1. Trump’s trade war is getting serious. The US president has been on a nearly six-month long tariff spree, kicking off trade wars with several countries, placing tariffs on everything from steel to chicken incubators. As a result, trading partners including China, Canada, the European Union, and Mexico have hit the US with retaliatory tariffs. Here’s a breakdown of how we got here and what the tariffs mean for the US economy.
2. On the topic of Trump, he’s mad about US Fed rate hikes. He believes the Fed’s rate hikes are pushing up the dollar and will cause bigger trade deficits. According to BI’s Josh Barro, he’s right. But he shouldn’t be so upset. The US strong dollar and the Fed’s recent actions are the logical result of his own policy and personnel choices. Fortunately, the Fed will likely ignore Trump.
3. His recent tweets about tariffs and the US Federal Reserve have pushed the Aussie dollar higher. At 7.55am AEST, the Australia dollar was down 0.05% to 0.7417. Here’s a 5-minute AUD/USD chart.
4. Bitcoin held steady over the weekend at around $US7,400. In what may be a sign of rising institutional interest in the space, Coinbase — the largest US exchange — is now working with a $US20 billion hedge fund as it builds out a prime brokerage platform.
5. Malcolm Turnbull is the first PM to visit Tennant Creek since Malcolm Fraser in 1982. While there he vowed to focus on helping address the issues that had led to the rape of a two-year-old girl in the town in February.
6. Pauline Hanson has made a surprise withdrawal from the Longman by-election. The One Nation leader is said to be “exhausted and in need of some R&R” and therefore will not continue campaigning for the marginal Queensland seat.
7. Justine Damond’s family are set to file civil lawsuit US. The Australian woman was shot dead by a Minneapolis police officer last year after she had called 911 after she heard a disturbance. The SMH reports that if it is successful, the lawsuit could result in a multimillion-dollar payout to her family.
8. Wesfarmers says a Coles spin-off deal will be done by November, pending shareholder and regulatory approvals. In an update posted on the ASX this morning, Wesfarmers said it would retain a 15% interest in Coles, with 50% ownership of the Flybuys program. More here.
9. Is Sydney’s Luna Park in trouble, again? Fairfax reports that the long-term future of the historic theme park is again in doubt after a court ruled it didn’t have the right to install a new ride without seeking development approval. Luna Park opened in 1935. It now attracts one million visitors a year. Last year the theme park announced a $20 million major overhaul to the harbourside attraction, including six new rides.
10. Lewis Hamilton has won the F1 German Grand Prix after a heartbreaking error by Sebastian Vettel saw him crash into the barrier late in the race, handing Hamilton the lead. Vettel had been in the box seat to claim his first home Grand Prix with a nine-second lead over Valtteri Bottas. This footage captures his devastation:
— Formula 1 (@F1) July 22, 2018
Have a great day.
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