Good morning, it’s Ainslie here on a crisp morning in Sydney. Trump is saying he won’t blink first in his tariff standoff with China ahead o
Good morning, it’s Ainslie here on a crisp morning in Sydney. Trump is saying he won’t blink first in his tariff standoff with China ahead of talks in Europe this week. But first...
ANZ Bank’s profit topped estimates in the first half amid continued momentum across the bank’s divisions, according to results that landed this morning. Cash profit was broadly flat at A$3.6 billion in the six months ended March 31. New CEO Nuno Matos takes over from Shayne Elliott next week.
The Australian Securities and Investments Commission has demanded improvements at Macquarie Bank after repeated compliance failures within its futures business related to misreporting of trades and suspicious activity.
New Zealand’s finance minister sought a meeting with former RBNZ Governor Adrian Orr to discuss bank capital requirements in the weeks prior to his sudden resignation, documents released under the Official Information Act show.
Chinese traders are hoping to tap exporters in markets like Australia as an alternative source of canola, as rising tensions with top supplier Canada threaten to impact imports of the crop.
Prime Minister Anthony Albanese faces an unenviable challenge when it comes to the energy transition, our head of Asia climate coverage David Stringer discusses in the latest Zero podcast. The world’s largest exporter of coal and a major exporter of gas also plans to cut emissions by 43% and have 82% renewable electricity by 2030.
Meanwhile, if you want a vision of where attempts to clean up the world’s power grids would be without the transformative effects of trade, look to the wind industry, writes Bloomberg Opinion's David Fickling.
What happened overnight
Here’s what my colleague, market strategist Mike “Willo” Wilson says happened while we were sleeping…
The US Treasury market edged higher after Fed Chair Jerome Powell said officials aren’t in a rush to adjust interest rates, adding tariffs could lead to higher inflation and unemployment. With little due on the local front today, the Aussie and Kiwi may instead benefit from optimistic outlooks on the tariff war. The ASX is expected to open fairly flat.
President Donald Trump said he’s unwilling to preemptively lower tariffs on China in order to unlock more substantive negotiations with Beijing on trade. Separately, his administration plans to rescind Biden-era AI chip curbs as part of a broader effort to revise semiconductor trade restrictions that have drawn strong opposition from major tech companies and foreign governments, Bloomberg News reported.
Pakistan said it reserves the right to retaliate after India launched targeted strikes, signaling a potential further escalation in hostilities between the nuclear-armed rivals following last month’s deadly Kashmir attacks.
Warren Buffett’s appointed successor has built a billion-dollar fortune in his time at Berkshire Hathaway. But relatively little of that is tied up in company shares. Greg Abel, 62, who’ll replace Buffett as Berkshire’s chief at the end of the year, holds about $175 million worth of stock. That makes up about 18% of his $1 billion net worth, according to the Bloomberg Billionaires Index.
What to watch
• Nothing major expected
One more thing...
Return-to-office mandates and a bigger-than-expected London-based workforce have left HSBC with a big headache: a severe desk shortage in its new headquarters. With plans to move as early as next year, senior managers have told executives that under one relocation scenario being explored, the new Square Mile headquarters building would face a shortfall of 7,700 desks for staffers, Bloomberg News reported.
Desks, anyone? Photographer: Betty Laura Zapata/Bloomberg
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