Australia Briefing
Good morning everyone, Ben here on a cool Canberra morning, here’s what’s making headlines today.Today’s must-reads:• Trillion-dollar US ass
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Good morning everyone, Ben here on a cool Canberra morning, here’s what’s making headlines today.

Today’s must-reads:
• Trillion-dollar US asset manager targets Aussie investors
• Australian retail sales gain for third month
• Northern Star Resources’ A$5b gold deal

What's happening now

Nuveen, the $1.3 trillion US global asset manager, is targeting wealthy Australian investors to tap into expected growth in the US private credit market via a new fund. The firm has launched its Nuveen Churchill Private Credit Income Fund, aimed at Australian private wealth, high net worth individuals and family offices.

Northern Star Resources will buy De Grey Mining in an all-share takeover valuing the target at about A$5 billion, as gold producers seek to secure more supply amid soaring prices for the precious metal.

A haul truck loaded with ore at the Fimiston Open Pit gold mine, known as the Super Pit. Photographer: Carla Gottgens/Bloomberg

Australian retail sales accelerated in October, marking its third straight month of gains as consumers turn more confident about their finances in anticipation the next move in interest rates is likely to be a cut.

NAB has appointed Sally Auld as its chief economist, replacing longtime economic analyst Alan Oster. Auld, currently chief investment officer at wealth manager JBWere, will start as the top economy watcher for the Melbourne-based bank in February.

New Zealand will halt all poultry exports after confirming its first case of bird flu on an egg farm in the southern region of Otago, Food Safety Minister Andrew Hoggard said Monday in Wellington.

Australian police seized a record 2.3 tons of cocaine and arrested 13 people in raids after the suspects' boat broke down off the coast of Queensland, authorities said Monday.

What happened overnight

World’s largest tech companies rallied to drive stocks toward fresh all-time highs, with traders bracing for a barrage of economic data and remarks from Federal Reserve speakers that will help shape the outlook for interest rates. The S&P 500 is poised for its 54th closing record this year and the Nasdaq 100 rose more than 1%.

Federal Reserve Governor Christopher Waller said he’s inclined to vote for another reduction in interest rates when officials meet later this month, though data due before then could make the case for holding them steady.

Christopher Waller, governor of the US Federal Reserve. Photographer: Al Drago/Bloomberg

Hezbollah has claimed the first strike against Israel since a US-backed cease-fire plan came into effect less than a week ago, prompting Israeli officials to vow a strong response in the most serious threat so far to the truce with Lebanon.

Amazon.com founder Jeff Bezos joined Samsung in a $700 million bet on Tenstorrent, valuing the AI chip startup with ambitions of taking on Nvidia at about $2.6 billion.

The failure of an obscure United Nations meeting in South Korea at the weekend is a sign of how the entire edifice of environmental diplomacy is creaking, writes Bloomberg Opinion’s David Fickling.

What to watch

All times Sydney:

• 11:30 am: Australia’s 3Q balance of payments, net exports

One more thing...

Christmas is getting closer and if you were thinking about buying something extra special to put under the tree this year, now could be a good time. The diamond industry has been struck by one of its deepest and most prolonged slumps in decades. Now, De Beers has cut diamond prices by more than 10% across the board as the world’s biggest producer abandons attempts to put a floor under the slumping market.

A diamond necklace displayed in the store window of a De Beer jewelry store in Hong Kong. Photographer: Lam Yik/Bloomberg
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