The Reserve Bank of Australia is “close” to bringing inflation to target, Assistant Governor Sarah Hunter said. The RBA’s policy-setting board next meets Sept. 29-30 and most economists expect it will keep the cash rate unchanged at 3.6%.
Shares in Super Retail Group slumped Tuesday after the company dumped its chief executive with immediate effect, following new information regarding a relationship the CEO had with an employee.
Super funds are set to double their foreign-exchange hedge books over the next decade as the A$4.3 trillion sector ramps up exposure to overseas assets, according to Reserve Bank Deputy Governor Andrew Hauser.
New Zealand’s economy probably contracted 0.3% in the second quarter, according to the median forecast from economists surveyed by Bloomberg. The drying up of spending and investment were likely key factors.
A new report has warned that heat-related deaths in Australia could surge without urgent action. Speaking on Bloomberg TV’s Australia Ahead, Climate Council CEO Amanda McKenzie breaks down why bold action is critical for protecting the country in the coming decades. Click image to play.
Bloomberg
Reducing the pace of growth in social programs may boost productivity, according to new research from Bloomberg Economics. Moderating the expansion of government services may free up resources for the private sector, leading to improved productivity.
What happened overnight
Here’s what my colleague, market strategist Mike “Willo” Wilson says happened while we were sleeping…
US stocks edged lower and a gauge of volatility rose for a third day amid market nervousness ahead of the Federal Reserve’s interest rate decision later today. Falling Treasury yields dragged the Bloomberg Dollar Spot index down to its lowest level since July, helping the euro to a four-year high. Aussie and kiwi also gained. A Reserve Bank of Australia official speaks before lunch, while ASX futures point to a soft opening for local equities.
President Donald Trump said he had a “wonderful” call with Indian Prime Minister Narendra Modi, amid a fight over tariffs and New Delhi’s purchases of Russian oil.
The Trump administration intends to ask the US Supreme Court to allow the president to fire Federal Reserve Governor Lisa Cook, according to a White House official.
TikTok’s US operations would end up with an investor consortium that includes Oracle, Andreessen Horowitz and private equity firm Silver Lake Management, according to a plan backed by the White House.
Microsoft, OpenAI and other American companies announced plans to spend tens of billions of dollars on technology infrastructure in the UK. The announcements coincided with Trump’s visit to the nation this week.
What to watch
• 10:30 a.m.: Westpac Leading Index
One more thing...
Walt Disney, Universal Studios and Warner Bros. Discovery are suing Chinese artificial intelligence startup MiniMax, accusing the company of pirating the studios’ intellectual property. Shanghai-based MiniMax has created several generative AI models that run its companion apps, such as video and image editor Hailuo AI and Talkie, a chatbot. Hailuo offers subscribers images and videos that feature copyrighted characters from the studios’ libraries, which include some of the most well-known movie figures of all time, such as Spider-Man, Superman to Darth Vader, Shrek, Buzz Lightyear and Bugs Bunny.
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