1. Glencore has pushed its Rio Tinto takeover aside. The Swiss-based miner and commodities trading firm said it reserved the right to make a future bid for Rio Tinto, comments which activated Britain’s Takeover Code, meaning Glencore now cannot make another bid for six months. Bloomberg yesterday reported Glencore had started crunching numbers on the deal which would have seen a $180 billion merger creating the world’s biggest mining company. Glencore admitted it made an inquiry; Rio told the market its board didn’t like the idea. But there’s some saying this is exactly how Glencore CEO Ivan Glasenberg wanted it to play out.
2. In Asia yesterday, the Nikkei fell 0.67% after rallying from early lows. The BoJ decision and Governor Kuroda’s speech to Parliament left traders cold, with an afternoon selloff accompanying the rally in the yen.
3. The Aussie’s holding steady. The yen rally is entirely normal given the circumstances, but the reversal of the US dollar’s fortunes against the other majors is more a reaction to the full pricing of expectations for the moment. Looking at the Aussie dollar, don’t believe reports that it was the RBA which helped drive the AUDUSD higher – that is not the case. Rather it was the USD move and the yen specifically which took the Aussie with it and it sat above 88 cents at 0.8813 this morning.
4. There’s no Australian data of note – or indeed, European data – today, but the release of the Chinese HSBC and Chinese PMI will be closely watched.
5. Golden Week was anything but. Macau watchers were hoping that Golden Week — the Chinese celebration of the formation of the Communist Party and the People’s Republic of China — would bring revenue back to world’s largest gambling center. Sadly, Wells Fargo estimates gambling revenue was down a massive 33% from last year. Because of that, it expects Macau’s October gambling revenue to fall 20%-23% from last year – worse than the worst months of 2009, when revenue fell 18%. This is the continuation of a troubling trend.
6. Pirates boarded Kerry Stokes’ yacht. The media magnate and his family were on a scuba-diving holiday off the east coast of Papua New Guinea when three locals armed with “bush knives” boarded their 36-metre yacht. The Stokes family were not on board, although their Papuan New Guinea crew were left with the job of facing off against the pirates. Fortunately, there were no injuries and the pirates made off with some food and diving equipment.
7. Australia’s best place to live. And the winner is… the ACT. The OECD doesn’t care about shiny bums, roundabouts or legal porn – if you want a high-paying job with great access to services and a safe, pleasant living environment, it says look no further than the nation’s capital. The report focused on nine measures to gauge well-being; income, environment, housing, jobs, health, education, safety, access to services and civic engagement. The ACT’s average income was the highest of any state or territory in Australia and ranked among the top 4 per cent of the 300 global regions identified by the OECD. It’s still boring.
8. Sydney’s most polluted beaches. If you still insist on living in Sydney, this report by the Department of Environment’s Beachwatch water quality monitoring service examined 94 of its beaches and estuarine sites. About 90 per cent were ranked “good” or “very good”, but eight were found to be unsuitable for swimming. No surprise to find Foreshore Beach next to Sydney Airport’s third runway heading the worst list. It was closed earlier this year after the water turned orange. Northern beaches dominated the best list. You can find them all here.
9. Coopers is not for sale, ever. The iconic green label belongs to the last big family-owned brewery in Australia and Coopers wants it to stay that way. So much so it has has changed the company’s articles of association to make it harder for a hostile takeover. An amendment to the constitution means a premium bid by someone not currently a shareholder must be ignored when determining the value to all existing shareholders. Just in case you needed another excuse for a cool, cloudy one.
10. Are you living the dream? Here’s 15 people who prove that it’s possible to land a job where pay is just a bonus. You’ll get to meet Robert Uy, who spends his entire day making sure each one of the Burj Al Arab’s luxury beds are comfy enough.
Now get back to your cubicle.
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