Crypto News: Super funds woo Wall Street

Hi all, it's Jackie here in Sydney. Global funds are scoping out the next trillion-dollar whale in Australia's super industry. But first...

Today's must-reads:
• Strategists clash on stocks
• JSW Steel scouts for coal assets
• China signals more property support

Executives from Wall Street and beyond are doing more business with the largest players in the A$3.5 trillion super industry. The big attraction: inflows of more than A$1 billion a week that need to find an investment destination. As the guardians of the country's retirement savings outgrow their own backyard, they're partnering with more global asset managers across a range of private market deals.

Long-time equity bear Mike Wilson has a mea culpa. "We were wrong," the Morgan Stanley strategist wrote. "2023 has been a story of higher valuations than we expected amid falling inflation and cost cutting." Meanwhile, JPMorgan's Marko Kolanovic still thinks a selloff is coming thanks to a delayed impact from rate hikes and a "deeply troubling" geopolitical backdrop.

JSW Steel is on the lookout for coal assets in countries including Australia as the tycoon Sajjan Jindal-led mill seeks to tie up raw material supplies for its expansions in India. "We are looking at some coking coal assets internationally, whether it is Australia or Canada," as some miners have put their assets for sale or divestment, Joint Managing Director Jayant Acharya says.

And this Melbourne-based emerging markets-focused fund manager is betting on artificial intelligence-linked stocks, while steering clear of Chinese equities. The top performing A$5.5 billion Northcape Capital Global Emerging Markets Fund has loaded up on shares of telecommunications and IT servicing firms. It's has gained 14% so far this year, to beat 96% of its peers, according to data compiled by Bloomberg.

Australian shares are on track for advances following gains on Wall Street as traders brace for a flurry of corporate earnings and central bank decisions. Treasuries fell, snapping a global rally, as an auction of two-year notes drew the highest yields since 2007 on expectations the Fed will hike this week.

China's Politburo signaled more support for real estate and pledged to boost consumption and resolve local government debt. Despite a promise of "counter-cyclical" policy, the statement lacked language flagging major fiscal or monetary stimulus. Shares of Chinese companies traded in the US recorded their biggest one-day advance since early January.

Apple is asking suppliers to keep production roughly steady this year at about 85 million iPhone 15s, despite a projected decline in the market, people familiar said. Even so, the company will probably see higher revenue overall because it's considering raising the prices of Pro models.

• Newcrest delivers its quarterly production report

LVMH agreed to become a premium sponsor of the 2024 Summer Olympics in Paris in the first deal of its kind for the luxury conglomerate. Its French jewelry brand Chaumet will design the Olympic and Paralympic medals, while Moet Hennessy wines and spirits will be served to hospitality guests.