10 things you need to know this morning in Australia


Good morning.

1. The S&P500 started lower but rallied into the close to finish flat, after UK and European markets both fell by more than 1% following the bloodbath on Chinese markets yesterday. US tech stocks got hit for a third straight day, with heavier falls in Snap, Atlassian and Tesla. After falling by another 4.35%, Tesla is now trading at its lowest level in 18 months. Meanwhile, ASX futures are pointing slightly lower, with the local market coming off its biggest fall in over six months. More from markets here.

2. The Australian dollar snapped its losing streak on Monday, registering its first gain in over a week. The AUD/USD had fallen to fresh multi-year lows earlier in the session on the back of a sharp plunge in Chinese stocks and yuan. At 8am AEDT, the Aussie was up 0.35% to 0.7076.

Investing.comAUDUSD Daily Chart

Meanwhile, Westpac says the worst of the Aussie dollar’s falls are over.

3. Top gong. The “father of climate change economics” and former World Bank chief economist have been awarded 2018’s Nobel Memorial Prize in Economic Sciences. Paul Romer and William Nordhaus were awarded the prize for their roles in changes to long-term economic forecasting. Romer was awarded for his work on the integration of technological change into forecasting, while Nordhaus received the prize for looking at climate change in economic modelling.

4. Melbourne just overtook Sydney as Australia’s weakest housing market. While home prices fell in every Australian mainland capital city last week, according to data released by CoreLogic, Melbourne’s median price has now fallen 4.4% this year, faster than the 4.1% drop recorded in Sydney. As Australian house prices continue to fall, some say key job market indicators will become “critical” if the Australian economy is to withstand falling house prices.

5. Plug and Play Tech Center, one of the world’s biggest startup accelerators, is coming to Australia and it’s searching for people who want to work with the world’s most promising material: graphene. It’s a super-strong, super-conductive material that has the potential to change our future. Think a carpet that tells you how much foot traffic is passing over it, or a water tank that knows it’s about to spring a leak. Cool, huh?

6. Climate scientists just put the world on notice that “rapid, far-reaching and unprecedented change” is needed to counter the impacts of global warming. In a report released by the United Nations body for climate change, the Intergovernmental Panel on Climate Change, yesterday it outlines what could happen if temperatures increased 1.5 degrees C above pre-industrial levels. Here are the key insights and actions points recommended in the report, courtesy of the Australian Academy of Science:

7. Thursday will be the final day of searching for survivors of the Indonesian tsunami. Officials say if missing people are not found by then, they will be presumed dead. As many as 5,000 are still missing. The deadly earthquake and tsunami which hit the island of Sulawesi killed 1,763 people, injured more than 8,000, and has displaced 62,000 people.

8. Google has closed down Google+ after The Wall Street Journal revealed that it had exposed personal-profile data of 500,000 users. Company managers decided not to disclose it for fear of the regulatory scrutiny it might draw following the Cambridge Analytica scandal at Facebook, according to The Journal. The news comes ahead of the tech giant’s massive hardware event which will be held on Tuesday, US time. Here’s everything we expect it to announce.

9. Khabib Nurmagomedov’s father said he would punish his son worse than the UFC after his submission win over Conor McGregor in Las Vegas – and it turns out he might not have been kidding. “I know my father is going to smash me,” Nurmagomedov said. The Russian forced McGregor to tap to a tight neck crank in the fourth round, but rather than celebrate, he jumped out the cage and nearly incited a riot.

10. The official trailer for the final season of Netflix’s House of Cards is here. It teases an intense season centered on Claire Underwood — and shows a country questioning its first woman president. Watch it below:

BONUS ITEM: This video of a French navy pilot flying over the sea is one of the most stunning and relaxing military videos you’ll ever see.

Have a great day.

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