Good morning, it’s Angus here in Sydney. Cryptocurrency fans were delivered a big win in Washington overnight, but first… here’s what you need to know as the weekend approaches.

Today’s must-reads:
• Bain eyes next airline
• Albanese in China podcast
• Jobs data spurs rate-cut talk

What's happening now

Virgin Australia’s part-owner Bain Capital is scouting for its next airline deal after already more than tripling its money on our no. 2 carrier. I interviewed the US buyout firm’s Sydney-based partner Mike Murphy, who led the original Virgin acquisition, and you can read it here.

Anthony Albanese’s six-day visit to China was a diplomatic reset that marks the full restoration of trade ties after years of friction. On our latest podcast, Rebecca Jones speaks with Beijing-based reporter James Mayger about how the visit played out inside China - and what wasn’t said in the official statements.

Listen and follow The Bloomberg Australia Podcast on Apple, Spotify, on YouTube, or wherever you get your podcasts. Terminal clients: Run {NSUB AUPOD <GO>} on your desktop to subscribe.

An August interest rate cut is now hotly anticipated after the country’s jobless rate unexpectedly climbed to a four-year high in June as hiring almost stalled. Money markets are now expecting the RBA to cut next month and again after that, and are pricing in a better than 50% chance of a third. For Michele Bullock and her board, the big factor remains those quarterly inflation figures out July 30.

Will she or won’t she? Photographer: Brent Lewin/Bloomberg

BHP has just released its latest production report. The world’s largest miner said output of key revenue-earner iron ore rose 2% in the fourth quarter, compared with the year before. Copper output also rose 2%.

The AUKUS nuclear submarine holdup is a gift to China, writes Bloomberg Opinion columnist and retired US Navy admiral James Stavridis. An allied nuclear-submarine force that brings closer integration with Australia and pulls the British more firmly into the Pacific is good for our allies, and good for America, Stavridis writes.

What happened overnight

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

The ‘Sell America’ theme was a distant memory as US stocks rose after solid retail sales and a drop in jobless claims, with the S&P 500 closing at an all-time high. The data also pushed up two-year Treasury yields. The dollar rose against all major currency peers including the kiwi and Aussie. The latter hit a three week low after weak local jobs data all but cemented an August RBA rate cut and put a September decrease on the table. ASX futures indicate a positive start to Australian stocks. Today’s local calendar is bare, so barring any social media intrusions, it should be a quiet run into the weekend.

Congress delivered a watershed victory for the crypto industry on Thursday, passing the first federal legislation to regulate stablecoins and clearing the way for broader use of the technology in everyday finance.

While rival media companies are unloading assets and cutting costs, Netflix continues to thrive. The owner of the world’s most popular paid streaming service reported second-quarter results that beat investor expectations in every major metric. 

Wells Fargo suspended travel to China after one of its bankers who works in trade financing was recently blocked from leaving the country. An Atlanta-based managing director who was born in Shanghai was banned from exiting China after entering the country in recent weeks, a person with knowledge of the matter said.

President Donald Trump was diagnosed with chronic venous insufficiency after experiencing leg swelling, though physicians said he is in “excellent health.”

What to watch

• Nothing major expected

One more thing...

Tiffany has angered some rich clients who wanted to buy a rare Patek watch. The iconic jeweler bungled the release of a coveted Nautilus timepiece, alienating some customers and fracturing its relationship with Patek Philippe. Read the Businessweek exclusive here.

Illustration by Nico Brausch