It was another week where geopolitics, markets and money collided.
United States President Donald Trump once again claimed peace in the Middle East was near while also calling off planned strikes, helping fuel a rally in shares, as Elon Musk's long-awaited SpaceX float captivated investors around the world.
Meanwhile, Australians are feeling less confident about the economy as the Reserve Bank of Australia (RBA) prepares to meet next week.
Is a peace deal imminent — again?
It's anyone's guess.
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Still, as a result of the announcement, the S&P/ASX 200 surged to a five-week high on Friday. In fact, it was the best one-day performance since April.
Matt Wacher, chief investment officer at Jana Investment Advisers, told SBS On The Money that it's difficult to discern what is an actual signal of a peace deal and what is noise.
However, following a few poor days for the markets, he said Trump's remarks helped shift sentiment and added to the excitement surrounding SpaceX’s market debut.
SpaceX goes public
This was one of the most-anticipated market debuts in a very, very long time.
Musk’s SpaceX has listed on the Nasdaq and will start trading on Saturday AEST (Friday local time).
The company raised US$75 billion ($106 billion) by selling 555.56 million shares at US$135 ($191) a piece, valuing it at US$1.77 trillion ($2.5 trillion).
That makes it the biggest market debut since Saudi Aramco in 2019 — but is the hype worth it?
Some analysts say it's overvalued. Morningstar, for example, values the company at US$780 billion ($1.1 billion) overall, or US$63 ($89.4) a share.
There are other concerns, too, including the company’s lack of profitability and the concentration of power. Musk maintains about 40 per cent of SpaceX's total equity, which gives him more than 84 per cent of the voting power.
While only 4 per cent of the company has been put on the market, many people will get some exposure through super funds that track the US market.
Ultimately, time will tell if SpaceX can justify its sky-high valuation.
Where's the wisest place for your savings?
According to the Westpac-Melbourne Institute Consumer Sentiment Survey for June, property is losing its appeal.
In fact, just 4.5 per cent of the 1,200 respondents think it is a wise place to invest.
That's the lowest reading in the survey's 52-year history and well below the historical average of 24 per cent.
Bank deposits and paying down debt were viewed more favourably.
That's as overall consumer confidence fell to 80.6. Anything below 100 suggests that pessimists outnumber optimists in their perceptions of the economy and their finances.
The survey is closely watched by the RBA, leaving the board with much to consider at its meeting next week.
So what will happen to interest rates?
The broad expectation is that the board will leave the official cash rate on hold at 4.35 per cent.
In fact, markets say it's a 100 per cent chance that there will be no change.
That includes the chief economists at the 'big four' banks — they all predict the RBA will leave rates on hold for the rest of the year, except Westpac, which is still pricing in two rate hikes this year.
On Friday, ANZ updated its forecast to include two rate cuts in 2027.
The economics of a World Cup
The 2026 FIFA World Cup is officially underway, and it's hoped the winners will extend beyond the football field.
The tournament is likely to generate $40 billion in economic value, according to Mark Andersen from the Global Asset Allocation team at UBS' chief investment office.
FIFA and the World Trade Organization say it could also support 800,000 jobs.
But while there are many fans, one of the biggest sticking points is the cost of tickets. Dynamic pricing, which is quite common in America, is demand-based and has resulted in group-stage tickets averaging between US$5,000 ($7,100) and US$6,000 ($8,500).
Younger fans, though, are expected to consume more on social media, with analysts from Bank of America saying regular engagement on those platforms could also translate to commercial value.
The bank says the final match could consume up to 7 per cent of global internet traffic.
You can, of course, watch all 104 matches of the FIFA World Cup 2026™ live, free and exclusive on SBS, SBS VICELAND and SBS On Demand.
That’s this week’s On the Money wrap. Prefer to listen? The On the Money podcast breaks down the latest every weekday. You can tune in here or wherever you get your podcasts.
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