1. On the local market today, it’s likely to be quiet given there’s no data of note out in Australia today and most of the rest of the world is having a day off. In Japan, trade is out. Things will start moving tomorrow with the ANZ consumer confidence index. Here’s Westpac’s excellent calendar of all the key events and data for the week.
2. The Aussie dollar will start the week right where the RBA wants it, heading for 77 cents. The euro sank again on Friday, dragging the battler back to a low of 0.7811 in US trading after it spent most of Friday around 79 cents. It closed at 0.7826 and has opened a little lower this morning at 0.7822.
3. It’s same same in Shanghai with another solid rally on Friday taking the Shanghai Composite index to 4,657 — a new seven-year high. (Greg McKenna’s remembering his “big call” last year that the market was headed toward 3,000.) The fact a couple of billionaires lost vast swathes of their fortunes last week without recourse to the entire market suggests some internal strength — at the moment anyway.
4. Spend, Boomers, spend! Social Services Minister Scott Morrison is determined to make sure all that cash Baby Boomers are racking up is actually going to be spent on their retirement, and not given to their leeching kids. Otherwise, the welfare system’s headed for a brick wall.
5. On that note, super funds aren’t doing so well right now. In April, the median growth fund (61% to 80% in growth assets) lost 0.4% after Australian shares retreated 1.6%, giving up some of the gains made at the start of the year. Dragging them down is the Australian market, with shares so far down 2.1% in May, as measured against the S&P ASX 200 index, making it the worst month since November last year.
6. The guy from “A Beautiful Mind” died in a car crash. John Nash, won the Nobel Prize for economics in 1994 for his work in game theory, but his fame grew when his battle with paranoid schizophrenia was documented in the 2001 Academy Award best picture winning film, starring Russell Crowe. Nash, 86 and his wife Alicia, 82, were killed when the taxi they were traveling in left the road. They were returning from Norway, where Nash had just received the Abel Prize.
Stunned…my heart goes out to John & Alicia & family. An amazing partnership. Beautiful minds, beautiful hearts. https://t.co/XF4V9MBwU4
— Russell Crowe (@russellcrowe) May 24, 2015
7. A new Elon Musk book is out, and from reports, author Ashlee Vance has done a stellar job of capturing the off-screen personality of the man with the biggest ideas on the planet. Here’s one fascinating thing the Tesla billionaire has said:
The list of people that would not mind if I was gone is growing. My family fears that the Russians will assassinate me.
8. So how did our Guy go? The 60th Eurovision final yesterday in Vienna featured the usual mix of cheesy electro-pop, special effects and outrageous costumes, plus an Australian. Guy Sebastian played our wildcard well, too – his single “Tonight Again” racked up 196 points, giving him fifth place. Sweden’s Måns Zelmerlöw took out the winning title on 365 points with “Heroes”. Here’s Guy’s performance:
9. A 2.85-metre wide terrace in Sydney sold amongst the usual spirited bidding on Saturday. The pint-sized property on Terry St sits on just 38 square metres of land and packed two bedrooms upstairs with separate dining and living rooms downstairs. Expressions of interest were in the mid-$700,000s, but it fetched $965,000 and went to — you probably know where this is heading — a client in China.
10. Google will acquire Twitter? BI’s Jim Edwards is one of many depressed Twitter stock owners wondering how the social media problem child is going to address its stagnant growth. He was at the Engage 2015 conference in Prague last week where he asked a noted important exec whether he should sell his Twitter stock. No, definitely keep it, Edwards was told, because it looks like Google might acquire Twitter. Here’s why that might not be as crazy as it sounds.
BONUS ITEM: Hoverboard or drone big enough for a man to stand on? Either way it’s a world record:
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