Good morning. Here’s what you might have missed.
1. Greece is almost certain to default tomorrow. The Athens Stock Exchange will be closed for the week, according to Greek newspaper Kathimerini and banks are officially on holiday after Eurogroup talks failed over the weekend. Here are some pictures of Greeks queuing at ATMs trying to drain their accounts in preparation.
There’s a ton more information under our Grexit tag, but here are some of the key headlines:
- Mohamed El-Erian on how the markets will respond
- Greek officials recommend limiting cash withdrawals to 60 euros per day
- What Greek finance minister Yanis Varoufakis told the Eurogroup before they went ahead and met without him
- Greek PM tries to calm citizens by quoting FDR: ‘The only thing to fear is fear itself’ and
- The Financial Times blasts Greek PM in brutal editorial
2. On the other side of the world and after a terrible end to the week on Shanghai stock markets, the PBOC announced that it was cutting rates and the Reserve ratio again. The central bank will drop the one-year benchmark lending rate by 25 basis points to 4.85 per cent, and reduce the one-year deposit rate by 25 basis points to 2 per cent. The aim, according to the PBOC is to, “help stabilise growth, adjust structures and lower social financing costs”. But can it stabilise Shanghai stocks?
3. On the local stock market, even though the futures suggest a little bit higher this morning, it’s more likely that the close of the financial year tomorrow means some money is taken off the table. Greg McKenna reckons the ASX will slip a little today and perhaps tomorrow.
4. In data this week, it’s not so much data as it is news about Greece that will cause proper ructions. But there’s still some big releases. RBA governor Glenn Stevens will speak in London tomorrow and retail trade for Australia is out Friday. And Wednesday is massive with HSBC/Markit manufacturing PMIs from Korea, China, Japan, Europe and the Americas. Here’s Westpac’s excellent calender of all the key data and events.
5. SpaceX’s ‘reusable rocket’ exploded into pieces after launch:
It was an unmanned flight and the third explosion in near succession of craft en route to the ISS with cargo. An ISS spokesman said that was “not what we’d hoped for”, but SpaceX is trying to stay calm and use it for a learning experience. And press on with plans for manned missions.
6. The BBC is really, really upset with Jeremy Clarkson and wanted everyone to know it so much they sacked him. But first, they made another episode of Top Gear featuring all the unseen footage of Clarkson before he was dismissed in March. It just aired in the UK and possibly broke a few viewership records, which trumps any stance against poor behaviour any time. The biggest highlight was Clarkson stuck in the mud in a Vauxhall yelling: “I hate working on Top Gear.” But he doesn’t, really:
Many many thanks for all your support and encouragement over the years. So sad and sorry it's ended like this
— Jeremy Clarkson (@JeremyClarkson) June 28, 2015
7. You can outsmart any multiple choice test using these four tactics from William Poundstone, who examined 2456 questions from 100 tests and found there’s no such thing as truly random.
8. The world’s other Mark Zuckerbergs. In 2007, at just 23 years old, Zuckerberg became one of the youngest billionaires in the world on the back of Facebook, a product he built in a dorm room. He’s a standout success now worth $9 billion, but here’s a couple of young guns in Ireland worth $5 billion and a host of other up-and-comers from around the world.
9. How much sex you should be having in a healthy relationship? This much.
10. What has 28-year-old model Brett Azar got in common with Arnold Schwarzenegger? They’re both the original Terminator. And they’re both bodybuilders, which is why Azar got to play “Young Terminator” in the new addition to the movie franchise Terminator: Genisys. He got to wrestle Arnie naked and recreate some scenes from the original movie, because the new owners don’t have the rights to it. Here are a few pics of Azar’s classic stocking-stuffed-with-walnuts physique and thoughts on how fun it all was.
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