1. The CommSec State of the States report has ranked Tasmania as Australia’s best performing economy, while Victoria has slipped to second. The ACT is the third best performing economy in Australia, while NSW is fourth, Queensland fifth, SA sixth, WA seventh and Northern Territory is eighth.
2. It is set to be a critical week for markets, particularly the Nasdaq (the US index which measures the performance of the world’s biggest tech stocks), as some of the world’s biggest tech firms (including Apple and Amazon) will report their earnings. The Nasdaq has been soaring throughout COVID-19. The earnings reports of leading companies like Apple and Amazon will clarify whether the high valuations on Nasdaq are justified or not. Watch this space!
3. Seafolly, the iconic swimwear business, which entered voluntary administration on June 29, is set to be re-bought by the same company just a month after the administration. L Catterson Asia (the owners of 70% of Seafolly) is set to outbid three rivals to re-acquire Seafolly, despite deteriorating sales.
4. Klarna, another buy now, pay later (BNPL) platform has made a strategic move in Australia by linking up with the Commonwealth Bank. With Afterpay (APT) a dominant player and Zip Money (Z1P) making inroads here and increasingly abroad, Klarna could be set to take market share from these BNPL players. Watch this space!
5. The Dow Jones closed down 0.68% to 26,469.89 on Friday. The S&P fell 0.62% to 3,215.63, while the Nasdaq dropped 0.94% to 10,363.18. We’ll be explaining these terms and why it’s good to understand what they mean if you want to learn about stock markets, as we develop our TILLY MONEY platform. Watch this space!
