🗞️ Roleplaying with AI

Good morning. If you've got a share portfolio you may want to avoid checking the values the same way you avoid checking your bank statement after a Saturday night out.

Over the last two days, fears of a US recession gripped global markets, triggering a share market rout that prompted investors across Asia, Europe and North America to all unwind their positions – at the same time. The ASX didn't escape, with $160B lost since Monday.

Hope you've had a better start to the week than your friend at Goldman Sachs.

All the headlines and more below…

PARIS OLYMPICS 2024

• Arisa Trew has become Australia's youngest ever medallist at 14, winning gold in the women's Skateboarding park event.

• Australia takes bronze at the velodrome in the men’s team sprint.

• In the men’s basketball, Serbia claimed a thrilling 95-90 overtime win to end the Boomers’ Paris Olympics campaign.

AUSTRALIAN NEWS

Key household costs have ignored RBA efforts to keep price rises under control over the past 2 years

• Key household costs like electricity and gas (+20%), insurance (+30%), and grocery staples (+18%) have surged more than the overall CPI. LINK

• The RBA kept interest rates steady at 4.35%, with no cuts expected in the next 6 months and expects inflation to return to its 2-3% target band by December 2026 due to increased government spending. LINK

• Australians will gain access to the US Global Entry program from late 2025, allowing expedited entry for frequent travellers under a new bilateral deal. LINK

• The Australian $4.2B cotton industry currently faces significant threats from diseases. LINK

• The NSW government will lease more office space as needed to accommodate the return of 80,000 public servants to the office. LINK

GLOBAL NEWS

What people are really asking AI chatbots and what topics are most discussed

• An analysis of AI chats in English revealed that 21% of users employ chatbots for creative writing, 18% for homework help, 17% for search, 15% for work and 7% for coding. LINK

• The IMF said it was "fully committed to Bangladesh and its people" after protests ousted the prime minister. LINK

COMPANY NEWS

Coles boss banks on efficiency gains from new warehouse

• Coles expects better product availability and higher sales following the opening of a new high-tech automatic distribution centre in western Sydney. LINK

• Mosaic Brands (Katies, Noni B) has entered "safe harbour" as it works with Deloitte’s distressed advisory division to navigate a challenging period. LINK

• Google has been ruled by a US federal judge to have illegally monopolised the online search market by spending $26B to make its search engine the default option on devices. LINK

• Dove has outpaced Unilever’s growth in ANZ by effectively combining purpose-based and functional marketing, driving sales of its deodorant and body wash products. LINK

• Rex Airlines owes money to 4,450 creditors, including over 1000 employees and 185,000 customers due to flight cancellations. LINK

• Treasury Wine Estates will divest former brands like Lindeman’s, Wolf Blass and Yellowglen to focus on its luxury portfolio - Penfolds and Napa Valley labels. LINK

• Nvidia used videos scraped from YouTube and other sources to compile training data for its AI products. LINK

• Microsoft will now prioritise security as a core focus in employee performance reviews following a series of high-profile breaches. LINK

• Westpac announced the immediate closure of its RAMS Financial division to new home loans after an unsuccessful sale attempt, ending the brand's 33-year history in Australia. LINK

• Pfizer announced a $150M investment in its Melbourne plant to combat antimicrobial resistance. LINK

• X to close its flagship San Francisco office due to changes in California's policies on gender identification notifications in schools. LINK

• InterContinental Hotels Group reported a 3.2% rise in revenue per available room in Q2, driven by a strong rebound in the US, offsetting weaker performance in China. LINK

• CrowdStrike faces a class action lawsuit after last month’s global computer outage disrupted flights, banks, hospitals and emergency lines. LINK

• Woodside Petroleum lost nearly $2.6B in market value as investors questioned the returns on its $3.7B acquisition of a lower-carbon ammonia project in the US. LINK

• Mineral Resources is cutting ~100 white-collar jobs in Perth due to the closure of high-cost iron ore mines and scaled-back lithium expansion plans in WA. LINK

• KnowBe4 cybersecurity firm accidentally hired a North Korean hacker. LINK

CHART OF THE DAY

How people use AI chatbots

TRUE OR FALSE?

It’s Game Time

True or False: With all that Olympic action we're asking True or False Fitness & Health questions today. If you get 5/5 you can treat yourself to a muffin:

1. True or False: The recommended daily step count for adults is 5,000 steps.

2. True or False: F45 is a popular fitness franchise that originated in Australia.

3. True or False: The Australian Dietary Guidelines recommend eating five servings of vegetables per day.

4. True or False: Australia has one of the highest rates of skin cancer in the world.

5. True or False: Pilates was invented in Australia.

Answers below

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ANSWERS

1. False - The recommended daily step count for adults is 5,000 steps (10,000 is the goal).
2. True - F45 is a popular fitness franchise that originated in Australia.
3. True - The Australian Dietary Guidelines recommend eating five servings of vegetables per day.
4. True - Australia has one of the highest rates of skin cancer in the world.
5. False - Pilates was invented by Joseph Pilates from Germany.