Good morning. Embrace your inner bogan.
Futures don’t indicate much of a day locally. But given energy stocks were a key driver of the gains yesterday there could be some give back. Likewise, iron ore on the Dalian exchange dipped a little as well. So we’ll see if the proximity to 6,000 is once again going to be too much for the ASX to break.
Something big happened yesterday in Chinese stocks. After months of lacklustre trade between the Shanghai and Hong Kong stock exchanges, mainland investors filled the the entire 10.5 billion yuan daily quota buying Hong Kong stocks. That’s hardly surprising given that Shanghai is up so far, so fast, but it augurs well for a continued surge in the Hang Seng while mainlanders bargain hunt. There’s some caution to be noted in a) The fall in the rate of monetary growth and b) A potential bubble in Chinese tech stocks.
The euro eventually fell below the uptrend line that has constrained it since the lows last month, a bearish signal and in trade this morning the EURUSD sits at 1.0779. The yen is back above 120 and the Canadian dollar above 1.25. Given all that, the Aussie did really well to be up 0.66% from this time yesterday at 0.7686.
Microsoft, Apple and Google faced a senate inquiry into tax avoidance in Australia yesterday, and it was a robust afternoon of discussion, to say the least. Google Australia’s MD Maile Carnegie arguably came out on top, shooting down a plea by Labor’s Sam Dastyari for them all to stop shifting their taxes to Singapore because morally, it’s the vibe. Carnegie replied:
When I think about morality I don’t think about it in terms of geographic boundaries. I also think it’s a very qualitative statement. If I asked each one of you what is the appropriate and morally right tax to be paying, I would probably get as many different answers as there are [senators] sitting up on the table.
The inquiry is ongoing. Next up, it’s the mining giants.
Nyngan wants to build a Big Bogan. The local Anglican reverend pitched the idea to the local council’s engineering services manager and suddenly the whole town’s behind its giant 3.6m, thong-wearing, fishing mascot. Here’s the mock-up presented to budget estimates:
It’s clearly a winner – Nyngan is in the heart of Bogan Shire, after all. By the Bogan River.
Greece’s next major debt repayment to the IMF is due today! It’s worth €460 million ($US499.44 million), and though most analysts think it will be made, there’s almost no way the government can go much further without the latest package of bailout money. Mike Bird has the skinny.
World leaders taking selfies. We promise there are no selfies of world leaders in this post… but there are 14 pics of world leaders taking selfies and an excellent critical analysis of their style. Obviously, the Brit PM is awkward. And had the flash on during the day.
How Australia’s rich manage their money. The ATO’s submission into the senate tax inquiry gave away this revealing stat about how Wealthy Individuals (WIs) and High Wealth Individuals (HWIs) shuffle their cash around between trusts and partnerships and SMSFs. WIs (worth more than $5 million) funnel their cash through an average of 12 entities. HWIs, those Aussies worth more than $30 million, have more than 50. If you’re lucky enough to be managing their cash, that’s one hell of a referral scheme you’re onto.
So you think you’re using all your credit card and frequent flyer points properly? You’re still not a patch on this guy who has gamed the airline industry so he never has to pay for a flight again.
BONUS ITEM: BI just got even betterer.
Pleased to announce that from Monday I'll be joining the team at @BusInsiderAU as their new global markets and economics reporter.
— David Scutt (@David_Scutt) April 8, 2015
Have a great day.
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