Elon Musk could go drilling in the Blue Mountains with his Boring Company; a group of Hong Kong stocks geting demolished in late trade; Scott Galloway makes predictions about 2019; and Ukranian hackers use inside information to trade... poorly. Here's what's happening in markets today.
What I'm reading this morning
A very Boring proposition
Elon Musk said on Twitter yesterday that he'd drill a tunnel through the Blue Mountains for $750M.
Scott Galloway's predictions for 2019
Professor Scott Galloway, the Professor of Marketing at NYU who shot to fame in 2017 with his book The Four: The Hidden DNA of Amazon, Apple, Facebook, and Google, recently released his predictions for the year ahead.
Group of stocks in Hong Kong falls 75%+
Three Hong Kong listed companies fell over 75 percent, and another 10 fell 20 percent or more in a few minutes in late trade yesterday. Hao Hong, chief strategist with Bocom International Holdings said “It’s likely more similar stock crashes could happen this year."
A not-so-sure thing
The Ukranian hackers who broke into the SEC's database and stole company results before they were released still lost money on nearly one in four trades.
Stocks to watch
- Afterpay Touch Group (APT) provided a business update this morning. Growth in underlying sales was up 240% on pcp, while late fees as a percentage of total income declined.
- Sydney Airport (SYD) total traffic and domestic traffic fell in December 2018 vs pcp, though international traffic still manged a 3.7% gain. Total traffic for the YTD was up 2.5%.
- Rio Tinto (RIO) released Q4 production results.
- ASX Futures: 5814.5 (-0.1%)
- AUD/USD: 0.7188 (-0.07%)
- ASX200: 5850.1 (+0.26%)
- S&P 500: 2,635.96 (+0.76%)
- China A50: 10,802.58 (-0.48%)
- Australia 2-yr bond: 1.887 (+0.96%)
- Australia 10-yr bond: 2.315 (+1.31%)
- US 2-yr bond: 2.570 (+0.90%)
- US 10-yr bond: 2.750 (+0.78%)
- Gold (USD/oz): 1,291.90 (+0.02%)
- Copper (USD/lb): 2.697 (0.00%)
- Brent Oil (USD/bbl): 61.16 (-0.02%)
- 62% Iron Ore (USD/t): 75.1 (0.00%)
Upcoming releases and events
- HIA New Home Sales are due this morning at 11:30am
- Chinese GDP, Industrial Production, and Retail Sales are all due on Monday at 1pm
- The World Economic Forum starts next week at Davos in Switzerland.