1. Big week for Aussie stock market
It’s a big week for the local stock market with about a third of our top 200 companies set to do a profit show-and-tell. Stocks have been zooming back for the past two months driven by better profits, inflation and interest rate expectation news out of Wall Street. This week we get to see how well our big name companies such as BHP, JB Hi-Fi, Seek, CSL, AGL and more are performing. Thirty big-name companies have reported so far, with half beating expectations.

2. Also a big week for economic data
It’s a big week for economic data with unemployment reporting on Thursday, but what would be a good number? It’s a good question because usually a lower jobless number is seen as good. However right now with the unemployment rate at a 50-year low of 3.5% if that reading goes lower, it will be seen as pro-inflationary and could make the Reserve Bank keep pushing interest rates up even harder than is currently expected. A higher unemployment number will be better for those worried about paying their mortgage.

3. Business confidence up in July
Business spending shows rising interest rates haven’t spooked this important driver of the economy. The Westpac consumer sentiment reading is down 22% on a year ago, showing the RBA’s interest rate policy is working to slow down our retail spending that forces up prices and inflation. But the NAB business survey showed business confidence rose in July and business conditions are now at a 13-month high. This is good for ensuring the Reserve Bank’s tough interest rate policy doesn’t cause a recession.

4. AWU lashes out at Twiggy Forrest over hydrogen prospects
The Australian Workers’ Union (AWU) has targeted the likes of iron ore billionaire Andrew ‘Twiggy’ Forrest, claiming that their efforts to blacklist fossil fuel-based hydrogen energy “will cost investment and jobs, and cause Australia to miss out on a huge export opportunity,” the AFR reports.

The move follows the passing of a resolution at the AWU national conference in early August that supports the hydrogen industry in all its forms.

It calls on Australian governments “to reject a narrow green-focused hydrogen agenda” and instead prioritise the scaling-up of hydrogen this decade – “irrespective of type” – to maximise the opportunity for the hydrogen export economy.

5. ASX to rise as earnings season continues
ASX futures were up 39 points or 0.56 per cent to 6973, with the AUD +0.2% to 71.21 US cents.

On Wall St: Dow +1.3% S&P 500 +1.7% Nasdaq +2.1%.

In Europe: Stoxx 50 +0.5% FTSE +0.5% CAC +0.1% DAX +0.7%.

10-year yield: US 2.83%; Australia 3.42%.