Crypto News: What's next for design unicorn Canva?

Merry midweeek to you, it's Harry here in Sydney with your Wednesday wrap...

Today's must-reads:
• Canva wants to win against Adobe as it readies for IPO
• RBA holds rates
• Commonwealth Bank wrongfoots analysts

What's next for one of Australia's biggest tech success stories? Canva is placing bets on AI to turbocharge growth and take more of the high-margin enterprise market currently dominated by Adobe, ahead of plans to ultimately take the $26-billion startup public.

The RBA held its key interest rate at a 12-year high on Tuesday as it struggles to subdue stubborn price pressures that are holding it back from joining a global easing cycle.

Commonwealth Bank is confounding analysts. It's the only bank in the world worth more than $100 billion that has zero buy recommendations. Yet the stock has surged 37% since it lost its last positive rating in August 2022, reaching a succession of record highs and outperforming gauges of peers.

RBA Governor Michele Bullock Photographer: Brendon Thorne/Bloomberg

Fortescue, the world's fourth-biggest iron ore miner, will pay $2.8 billion to replace two-thirds of its fleet of haulage trucks and equipment in Western Australia with electric versions, as it seeks to cut diesel consumption and meet ambitious emissions reduction targets.

New Zealand's Prime Minister Christopher Luxon is grappling with how to hold on to Kiwis as they head to Australia for better opportunities. On Bloomberg TV's Australia Ahead, Bloomberg Economics' James McIntyre says the phenomenon is nothing new, and Luxon has his work cut out as the country faces a triple-dip recession.

US stocks held onto gains buoyed by a jump in Nvidia's shares as traders largely shrugged off a grim consumer confidence reading. The S&P 500 Index edged up 0.3% — ending the day with its 41st record close this year. A sweeping stimulus package from China helped shore up stocks with economic ties to the country.

Iron ore spiked after China announced a series of major measures to boost growth and shore up its beleaguered property market, buoying the demand outlook in the world's largest importer.

Caroline Ellison was sentenced to 24 months in prison and ordered to forfeit $11 billion by a federal judge for her role in the FTX collapse, despite helping prosecutors in the conviction of Sam Bankman-Fried, her former boss and boyfriend.

Mexico finalized plans to take control of a port and quarry owned by Vulcan Materials on its Caribbean coast, deepening tensions with the US days before President Andres Manuel Lopez Obrador leaves office.

• Australia monthly CPI for August, 11:30a.m.

If you love New York steakhouses, this is your moment. Even as the cost of dining out in New York becomes increasingly prohibitive, city residents are finding value thanks to a wave of recent openings that are making affordable steak deals more common.

Culotte steak with fries and secret sauce at New York's new Medium Rare goes for $35. Photographer: Alex Staniloff

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