Thursday, October 31, 2024

Sydney house prices slip

Good morning, it's Amy here in Melbourne with your Friday newsletter. Today's must-reads:• Our latest podcast • Macquarie falls short• Priva

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

Today's must-reads:
• Our latest podcast 
• Macquarie falls short
• Private credit looks to property

What's happening now

House prices in Sydney fell for the first time in almost two years in October as buyers were discouraged by affordability concerns, according to data released overnight. The broader Australian market advanced at a slower pace. Across the ditch, New Zealand's housing market is weighed down by a flood of listings.

Macquarie's half-year results fell short of analyst estimates as trading activity waned in its core commodities and global markets business. Net income for the six months to Sept. 30 rose to A$1.61 billion ($1.06 billion), from A$1.42 billion a year earlier.

Palau's President Surangel Whipps Jr told Bloomberg his nation faces increasing pressure from China to end its support for Taipei. Palau is one of Taiwan's last diplomatic allies in the Pacific, and Whipps Jr is facing a national election on Tuesday, the same day as the US presidential ballot.

Palau's President Surangel Whipps Jr.  Photographer: PHILIP FONG/AFP

Private credit lenders are keen for more business in Australia. Firms such as Apollo Global Management-backed MaxCap Group and Pallas Capital are among those looking for opportunities in our commercial property sector.

Prime Minister Anthony Albanese has denied personally calling former Qantas boss Alan Joyce to ask for flight upgrades. The PM has said he declared all upgrades as well as his Chairman's Lounge membership.

The latest Bloomberg Australia podcast has landed. As shareholders await the outcomes of probes at WiseTech and Mineral Resources in the wake of damaging allegations, Rebecca Jones asks reporter Angus Whitley: how much do CEO scandals actually matter to investors in the long run? 

Australian retail sales held firm in September on the back of a strong outcome in the prior month, suggesting a period of weakness in household consumption is gradually abating. Sales advanced 0.1% from August, when they climbed a solid 0.7%.

What happened overnight

The S&P 500 erased October's gains, halting a streak of monthly advances that would have been the longest since 2021. Tech stocks fell after disappointing outlooks from Microsoft and Meta, while gold retreated after the metal's rally to a fresh record. 

The Chinese economy is showing signs of life on the back of Beijing's recent stimulus measures. Factory activity unexpectedly expanded in October, and the official manufacturing purchasing managers' index rose.

India's urban middle class is continuing to trim its spending. At least seven of the nation's largest companies have flagged softer consumption demand and a challenging operating environment in their latest earnings.

As we near the finish line for the US election race, Donald Trump and his allies are telling supporters they're on pace for a runaway victory. In our Opinion section, Bloomberg founder and majority owner Michael R. Bloomberg says there is a clear choice for voters when it comes to the two candidates' policy positions.

Staying on the US election, here's what 15 of the top bartenders and sommeliers will be drinking on election night. 

What to watch

Household spending and home loans data for September, producer price index numbers for 3Q released at 11.30am Sydney

One more thing...

It feels like artificial intelligence is permeating almost every aspect of society, and Amazon has been eager to get in on the market. The company wants to take on ChatGPT, but technical challenges have forced Amazon to repeatedly postpone the updated voice assistant's debut. You can read the inside story in our Big Take. Have a great weekend.

An Alexa kiosk at an Amazon Fresh grocery store in Seattle, Washington, US. Photographer: David Ryder/Bloomberg

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