Crypto News: RBA's Kent speaks

Hi all, it's Jackie here in Sydney. Here's what you need to know today…

Today's must-reads:
• RBA's Chris Kent in conversation with Bloomberg
• Home prices extend gains
• Trade outlook after China wine tariffs axed

RBA Assistant Governor Chris Kent will discuss the central bank's operational framework for implementing monetary policy in a Bloomberg event in Sydney today. He'll also participate in a Q&A moderated by Bloomberg's economy reporter Swati Pandey. The discussion comes ahead of the Reserve Bank's March meeting minutes due later today.

Australia's house prices rose for a 14th month in a row in March amid declining affordability and borrowing costs at a 12-year high. Still, the overall price increases in key cities has slowed from a peak in mid-2023, according to property consultancy CoreLogic.

The government warned businesses against relying solely on China for their economic success after Beijing scrapped heavy tariffs on Australian wine exports last week. Assistant Minister for Trade Tim Ayres said trade diversification was "absolutely critical" and the government would be working with wine producers to "diversify their trade markets."

Wall Street traders sent both stocks and bonds down after solid US factory data reinforced speculation the Fed will be in no rush to cut interest rates. The yen also weakened on the data toward 152 per dollar, a level that traders anticipate would elevate the risk that Tokyo intervenes. Australian equity futures are flat.

Meanwhile, Chinese stocks rallied yesterday as a rebound in manufacturing activity reinforced hopes that the nation's economic recovery may be starting to gain traction. Hong Kong's market was shut for a holiday.

Nippon Steel made what it calls a formal commitment on spending and jobs to the United Steelworkers union. The proposal includes an additional $1.4 billion in capital spending and a pledge of no layoffs through the existing union contract, which expires in 2026.

All times Sydney
• 9:00 a.m.: March Judo Bank Australia manufacturing PMI
• 9:10 a.m.: RBA's Kent speaks
• 11:00 a.m.: March Melbourne Institute inflation
• 11:30 a.m.: RBA minutes from March meeting

Bridgewater CEO Nir Bar Dea's efforts to revamp the hedge fund over the past 18 months have had mixed results, underscoring how tough it is for any firm to evolve beyond its founder.