Crypto News: NZ's Luxon to give Bloomberg Address

Happy Friday everyone, it's Harry here in Sydney. Here's your daily download on what's happening to round out the week…

Today's must-reads:
• NZ's Luxon speaks at Bloomberg Address
• The hunt for copper is falling short
• NAB's CFO speaks on hiring challenges

New Zealand can look forward to an economic recovery in 2025 from falling interest rates after a turbulent first year in office for Prime Minister Christopher Luxon featuring a likely recession, widening budget deficits and tensions over race relations. Luxon will outline his expectations at the Bloomberg Address at 12pm our time in Auckland.

The prospect of rising demand for copper means the energy-transition metal has prompted hefty takeover bids, including BHP's tilt for Anglo American — but the hunt for new deposits is still falling short. My colleague Paul-Alain Hunt's deep dive is well worth a read.

Core samples at Oak Dam. Photographer: James Bugg/Bloomberg

Macquarie agreed to settle allegations by the US Securities and Exchange Commission that the company inflated the value of some investments and overstated client account performance.

Business banking looks set to be the next battleground in Australia after mortgage lending, NAB CFO Nathan Goonan told Bloomberg. Hiring people to support the growth will be a problem, according to the country's biggest lender in this area.

Australia's strong hiring extended into August and the unemployment rate held steady, underscoring the resilience of the labor market to elevated interest rates. Employment rose 47,500 — driven by part-time jobs — versus a forecast 26,000 gain, government data showed Thursday.

The S&P 500 posted its 39th record of the year, fueled by expectations that the Fed will be able to engineer a soft landing after jobless claims signaled a healthy labor market. Australian stocks are poised to open higher this morning.

The EU and Beijing agreed to intensify talks as they seek to avert tariffs on China-made EVs ahead of a looming deadline. The bloc made clear that it will continue a formal probe into unfair subsidies.

What exactly Kamala Harris would do for Wall Street and Main Street in the event of an election victory has been hard to decipher. Bloomberg Businessweek takes a look at who she is, and what she might do if she wins.

Nike ousted beleaguered CEO John Donahoe, bringing longtime executive Elliott Hill out of retirement to return the struggling athletic brand to its glory days. The sportswear company's sales have dropped as consumers have grown tired of its lifestyle sneakers.

• New Zealand PM Christopher Luxon speaks at Bloomberg Address in Auckland at 12pm Sydney time

Coffee drinking outside of homes has rebounded to pre-pandemic levels as consumers return to shops and offices, according to the National Coffee Association. More than a third of consumers who drank coffee on a "past-day basis" did so outside of their residences, the NCA said. That marks the highest level since January 2020. Have a great weekend.

A barista makes an iced latte at a coffee shop in the Union Market district in Washington, DC, US, on Friday, Sept. 8, 2023. Photographer: Al Drago/Bloomberg

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