Good morning! Welcome to another glorious Spring day. Here’s what’s happening
1. Even though US stocks managed to rally off their lows, the signs are that the Australian market might struggle today given that futures traders took the SPI 200 December contract down 15 points in overnight trade. No doubt the falls in iron ore, coal and gold will weigh on the mining sector, but equally, the high yesterday was an important technical level and sellers were lurking on futures markets
2. In Asia, Shanghai fell again, down 0.53% yesterday to 2,290. Stocks on the exchange have now fallen 2.83% over the past 5 trading session while the Nikkei is up more than 5% in that period and was 0.64% higher once again yesterday. The divergence in the region is really interesting and likely rests in enduring stimulus in Japan from the BoJ and, so far at least, the lack of aggressive stimulus from the PBOC.
3. The Aussie dollar is holding at 0.8799, but the yen is the big winner at 107.76 from a high of 108.37 yesterday. The Euro is higher as well, reflecting a little bit of position squaring maybe in the run-up to the FOMC meeting. Euro sits at 1.2705 while the pound is at 1.6123.
4. Don’t hold your breath waiting for a rate cut. That’s the message from Goldman Sachs, which says the housing boom is to blame. There’s no doubt Australia is struggling to unshackle itself from the mining boom, and large swathes of the economy – from retail to consumer sentiment – need a reprieve to get up and moving. Goldman Sachs head of economics Tim Toohey says the dollar needs to be lower, for starters, and that won’t happen until at least March next year.
5. A man tried to attack British PM David Cameron. Cameron was entering his car in Leeds, surrounded by bodyguards, when a protester tried to push him. The Vine shows what looks like a major lapse in security.
6. The Cloud Wars have begun. Free online storage was bound to happen sooner or later and Microsoft have just jumped to the head of the pack. You have to buy Office 365 to get it, but that goes for a song at less than $2 a week. And consider this – buy the Home edition of 365 and install it across five devices and you’ll be paying less than 50 cents per device a week. Even better, if you’re a student, some univerisities even offer Office 365 for free. To get the same from Google, you’ll be paying $60 a month. For now…
7. If Australia ever builds high speed rail, we hope there’s going to be a stop at Lasseter’s Reef. The Australasian Railway Association has had another stab at crunching the numbers on a link between Melbourne and Brisbane and reckons it can be knocked out for half the price previously estimated – just $63 billion or $35 million per km. Or to put it another way, pave the road with 252 brand new A330 planes. See you next study.
8. The Most Important Charts In The World. We’re not kidding, because we asked Wall Street’s best minds to tell us what they’re watching right now, and a lot has changed since the last time we published this collection back in July. It’s always a popular post, and this time around, there’s 96 for all you data freaks out there. 96.
9. Apple doesn’t make mistakes. Or at least, when they do, they erase them. Sadly, in this age of the internet, you can’t just make an autocorrect stuff-up at a public event such as an iPad launch and hope no one will notice when it’s magically deleted. The crowd had to sit through this awkward presentation moment, but if you go back online and try to relive it, you’ll find Apple has done a bit of Photoshopping, which was hardly necessary.
10. Who said TCF is dead in the West? Rather than a cheap suit from your holiday in Vietnam or India, the next time you’re in New York, head to Martin Greenfield Clothiers for a bespoke suit by the man who’s dressed Barack Obama, Bill Clinton, Leonardo DiCaprio and Paul Newman. Do it just to meet Greenfield, a Holocaust survivor, now in his 80s, who discovered the power of clothing as a teenager in Auschwitz.
BONUS ITEM: Zorbing is crazy. Just ask this guy who had to be rescued earlier this month for trying to zorb from Florida to Bermuda fueled by protein bars and fish.
But chuck a car in and you’re ratcheting up to a whole new level. Thank you Nissan, you’re our Bonus Item of the Day:
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