Crypto News: Pension giant calls time on China boom

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

Today's must-reads:
• AusSuper sees a different China
• RBA alert to inflation expectations
• Australia's pension ranking slips

China's economic boom years are over, according to Mark Delaney, the chief investment officer of AustralianSuper. But Chinese growth of 4% to 5% still won't be too bad, he said. Meanwhile, the giant pension fund led a $2 billion fundraising for US data center developer DataBank, which is seeking to tap the boom in demand for aritificial intelligence.

Australia's central bank is on constant alert for signs that inflation expectations may become unmoored in the current episode of elevated and sticky prices, Assistant Governor Sarah Hunter said in a speech. But it's confident they're contained in the near term, she added.

Global pension rankings show Australia slipping below Singapore to sixth position. The Netherlands retained top spot in an index that weighs factors like the adequacy and sustainability of retirement systems.

Australia is boosting funding to crack down on supermarket pricing, as regulators sue the nation's two biggest chains over fake discount claims. Barrenjoey's Tom Kierath tells Bloomberg Television's Australia Ahead that the efforts may founder.

Real estate is emerging as Australia's most in-demand sector as investors seek out the biggest beneficiaries of what they expect to be the start of a central bank easing cycle. "Five of our top six most in-demand companies are from the real-estate sector," Mark Woodruff, Citi's chief executive officer for the region, said at a conference hosted by the bank.

New Zealand's government government is talking up the economic outlook as it approaches its first year in office, saying falling interest rates and fiscal discipline will revive demand next year. Inflation slowed to the lowest rate since early 2021.

Asian shares are set for a tough start after the tech and energy sectors led US stocks lower. A plunge in Dutch chip gear maker ASML on poor orders spooked traders. Chinese equities traded on Wall Street slumped as investors await more details on plans for further stimulus there.

Donald Trump defended his plans to overhaul the US economy through dramatic tariff increases and more direct consultation with the Federal Reserve. The Republican presidential candidate told Bloomberg News Editor-in-Chief John Micklethwait that his policies will result in substantial growth, despite projections that his agenda would fuel inflation and spike the national debt.

Former US President Donald Trump. Photographer: Christopher Dilts/Bloomberg

The US pressured Israel to improve an "increasingly dire" humanitarian crisis in the Gaza Strip within 30 days, suggesting arms support may be contingent on the response. Prime Minister Benjamin Netanyahu asserted the country is free to act as it chooses in a counter-strike against Iran after a report suggesting his government is heeding US pleas to keep nuclear and energy facilities off its target list to limit the risk of escalation.

German carmakers are getting left behind in China. As consumers there move away from combustion-engine cars, Volkswagen, Mercedes-Benz and BMW are struggling to offer electric vehicles that appeal to vehicle buyers in their largest and most lucrative market, putting €35 billion ($38 billion) of investment on the line.

• Australia leading index, 10:30 a.m. in Sydney

In a region renowned for cheap street food, somehow $160 menus are bringing in tourists. New Michelin-starred options in Vietnam can reach 20 times the price of nearby stalls — but are thriving nonetheless.