10 things you need to know this morning in Australia

Spectators watch the big screen at Henman Hill as Spain’s Rafael Nadal plays against Luxembourg’s Gilles Muller. Muller won 6-3, 6-4, 3-6, 4-6, 15-13. Photo: Daniel Leal-Olivas / AFP / Getty Images

Good morning!

1. Rafael Nadal is out of Wimbledon, having lost to 16th-ranked Gilles Muller of Luxembourg overnight in an epic that went for almost five hours. The fifth set finished 15-13 to Muller.

2. It was another snoozefest on global markets overnight. Check the scoreboard:

  • Dow: 21,408.52 -5.82 (-0.03%)
  • S&P 500: 2,427.43 +2.25 (+0.09%)
  • AUD/USD: 0.7607 +0.0001 (+0.01%)
  • ASX200 SPI futures (Sept contracts): 5,676 (-1)

Nothing doing. Iron ore posted another gain and Ethereum got smoked. Today in Australia we get consumer confidence at 9.30am and the NAB business survey, which should provide some thought-starters.

3. It’s an environment that has traders looking overconfident. Global institutional investors are holding roughly 2.25% of assets under management in cash, the lowest since at least the start of the eight-year US bull market, according to survey data compiled by Citigroup. Here’s the chart:


The large decline in cash holdings shows “investors are chasing the tape and putting money to work,” Citigroup chief US equity strategist Tobias Levkovich wrote in a client note.

4. We’re not conservatives, says Malcolm Turnbull. The PM used a speech in London overnight to attack the Tony Abbott-led forces in his party, saying Bob Menzies deliberately avoided using the word when founding the movement. This surely needs to be brought to a head at some point. More here.

5. The next iPhone is coming, and a guy who precisely picked the top-of-the-range price for the Apple Watch has predicted the new phone could be very expensive — as much as $1300 for the basic model.

6. Weakness in the Australian consumer sector has been increasingly exercising economists — household consumption makes up well over half of GDP so if it’s weak, then the economy can be weak. This has been pressured in recent months, with out-of-cycle investor interest rate rises putting pressure on some people’s budgets. The good folk at Capital Economics have come up with a way of assessing the sectors that would be most at risk from a consumer downturn. More details here, but this is the list:


7. Daniel Craig will reportedly play Bond again. He once said he’d rather slit his wrists than play 007 one more time, but huge sums of money have a habit of being able to change your mind.

8. This week in crazy startup ideas, someone in China tried to take inspiration from bike-sharing services and do it for umbrellas. Result? People just kept the umbrellas — 300,000 of them. “Umbrellas are different from bicycles,” company Founder and CEO Zhao Shuping said. “Bikes can be parked anywhere, but with an umbrella you need railings or a fence to hang it on.” He added: “The startup is closed now.”

9. Meanwhile in Australia, an Adelaide-based startup (there’s a lot happening there lately) says it can grant a home loan in as little as 22 minutes.

10. We’re hiring. Business Insider Australia has two new positions: global news reporter and audience and platforms editor. If you think you’ve got what it takes, or know someone who does, get in touch.

BONUS ITEM: Hot tip — don’t put a suppressor on an M249 and then fire off 700 rounds. Because this is what happens:

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