Crypto News: Mining gloom

Good morning and happy Friday, it's Georgie here in Sydney with a roundup of the biggest stories to kick off your day.

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Today's must-reads:
• Australia mulls faster tax breaks for miners
• Apple's China woes cast shadow on earnings
• US stocks sink following weak data

The government may bring forward planned tax incentives for critical minerals refining after major lithium producer Albemarle said it was shutting half of its processing capacity in Australia and putting its expansion here on hold, amid a deepening price slump for lithium.

Apple sales declined more than anticipated in China last quarter, overshadowing generally upbeat results that included bumper sales of new iPads. Meanwhile, Amazon shares fell in late US trading after it projected profit that missed analysts' estimates.

An Apple Store in New York, US, on Monday, July 29, 2024. Photographer: Jeenah Moon/Bloomberg

US stocks fell sharply and bonds rallied as a fresh dose of weak economic data led traders to reconsider whether the Federal Reserve is wise to hold off cutting interest rates before September. Australian equity futures point to its share market opening down 1.8% today.

The world's second-largest economy — and Australia's biggest trading partner — is more autocratic than ever. But there are reasons to be hopeful about China, writes Bloomberg Opinion's Karishma Vaswani.

Russia freed WSJ reporter Evan Gershkovich and former Marine Paul Whelan as part of a 24-person prisoner exchange with the US. The release took place on the tarmac in Ankara, Turkey, with 16 going to the West and eight being returned to Russia, including convicted killer Vadim Krasikov.

The Bank of England cut rates for the first time since early 2020 and signaled further cautious reductions ahead. Governor Andrew Bailey's casting vote clinched the 25-bp drop to 5% in a "finely balanced" decision.

Olympics latest: China's gold-medal tally surged to 11, followed by the US at nine and Australia, France and Japan tied at eight. Simone Biles at 27 became the oldest winner of the women's gymnastics all-around since 1952. Track the medal count here.

Nike is now worth $100 billion less than it was during the last Summer Olympic Games. More on why this year's Paris games are exceptionally important for the world's largest sportswear retailer here.

• Australia 2Q producer prices and June home loans data released in Sydney at 11.30 am

Illegal rhino killings in South Africa plunged in May and June after more than 1,000 had their horns removed by rangers to deter poachers who sell them to buyers in East Asia.

Kevin Sutherland/Bloomberg

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