Good morning, and welcome to Thursday. Here’s what you need to know…
1. US Q1 GDP was disastrous, copping a huge revision down. The first quarter data showed a massive 2.9% contraction, worse than the -1.0% that was previously estimated.
2. But US markets ignored it, with the Dow closing up 0.3%, the S&P 500 rallying 0.5%, and the Nasdaq edging higher 0.7%. Shrugging off the weak GDP figure because the number doesn’t appear to fit with more recent points, it’s very old data. You can read why we should all do as stocks did and treat the GDP report as water off a duck’s back.
3. The buoying US market has bolstered the Australian market. The SPI 200 futures contract gained 8 points on the September contract to 5361, and iron ore’s slow climb back towards the momentous $100 a tonne mark is beginning to happen. Iron Ore was up 7.29% from its recent low, hitting $95.13 a tonne, a swing which should make it a good day on the ASX today.
4. Tough in the east. Asia had a rough day yesterday with the Nikkei down 0.71%, the Hang Seng relatively stable at 22,867 while in Shanghai stocks closed down 0.39%. Markets were reacting to falls in US markets and with only Japanese foreign investment due to be released, Asian markets should have a better today after the US’s positive finishes.
5. Television is bad for you… grown-ups. The news every kid has been waiting to hear has been prepped by the University of Navarra in Spain. They followed 13,284 healthy adults for about eight years and recorded how much time they sat in front of the telly. The risk of death was twice as high for those who reported watching three or more hours of TV a day.
6. Domestic violence explodes when England loses. Not a pretty start to the day, but this PSA from England needs to be noted. An admittedly small study showed domestic violence increased by 38% in the UK when the national team lost or got knocked out of the last three World Cups. Even more pathetic, it increased by 26% when they won.
7. Aussies on the Wimbledon scrapheap. Four bowed out last night, including three of our seven men who’d made it through to the second round. Casey Dellacqua got badly burnt on Centre Court, brushed aside 6-4 6-0 by Polish fourth seed Agnieszka Radwanska, along with Marinko Matosevic and Luke Saville. Bernard Tomic was impressive, taking the first set off Czech sixth seed Tomas Berdych 6-4 and pushing him to the limit in dropping the remaining three sets 7-6 (7/5), 7-6 (7/3), 6-1.
8. You can now edit Office documents with Google tools, properly. The online behemoth made a few announcements last night, tackling Microsoft’s Office suite head-on with a revamp of its own business tools. Google Slides is its version of PowerPoint, and Docs and Sheets got a makeover. The important bit – you can make changes to a document and seamlessly send it back to them in its original format.
9. Clive Palmer’s catching up with his old mate Tony Abbott today. Things should be a little more civil than the last time the pair met and the Clive called then then-opposition leader a few choice names, after the Fairfax MP held an extraordinary media conference last night, with former US vice-president Al Gore conscripted into Clive’s announcement that his Palmer United senators will support the repeal of the carbon tax. But it’s not all good news for the PM, because Clive’s clan plans to block the government’s wish to scrap the Clean Energy Finance Corporation, the Renewable Energy Target and the Climate Change Authority. We live in interesting times.
10. Please indulge us for a moment. Remember the name Ben Collins. He’s a young, talented Business Insider journalist who’s been here since we started 15 months ago and last night he won the Young Walkley for text-based journalism. It’s an amazing achievement and we’re very proud of him, but sadly, tomorrow is his last day, because he’s off to hunt more great stories and improve his Arabic in the Middle East, which tells you a lot about his drive. You’ll find links to his award winning stories here.
BONUS CAPTION THIS ITEM: Queen Elizabeth and the Iron Throne. Here is the Game of Thrones pic you’ve all been waiting for and it doesn’t involve pugs. Tell us what she’s thinking in the comments section and we might even publish the best ones.
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.