Crypto News: Defying gravity

Good morning and happy Friday, it's Georgie here in Sydney. Here's what you need to know ahead of your weekend...

Today's must-reads:
• Australian house prices keep rising
• China's foreign minister gets an invite
• New commercial real estate fund

Australia's unstoppable home prices jumped again in February in the face of elevated interest rates, reflecting a spike in population growth and a dearth of new housing. Sydney and Melbourne both nudged higher, while the two fastest-growing markets were Perth and Adelaide. Meanwhile, price gains slowed in New Zealand's housing market.

Ares has teamed up with Sydney-based Pallas Capital for a A$500 million fund that will provide liquidity to commercial real estate firms who lack bank funding. While the US asset manager is contributing the lion's share of the money, Pallas said it's providing A$50 million.

Australia and the Philippines agreed to boost collaboration on maritime security, as China boosts its military presence in the region. President Ferdinand Marcos Jr. called on Australia to help protect freedom of navigation in the South China Sea.

China's Foreign Minister Wang Yi has been invited to Australia for a two-day visit later this month, the South China Morning Post reported. Wang is expected to spend one day in Canberra and another day in Sydney, according to the report.

Authorities aim to impose tighter regulation on water-network operators in New South Wales state after an investigation by Bloomberg News showed the biggest provider withheld huge volumes of water at the height of the last drought.

The Fed's preferred gauge of underlying inflation rose in January at the fastest pace in almost a year. Stocks and bonds rose as the personal consumption expenditures index added to bets the Fed will be able to cut rates as early as June. The dollar rose against every G-10 currency save the yen, amid signals the BOJ may end its negative rate policy. Australian equity futures point to small gains this morning.

India's GDP growth unexpectedly picked up to more than 8% in the final quarter of last year, and the two prior periods were revised up. The government boosted its fiscal-year forecast to 7.6%, keeping India on track to remain the fastest-expanding major economy in the world.

ByteDance must ask whether the experimental, low-rent TikTok Shop is really worth the damage it's doing, Bloomberg Opinion's Dave Lee writes. The app's e-commerce bazaar has drawn the ire of its users, and its many scams may bring unwelcome attention from US lawmakers.

President Biden is amassing a cash stockpile. Groups allied with the US leader have already committed to spending more than $700 million to help him in the 2024 election. Meanwhile, Donald Trump faces the prospect of having to sell property to cover a massive verdict against him.

• RBNZ Governor Orr speaks in New Zealand at 11.05am Sydney time

Ever wondered what $1 million buys in the world's most expensive real estate markets? Not much in Monaco. Spending a million on property located in the European city-state known for attracting the world's rich and famous fetches just 172 square feet. Hong Kong and Singapore came in second and third respectively.