Here’s what you need to know today

• Feeling the effects of higher interest rates and the work-from-home trend, the valuations of Australian office buildings are plummeting. One estimate has prices falling more than 10% in the past 6 months. This isn’t just an Australian problem, one estimate out of the US predicts that office vacancies could hit 24% by 2026.
  
  

• It’s a big day in Britain today as the UK head to the polls. It is almost guaranteed that Rishi Sunak’s Conservative majority will be wiped out after 14 years in power and Labour’s Keir Starmer will be Britain’s next Prime Minister.
  
  

• ASX-listed online bookseller Booktopia has gone into voluntary administration as sales declined and it struggled to service its debt. Booktopia IPOed in 2020 at $2.30 and last traded at $0.045
  
  

• Tesla announced second quarter sales fell 4.8% year-on-year. This was actually better than analysts were expecting as the EV industry manages price cuts amidst increased competition. Tesla’s share price actually rose 10%.
  
  

• Pharmaceutical giant Eli Lily announced regulator approval for their Alzheimer’s drug, donanemab. Alzheimers drugs often struggle to get approved because of low success rates and high side-effects. This drug slows the progression of Alzheimers, which is the most common cause of dementia.
  
  

• The effect of this week’s Supreme Court ruling on Presidential immunity are already being felt. The judge who oversaw Trump’s hush-money trial - found guilty on all 34 counts - delayed sentencing while he considers whether the Supreme Court’s ruling applies to this case. 
  
  

• America’s defense secretary, Lloyd Austin, told his Ukrainian counterpart the US would “take steps to build a bridge to NATO membership for Ukraine” as he announced $2.3 billion in further aid for Ukraine

What the…?

Apple’s push into the virtual reality started with a lot of fanfare but has so far been lacklustre. Sales of the Vision Pro headset have been disappointing. One analyst thinks Apple’s plan to resuscitate it’s virtual reality efforts will centre around adding cameras to their AirPods earphones by 2026.

If you’ve ever wondered how animals with eyes on the side of their head see differently, you may not be waiting too long.

A little better everyday

Here’s what you can learn today

Why are there no ASX dividend aristocrats? 

One of the most common themes we’ve been seeing in our Facebook Discussion Group lately is investing for income. As interest rates have risen and growth stocks have fallen back to earth, it seems many investors are searching for more consistent income from their investments.

In the United States, there is a group of companies known as the ‘Dividend Aristocrats’. They are companies in the S&P 500 index that have raised their dividend every year for at least the past 25 years.

25 years is a long time, and you wouldn’t expect too many companies to make the cut. However, there are 67 companies that currently meet the criteria. For American investors looking for reliable dividend paying stocks, this list of companies is a good place to start.

This article asks why there is no equivalent list of dividend aristocrats on the Australian stock market.

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