Crypto News: Fed cuts rate as RBA decision nears

Good morning, it's Georgie here in Sydney with this morning's top news for you. Aussie stock futures are pointing lower and gold hit a record. But first...

Today's must-reads:
• The Fed cuts interest rates by 50 basis points
• Aukus tech partnership talks
• Housing crisis legislation gridlock

The Federal Reserve moved decisively — but not unanimously — to cut its benchmark rate by a half-point, in an aggressive shift that Jerome Powell said can bolster the labor market. More than half of the policymakers favored at least another 50 bps of easing over the next two meetings. Still, the Reserve Bank of Australia's expected to keep rates steady at next Tuesday's meeting.

Stocks ended lower after the S&P 500 wiped out a gain of 1% as Powell cautioned against assuming big rate cuts would continue. Treasuries declined. Gold hit a record before retreating. Oil fell and the dollar rose. Markets reopen in Hong Kong. Aussie equity futures are down 0.5%.

Australia is struggling to solve its housing crisis as opposition parties voted to defer a bill that aims to help first-time home buyers. The legislation would allow citizens to buy houses with a smaller deposit.

Australia, the US and UK are moving closer to expanding advanced technology cooperation with other Indo-Pacific nations under the Aukus security accord, as they seek a strategic edge in competition with China.

The world's second-biggest miner, Rio Tinto, will develop seed farms in Australia under efforts to test the potential of biofuels to curb diesel consumption. The company plans to buy about 3,000 hectares of land near Townsville.

Australian pensions Equip Super and TelstraSuper are exploring a tie-up that would create a A$60 billion fund, the latest of the industry's smaller players to join forces.

Major changes to the RBA have stalled as a tight election approaches, but some good may come of it, Bloomberg Opinion columnist Daniel Moss writes. The government can still get most of what it wants — a modern bank and a board with policy chops.

More devices, including walkie-talkies, exploded in Beirut and other Lebanese areas Wednesday, bringing the two-day death toll to at least 26 people. Israel's Yoav Gallant declared a "new phase" in the war. Iran threatened retaliation after its ambassador was wounded.

Boeing is requiring many salaried workers to take unpaid leave to preserve cash as the planemaker digs in for contentious contract talks with its largest union.

Volkswagen and partner SAIC plan to shutter a plant in China and possibly more in response to slowing demand for combustion-engine cars. The Nanjing factory, which has an annual capacity of as many as 360,000 vehicles, will be closed as soon as next year.

• Australia's August jobs data at 11:30 a.m. in Sydney
• New Zealand's second quarter GDP at 8:45 a.m. in Sydney

Lionel Messi's move to Inter Miami spurred a $3.2 billion boom in US soccer team values, but the impending end of his contract risks unraveling it all.

Lionel Messi alongside Inter Miami managing owner Jorge Mas, and announcer Rodolfo Soules after being honored following his Copa América triumph. Photographer: Scott McIntyre/Scott McIntyre

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