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The Big Picture
Property auctions plummet as sellers go private. Over half of Australia’s auction-hopeful homes are flipping to private sales before their auction dates as buyers exit the market. With another rate hike on the horizon for September and banks predicting double-digit declines in property prices, buyers remain on the sidelines, leaving sellers unable to fetch higher prices via auctions. (AFR)
Oil price jump delivers worst ASX session since March. The ASX 200 fell 1.4% after oil prices crossed the hundred-dollar mark and settled at US$101 after the US and Iran traded missiles earlier this week. The two largest companies on the ASX, BHP and Commonwealth Bank, fell 3% and 2%, respectively. (ABC)
US$6bn bond bailout fails to fix soaring yields. US Treasury Secretary Scott Bessent cautioned investors betting against US bonds after the Treasury spent US$6 billion buying back treasuries in an effort to drive down borrowing costs for the government. Investors called his bluff and the bond sell-off continued, sending yields on 10-year treasuries to a three-year high of 4.85%. (AFR)
Aussie dollar rises on hawkish RBA comments. RBA assistant governor Sarah Hunter said the central bank was concerned about inflation. This was echoed by deputy governor Andrew Hauser, who said inflation was the Australian economy’s “one big problem”. The comments make a September rate hike look more likely and boosted the Aussie dollar to a four-month high of US$0.7233. (AFR)
Labor proposes social media algorithm off-switch. Labor’s “Digital Duty of Care” draft laws would require online platforms to reduce harm caused by social media, including an option to opt out of algorithmically recommended content. Violators would face fines of over $100 million. (ABC)
Companies in the news
Ternus era begins at Apple with new $3,500 foldable iPhone. New CEO John Ternus debuted the iPhone Duo, Apple’s first foldable smartphone. In Australia, Duo prices range from $3,500 to a staggering $5,900 as an industry-wide memory shortage has led to prices rising across Apple products, though the increases are not as severe as analysts expected. (FT | Apple)
Software stocks drop on OpenAI’s strong Astra launch. Salesforce, Intuit, and ServiceNow have seen their stocks fall 8%, 9%, and 10%, respectively, since OpenAI launched their new Astra model last Thursday. Astra can perform end-to-end workflows across professional software programs, potentially disrupting traditional software economics. (BT)
NextDC investors demand more in new debt deal. The Australian data centre firm will raise $1.1 billion via convertible debt as the company looks to fund its buildout. The convertible debt can be converted into NextDC shares and carries a lower interest rate than their typical debt. NextDC is looking to reduce its interest costs, which have risen across the AI industry as investors demand higher interest for what they see as risky debt. (Capital Brief)
Porsche offloads €1bn Bugatti stake after 98% profit fall. The German automaker sold its 45% stake in Bugatti Rimac and 21% stake in Rimac Group as it looks to meet pension obligations and supplement cash flows, which have been hammered since Porsche’s profits fell 98% from €5.3 billion to €90 million in 2025. (Reuters)
Google makes record €13bn AI investment in Finland. The tech giant will purchase half of the electricity from a Finnish nuclear power plant and build three new data centres in Finland as part of a €13 billion AI investment package, which is Google’s largest investment in Europe. (BBC)
Xero apologises for influencer blunder. A UK social media influencer published a sponsored post flaunting that she was able to connect Claude to the cloud-based accounting platform and replace her expensive accountant. Xero’s main customers are accountants and bookkeepers. (FT)
We’re hosting legendary investor Bill Ackman for FinFest 2026. Get your tickets today!
He’s one of the most influential fund managers in the world, and we’re happy to announce he’s joining the star-studded list of gusts for FinFest. Bryce and Ren will sit down with Bill Ackman, founder and CEO of Pershing Square Capital, for an exclusive pre-recorded conversation to be aired at FinFest 2026.
Bill is going to be sharing his views on markets, investing, and where he sees opportunities in the world. This is your chance to catch the exclusive interview.
Aussie NFL fans spend big on Melbourne matchup
Five months ago, when tickets went on sale for the highly anticipated inaugural NFL match in Melbourne, they were nearly sold out in under half an hour. Now, the cheapest tickets available on the official resale site are $650.
Despite AFL finals in Melbourne, the NFL has taken over the capital of Victoria, which reportedly paid over $10 million to secure the match at the MCG. The NFL is ramping up its international exposure, with flag football and international matches attracting eyes around the world to America’s game. (Guardian | BBC)
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Ask An Adviser: Under-40s’ Portfolio Mistakes
Financial adviser Glen Hare from Fox & Hare answered community member Kelly’s question on common mistakes made by young investors.
What's the most common portfolio mistake that you see in clients under 40 and how do you try and fix that?
Glen: There's two that I see regularly. The first is ownership structure. Typically the individual in a relationship that's more interested in investing is typically the higher income earner and they start investing in their name.
Why is that an issue? Well, any income that they generate is going to be taxed at a high marginal tax rate, capital gains at a high marginal tax rate. However, if they had that investment in their partner's name, it would be taxed at a lower marginal tax rate.
The second common mistake is just heaps of overlap, like people buying whole bunch of random ETFs or shares and then you kind of look under the hood and you're like, "Well, this one's invested in this one, this one's invested in this one." And there's just a lot of unnecessary overlap, which comes with transactional costs and additional management fees.
Want to work with an adviser like Glen to avoid early investing mistakes ? Fill out the form on our website and we’ll match you with one of our hand-picked advisers to help you get started.
After a decade of Elon Musk’s promises, Tesla launched its purpose-built robotaxi. Will they help Tesla catch up in the race for autonomous driving? We’ve done some digging in our recent article. (Read the article here)
