1. Wages growth data at record high
Wages growth data is at a decade high but less than was expected, so what does this mean for interest rates?

Average private wages for the June quarter were up 3.8% but for the year the rise was a weak 2.6%. That June rise has some economists arguing that it will force the Reserve Bank to take the cash rate from the current 1.85% to 3%. Meanwhile, the CBA has the cash rate at a lower 2.6% by year’s end and these wage numbers haven’t changed their forecast.

2. Shop-til-they-drop alive and kickin’
Rising interest rates might be spooking those with home loans but a leading retail group says consumers are still spending freely. Martin Heraghty is CEO of Super Retail Group that owns Supercheap Auto, Macpac, BCF and Rebel Sport. He says Aussie shoppers are being buoyed by the high level of savings, post-pandemic and the 50-year low level of unemployment. And this shop-til-you-drop consumer is showing up in the profit stories of businesses such as JB Hi-Fi, Autobarn and others. How come? Well, only a third of households have a mortgage.

3. Latest job number out today
On unemployment, we get the last reading on the jobless rate today and if it’s good it could be bad for those with a home loan. With unemployment hovering at historical lows of 3.5%, any drop in the jobless rate will mean there’ll be more pressure on the Reserve Bank to raise the cash rate of interest, which then drives home loan rates higher. Economists think the unemployment rate will stay the same at 3.5%, but if it comes in lower, headlines will be screaming about higher inflation and interest rates in the pipeline. Good job news will be bad for anyone praying for not many more rate rises.

4. Apple aims for September 7 as new iPhone release date
Apple has announced its plans to host the launch event for the new iPhone 14 product range on September 7.

“Apple is updating its flagship product at a precarious time for the industry. Smartphone sales have begun to flag as consumers cope with inflation and a shaky economy. But Apple appears to be faring better than its peers: The iPhone sold well last quarter, and the company has signalled to suppliers that it doesn’t foresee a drop-off in demand,” the AFR reports.

5. ASX futures trend downwards
ASX futures were down 13 points or 0.18% to 7019 near 6.30am AEST, with the AUD -1.2% to 69.37 US cents.

On Wall St: Dow -0.5% S&P 500 -0.7% Nasdaq -1.3%.

In Europe: Stoxx 50 -1.3% FTSE -0.3% CAC -1% DAX -2%.

10-year yield: US 2.90% Australia 3.27%.