Crypto News: China to end its lobster diplomacy

Happy Friday one and all, wishing you a productive end to the week. But first…

Today's must-reads:
• China has agreed to lift restrictions on lobster imports
• New Zealand government's books worsen
• Whitehaven nabs an unexpected coal insurance windfall

China has agreed to lift restrictions on lobster imports by the end of the year, removing one of the last trade barriers imposed by Beijing during a period of tension between the nations. The rock lobster trade would resume "in time for Chinese New Year," Prime Minister Anthony Albanese said after a meeting with Premier Li Qiang in Laos on Thursday, referring to a lunar calendar holiday that will fall in late January.

Shares in our biggest miners are bouncing back. In this week's Bloomberg Australia podcast, mining reporter Paul Hunt joins Rebecca Jones to discuss what these ASX-listed titans are doing to get the commodities they want - and need - for the years ahead.

New Zealand's annual budget deficit widened more than forecast as high inflation increased the cost of government services and welfare support. The deficit was NZ$12.85 billion in the year ended June 30, compared to the NZ$11.07 billion projected in the May budget, according to final financial statements issued by the Treasury Department. The deficit grew from NZ$9.45 billion in 2023.

Whitehaven Coal shelved a planned special purpose insurance vehicle it had planned after finding external insurers willing to take on its risk. Its recent acquisitions have given it enough diversification to improve underwriters' willingness to backstop the company, according to a spokesperson. Access to insurance is emerging as a key indicator for judging the level of corporate anxiety tied to climate change.

Any attempt to reverse deforestation needs to acknowledge that growing palm oil kills way more trees than extracting nickel, David Fickling writes for Bloomberg Opinion.

Stocks fell after data showed hotter-than-expected inflation and a slowdown in the labor market, amplifying the debate on whether the Federal Reserve will opt for a smaller rate cut next month or a pause after a large September reduction.

Hurricane Milton left millions without power after roaring ashore in Florida, with Enki Research estimating damage of up to $75 billion. Governor Ron DeSantis said the state avoided a "worst-case scenario," and catastrophe-bond investors are more likely to face a much less-than-expected loss of 4%. At least four people were killed by tornadoes spawned by the storm, the AP reported.

Tesla stakes are high as investors await its Robotaxi unveil Thursday at 7 p.m. California time. The EV maker's nearly $800 billion market cap is underpinned by the expectation that it will be a powerhouse in autonomous vehicles and AI.

(All times Sydney)

8:30 a.m.: New Zealand Sept. Manufacturing PMI
8:45 a.m.: New Zealand Aug. Net Migration
8:45 a.m.: New Zealand Sept. Food Prices

South Korea's Han Kang was awarded the Nobel prize in literature. Her novel The Vegetarian divided reviewers with its blunt and bleak style, but took on cult status in South Korea and went on to win the Man Booker International Booker Prize in 2016. Narrated in part by the protagonist's husband, the novel recounts the story of a woman troubled by violent dreams who decides — to the horror of those around her — to stop eating meat.

Han Kang Photographer: Roberto Ricciuti/Getty Images

Stay updated by saving our new email address

Our email address is changing, which means you'll be receiving this newsletter from noreply@news.bloomberg.com. Here's how to update your contacts to ensure you continue receiving it:

Gmail: Open an email from Bloomberg, click the three dots in the top right corner, select "Mark as important."
Outlook: Right-click on Bloomberg's email address and select "Add to Outlook Contacts."
Apple Mail: Open the email, click on Bloomberg's email address, and select "Add to Contacts" or "Add to VIPs."
Yahoo Mail: Open an email from Bloomberg, hover over the email address, click "Add to Contacts."