Crypto News: Critical minerals scrutiny

Good morning, it's Harry here writing your daily wrap from beautiful Queensland.

Today's must-reads:
• Treasury to tighten rules on foreign investment into critical minerals
• Housing market climbs again
• Macquarie among developers given green light for offshore wind projects

Australia will tighten scrutiny of foreign investment into mining and refining of critical minerals as part of an overhaul of its national regime, while speeding up approvals in low-risk areas to boost economic growth. Treasurer Jim Chalmers will announce the changes in a speech to the Lowy Institute think tank in Sydney on Wednesday, saying Australia welcomes international investment "but only if it's in our national interest."

Australia's housing market climbed further in April, driven by a supply shortfall that's increasing affordability challenges at a time when borrowing costs are at a 12-year high. Perth surged 2%, market bellwether Sydney 0.4% and Brisbane climbed 0.9%, property consultancy CoreLogic Inc. said in a report on Wednesday. Prices in Melbourne declined 0.1%, resulting in an overall increase of 0.6% for Australia's major cities — unchanged from March.

Meanwhile, New Zealand house prices fell for the first time in eight months in April as high borrowing costs and a sluggish economy kept buyers on the sidelines, according to CoreLogic. Values dropped 0.1% from March, the company said Wednesday in Wellington. That's the first monthly dip since August last year. Prices rose 0.5% from a year earlier.

Australia's government approved further work on projects by developers including Orsted AS and Macquarie Asset Management's Corio Generation aimed at delivering the country's first offshore wind. Six proposals were immediately authorized to begin feasibility studies for developments in the Gippsland region of Victoria state, with another six to be awarded similar licenses subject to consultation with Indigenous communities. Together they would have a capacity of 25 gigawatts.

Tesla's tie-up with Baidu may be the most notable development from Elon Musk's Chinese trip, but it didn't justify the share pop, writes Bloomberg Opinion's David Fickling. Beijing's approval of self-driving systems isn't a big deal and the EV maker faces a price war in China.

Falling behind the competition. Source: AFP/Getty Images

US stocks sank in the final stretch of April and bond yields climbed on concern that stubborn inflation will force the Federal Reserve to keep interest rates higher for longer. On the eve of the Fed decision, a broad gauge of US labor costs closely watched by policymakers jumped the most in a year. The S&P 500 lost 1.6%.

The US drug control agency is moving to reclassify cannabis as a less dangerous drug for medical purposes. Currently, it's deemed as equally risky as drugs like heroin. Shares of cannabis-related companies jumped.

Canada's economy appears to be losing steam, with preliminary data suggesting GDP was unchanged in March as gains in utilities and real estate were offset by drops in manufacturing and retail trade. That followed 0.2% growth in February that was below forecasts.

Torstein Hagen founded his cruise line with a few simple principles in mind: focus on the wealthy; no nickel-and-diming; and no kids. Almost three decades on, his Viking Holdings Ltd. is among the world's biggest luxury cruise operators, and Hagen's fortune may surpass $5 billion once the company completes its initial public offering in New York.

Torstein Hagen Photographer: Ben Stevens/PA Images /Getty Images

• 8:45 a.m.: New Zealand 1Q Unemployment

The Quarter Pounder is not enough. McDonald's Corp. will test a bigger burger this year to meet diners' appetite for more filling patties. "Our team of chefs from around the world have created a larger, satiating burger," Chief Financial Officer Ian Borden said Tuesday on a call with analysts. McDonald's will roll it out to a few markets around the world to make sure it has global appeal, he said.