Crypto News: New Zealand’s lingering inflation

Good morning, it's Georgie here in Sydney, with everything you need to know for your Thursday ahead...

Today's must-reads:
• RBNZ's thinking about lingering inflation pressures
• Aboriginal tourism is on the rise amid challenges
• Crypto hedge funds merge in effort to woo pension flows

The Reserve Bank of New Zealand Governor Adrian Orr is still thinking about lingering inflation pressures and is inclined to lower rates incrementally, which may damp speculation about a 75 basis-point cut next month.

Indigenous Australian artists will get their due as the largest-ever exhibition of their work tours five major North American institutions next year. It's part of a push that has seen a rise in Aboriginal-led tourism.

Crypto hedge fund managers JellyC and Trovio Asset Management have merged as part of an effort to attract allocations from institutional investors such as pension funds. Australia-based JellyC will be the majority shareholder of the combined operation.

Australia's fast-growing A$3.9 trillion pensions industry is contributing to a higher chance of large market gyrations due to the increase in private-market investments, according to an analysis by the International Monetary Fund.

A selloff in big tech weighed heavily on stocks, while Treasury yields climbed amid bets the Federal Reserve will take a more measured approach on rate cuts. In late hours, Tesla rallied as earnings beat estimates.

Bank of America CEO Brian Moynihan has urged Federal Reserve policymakers to be measured in the magnitude of interest rate reductions. The Fed was "late to the game" in lifting borrowing costs in 2022 and now they've got to make sure they don't go too far with cuts, Moynihan said in an interview with Bloomberg TV in Sydney.

UK Prime Minister Keir Starmer dismissed concerns that his first Commonwealth summit is being overshadowed by Vladimir Putin's BRICS event, after some leaders chose to skip it in favor of meeting the Russian president.

The world economy is set to rely even more heavily on BRICS economies like China, India, Russia and Brazil to drive expansion, rather than their wealthier Western peers, the IMF said.

McDonald's is trying to contain the fallout from a severe E. coli outbreak that appears to be linked to the slivered onions in its popular Quarter Pounder sandwiches. The outbreak has sent shares lower, and analysts are warning of a potential long-term impact on sales and the company's brand reputation.

All times Sydney

• 9:00 a.m.: October Judo Bank Australia PMIs
• 3:30 p.m.: RBA annual report
• Fortescue sales results

Handshake Speakeasy in Mexico City was named the world's best bar with its elegant Art Deco space and classically inspired drinks featuring molecular gastronomy. It displaced Sips in Barcelona, which slipped to No. 3. The No. 2 ranked spot is a brand new entry to the list: Bar Leone in Hong Kong's Central district, from cocktail legend Lorenzo Antinori. The top rated Australia bar is Caretaker's Cottage in Melbourne, which came in at 21st.