Crypto News: Heading for a 'soft landing'

Good morning, it's Ben here on a surprisingly chilly Tuesday morning in Canberra. Here's what's making news today:

Today's must-reads:
• RBA chief says the economy may have a "soft landing"
• There's a boom underway in Australia's ETF markets
• Plans to boost domestic lithium refining

Soft landing. There might be hope yet for Australia to dodge the worst of the global economic upheaval, Reserve Bank Governor Philip Lowe told a hearing in Parliament on Monday. Lowe said there was a strong possibility that Australia could be in for a "soft landing" compared to other major developed economies. However the Reserve Bank is still expected to raise the cash rate to 3.1% next week from the current 2.85%.

RBA Governor Philip Lowe. Photographer: Brent Lewin/Bloomberg

ETF market boom: Keep an eye on Australia's exchange-traded funds — the market is on track to become bigger than ever by the end of 2022. A powerful equities rebound in October fueled a record month of growth for the ETF industry, jumping by A$7.3 billion ($4.9 billion) to A$131.7 billion, according to recent analysis by BetaShares. It was the biggest increase in dollar terms on record, and left the market about A$5 billion short of its all-time high of A$136.9 billion, posted last December.

Lithium push grows. One of Australia's biggest producers of the critical mineral has announced plans for a demonstration refinery in the country's West. Pilbara Minerals said a final investment decision on the plant is expected in the first half of 2023. Australia is one of the world's largest miners of lithium, an essential battery component, but currently exports no refined lithium chemicals. It's part of a push by Canberra to respond to demand from carmakers in the US and Europe for battery metals that bypass China.

Railroaded. Wheat farmers are already battling floods, water-logged fields and crop disease. Now they're facing another challenge: washed out roads and shuttered rail links.

China protests muted. After a weekend of extraordinary protests across multiple cities in China against the government's strict zero Covid measures, police moved to crackdown on any further dissent on Monday. There was a heavy police presence on the ground in multiple major Chinese cities yesterday evening, including Beijing, Shanghai and Nanjing.

Police officers during a protest in Beijing, early on Nov. 28. Photographer: Bloomberg/Bloomberg

iPhone Pro shortage. The protests against zero Covid measures at Apple's key manufacturing hub in Zhengzhou, China, could set back production of iPhone pros by almost 6 million units, a person familiar with the situation told Bloomberg.

Covid spike. Thailand has seen a rapid jump in serious and deadly Covid-19 infections following its decision to re-open its borders to try and save the flagging tourism industry. The Health Ministry said an average on 702 people were being hospitalized a day last week in the Southeast Asian nation, with infections especially high in Bangkok and other popular tourist destinations.

• Industry Minister Ed Husic will address the National Press Club in Canberra

Amid global excitement over the Qatar World Cup, the Chinese government appears to be censoring footage beamed into domestic households. What is the politically sensitive content being cut? Apparently, images of maskless crowds.

England national soccer team fans celebrate as they watch the FIFA World Cup 2022 match in Doha, Qatar, on Monday Nov. 21. Photographer: Christopher Pike/Bloomberg