Crypto News: A surprise jump in retail sales

Good morning, it's Harry here in Sydney with Wednesday's top news:

Today's must-reads:
• Retail sales point to rate pause
• Samsung, NAB to cut staff
• Super fund pivots to property

A surprise jump in retail sales in August courtesy of tax cuts and warmer weather points to Australian interest rates staying elevated even as other countries cut borrowing costs. The month was Australia's warmest August since 1910, according to Robert Ewing, ABS head of business statistics.

Samsung is laying off workers in Southeast Asia, Australia and New Zealand in a plan to cut thousands of jobs worldwide. National Australia Bank is also shedding some roles in a shake up at its markets division.

A pivot back to property is underway at Australian pension HESTA. The A$87 billion fund is seeking distressed opportunities among assets that have struggled under high interest rates.

So-called "forever chemicals" in a group of industrial compounds known as PFAS are causing growing alarm. Australia's federal parliament has called for an inquiry into the dangers. Learn more about the issue on Bloomberg TV's Australia Ahead.

New Zealand's central bank will have to weigh signs of slowing inflation against a rebound in business confidence when it decides how much to cut interest rates next week. Analysts expect a 25 or 50 basis points move.

Louis Dreyfus looks set for victory in the race to acquire Namoi Cotton, which recommended shareholders accept the most recent takeover bid. Olam Agri Holdings has been jostling with Louis Dreyfus but said it would not extend its bid past a deadline next week.

Asia-Pacific stocks are set for a choppy start as flaring Middle East tension pushes up the price of crude oil and prompts investors to seek shelter in havens such as gold.

Iran fired about 200 ballistic missiles at Israel on Tuesday, a sharp but brief escalation between the Middle Eastern adversaries that threatened to trigger a fresh round of attacks as Prime Minister Benjamin Netanyahu vowed to retaliate.

Vice presidential nominees JD Vance and Tim Walz will face off for their first and potentially only debate before the November election, as the two Midwesterners with economic populist streaks strive to sway undecided voters in a tight race.

Claudia Sheinbaum took office today as Mexico's first female president, promising to protect investor rights and touting the current economic model as best for the nation in her inaugural speech.

McKinsey & Co. is considering upping the amount of days it expects staffers across North America to spend in the office each week as the consultancy joins a raft of large firms looking to limit remote work.

• No major events scheduled today

A Russian criminal gang, Evil Corp., secretly conducted cyberattacks and espionage operations against NATO allies on the orders of the Kremlin's intelligence services, according to the UK's National Crime Agency. Australia imposed targeted financial sanctions and travel bans on three Russian citizens for their involvement in the cybercrime group.

An FBI wanted poster of Maksim Yakubets during a US Department of Justice news conference in 2019. Photographer: Samuel Corum/Getty Images

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