1. US stocks fell in midday trading Monday, with the Dow Jones industrial average down as much as 446 points, amid reports of protectionist policy pushes by the Trump administration that would ramp up trade tensions on multiple fronts. The US announced it will introduce new rules to curb Chinese investment in American technology firms. But treasury secretary Steven Mnuchin later said the rules could be applied to “all countries that are trying to steal our technology”.
2. New-York listed Chinese tech giant Alibaba fell by more than 5%, after the Shanghai Composite index fell sharply in late trade yesterday to close 1.83% lower. Stocks in the UK and Europe also fell and futures markets are pointing to a rough start for the ASX, before all eyes turn to Chinese markets when they open at 11:30am AEST.
3. A former RBA board member has laid out an interesting case for raising interest rates immediately. Warwick McKibbin believes the bank should be increasing interest rates now to help build a buffer for when the next global economic downturn hits. The RBA has kept official interest rates unchanged at 1.5% since August 2016.
4. It’s going to be England and Brazil in the World Cup final, according to Goldman Sachs. It’s used machine learning to simulate how it thinks the World Cup will play out. Before the tournament started, the bank forecast a Brazil-Germany final, but it has updated its model to reflect recent results and now expects Brazil to play England in the final. The bad news for England fans is Goldman still expects Brazil to win.
5. Australia will spend nearly $7 billion buying drones from US. According to the SMH, the Turnbull government will invest in massive, long-range surveillance drones called the Triton drone, which has the wingspan of a Boeing 737 and can complete a lap of the South China Sea after taking off from the Northern Territory.
6. CBA CEO Matt Comyn has announced the team that will attempt to restore the reputation of Australia’s biggest bank. The six appointments and changes to the executive leadership team follows new plans to demerge the bank’s wealth management and mortgage broking businesses. The bank is still looking for a new chief financial officer.
7. A Blood Moon is on the way. A glowing red moon will grace the skies above Australia next month, and it will be the longest lunar eclipse in a century. The Blood Moon will occur on the morning of July 28 and last for 1 hour and 43 minutes. Here’s when to catch it in Australia.
8. This is weird. Billion-dollar startup Magic Leap’s futuristic smartglasses made a bizarre appearance on Brazilian television… with dancing bears. Check it out.
9. New York, New York. A guy was filmed paddle-boarding across the Hudson River in a suit so he didn’t miss a meeting in NYC. The commuter was wearing a full suit and had a briefcase. Apparently, the journey only took 30 minutes, and he got there on time.
10. MVP. If this isn’t the best pass of the World Cup, I’ll eat my hat. Colombia’s James Rodriguez pulled off a mind-blowing pass that somehow bent around 3 Polish defenders and led to a goal. Just beautiful:
Have a great day.
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