series, unscripted series, docu-series, documentaries, and features”. Sources close to the negotiations told CNN that the payout was a “high 8-figure deal”.

10. Rafa Nadal has knocked Roger Federer from the world number one spot. Nadal is the “clear cut” favourite to win the French Open next month for the 11th time. He has 23 wins against just two losses this season, and three ATP titles for the year. If that were not impressive enough, then consider this: Nadal has played 81 French Open matches since his Roland-Garros debut in 2005 – and has only ever lost twice.

Have a great day.

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