Good morning! It’s jobs day in Australia. Here’s what you need to know…
1. Australia’s employment report for May is out this morning at 11.30am AEST. After a crash in consumer and business sentiment around the federal budget, the market will be looking for evidence in this number that those leading indicators are mood swings – not kidding – rather than something translating into real decisions by businesses to start sacking people, or postpone hiring. The market median expectation is for 10,000 jobs added for the month. We’ll have live coverage of the number and analysis when it’s out.
2. Sentiment in Australia has stabilised but remains in a slump, according to surveys from ANZ and Westpac which now show there hasn’t been much of a bounce from the big plunge associated with the federal budget. The Westpac index rose from 92.9 in May to 93.2 in June and the ANZ-Roy Morgan survey, which we’ve been describing as the scariest chart in Australia, was flat in its weekly update yesterday.
3. To the markets and a downgrade to the global growth outlook from the World Bank triggered some selling: stocks in the US came off a little with the Dow losing 0.6% to finish at : 16,843.88. The S&P 500 was down 0.35% and the Nasdaq lost 0.14%. New Zealand has raised its key interest rate by 25 basis points this morning.
4. The Uber valuation. Are you using Uber taxis? You’re part of an extraordinary global story. Business Insider editor-in-chief Henry Blodget writes today that he’s been told the 4-year-old taxi company is doing $US10 billion in gross revenue. The company keeps 20% of gross revenue and gives the rest to drivers, so that equates to $US2 billion in net revenue. And that revenue, Blodget writes, is reportedly doubling every six months. So a recent $US18 billion valuation suddenly doesn’t look so crazy.
5. American politics is in chaos following the shocking defeat of one of the rising stars of the Republican party, Eric Cantor, to Tea Party candidate David Brat in his district’s primary. Cantor has this morning announced he will be resigning his position as House Majority Leader next month. This has really rocked the Republican establishment – Cantor was leading by 34 points in internal polling just weeks ago – just as we’re about to get started on the selection process for the candidates for the 2016 presidential election. Watch this space.
6. The difference between 3G and 4G mobile connections is stunning – but we may be waiting some years before moving to the next level. The fifth-generation mobile connectivity platform may take another six years to come about, according to Ericsson’s Erik Dahlman – but when it does, it’ll be delivering 10GB per second to your phone. More here.
7. The World Cup excitement is building. But with less than 24 hours to go, here’s the stadium in São Paulo:
We’ve all had times when the relatives are coming around for dinner and the house isn’t in order…
8. A timely reminder on the incredible performance of Australia’s economy. CommSec’s Craig James has a report out this morning looking at what might happen if the tournament was played according to key economic metrics. Australia wins.
9. The season finale is coming. “Perhaps the finest hour” of Game of Thrones hits our screens next Monday. It’s a big call from the hit series’ producers David Benioff and Dan Weiss, particularly given the amazing run of Whoa Moments it’s had in Series Four. Monday’s finale – “The Children” – is a biggie, running to 66 minutes, and Benioff and Weiss say it’s their best series finales yet. There’s not much we can add to that without spoilers. Except this:
10. The truth about The Voice. Here’s why will.i.am really joined The Voice in Australia. “I have a label, through Universal, and it’s a great fishing pond, if you will, to find artists,” he told News Corp. The Black Eyed Peas frontman added that you’re kidding yourself if you think the actual best voice wins, because the viewers “always vote via emotions”. Finally, someone said it.
Have a great day. I’m on Twitter: @colgo
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