10 things you need to know this morning in Australia

Hello, Friday! Here we go:

1. Winter is coming. The biggest cold snap in years is expected to arrive to eastern Australia this weekend, and forecasters say it will last until Wednesday. Snow is forecast for some Melbourne suburbs and in the Blue Mountains, west of Sydney. There are hailstorms expected in eastern Victoria and south-eastern NSW. The good news is the ski fields, if you’re planning on going there soon, are going to get a dump of around 50cm over the next week. What it means in the cities is it’ll be around 12C and you might need a scarf.

2. Greece has a plan. The beleaguered nation submitted its proposals for addressing creditors’ demands and a new three-year bailout structure ahead of deadline (!) this morning, Australian time. It’s just as well: Greek banks only have four days of cash left. BI’s Myles Udland points out that at first glance, it looks like Greece hasn’t offered up much. The market liked the news – here’s Dow futures:

S&P 500 futures were also up 12 points and Nasdaq futures were up 26.

3. So after a week of chaos there may be some order returning to markets. We’ve had days of uncertainty on Greece and China’s market future but with the free-fall arrested in China yesterday – Shanghai posted its biggest one-day gain since 2009 – and a Greek deal on the table, there’s hope for some sanity returning. The major US bourses were up around half a point in overnight trade.

4. China’s not out of the woods, though. “In our view, China is in the midst of a triple bubble, with the third biggest credit bubble of all time, the largest investment bubble (proxied by the investment share of GDP) and the second biggest real estate bubble,” Credit Suisse analyst Andrew Garthwaite wrote in a recent note. “This is occurring against a backdrop of near record producer price deflation, near record low growth in bank deposits (the main source of internal liquidity), FX outflows (the main source of external liquidity) and falling house prices (with property accounting for the majority of household wealth).” And now some people are worrying that people who borrowed against property to buy stocks could trigger a new sub-prime crisis.

5. Iron ore prices spectacularly rebounded overnight, with the spot price making its biggest one-day gain on record to recover from the previous day’s biggest fall on record. As David Scutt notes this morning, the ridiculous volatility in Chinese shares is spilling over into other asset classes. The big question for China – and for Australia when it comes to iron ore – is whether this is a dead cat bounce.

6. Bill Shorten has had a terrible week. How’s this for a front page after the royal commission yesterday raised some questions about his credibility as a witness:

Both sides of politics have been bleating about the implications of Shorten’s testimony this week. What’s dead certain is that the system of political donations is broken. Simon Thomsen has 9 key take-outs here.

7. China hacked 7% of America. It turns out that last year’s cyber attack on the Office of Personnel Management resulted in the personal details of 25 million Americans being stolen by Chinese hackers. It’s a mind-blowing figure and shows why political leaders are increasingly having to answer questions about data security.

8. Do you know your Apportunities from your 10x engineers? Here are 35 pieces of Silicon Valley lingo that the rest of the world won’t understand.

9. Facebook has introduced some big changes to the News Feed to make sure you don’t miss out on updates from important friends, fixing one of the big problems people had with the social network.

10. Ashes in the balance. Australia are 5-264 after seeing England off for 430 in the first Ashes Test in Cardiff. They’ll be frustrated: Rogers fell on 95 and Clarke, Smith and Voges all got into the 30s before being dismissed. Australia’s hopes now rest with one Shane Watson. Ugh.

Have a great weekend. I’m on Twitter, and you can sign up to get “10 things” in your inbox each morning using the form below.

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