10 things you need to know this morning in Australia

Someone’s listening, Joe. Picture: Getty Images

Good morning. Here we go.

1. The Hockey effect. “There seems to be no floor,” Australia’s Treasurer said of the iron ore price back on April 13 when the spot price for 62% ore concentrate hit $US47.53. “We are contemplating as low as $US35 a tonne.” Then, boom – the price moved higher, then rose and rose, culminating last week in two days where gains of 7% and 5.5% were recorded. Now it’s sitting at $US57.81 a tonne, some 22% higher than Hockey’s April 13 call. Did the Treasurer pick bottom?

2. On the local market, the ASX looks like it has its best chance to finally break 6,000 but datawise, it’s a pretty light week in Australia. With his board meeting just a week away, RBA governor Glenn Stevens is unlikely to shake the market up in a speech tomorrow morning. But US GDP on Wednesday will be huge. Here’s Westpac’s excellent wrap of all the key data and events for the next week.

3. Wall Street traders are laughing over the guy arrested in Britain over the “flash crash”. Note: not laughing at him, but over the fact that regulators think a guy in sweatpants trading from his parents house caused one of the biggest market scares in the modern markets era. Nav Sarao was arrested and charged with a range of fraud offences, but has been given bail. The US is seeking extradition. One trader told BI that the situation was “beyond ridiculous”.

4. Up to 47 Australians are among thousands missing after a 7.9 magnitude earthquake hit Nepal on Saturday. The epicenter was less than 80km from Kathmandu causing homes, temples and historic buildings in the city to crumble. And it triggered an avalanche on Mt Everest, which claimed the lives of 17 climbers. One German climber got this frightening footage as the avalanche bore down on his camp.

5. The Cleveland Cavaliers are 3-0 up in their playoff opening round against the Celtics. LeBron James is killing it, averaging 27 points, 8.7 rebounds, and six assists, but his three-point range is rubbish. He’s not struggling outside the arc when a bet’s on the line though:

6. The amazing growth story of Xero. The latest results for New Zealand online accountacy business don’t look so great – Xero doubled its losses in the year ended March to $NZ69.5 million. And while investors punished the company by chopping 10% of its value off Friday, they should remember this – accounting works by assuming money spent to gain revenue must be recognised in the year it’s spent. And when it comes to how custom gained now will provide revenue for years to come, this chart showing Xero’s subscriptions since 2010 is, well, off the chart.

7. An Indonesian mortician has been photographed stenciling the names of Bali Nine duo Andrew Chan and Myuran Sukumaran onto wooden crosses. The date on the crosses points to the pair’s execution just after the stroke of midnight on Wednesday morning:

8. Standing desks are still a thing. Science is in love with last year’s office furniture revolution and ergonomic engineer Mark Benden, an associate professor at the Texas A&M Health Science Centre School of Public Health, is it champion. Last year, he found students at standing desks burnt 15% more calories than students at traditional desks. Now early results of Benden’s latest research indicates kids show 12% greater engagement in classrooms with standing desks, equating to an extra seven minutes per hour of engaged instruction time.

9. The Apple Watch is on a wrist near you. Here’s what Steve Kovach learnt in the past three days from using one.

10. It was a bad weekend for football fans who got far too involved in the game. Hawthorn coach Alastair Clarkson is being investigated by police after footage emerged of him appearing to grab a Port Adelaide fan’s throat. And London Welsh’s Tongan forward Chris Hala’ufia, known for his big hits, saved one of his best for this streaker in an English Premiership match on Saturday:

BONUS ITEM: Manchester United’s Ashley Young denies a bird pooed in his mouth during the opening game of the EPL season. You decide:


Have a great day.

NOW WATCH: Briefing videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.