Tony Keating ResApp Chief Executive officer spoke to Scott Power, about ResApp's latest developments in trials

Wall Street returned from the Independence Day break and the Federal Reserve's June meeting minutes reaffirmed the central bank's confidence in the US economy, leaving the benchmark indices mostly higher - Dow slipped -1.1-points, while the broader S&P500 added +0.15% (with information technology leading the gainers list, while the energy sector (down -1.3%) was the biggest laggard). The technology-centric NASDAQ snapped a 3-session losing streak with a +0.67% gain (with all of Facebook, Amazon, Apple, Netflix and Google-parent Alphabet advancing). Elsewhere, O'Reilly Auto Parts fell -18.9% after a poor trading update, dragging fellow automotive parts retailers lower (e.g. Autozone down ~10% and Advanced Auto Parts -11.15%). This news may weigh on Bapcor Ltd (BAP.ASX) today.

Speaker of the US House of Representatives Paul Ryan detailed legislation passed by the House recently and Morgans Chief Economist Michael Knox discusses the implications of these bills.

In the latest Morgans Executive Series Podcast, Adviser Chris Titley speaks with Brett Kelly, Founder and Executive Chairman of Kelly Partners (ASX Code:KPG). Brett tells the story about how Kelly Partners evolved, the importance of people, innovation and culture as well as the rationale behind their successful float. Brett also shares his words of advice for aspiring entrepreneurs. Disclaimer: Morgans Financial Limited was the underwriter to the IPO offer of Kelly Partners Group Holdings Limited and received fees in this regard.

A quiet night of trade in global markets overnight as U.S. markets were closed for the 4th July holiday. Europe's main markets were open and finished slightly lower, pulling back from its biggest rally in more than 2 months amid geopolitical concerns. North Korea once again tested fraught international relations after it launched a ballistic missile into the sea off its east coast, close to neighbouring Japan. Japanese Prime Minister Abe condemned the attack and called on Chinese and Russian leaders to do more to deal with North Korea's weapons program. That saw the German DAX and the London FTSE fall -0.3%, and the French CAC slipped -0.4%.

Listen to Chief Economist Michael Knox and Senior Bank Analyst Azib Khan present their view on the property market. In this edition we discuss the outlook for housing, interest rates and what it means for the banks.

0:50 - what drives property prices (Michael Knox)

5:40 - financial stability and housing affordability (Michael Knox)

8:54 - macro-prudential rules and the outlook for bank income (Azib Khan)

13:41 - interest-only loans and asset quality (Azib Khan)

16:42 - RBA monetary policy and credit growth (Azib Khan)

19:22 - balancing macro-prudential rules and policy rates (Michael Knox)

21:50 - home loan and deposit re-pricing - funding the bank levy (Azib Khan)

23:38 - clearing up asset quality misconceptions (Azib Khan)

26:30 - most preferred bank holdings (Azib Khan)

27:43 - GDP and the outlook for the Australian economy (Michael Knox)

Morgans Senior Analyst Scott Power updates on Nanosonics.

U.S. markets were mostly higher overnight although in a shortened session of trading, with the New York Stock Exchange closing at 1pm ahead of the 4th July holiday. The Dow notched a record all time high intraday though, and the indices were led higher by bank stocks. The Dow ended up +130 points, or +0.6% , the S& P 500 rose +0.2% while the NASDAQ finished down -30 points, or -0.5%.

U.S. markets were mostly higher on Friday, although gave up some of their intraday gains at the end of the session. The Dow ended up +63 points, or +0.3% , the S& P 500 rose +0.2% while the NASDAQ finished down -4 points, or -0.1%.

What do the US and European business cycles tell us about what we may expect?