Good morning and welcome to your week.
1. Grexit is a real thing. Germany all but confirmed it wants Greece out of the EU by pushing for it to take a “temporary time-out” for five years in the Eurogroup’s latest offer. The Greek government thinks it’s a “very bad” offer, and forex trade opened at 5am in Sydney today with the euro under pressure. It also means that even with the Chinese stock market crash halted for the moment and with solid leads from the US and Europe, it’s not looking good for the local market.
2. One thing worth noting is even though there was some US dollar weakness on Friday night, the Aussie dollar seemed to languish. That, Greg McKenna says, “suggests a paradigm shift in thinking toward the Aussie” as banks and investors increasingly downgrade their outlook.
3. Forget about the Chinese stock market crash, says Silvercrest Asset Management’s chief strategist Patrick Chovanec. The problem, Chovanec told ABC’s “PM”, is that mining companies built out their capacity in thinking Chinese demand for their product was infinite. Now it’s obvious it isn’t, and we’re stuck with oversupply and and a deterioting budget bottom line. Here’s what he says the Chinese stock rally, bubble and burst tell us about the deeper issues within the Chinese economy.
4. Novak Djokovic won his third men’s singles title at Wimbledon, seeing off seven-time champion Roger Federer in four sets. But Federer showed his incredible durability to trade blows in the longest tie-breaker in a gent’s final at Wimbledon since Pete Sampras and Patrick Rafter went 12-10 in the first set in 2000. It went for 17 minutes and saved Federer from going 2-0 down. Tennis fans will love this 27-shot rally:
5. The 10 most expensive properties sold in Sydney this year pulled a combined $250 million from the pockets of celebrities, CEOs and Chinese billionaires. In the words of RBA governor Glenn Stevens, “crazy”. Here they are, from the $39.9 million Point Piper villa, to the gorgeous $16.2 million penthouse above The Rocks.
6. Drugs are bad, hmmkay? But prison escapes by drug lords can still be cool. Especially when the man on the lam is “El Chapo”, the world’s most dangerous drug trafficker, and his getaway vehicle from a high-security prison in Mexico is a motorbike… on rails. It’s El Chapo’s second successful escape and this time he soaped up and slipped down a 45cm tunnel under his shower to the waiting bike. (Did we mention it was on rails?)
7. The book from the man behind @GSElevator is out, but before you get too excited about the salacious, decadent lives of Wall Streeters working in Hong Kong, know this – John LeFevre hangs like the vast majority don’t. His mates say he’s an extra wild, extra extravagant outlier who partied harder than most, crashed luxury cars and generally pushed the envelope. Which, of course, still makes “Straight to Hell” a great read, according to Linette Lopez.
#1: Some chick asked me what I would do with 10 million bucks. I told her I'd wonder where the rest of my money went.
— GSElevator (@GSElevator) November 12, 2013
8. Comic Con San Diego is a spectacular nerdfest celebrating all the latest superhero and pop culture news. The main event is the fans who dress up, and we’ve got the 66 best cosplays right here. But the dedicated few get to see very early release trailers and try to sneak footage out and this year we’ve seen the big three from Warner Bros – “Deadpool”, “Batman vs Superman” and “Suicide Squad”, which stars Australia’s Margot Robbie and Jai Courtney, the first Joker since Heath Ledger’s and a hauntingly gorgeous version of the Bee Gees classic “I Started A Joke”.
9. Ever wonder why Hollywood studios make films for $100m, pull $500m from the box office and still go broke? Here’s the eye-watering number you’re looking for from Bloomberg regarding “Minions”, which, despite being an awful mess, just scooped the second-largest animated opening in history:
“…the publicity and promotion for the film was nearly $US600 million”
10. The co-founder of $2.8 billion startup Slack, Stewart Butterfield, once asked every new hire three simple questions. They usually got two right – “What is 3 x 17?” and “What century was the French Revolution in?” – but Butterfield was astonished by how many people got the other, “head-smackingly easy” question wrong. (Now he just asks them what they want to be when they grow up.) See if you can answer it.
BONUS ITEM: The other great feature short from Comic Con:
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