Crypto News: Economic shifts

Good morning, it's Georgie here in Sydney. US jobs data came in hot overnight, sending shares tumbling. But first, here's what you need to know today.

Today's must-reads:
• Australia's economic shift can't wait for the market
• A senate committee wants a government ban on WeChat
• The US jobs market outperformed again

Australia's narrowing industrial base shows the economy can't be left solely to market forces, Industry and Science Minister Ed Husic said, as the government prepares to release a strategy to become a key player in battery manufacturing. This comes after Australia slipped to 93rd in the 133-country Harvard Economic Complexity Index.

A panel of lawmakers said Australia should consider extending a ban on TikTok from government devises to include WeChat in the latest move from Canberra to crack down on potential influence linked to Beijing. A Senate committee urged sweeping changes to Australia's treatment of major tech firms in its final report released Tuesday.

New Zealand unemployment rose in the second quarter and wage inflation showed signs of slowing, indicating the labor market is finally starting to weaken after relentless increase-rate increases from the central bank.

This year's $6.5 trillion rally in stocks hit a wall, following hot US labor-market data and a ramp-up in Treasury issuance just a day after a US credit downgrade by Fitch Ratings. Aussie equity futures are in the red.

Myanmar's military government extended the state of emergency until next Jan. 31 with a cabinet shakeup. Earlier, the regime partially pardoned prison sentences for former leader Aung San Suu Kyi and ex-President Win Myint in an amnesty to mark a religious holiday.

UBS is winding down Credit Suisse's electronic-trading platform Crossfinder at month's end as the Swiss bank looks to shed more assets from its defunct rival. AES, the affiliated algorithmic-trading business, will also stop routing orders to the system after Aug. 31.

• Australia's June trade data, 11:30 a.m. Sydney

South Korea's stubborn coal use is being felt on the country's east coast, where a new power plant is threatening a K-pop landmark. Protest group Kpop4planet launched the "Save the Butter Beach" campaign in 2021 with nonprofit Korea Beyond Coal, aiming to harness the immense influence that K-pop enthusiasts have been known to wield online.