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 Good morning everyone, it’s Ben here in a crisp Melbourne. Here’s what’s making headlines today. Today’s must-reads:
What’s happening nowWhen DroneShield Chief Executive Officer Oleg Vornik sold his entire holding in the company at the start of 2024, he had no idea that the Australian defense firm’s shares were about to go on a tear. In 2024, the stock attracted day traders and became a meme stock. This year, the company has surged more than 500%, making it the best performer in a gauge of defense shares.  An advert for DroneShield displayed at the company’s office in Sydney. Photographer: Brendon Thorne/Bloomberg Pure-play lithium producer PLS said demand for the battery metal in power storage is helping to offset slower electric vehicle growth in the US. The energy storage sector is growing by “leaps and bounds,” PLS Chief Executive Officer Dale Henderson said in an interview on Bloomberg Television. Cboe Global Markets’s Australian unit is targeting firms with a market capitalization of at least A$30 million ($19.5 million) for initial public offerings once its corporate listings business is fully operational, according to its chief executive officer. Oaktree Capital Management is tapping private credit to fund its proposed purchase of Australian fund manager Perpetual’s wealth management unit, Bloomberg News reported. China accused Australia of distorting facts and using inflammatory rhetoric following a mid-air encounter between the nations’ military aircraft and urged Canberra to avoid undermining bilateral ties.  Gale-force winds battered parts of New Zealand for the second time in three days Thursday, grounding aircraft and prompting warnings from emergency services for people to take care and avoid travel. Separately, the New Zealand government will relax climate reporting rules on concerns over the cost to businesses, in another retreat from policies designed to limit greenhouse gas emissions. What happened overnightHere’s what my colleague, market strategist Mike “Willo” Wilson says happened while we were sleeping… Rising volatility gauges and buyer fatigue featured in US stocks which fell as investors worry what new fundamentals will help preserve the rally. That and a report that the US was mulling broad curbs on exports to China made with US software also hit sentiment. Currencies were quiet all round with Aussie and kiwi little changed. Apart from Australia and New Zealand bond sales, it looks like another quiet day for markets. ASX futures indicate a soft start to the day’s trading. Keep your eye on the the euro in the short-term. The US government will announce a “substantial” new round of sanctions against Russia, Treasury Secretary Scott Bessent said, signaling President Donald Trump is preparing to ratchet up pressure on Moscow a day after backing off plans for a meeting with President Vladimir Putin in the near future.  US President Donald Trump and Volodymyr Zelenskiy. Photographer: Aaron Schwartz/CNP/Bloomberg Tesla’s third-quarter profit fell short of Wall Street’s expectations despite record electric-vehicle sales, a sign of the pressure automakers are facing from shifting federal policies and rising costs. As gold pushed higher and higher into uncharted territory in recent weeks, even die-hard enthusiasts warned that the rapid rally was getting out of hand. Now, with prices plunging, they’re keeping faith that bullion’s longer-term bull market isn’t over yet. Silver’s booms and busts are typically turbocharged by excitable investors. Sober industrialists bear their share of responsibility, though, writes Bloomberg Opinion’s David Fickling. What to watchAll times Sydney: One more thing...The Dolphin Discovery outdoor aquarium on Isla Mujeres, a 40-minute ferry ride from the Mexican resort of Cancún, has spawned countless vacation photos and Instagram posts. It’s marketed as a paradise where parents and kids can swim among the smart, playful mammals in the turquoise waters of the Caribbean. The gift shop brims with all manner of marine kitsch—dolphin plush toys, T-shirts, key chains and more in myriad colors and sizes. But what’s unlikely to make it into the slideshows are the dead animals.  We’re improving your newsletter experience and we’d love your feedback. If something looks off, help us fine-tune your experience by reporting it here. Follow us
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