Hello, Rich Henderson here in Bloomberg’s Melbourne bureau. Here are the latest headlines:

Today’s must-reads:
• AustralianSuper’s local investment plans
• Westpac’s hiring spree
• Woodside Energy addresses LNG concerns

What's happening now

AustralianSuper has earmarked A$40 billion for local investments in the next five years, according to comments Chief Executive Officer Paul Schroder is set to deliver today in Canberra. The fund identified energy and tech infrastructure and corporate debt as potential targets. 

Westpac is on a hiring spree. The lender is set to add 350 bankers to its business and wealth unit by the 2027 financial year after adding 135 in the first half of 2025.

Woodside Energy Chief Executive Officer Meg O’Neill brushed off concerns over liquefied natural gas demand in Asia following news that Russia will build a pipeline to China.

Australian defense contractor Electro Optic Systems has landed a €71 million NATO drone-defense deal against the backdrop of intensifying geopolitical pressures. On Bloomberg TV’s Australia Ahead, EOS Chief Executive Officer Andreas Schwer discusses prospects for growth. Click image to play.

Click image to play. Bloomberg

Amazon launched cloud services in New Zealand and resurfaced a plan initially touted in 2021 to invest more than NZ$7.5 billion in data centers in the country.

New South Wales Treasury Corp, the state’s investment-management unit, is benefitting from a move several years ago to reduce its US dollar exposure and sees a further 10% slide in the greenback.

A recycling startup backed by Lululemon Athletica has opened its first commercial-sized facility outside Canberra to process materials that will be used by the athleisure brand.

What happened overnight

Here’s what my colleague, market strategist Mike “Willo” Wilson says happened while we were sleeping…

Stocks slid with the S&P 500 Index losing 0.7% amid anxiety about lofty valuations, particularly in shares of big tech. Gold hit a record high, and the yield on 30-year US Treasuries approached 5% over renewed concern about longer-dated global debt. The dollar had a great day as the pound was dragged lower by UK bonds (gilts) and the yen dropped on political worries. Aussie carries losses into today’s 2Q GDP data and New Zealand has the ANZ commodity price index. ASX futures indicate a soft opening in local equities.

Google does not have to sell its Chrome web browser, according to a US court ruling, but will have to share some of its search data with competitors. Shares in parent company Alphabet rallied on the news.

Chinese President Xi Jinping’s embrace of Russia’s Vladimir Putin and Narendra Modi at a summit in Tianjin is attempting to redraw the geopolitical map.

The US revoked Taiwan Semiconductor Manufacturing Co.’s ability to freely ship essential gear to its main Chinese chipmaking base, potentially hampering production. 

Gold touched a record high. A rally in the precious metal has been helped along by the prospect of US interest-rate cuts and a risk-off mood across financial markets.

What to watch

• 09:00 a.m.: S&P Global Australia PMI Composite
• 09:00 a.m.: S&P Global Australia PMI Services
• 11:00 a.m.: ANZ Commodity Price, New Zealand
• 12:00 p.m.: Second-Quarter GDP, Australia

One more thing...

Earlier this year, Nintendo was under growing pressure. It had been eight long years since the release of the original Switch, and its profit was tumbling more than 40%. When the Switch 2 finally arrived in June, some critics initially panned it as little more than a modest upgrade to its predecessor and questioned whether the Japanese game maker still had its magic touch.

Yet the new console smashed records for opening weekend sales, selling out at retailers around the world and sending the company’s shares to a lifetime high. Three months later, it’s still flying off shelves and looks set to dominate Christmas.

Attendees wait in line to play Mario Kart World at a Nintendo store ahead of the Nintendo Switch 2 release in New York. Photographer: Michael Nagle/Bloomberg