1. Bonds have been on a huge rally in global bond markets this week. Overnight US 10-year bond yields remained below 2.8% after falling sharply in the previous session. Meanwhile Australian 10-year government bond yields have now fallen by more than 30 basis points since mid-February. So where to from here? Despite the recent demand, analysts expect bond yields to continue rising in 2018. And DailyFX senior strategist Ilya Spivak says when it comes to the direction of bond yields, “the reason for risk aversion matters”.
If it’s driven by worries that the Fed tightening will accelerate, stocks and bonds can fall in tandem because rising yields are the reason for the turmoil. But if risk aversion is driven by trade wars or geopolitical jitters, then that is a threat to growth. That weighs against the corporate earnings outlook and brings stocks lower which makes bonds a haven play and in that scenario, yields fall.
Which is what we’re seeing right now.
2. Smith, Warner banned from cricket for a year. Oh, and it turns out, they did use sandpaper on the ball. Cameron Bancroft, the player caught trying to rough up the ball on the field during the Third Test against South Africa in Cape Town last weekend, has been banned for nine months. The three are flying home to Australia today. The sandpaper revelation twisted the knife for many Australians. As said Business Insider’s Paul Colgan:
If they thought saying it was tape made it sound more like it was done on a whim, they were right.
The use of sandpaper makes it all the more insidious.
3. Kim Jong-Un is reportedly “committed to denuclearisation” on the Korean Peninsula. It comes as the leader made a historic visit to meet President Xi Jinping in China. It good news for both the US and South Korea who are hoping to hold talks with Kim in the next two months. China tried to keep Kim Jong Un’s visit to Beijing a secret earlier this week with authorities going so far as to censor terms and nicknames relating to the North Korean leader. But people just started calling him “fatty on the train” instead.
4. Blue Sky was placed in a trading halt yesterday after a brutal analyst’s note said it had been “significantly overstating” its fee earning assets. Before the Australian asset manager went into a halt, its shares plunged 13.4% to $10.40. Here’s what Blue Sky said after putting its shares into a trading halt around lunchtime AEDT:
From its initial review of the report, Blue Sky notes that there are a large number of factual inaccuracies throughout, including the assertions raised in relation to how Blue Sky calculates and reports its fee-earning assets under management, its investment performance and its fees.
Blue Sky also notes that the report includes the following statement: ‘You are reading a shortbiased opinion piece. Obviously, we will make money if the price of Blue Sky stock declines. The report and all statements contained herein are the opinion of Glaucus Research Group California, LLC, and are not statements of fact.’
We expect to hear more from them today.
5. An Australian airstrike is “likely” to have killed two civilian adults and injured two children during an operation target ISIS last year. According the Australian Defence Force, a single Royal Australian Air Force Super Hornet fighter bombed a two-storey home in the northern Iraqi city of Mosul in an attempted to eliminate an Islamic State sniper hiding in the building. Defence launched an investigation into the incident following complaints lodged last year by Amnesty International and the not-for-profit Air Wars, however Australian personnel were found to have followed all appropriate procedures and the laws of armed conflict.
6. Sullivans Cove Distillery has won at World Whiskies Awards, again. The distillery won the awards of the World’s Best Single Cask Single Malt for its American Oak expression. In 2014, Sullivan’s Cove French Oak was named World’s Best Single Malt outright at the awards. It also took out Best Australian Single Cask Single Malt, and Best Australian Single Malt. Wonder what a drop like that tastes like? Here’s what the judges said about the Sullivan’s Cove winning single malt in 2014.
7. Remember the “hot felon” Jeremy Meeks who became famous after his mug shot went viral? Well, he is reportedly having a baby with Topshop heiress Chloe Green. Here’s the latest shot of the pair on Green’s Instagram account:
8. The largest organ in the body may have just been discovered. Researchers have found a network of fluid-filled spaces surrounded by tissue between our organs called the interstitium. Scientists believe that the organ could help medical us understand how diseases like cancer spread and explain what healing techniques like acupuncture are tapping into.
9. The Easter long weekend! It’s so close, you can almost taste it. So why not kick it off tonight in style at a stylish rooftop bar. We’ve pulled together a list of the top 15 in Sydney for your choosing — enjoy!
10. But remember: double demerits are now in force across NSW and will continue through to 11.59pm on Monday April 2. Double demerit points apply to speeding, seatbelt, motorcycle helmet and mobile phone offences.
SOUND ON ???? You'll be one hot, cross bunny if you manage to land a bargain at our 2 for 1 sale this Easter long weekend. Starts at midnight tonight. #doubledemerits ???????? pic.twitter.com/wKEdS0Na9C
— NSW Police Force (@nswpolice) March 28, 2018
BONUS ITEM: He said: “Could you go back, in time?”
She thought he said: “Could go back in time?” Awkwardness ensued.
Well this is painfully awkward. Ronda Rousey misunderstands question, gets annoyed. pic.twitter.com/Pt7XwVRazh
— Cork Gaines (@CorkGaines) March 27, 2018
Have a great long weekend.
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