PinnedTue 23 Jun 2026 at 7:30amTue 23 Jun 2026 at 7:30amMarket snapshotBy Daniel ZifferASX 200 futures: +0.2% to 8,831 pointsAustralian dollar: Flat at 70.00 US cents Dow Jones: +0.3% to 51,712 pointsS&P 500: -0.4% to 7,472 pointsNasdaq: +1.3% to 26,166 pointsFTSE: +0.7% to 10,437 points EuroStoxx: +0.6% to 639 points Spot gold: +0.7% to $US4,190/ounce Brent crude: -3.5% to $US77.95/barrel Iron ore: -0.4% to $US101.40/tonne Bitcoin: +1.5% to $US64,234 Prices current around 7:30am AEDT.Live updates on the major ASX indices:Tue 23 Jun 2026 at 8:52amTue 23 Jun 2026 at 8:52amGreenspan a master of 'Fed speak' ... and the clarinetBy Michael JandaReuters has a fascinating obituary of the Federal Reserve's second-longest-serving chair, Alan Greenspan.When journalists and analysts comment on central banks, we're often reading the tea leaves — apparently Greenspan was harder to read than most."What I've learned at the Fed is a new language called 'Fed speak'. We learn to mumble with great incoherence," Greenspan once said, according to the Reuters report."If I seem unduly clear to you, you must have misunderstood what I said."Alan Greenspan in 1989. (Reuters: Frederique Lengaigne/File Photo)He could speak in such a roundabout way that his wife, Andrea Mitchell, said she "just didn't get it" the first few times he proposed marriage.The couple dated for 12 years before they married in April 1997. It was the second marriage for both.Andrea Mitchell is the chief Washington correspondent and chief foreign affairs correspondent for NBC News, so they made quite the power couple in DC. Alan Greenspan and Andrea Mitchell in 1995, a year before their engagement.Greenspan said he did his best thinking in the bathtub, indulging in baths that sometimes lasted two hours as he read reports and wrote speeches and public testimony.Born in New York City on March 6, 1926, Greenspan was the only child of Rose and Herbert Greenspan. His parents divorced when he was young and he was raised in a small apartment in the Washington Heights section of New York with his mother and grandparents.Greenspan's first love was music and he spent two years at New York's Juilliard School studying the clarinet. He toured briefly with a swing band as a saxophone player before turning to economics studies at New York University.In his youth, Greenspan was a friend and associate of the novelist Ayn Rand, who espoused the supremacy of the free markets and the profit motive in books such as "Atlas Shrugged" and "The Fountainhead".Before his Fed years, he chaired the Council of Economic Advisers under President Gerald Ford in the 1970s.Alan Greenspan and his successor as Fed chair, Ben Bernanke, in 2007. (Reuters: Jason Reed/Files)Key EventTue 23 Jun 2026 at 8:41amTue 23 Jun 2026 at 8:41amWiseTech responds to Richard White reports after shares dive 18%By Stephanie ChalmersLogistics software firm WiseTech Global has responded to media reports that sent its share price spiralling lower yesterday, saying co-founder Richard White is not aware of a reported human trafficking investigation and denies all allegations.Nine newspapers reported the Australian Federal Police were investigating WiseTech's executive chairman Mr White.An AFP spokesperson yesterday told the ABC it "will comment at an appropriate time".This morning, in a statement to the ASX, WiseTech noted the media commentary."The media reports that the alleged investigation relates to Richard White in a personal capacity," it said."There is no suggestion in this media commentary of an investigation into WiseTech."The Company is not aware of any investigation as outlined in the article."The Executive Chair [Richard White] has provided assurance to the board that he is not aware of any such investigation and also confirmed that he emphatically and unequivocally denies any involvement in or with human trafficking."Shares in WiseTech plunged on Monday, down 18% to its lowest level in more than five years.The stock is now down 56% since January 1.Here's how it's tracked over the past 12 months:WiseTech one-year chart (LSEG Refinitiv)WiseTech said it would keep the market updated in accordance with its continuous disclosure obligations.Tue 23 Jun 2026 at 8:38amTue 23 Jun 2026 at 8:38amPayday super kicks in from July 1, 2026By Daniel ZifferPayday superannuation changes take effect from July 1, 2026, when employers must start to pay super contributions at the same time as staff wages.Adelaide Miller has done a great report about what it might mean.Analysis from the Super Members Council shows a typical worker could be $9,400 better off in retirement if their super is paid with their wages because the returns accrue and compound sooner. Super Members Council uses age cohort median wages for workers in employment for 40 years and includes breaks.The tax office is also cracking down on unpaid or late super