Markets fall on Murdoch musings

The Australian stock market opened lower this morning on the back of Rupert Murdoch’s speech to the Lowy Institute last night. A senior analyst, interviewed by this correspondent attributed the fall in the Australian share price to the “transparent and misguided attempt at national flattery” when Mr. Murdoch predicted that Australia could be better than Singapore, Hong Kong and Taiwan. “ We already are”, said the analyst, “and markets don’t like to hear of things going backward”.

The apparent sycophancy of Treasurer Joe Hockey was noted, with questions also being asked about whether Mr. Murdoch had the necessary subtlety in his old age to continue to force the Australian government to bend to his will without making his interventions embarrassingly obvious, and hence undermine his controlling stake.

Mr. Murdoch’s revelation that he wears an electronic bracelet that monitors his lunch and his lunchbox was described as “just plain weird” by the analyst, and wondered only half-jokingly “if it was time to send the doddery old bugger off to a home”.

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4 Responses to Markets fall on Murdoch musings

  1. Tyler says:

    No better way to cap off an evening than being lectured by an obscenely wealthy media tycoon about the dangers of elitism

  2. rog says:

    It was a bizarre pointless speech, the Emperor has no clothes.

  3. Marks says:

    However, I dare say it will be praised in the head-lies of the Australian.

    (Mere supposition, since I have not read that organ for many years – don’t know what I am missing, I suppose).

  4. Jim Rose says:

    murdoch’s main strategy is backing winners just before they start winning. he dumps losers as soon as they show signs of losing.

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