Good morning, it's Paul-Alain Hunt here in frosty Melbourne. Move over Cabbage Patch Kids, the Labubu era is upon us — check out our new podcast to see what all the fuss is about. The ASX is set to open in the green this morning, but first here’s the latest headlines to get your Friday kickstarted. 

Today’s must-reads:
• AustralianSuper interview
• Albanese speaks with Trump
• Social media ban

What's happening now

Keep calm and carry on: that’s the message from AustralianSuper CIO Mark Delaney, who has a far more sanguine outlook on President Trump’s attacks on the Federal Reserve and the US’s mounting debt pile than some of his peers. We spoke to Delaney yesterday — read the exclusive interview here.

Still no meeting, but PM Anthony Albanese had a “warm and constructive” phone call with Trump, he wrote in an X post. The two leaders talked about critical minerals, as well as their trade and economic relationship, Albanese wrote. Meanwhile, Australia and Japan are tightening their military and economic bonds.

Labubus aren't just cute toothy accessories — there’s money in those dolls. On this week's Bloomberg Australia podcast, Rebecca Jones discusses their potential as investments with wealth editor Ainsley Thomson. Subscribe to The Bloomberg Australia Podcast on Apple, Spotify, on YouTube, or wherever you listen.

Global energy giant Shell is exploring the sale of its interest in the A$34 billion ($22 billion) North West Shelf liquefied natural gas export plant in Western Australia, according to people with knowledge of the matter. 

Social media providers have been told to get ready to implement the Albanese government’s ban on users under 16. The eSafety Commissioner Julie Inman Grant said she had written to Meta Platforms Inc., Google, TikTok Inc. and other platforms saying she expects them to prepare to deactivate children’s accounts. 

They’ve been warned.  Photographer: Lam Yik/Bloomberg

After months of talks, New Zealand’s government has agreed on new rules for foreign ownership of property in the country. Read our explainer which breaks down all you need to know about the new rules that allow holders of New Zealand’s so-called golden visa to buy, or build, a house — provided it costs at least NZ$5 million.

At a Melbourne hospital, anesthesiologist Forbes McGain is leading a push to swap disposable gowns and tools for reusable ones — cutting both emissions and costs. Healthcare is among the world’s biggest polluters, and Australia’s experiment shows how hospitals can shrink their footprint without compromising care.

What happened overnight

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

The S&P 500 Index hit an all-time high as US yields eased ahead of the main, and key, US jobs report later today. Traders continued to price in an about 90% chance of a quarter-point Fed interest rate cut this month and at least two cuts by year-end. The Aussie and kiwi fell and are on track to post weekly losses. The data cupboard is pretty bare either side of the ditch, so a quiet Asia session is expected ahead of tonight’s US data-driven fireworks including the all-important jobs report.

Trump has inked another executive order, this time imposing tariffs of up to 15% on most products from Japan. It cements a trade deal reached in July that is likely to hit most of its products including automobiles and parts. 

Stephen Miran, Trump's pick for the Fed's Board of Governors, pushed back against Democratic concerns that he would merely do the President’s bidding at the central bank, even as he acknowledged he would retain his White House job.

Billionaire designer Giorgio Armani, who established one of the world’s most revered fashion labels and helped define the “Made in Italy” slogan as a sign of quality for consumers, has died. He was 91. A former medical student, Armani started his namesake brand in 1975 and created a retail empire that few competitors could match.

Women's shoes on display at a Giorgio Armani SpA store in the Wangfujing shopping area in Beijing, China.  Photographer: Na Bian/Bloomberg

As Chinese President Xi Jinping moved center stage this week with both a massive show of military might and a very public display of comity with two other great powers, India and Russia, there was something else going on in the background. Now in his third term, the paramount leader of the world’s largest standing army has been quietly sidelining many of his generals.

What to watch

Nothing major scheduled for today

One more thing...

Can Australia achieve a third golden age? The ’80s and ’90s were the heydays of reform. The challenge now is how to move forward, writes Bloomberg Opinion columnist Daniel Moss. Policymakers and business leaders are debating how to revive productivity and adapt to a more constrained global economy, with lessons from past reforms but no clear consensus yet on bold next steps.

Bob Hawke and Paul Keating. Photo: The Sydney Morning Herald/Fairfax Media/Getty Images Photographer: The Sydney Morning Herald/Fairfax Media