Crypto News: Angst over inflation

Good morning, Sunil here in Sydney with the latest top news for you.

Today's must-reads:
• RBA minutes flag rate-hike risk
• Fire buffets Anglo's coal exit plan
• Pension funds must help retirees

An interest-rate hike is in play for August based on the minutes of last month's Reserve Bank of Australia monetary-policy meeting. The RBA left rates unchanged in June but stressed the threat of upside price pressures. Upcoming retail sales data will provide clues on whether borrowing costs are sufficiently restrictive or not.

Anglo American is considering options to push ahead with a sale of its coal business after an explosion at its flagship mine in Queensland. It may take several months to restore safe access to the deposit, so Anglo could sell coal assets individually or exclude the damaged operation from any deal.

Australia's A$3.9 trillion pension industry needs to do more to help the coming wave of retirees prepare for life outside the workforce. Industry watchdogs called for enhanced efforts to track and improve results on developing strategies for obtaining a retirement income.

New Zealand's business sector is increasingly downbeat, adding pressure for an earlier interest-rate cut than the nation's central bank currently projects. One example: residential building consents fell to a five-year low in the 12 months through May.

Asia-Pacific equity markets are set for a tailwind in the wake of another record high on Wall Street. Federal Reserve Chair Jerome Powell's reassuring views on easing inflation and a surge in Tesla shares all helped sentiment.

US President Joe Biden plans to meet lawmakers, travel to key states and appear in a television interview amid anxiety about his fitness for office. The momentum is with rival Donald Trump, who is now raising more money and seeking to throw out the guilty verdict in a hush-money case.

US President Joe Biden. Photographer: Samuel Corum/Sipa

Chinese companies are working with Russian counterparts on developing an attack drone. The drones have yet to be used in Russia's war on Ukraine but the project is a sign that Beijing may be edging closer to providing the sort of lethal aid that Western officials have warned against.

Far-right politician Marine Le Pen's National Rally faces a bigger barrier to forming France's next government. Opponents are maneuvering to reduce the number of three-way races that would favor her group in the final round of the legislative elections.

Hip-hop musician Shawn "Jay-Z" Carter has become the latest celebrity backer of the online watch market after taking an equity stake in luxury trading platform Wristcheck. Carter is a collector of brands like Patek Philippe, Audemars Piguet and Richard Mille.

• Australian June services, composite PMI, 9am in Sydney
• Australian May retail sales data, 11:30am in Sydney
• Australian May building approvals figures, 11:30am in Sydney

China's top bankers are learning to live with communism and shrinking pay under President Xi Jinping's call for "common prosperity." One after another, employees at the nation's premier investment bank China International Capital Corp. are pledging their loyalty to the Chinese Communist Party — a hard new reality for Wall Street-style capitalists.