10 things you need to know this morning in Australia

Gamma-Rapho via Getty ImagesThe Beatles

Good morning.

1. US stocks fell overnight, with the Nasdaq declining for a third-straight session to hit its lowest level since July 6. The big tech companies remain under pressure following a wave of disappointing tech earnings, and traders have never been more scared of a massive meltdown.

2. The Australian dollar had a quiet start to the week, finishing mixed against the major crosses as traders eyed off bigger events ahead. At 7am AEST, the Aussie was up 0.09% to 0.7407.

Investing.comAUD/USD Hourly Chart

The data calendar heats up today with major releases coming from Australia, China, Japan, the Eurozone and United States. The main event in Asia will be the Bank of Japan’s July monetary policy decision.

3. All eyes will turn to the BoJ meeting this afternoon following reports of a pending policy shift. Speculation the bank could tweak policy settings has increased substantially ahead of the decision, boosting Japanese bond yields and the Japanese yen. Despite that, strategists at Macquarie Bank say that if any changes are made, they’re only likely to be cosmetic in nature, creating the risk that investors may unwind recent market moves.

4. The MH370 final report declares a critical turn by the doomed flight was made manually, but investigators don’t know who did it. Malaysian Airlines flight MH370 disappeared without trace in March 2014, with the loss of 239 lives. The Malaysian government ended a four-year search for the wreckage in May and yesterday released its final report into the disappearance. The full Malaysian report can be found here.

5. Malcolm Turnbull is under pressure as backbenchers split on company tax cuts worth $35.6 billion. The Sydney Morning Herald reports one Coalition MP is even going public with a call to dump the policy within weeks. The policy is due to be put to the Senate when parliament resumes on August 13.

6. Elon Musk has made another strange segue — this time with surfboards. Tesla made 200 limited-edition surfboards that cost more than $2,000 each — and they sold out in just one day. Don’t worry though, they’ve already started appearing on eBay. But you’ll have to pay an extra $5,000.

7. Double chin. It looks like photos of Google’s next phone have leaked — and it might not look as good as the competition. New leaked photos supposedly show the white version of the upcoming Pixel 3 XL smartphone which reveals it will have a relatively large bottom bezel, or “chin”. Other top Android smartphones have thinner chins, which makes them look sleeker than the Pixel 3 XL in the photo leaks.

8. Not our problem. That’s essentially how Amazon’s senior VP Russell Grandinetti thinks about what society and government should do to figure out how to cope with Amazon’s disruption of the retail sector. “Companies have often invented technologies that have then required us to figure out how to reinvest the productivity improvements in new jobs and new ways,” he said. “That’s an important societal thing to do, an important governmental thing to do. I don’t think it’s our job to do anything but try to be really good at what we do,” he told the Sunday Times.

9. A statistician developed a way to determine whether Paul McCartney or John Lennon wrote The Beatles’ songs between 1962 to 1966 and found that “In My Life”, from the the 1965 album Rubber Soul – a song ranked 23 on Rolling Stone’s The 500 Greatest Songs of All Time — was most likely a Lennon song, despite McCartney saying otherwise.

10. A lawsuit against Harvard University has exposed admissions documents that reveal some surprising policies, according to the The New York Times. For example, plaintiffs in the lawsuit say there’s a “Z-list” which is a way to get legacy students into the college, even if they wouldn’t otherwise qualify academically.

BONUS ITEM: When your boss tells you today’s the day you’ll be ejected at Mach 10:

Have a great day.

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