Australia Briefing
Hello, Rich Henderson here in Bloomberg’s Melbourne bureau with the latest headlines...Today’s must-reads:• CSL shares slump• BHP profits fa
View in browser
Bloomberg

Hello, Rich Henderson here in Bloomberg’s Melbourne bureau with the latest headlines...

Today’s must-reads:
CSL shares slump
BHP profits fall
Consumer sentiment improves

What's happening now

CSL shares sank the most on record after the biotech giant unveiled disappointing earnings and a cost-cutting restructure that includes spinning off its vaccine business. 

BHP’s underlying profit fell more than a quarter to the lowest level since the pandemic as softening Chinese demand weighed on prices for iron ore and coking coal.

Consumer sentiment surged to a three-year high after the RBA cut interest rates last week, according to a Westpac survey. 

A fire at an Australian mine has led to a dispute over a proposed $3.8 billion sale of Anglo American’s steelmaking coal business to Peabody Energy.

Santos shares fell after the company said a proposed takeover by an Abu Dhabi-led group faced further delays.

Australian Treasurer Jim Chalmers is hosting a gathering of politicians, experts and business leaders to discuss productivity this week. Speaking on Bloomberg TV’s Australia Ahead, e61 Institute CEO and former Australian Productivity Commission Chair Michael Brennan says a more dynamic labor force is required to achieve the nation's goals. Click image to watch.

Click image to watch.

New Zealand’s population growth fell to the slowest pace in almost three years in a sign a sluggish economy is deterring immigrants and prompting citizens to leave.

Liquefied natural gas demand and prices will rise through the end of the year, according to Woodside Energy’s Chief Executive Officer Meg O’Neill. The company reported underlying attributable profit fell 24% from a year earlier in the half.

What happened overnight

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

Tech companies, led by Nvidia weighed on US stocks, highlighting how mega-caps do the heavy lifting when it comes to the broader performance of US indexes. Canada’s dollar fell after softer-than-forecast July CPI data bolstered the case for monetary easing this year. The US dollar edged higher ahead of Powell’s Jackson Hole speech, while commodity currencies including the Aussie and Norway’s krone declined with oil as traders see an early Ukraine resolution paving the way for fewer restrictions on Russian crude exports. Today, two RBA officials take part in a panel discussion while the RBNZ delivers a rate decision. ASX futures point to positive start for local stocks.

A package of security guarantees for Ukraine that may involve sending European troops could take shape as soon as this week.

Meta Platforms is restructuring its newly formed artificial intelligence group into four teams with the goal of accelerating its pursuit of what the company calls superintelligence.

Intel shares have soared this month, adding billions of dollars in market value to the chipmaker, helped along by reports the US government is in talks over a potential equity stake. 

US Federal Reserve Governor Michelle Bowman said banks and regulators must embrace technologies such as artificial intelligence and crypto or risk diminishing their own role in the economy.

What to watch

• 12:00 p.m.: Reserve Bank of New Zealand interest rate decision

One more thing...

A weaker yen and the sway of social media influencers turned Japan into one of the hottest vacation destinations for Americans and Europeans. For residents, the surge in high-spending, itinerary-hungry visitors has opened up a new income stream: Experiential tours. Former UBS Warburg securities trader-turned-DJ Laurence Takeshi Jeffers left his health-tech sales job to guide tourists through Japan’s underground sports-car scene. Then he shifted gears to add lessons in drifting, a motorsport technique born in Japan and glamorized by the Fast & Furious franchise.

Modified cars at the Daikoku parking area in Yokohama. Photographer: Victor LOCHON/Gamma-Rapho
Follow Us

Like getting this newsletter? Subscribe to Bloomberg.com for unlimited access to trusted, data-driven journalism and subscriber-only insights.

Want to sponsor this newsletter? Get in touch here.

You received this message because you are subscribed to Bloomberg's Australia Briefing newsletter. If a friend forwarded you this message, sign up here to get it in your inbox.
Unsubscribe
Bloomberg.com
Contact Us
Bloomberg L.P.
731 Lexington Avenue,
New York, NY 10022
Ads Powered By Liveintent Ad Choices