contributions. The deputy commissioner of the ATO's payday super program, Emma Rosenzweig, says every year, about $6.2 billion goes unpaid in superannuation.Tax expert Rick Kimberley, from accounting firm RSM Australia, says the reforms will reduce the amount of unpaid super each year, but there will still be challenges. While most businesses support the introduction of payday super, 87% say it will put pressure on cash flow, with more than half citing customer payments as the biggest challenge, according to a survey from accounting platform Xero.The general manager at software company MYOB, Kim Owen-Jones, says about 60 per cent of small businesses pay their staff weekly, adding further pressure to cash flow. She says about 15 per cent of small businesses, about 400,000 companies across the country, are still unaware of the change taking place from July 1. Key EventTue 23 Jun 2026 at 8:25amTue 23 Jun 2026 at 8:25amFormer US Federal Reserve chair Alan Greenspan dies at 100By Michael JandaAlan Greenspan ran the US central bank for 19 years between 1987 and 2006, serving across four different presidents.US financial news service CNBC says he was the bank's second-longest-serving chair, only four months shy of William McChesney Martin, who ran the Fed from 1951 to 1970.Alan Greenspan with President George Bush Snr announcing his second term in July 1991. (Reuters: Rick Wilking/File Photo)As Reuters notes in its obituary, Greenspan was once hailed as the greatest Fed chairman, but then derided as being a contributor to the US subprime mortgage collapse and subsequent global financial crisis, due to leaving rates too low for too long after the tech wreck and September 11, 2001 terrorist attacks on the World Trade Centre and Pentagon."Those of us who have looked to the self-interest of lending institutions to protect shareholders' equity, myself included, are in a state of shocked disbelief," Greenspan told the House of Representatives Committee on Oversight and Government Reform in 2008."I think the deification that came just before the financial crisis was never really deserved, and I think the lambasting that he took after he left was never fully deserved either," Stephen Oliner, a former senior Fed official, told Reuters.Alan Greenspan speaking in 2015. (Reuters: Yuri Gripas/File Photo)His successor Ben Bernanke, who had to manage the fallout of the GFC, was warm in his praise of Greenspan."He was a great central banker who helped lead his country through almost two decades of prosperity," Bernanke was quoted by CNBC."I always found him generous with his time and insights. We are still learning from him, even if he is no longer with us."Greenspan died at home from complications related to Parkinson's disease, his wife Andrea Mitchell said in a statement.Key EventTue 23 Jun 2026 at 8:15amTue 23 Jun 2026 at 8:15amHere's what happened on global markets overnightBy Daniel ZifferIndexes: Dow up 0.29%, S&P 500 down 0.37%, Nasdaq down 1.32%SpaceX drops 16.4%, Alphabet falls 5%PCE data, Micron quarterly results on deck this weekThe S&P 500 and the Nasdaq closed down on Monday, dragged by declines in the megacap technology stocks, including Alphabet, while investors assessed developments in US-Iran negotiations.The Dow closed higher, boosted by the healthcare and industrial sectors.SpaceX tumbled 16.4%, its biggest single-day drop, and weighed heavily on the Nasdaq Composite. It is still trading above its IPO price of $135 per share. The Elon Musk-led company launched its first-ever debt offering on Monday and said it had about $100.8 billion in cash and cash equivalents as of June 19.Optimism about artificial intelligence has supported Wall Street's recent rally, but analysts noted that more investors have been questioning lofty spending on infrastructure expansion by hyperscalers.Alphabet fell 5% while Meta, Amazon and Microsoft fell between 2.3% and 4.7%."This is a very sentiment-driven sector and the group tends to trade together on a day-to-day basis," said Bill Northey, senior investment director at US Bank."But as we step back ... some of the strongest fundamentals are within the AI data centre buildout space. That includes both the hyperscalers as well as many of the components that go into that continued buildout."The next test for the rally will be Micron Technology's quarterly results on Wednesday. Shares of the memory chipmaker are up nearly 300% this year.Seven of the 11 major S&P sectors closed higher, led by real estate and energy stocks. Communication Services was a laggard, falling 3.8%.The Dow Jones Industrial Average rose 148.01 points, or 0.29%, to 51,712.71, the S&P 500 lost 27.79 points, or 0.37%, to 7,472.79 and the Nasdaq Composite lost 351.33 points, or 1.32%, to 26,166.60.Oil prices fall as fragile peace holdsOil prices fell as Washington and Tehran agreed on a roadmap toward a final