Good morning. Let’s get into it.
1. The local market was dragged down yesterday by the banks to the tune of 0.42%. But futures are pointing higher this morning and Greg McKenna’s wondering if traders have the gumption to take the index up and through the 5,700 level. It’s only around 25 points away but it will probably depend on Australia’s employment report due today. Market expectations are around the 10-15,000 region. BHP and Rio had a solid night in London.
2. Employment will also drive the Aussie dollar which has stalled in the mid-73 cent region after the run above 74 cents on Tuesday night. Across the ditch, the New Zealand dollar is tanking badly, and hit another 6-year low overnight which sees AUDNZD back up at 1.13.
3. Something about volatility, something about Shanghai. The Composite index was down 1.6% after the previous day’s 3.7% increase. There’s only so many ways authorities can ban selling and soon they’ll just have to admit the overall tone is weak. (Yesterday, they targeted short sellers.) Elsewhere in the region, Tokyo had a good day, off its highs but still not far from the recent highs. But traders will be watching what looks to be a top forming in the Nikkei.
4. James Packer’s done well. He just sold his Sydney digs for between $60-70 million to a buyer who needs a 13-car garage. That’s the highest price ever paid for an Australian property.
5. Watches, and why you should think about them a bit more. Here’s @GSElevator on that:
"Wearing a Rolex is like driving a BMW 3-series. It says you've got some money, but nothing interesting to say.” http://t.co/OPyqDJrLGe
— GSElevator (@GSElevator) August 5, 2015
He’s owned quite a few, and mixed with thousands more on bankers’ wrists all over the world. So it’s worth checking out his advice before you buy.
6. The tech bubble is a little deflated right now. Yesterday, we heard of flat and terrible earnings from Box and Etsy. Today, Tesla’s Elon Musk delivered a very subdued report, slashing its outlook for the year. Gawker dug into Uber’s cashflow and found a “$50 billion” company that’s losing $20 million a year. And Apple’s recent tumble has seen $90 billion wiped off its market cap in two weeks.
7. Property investors, you’re on notice. It looks like the CBA has glanced into the future of the property market and gone a little bit wobbly on lending to anyone who plans on making a motza. “Prospective developers have been told that the (CBA) now requires the percentage of pre-sold apartments must now equate to 100 per cent or more of the debt provided by the bank,” Fairfax reports this morning. It used to be about 80 per cent.
8. There’s a whole side of the moon we don’t get to see, because it has an infuriating habit of rotating on its axis as it orbits the Earth. But NASA one-upped it in February, launching the Deep Space Climate Observatory (DSCOVR) satellite a couple of million kilometres past it so we could see its dark side. Are you ready? Here:
And you can watch the video on YouTube.
9. The great video ripoff. We noted yesterday how Cristiano Ronaldo grabbed a lazy 30 million views in 24 hours by posting a promo video for his headphones range on Facebook. The same official video struggled to draw just 1.5 million on YouTube. But Aussie comedy trio SketchShe aren’t so impressed with Facebook video, particularly one page which ripped their “Mime Through Time” video and pulled 200 million views. (SketchShe could only cash in on 29 million YouTube views.) It’s called “freebooting”, and, well, it’s a plague on both sites. And the entire internet.
10. Can you eat food after the “Best Before” or “Use By” date? US authorities say yes, so if you’re okay with that, here’s a bunch of tips about which foods you can push well past the limit, and one that you absolutely shouldn’t.
BONUS ITEM: Well, for two oyster fans at Bondi’s Iceberg’s Dining Room, who’ll get to buy these 11-year-old, 1.8kg oysters once chef Monty Koludrovic knows what to do with them. There’s 320g of snotty meat in them – more than an average steak.
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