Morning sports fans,
Bad night in the markets..well, a little bit bad and expect that to spill over obviously here…am I teaching you to suck eggs..suspect so..anyway news from the World Bank about the Global downgrade due to chilly weather was enough to start the rot and the Tea Party’s success with a Brat against a Cantor seems set to cause Obama issues with his budget…so time to pause and pullback…Valuations are pretty toppy all round …however it’s hard to argue with free money and it will find a home..IPOs and M&A an obvious target..there’s those eggs being sucked again..
Locally our economy looks set for a period of consumer led hibernation..we have the second most expensive houses in the world ,our personal gearing is still worrying,the Government will struggle to get their “tough but fair” budget through,meanwhile the economy is falling into a hole.Our biggest two commodities are pretty stuffed as supply outweighs the demand and the Aussie dollar is sucking in overseas punters quicker than an ABC High interest Ponzi scheme…the dollar is heading for parity according to some commentators now…meanwhile the RBA looks less relevant than ever as they are holding the line whilst the banks compete like billio on cutting headline rates…ask your bank for a cheaper home loan and see how you go…
Idea of the Day
I am cautious still..it’s tax planning time and the true dogs of the market will be ticked down by the trickle of tax loss selling…once the dust has cleared in July there may be some bargains…
More than happy to remain a little cashed up at the moment whilst we are going through this sideways to down period…
Things to make me go mmmmm!!
Tony has worked out with Hugh Jackman in NY!!!
Jobs data today from here too
I was flabbergasted…in fact never has my flabber been so gasted when I heard that the head of the Aussie Post Office earns $4.8m a year..are you joking!!!!And he has worked out that the era of the letter is coming to an end..so let’s sack some people…$4.8m and that genius pronouncement…the world really is crazy…Moya Greene who runs the Royal Mail must be pretty envious as she only earns 1.2m pounds…this is such a great game..benchmarking executives against each other and saying they need to compete..it just keeps ratcheting up as the boys all help each other climb the salary pole…these numbers are truly obscene..rant over!
Still this puts it into perspective with the World Cup stars wealth..
1. (Portugal) Cristiano Ronaldo • $230m
2. (Argentina) Lionel Messi • $180m
3. (England) Wayne Rooney • $95m
4. (Cote d’Ivoire) Didier Drogba • $90m
5. (Cameroon) Samuel Eto’o • $75m
6. (Cote d’Ivoire) Yaya Toure • $70m
7. (England) Frank Lampard • $60m
8. (England) Steven Gerrard • $55m
9. (Spain) Fernando Torres • $50m
10. (Italy) Gianluggi Buffon • $50m
Is it just me or does the system seem headed for another shock….may not happen tomorrow..may not be next week but can’t help feeling we are repeating the mistakes of the past…we seem to be back in the greed cycle with cheap money fuelling a testosterone induced collective investment bank stampede…the world has thrown so much money at the issues..borrowed money that is or printed money and still we have had 3 years of pretty ordinary growth and unemployment is shocking in Europe still and 47m in US on Food stamps…is this really a world we want?
52.5 million homes stand vacant in China… there are 112 million total occupied housing units in the US and 18.7 million vacant…
Not sure this was the Cabbies intention but as Cab drivers around Europe and the UK went on strike … “Uber said it experienced an 850 per cent increase new users today as cabs staged a protest that brought gridlock to the London city centre.”
Nexus have gone into a trading halt today in advance of their meeting to approve the rescue package from Seven …looks like a huge game of chicken…expect administration if the deal doesn’t go ahead..probably won’t…
Almost $3 billion has been wiped off the market value of James Packer’s Macau joint venture in one week as investors worry that the World Cup, a Chinese crackdown on credit, and smoking bans could end the gaming mecca’s golden run.
Deutsche Lufthansa AG, the German airline, tumbled 14 percent after lowering its earnings forecasts for this year and next.
Now this is a sign surely…Iraq’s 2028 Eurobond fell the most in almost a year, sending the yield 39 basis points higher to 6.84 percent….the way the country is going it wont be around in two years let alone 2028!!!Think I would need more than 6.84% to lend to country where the second biggest city has just been overrun by terrorists…lucky Jeb Bush may have a run at President..he can keep it in the family and invade again!!!!
In the UK George Osbourne,think a better looking Jokin Joe, has said Rigging the foreign exchange, bond and commodity markets could become a criminal offence, the government will warn the City on Thursday as part of its latest effort to clean up the financial markets after a wave of scandals and allegations relating to key benchmarks. Remember LIEBOR!!
Ukraine rejected a Russian proposal for the price of future natural-gas deliveries as European Union-brokered talks in Brussels ended without an agreement.
Look the power of WOW as they levy farmers to pay for the Jamie Oliver marketing campaign…not sure this is entirely a nice thing to do…suspect the ACCC will be having another look at the power of the big two supermarkets and how they treat their farm suppliers…would be tough enough the farm game with having to pay for Jamie Oliver too!!!Still luvly jubbly for him!
I was in the pub the other night and overheard three very hefty women
talking at the bar.
Their accent appeared to be Scottish, so I approached and asked,
“Hello, are you three lassies from Scotland ?”
One of them angrily screeched, “It’s Wales, Wales you bloody idiot!”
So I apologized and replied, “I am so sorry. Are you three whales from
And that’s the last thing I remember!!!
The England football team went to an orphanage in Rio “it’s heartbreaking to see their sad little faces with no hope”, said Jose aged 6′
Have a great Thursday and bring it on!!
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