Crypto News: Rate cut hopes fade

Good morning, it's Amy in Melbourne with your Friday newsletter.

Today's must-reads:
• RBA rate-cut bets pared on jobs data
• Crypto-mad Aussies should listen to this
• Star Casino boss's turnaround plan

Strong jobs data has prompted traders to scale back bets on the Reserve Bank of Australia's first rate cut, even after the central bank all-but ruled out easing in the near-term. Employment rose more than double estimates in September, and the jobless rate held at 4.1%.

The latest Bloomberg Australia podcast has landed. This week, Rebecca Jones talks to our cryptocurrency senior editor Sunil Jagtiani about why crypto-mad Australians should be watching the looming US presidential race especially closely.

The beleaguered Star Entertainment Group's survival rests almost entirely on new CEO Steve McCann. That's after the casino operator copped a A$15 million fine, escaping serious punishment months after an inquiry found it had breached the terms of its license and remained unfit to run its flagship Sydney venue.

Hedge fund manager Jun Bei Liu has hired Jason Todd, chief investment officer of Commonwealth Bank of Australia's private banking unit, for her new A$1.5 billion fund, she told us yesterday. The fund has the backing of Tribeca Investment Partners.

Thousands of mysterious tar balls are washing up on Sydney beaches. The New South Wales state Environment Protection Authority is investigating the source of the objects, which range from pea-sized to as big as a tennis ball.

Black, ball-shaped debris found washed up on Coogee Beach in Sydney. Randwick City Council

Anthony Albanese has been facing public scrutiny this week, after buying a pricey coastal property in the middle of a national housing crisis. The house in Copacabana, north of Sydney, cost around A$4.3 million, local media reported.

Robust US retail sales prompted traders to trim their bets on Federal Reserve rate cuts this year, with Treasury yields climbing. An advance in equities waned after the S&P 500 hit fresh all-time highs. Australian stocks are set to open down today.

Israeli soldiers killed Hamas leader Yahya Sinwar, the architect of the Oct. 7 attack, in a death that spurred fresh US pressure for Prime Minister Benjamin Netanyahu to end the war in the Gaza Strip. Sinwar's death is both a victory and an opportunity for Israel, writes Bloomberg Opinion's Marc Champion writes.

Netflix is beating Wall Street's expectations on every major financial metric despite a new programming slate constrained by last year's strikes in Hollywood. The company added more than 5 million customers in the third quarter.

Indian businessman Saurabh Gadgil's decision to take his family's 192-year-old jewelry business public has pushed his net worth to almost $1.1 billion, according to the Bloomberg Billionaires Index. Shares in PN Gadgil Jewellers have surged 61% since the initial public offering in Mumbai in September.

Saurabh Gadgil Source: PN Gadgil Jewellers Ltd

• UBS Head of Asia Economics and Chief China Economist Wang Tao speaks on Bloomberg TV at 11.30am

If you've been mulling an electric vehicle, there's a chance you may have considered a Chinese-made BYD. And there's plenty of other people around the globe doing the same. After increasing its annual sales domestically to 3 million cars in just three years, BYD is now exporting to roughly 95 markets, including 20 new ones this year. As our Big Take explains, the speed and scope of BYD's expansion have caught the global auto industry off guard. Have a great weekend.