Crypto News: China wine review

Good morning, it's Sunil here in Sydney with your breakfast menu of the top Australian and global stories.

Today's must-reads:
• China reviews wine tariffs
• Cooling property prices
• Origin rejects Brookfield's plan B

Australian wine is set to adorn more dinner tables in China. Beijing has begun reviewing its tariffs on the beverage and is likely to remove the taxes in the coming months, ending years of punitive sanctions.

Property prices are rising more slowly in Australia, reflecting a resumption of interest-rate hikes and worsening affordability. Bellwether Sydney rose 0.3%, while Melbourne edged down 0.1% for a price increase in major cities of 0.6%, consultancy CoreLogic said. Across the Tasman Sea, home prices in New Zealand's tourist hotspot Queenstown surged to a new record as average values topped NZ$1.73 million.

Origin Energy rejected a backup deal proposal from Brookfield Asset Management to acquire its main energy business. A full takeover offer for Origin from a consortium led by Brookfield and EIG Global Energy Partners is expected to be rejected in a vote next week.

Inflation is falling in New Zealand but may not subside quickly enough amid rapid population growth, its central bank governor Adrian Orr said. Policymakers have no plans to cut interest rates anytime soon, he said, echoing an official mantra heard in many developed economies.

The planet has been so hot this year that the World Meteorological Organization has already declared it the warmest year recorded. Global temperatures were about 1.4C (2.5F) above the pre-industrial average for the first 10 months. That's a warning for the eye-popping 70,000 people convening in Dubai for COP28 climate talks. The expanding crowd risks overshadowing the point of the meeting, Bloomberg Opinion's Mark Gongloff says.

Australian shares are set for a muted start to December following a strong rally in equities globally last month. A powerful climb in bonds also paused as US Treasury yields ticked higher. OPEC+ agreed a surprise new oil supply cutback of about 900,000 barrels a day, yet crude prices fell as traders remained skeptical about implementation.

TikTok management including chief executive Shou Chew met recently with 40 influential business leaders, who pushed for more moderation of antisemitic content and questioned why pro-Palestine videos were so popular on the short-video app.

OpenAI is sticking with a plan to let employees sell shares in the company through what's known as a tender offer, following the drama over the firing and quick re-hiring of Chief Executive Officer Sam Altman. A Bloomberg Originals mini-documentary exposes the hidden tensions that led to Altman's firing—and his triumphant return.

China paid tribute to Henry Kissinger, the former US secretary of state who helped open the Asian nation to the West, portraying him as invaluable to building ties between the two economic superpowers. Kissinger, who died on Wednesday aged 100, was a child refugee who rose to become one of the world's most powerful politicians.

Henry Kissinger Photographer: Win McNamee/Getty Images

• Australia manufacturing PMI, 9am in Sydney.

Singapore and Zurich surpassed New York to become the world's most expensive cities to live in this year. The sky-high cost of car ownership, pricey alcohol and rising grocery prices saw Singapore pull ahead of the US city, with which it shared top spot last year, according to the Economist Intelligence Unit's Worldwide Cost of Living 2023 report. Zurich jumped from sixth place last year to joint first, thanks in part to the strong Swiss franc, as well as expensive groceries, household goods and recreation.