deal within 60 days.U.S. and Iranian officials made "great progress" at the first round of their talks in Switzerland that ended early on Monday, mediators said, although tensions persisted over Lebanon and the Strait of Hormuz."Energy prices are coming down, which is certainly a catalyst for both the consumer as well as businesses," Northey said. "On the flip side of that, we came out with a very hawkish (Federal Reserve) under new Chair Kevin Warsh, and it led the market to believe that there will be a more prioritised focus on returning to price stability in the near term."This view on the Fed has lifted US Treasury yields and pressured stock prices lower, he said.A focus this week will be on Thursday's Personal Consumption Expenditures (PCE) data, the Fed's preferred gauge of core inflation. A stronger-than-expected reading could reinforce expectations of a hawkish Federal Reserve, after Warsh underscored the need to curb inflation at last week's meeting.Markets currently expect a 25-basis-point rate hike from the Fed in September, according to LSEG data.Among other movers, Apogee Therapeutics jumped 46.7% after AbbVie said it would acquire the biotech company for $10.9 billion in cash. AbbVie rose 6.2%.Declining issues outnumbered advancers by a 1.32-to-1 ratio on the NYSE. There were 345 new highs and 200 new lows on the NYSE. On the Nasdaq, 2,078 stocks rose and 2,773 fell as declining issues outnumbered advancers by a 1.33-to-1 ratio.The S&P 500 posted 29 new 52-week highs and 33 new lows while the Nasdaq Composite recorded 144 new highs and 186 new lows.- ReutersTue 23 Jun 2026 at 8:11amTue 23 Jun 2026 at 8:11amMike Baird on trustBy Daniel ZifferI'm sure this is not connected, but after former NSW Premier Mike Baird was in parliament talking about trust, here he is on LinkedIn discussing the importance of it.This is in his role as CEO of McKinnon, a not-for-profit that aims to improve the development of political leadership.Here's Mr Baird:"At a time when trust in institutions is under pressure around the world, recognising and encouraging great public leadership matters more than ever."Every year, an independent panel recognises political leaders who demonstrate vision, integrity and a relentless focus on public impact, regardless of party or ideology."Why? Because strong democracies depend on leaders who are prepared to serve with courage and purpose. The McKinnon Prize for Political Leadership exists to recognise those who do."Congratulations to all of the nominees this year."On Friday, the former independent member of consulting firm KPMG explained the two reasons he quit.One was the increasing workload at McKinnon and Cricket Australia (where he is on the board and has been chair).The other was the treatment of the whistleblower who exposed the misuse of confidential data within KPMG and how their serious allegations were dealt with.Mr Baird noted a particular moment that proved the claims being made and when he knew that the independent directors could no longer trust the senior leadership, who had characterised the allegations as a workplace grievance and not serious.Key EventTue 23 Jun 2026 at 8:07amTue 23 Jun 2026 at 8:07amWhere is oil heading?By Daniel ZifferThe oil market looks to be pricing in an end to the Iran war, but Commonwealth Bank's sustainable and energy economist thinks there is trouble ahead.Brent crude dropped 1.6% late on Monday, reversing an initial 2% jump in early Asian trade as the US and Iran ended high-level peace talks, paving the way for lower-level negotiations this week. Both parties have agreed to create a "de-confliction cell" to address the ongoing fighting in Lebanon, which is clearly a sticking point for negotiations.John Oh thinks the market is underpricing oil. He thinks there is a lot of optimism in the market driving the price lower, including the peace deal and large traffic flows through the Strait of Hormuz.He says CBA is predicting Brent crude to fall to $US80 a barrel by the end of the year.Key EventTue 23 Jun 2026 at 7:27amTue 23 Jun 2026 at 7:27amLet's get started!By Daniel ZifferHello, I'm Daniel Ziffer from the ABC business team, and I'll be taking you through the morning on our business, finance and economics blog.Overnight, Wall Street indices were mixed, mainly lower.The blue-chip Dow Jones of 30 mega-companies, including Boeing and Visa, was +0.3% to 51,712 points.The broader S&P 500, which covers 500 of the largest listed companies in the US, -0.4% to 7,472 points.The tech-heavy Nasdaq was +1.3% to 26,166 points.These numbers are live, and trading is continuing; we'll update you when there's a firm closing price.Our market is set to lift, with the ASX 200 futures index tipping a rise of +0.2% or 21 points to 8,831 points.There's lots to get to, all of it news, analysis and information and none of it financial advice.Let's get started!