Crypto News: Cooling inflation

Greetings, it's Sunil here in Sydney, here's what you need to know as Thursday gets underway:

Today's must-reads:
• Price pressures are moderating
• Date set for Voice vote
• Acknowledging climate change

Inflation eased more than expected in Australia, adding to the Reserve Bank's case to extend a pause in monetary tightening. The consumer price indicator rose 4.9% in July from a year ago, compared with a survey estimate of 5.2%. That's the third straight slowdown, and the central bank's policy decision is due next week.

A national vote will be held on Oct. 14 in Australia to decide whether to incorporate into the constitution an advisory body to the parliament on matters affecting Indigenous people. Prime Minister Anthony Albanese has staked significant political capital on the "Yes" campaign to include a "Voice to Parliament" in the charter.

Australia is set to acknowledge the impact climate change poses to its economy and markets, according to the terms of a class action lawsuit. The Treasury will issue a statement on its website as part of a proposed settlement of a lawsuit filed in 2020 that alleged the nation misled investors by failing to disclose climate risk when selling bonds.

China's property turmoil, increasing intervention in markets and lackluster economic growth are clouding the outlook for some of Australia's largest investors that have been cutting allocations to Chinese assets. Australia's sovereign wealth fund says the return potential in China isn't attractive, while super fund Cbus has lowered allocations amid concerns.

Our fossil fuel addiction is killing baby penguins, Bloomberg Opinion columnist F.D. Flam writes. Around parts of Antarctica last year, whole colonies of emperor penguins lost the all chicks they stoically incubated through weeks of darkness. These iconic birds depend on sea ice as a platform for breeding and raising chicks, but as the globe is warming, the ice is melting too early. The chicks, too young to swim, are drowning.

Australian shares look set for a steady open after stocks advanced for a fourth straight day in the US, where reports pointed to a slowing economy, cementing bets the Federal Reserve will soon end interest-rate hikes.

Property woes continue to dog China, after major developer Country Garden Holdings warned of a debt default and raised concerns about staying in business following a record first-half loss of almost $7 billion. Upcoming data will likely show the nation's economy is weakening.

Apple is testing the use of 3D printers to produce the steel chassis used by some of its upcoming smartwatches, heralding a major change to how the company manufactures products. The technique would obviate the need to cut large slabs of metal into the product's shape, reducing the time it takes to build devices while also helping the environment by using less material.

A stainless steel Apple Watch. Photographer: Brent Lewin/Bloomberg.

North Asian liquefied natural gas buyers aren't yet moving to prepare for potential supply snarls caused by expected strikes in Australia. China and Japan, major buyers of Australian gas, are sitting on sufficient inventories, traders said. There are also expectations of a deal with unions before strikes significantly curb output.

• Australian private sector credit and capital spending data, 11:30am Sydney time

America is the world leader in locking people up in jail, but New York City is trying to do things differently. Its supervised release program, a national model, juggles thousands of defendants facing violent felony charges — and the politics of letting them walk free. The city's system of pretrial release is the forefront of US efforts to cut mass incarceration.