1. South Korea’s president, Moon Jae In, sounds like he’s had enough of trying to talk down Kim Jong Un. NK News reports Moon’s national defence minister said the new government direction should now be to “strengthen punishment” in the wake of North Korea’s sixth nuclear test last weekend. By “punishment”, he means getting “more US aircraft carriers and nuclear submarines” around South Korea. Oh, and here’s why the US can’t actually win a war against North Korea.
2. Vladimir Putin told a group of students that the country that leads in artificial intelligence could dominate the world. Elon Musk perked up:
China, Russia, soon all countries w strong computer science. Competition for AI superiority at national level most likely cause of WW3 imo.
— Elon Musk (@elonmusk) September 4, 2017
But here’s why we should take Musk’s AI fears with a grain of salt.
3. Brokers behaving badly. Lawyers representing investors sent a 26-page letter to Macquarie Group and the Australian Securities and Investments Commission accusing the “millionaire’s factory” of disgraceful corporate conduct. Among the allegations are reports of one former stockbroker who cut off a desk assistant’s ponytail and another who took upskirt photos of a female manager while she sat at her desk.
4. Rates! They won’t move today, according to 100% of analysts polled by Bloomberg. And there’s little to suggest the RBA will say anything that might change its current “wait-and-see” tone in the accompanying monetary statement. All of which could actually provide great excitement if any surprise are delivered. Here’s your 10-second guide to toady’s call at 2.30pm.
5. Markets are quiet, mainly because it was a public holiday in the US. So conditions remained good for the safe havens of the yen, Swiss franc and gold. Japanese and South Korean stocks both fell by around 1% as North Korean tensions rose, but the ASX 200 eventually found support below 5,700 and futures are pointing to a positive open this morning. The Aussie dollar moved lower and iron ore started the week with a fall.
6. Nathan Lyon destroyed Bangladesh’s top order. He got all top four batsmen out LBW, the first time any nation has lost their top four in that manner to the same spinner. Bangladesh fought back to 6/253, but the big talking point overnight was this no-ball from Kieron Pollard:
— CricTracker (@Cricketracker) September 4, 2017
Cricket tragics will understand, tut-tut shamefully.
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7. There could be some big moves in cryptocurrencies. China has declared Initial Coin Offerings illegal, which is bad news for Ethereum, because Ethereum’s blockchain is the preferred launch vehicle for ICOs. The currency dropped by as much as 15% overnight, perhaps because Paris Hilton said she was into ICOs now. But the real concern for crypto traders is whether the China ICO ban could extend to a blanket ban on cryptocurrency trading.
8. Morgan Stanley says British PM Theresa May’s time is up. The bank’s research suggests May will “muddle through to the end of the year” but her government “falls in 2018”, triggering a fresh general election. A separate survey claims most Conservative Party members want her to resign before the next election, and one in 10 want her out immediately.
9. Delmonico’s is a favourite haunt for steak-loving Wall Street traders. It also has a “secret” menu for billionaires, which includes this $US100 grilled cheese sandwich:
BI’s Arielle Berger got to try it, as well as laughably gauche “billionaire” items which are basically shakes and cookies with gold dust or leaf on them. Here’s a great feel-good story about fools and their money.
10. Ivanka Trump is kind of interesting. As a successful businesswoman, she should be a role model, but then there’s the whole anti-equal-pay stance thing. She’s a hard-working mum of three who’s seen a moderating influence on her father who like a bit of Real Housewives, takes eight minutes to do her makeup, and doesn’t use her phone on Saturdays. Here’s what a week in her life looks like.
BONUS ITEM: Would somebody please just build a road around the whole world?
Have a great day.
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