Blackstone breathes new life into M&A

What you need to know today.

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Good morning, it's Georgie here in Sydney with this morning's top news for you. Stocks were hit overnight  by the biggest selloff since the August crash. But first... Today's must-reads: • Deal activity is heating up in Australia • Australian businesses risk missing out on Southeast Asia's boom • High winds cut coal-fired power generation

What's happening now

Deal activity is on the verge of bouncing back in Australia, giving bankers a boost after a soft year for mergers and acquisitions. With Blackstone nearing a deal to buy AirTrunk for over $13.5 billion and REA considering a cash and share offer for the UK's Rightmove, the second half is looking fruitful.   Australia's success in virtually eliminating mpox within six months of an outbreak in 2022 is now being overshadowed by a sudden and alarming resurgence, highlighting the challenges ahead as the world braces for a potentially more dangerous strain. Australian businesses risk missing out on Southeast Asia's looming economic boom, Foreign Minister Penny Wong said, expressing frustration at the struggle to spur more private investment in near neighbors. The high winds that have been lashing southeastern Australia over the past few days have pushed coal-fired power below 50% of the country's power mix for the first time ever. Australia is in the grip of a housing crisis, as home prices continue to climb with demand still outstripping supply. On Bloomberg TV's Australia Ahead we look at the impacts with Kevin Bell, adjunct professor at Monash University and author of Housing: The Great Australian Right. An air-traffic controller who was found asleep at his desk in Brisbane highlights a labor shortage in the sector that still hasn't been fully addressed, according to a safety investigation into the 2022 incident.

What happened overnight

The S&P 500 posted its worst day since an Aug. 5 market meltdown, burnishing September's reputation as historically rough for equities amid growth concerns. Aussie equity futures are pointing lower.  Nvidia and other companies were subpoenaed by the DOJ in search of evidence that the chipmaker violated antitrust laws, an escalation of its probe into the dominant AI computing provider. BYD halted plans for a major plant investment in Mexico until at least after the US election as shifting American policy forces global businesses into wait-and-see mode. The EV maker had been scouting three locations to build cars. Asian currencies have suddenly become fashionable again, writes Bloomberg Opinion's Daniel Moss. China has long sought to simultaneously contain yuan bears and promote its use as a global currency.

What to watch

•  July Household Spending data at 11:30 a.m. in Sydney • Second quarter GDP data at 11:30 a.m. in Sydney

One more thing...

It will soon cost you more to get into the Land of the Long White Cloud. New Zealand will almost triple the levy it charges foreign visitors to NZ$100 ($62) from Oct. 1. That's on top of a hike in the cost of tourist visas. Tourists watch the sunset in Kaikoura, New Zealand. Photographer: Kai Schwoerer/Getty Images

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