Crypto News: What Donald Trump's victory means for Australia

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

Today's must-reads:
• The latest Bloomberg Australia podcast episode
• Social media ban for children under 16
• Blackstone refinances debt

Russian President Vladimir Putin has congratulated Donald Trump on his election victory and said he's ready to hold discussions with the new American leader. With Trump's return to the White House comes renewed vows to take on China and reclaim America's position atop the global world order. In this week's Bloomberg Australia podcast, Rebecca Jones asks Bloomberg senior editor Malcolm Scott about the big implications that has for Australia and its ties with its largest trading partner.

Australia's Ambassador to the US Kevin Rudd has revealed he deleted a number of social media posts in which he had been critical of Trump in a bid for a clean slate in ties. Rudd was heavily critical of the US leader during Trump's first term in office.

The Reserve Bank of Australia, meanwhile, says if Trump imposes big tariffs on China, it could have an adverse effect here. Trump has threatened tariffs of 60% on Chinese goods and 20% for the rest of the world. Reserve Bank of New Zealand officials said central banks globally should anticipate additional challenges as Trump returns to the White House.

In other news, ANZ's profit missed estimates. Chief Executive Officer Shayne Elliott said competition in the mortgage market remained intense. Cash profit slipped to A$6.73 billion in the 12 months to Sept. 30. That compared with the A$6.81 billion average estimate in a Bloomberg survey of analysts.

ANZ CEO Shayne Elliott in Singapore in October. Photographer: Lionel Ng/Bloomberg

Australian children under the age of 16 will be banned from using social media. The age limit is part of a suite of measures from the government to crack down on technology giants.

Blackstone plans to refinance about A$5.5 billion of junior debt it is raising for the proposed buyout of AirTrunk, in what is the alternative asset manager's largest-ever investment in Asia Pacific.

New Zealand's coalition government has introduced legislation to define the principles of the Treaty of Waitangi, the 1840 agreement between indigenous Māori and the British Crown that is considered the nation's founding document. Prime Minister Christopher Luxon's National Party has said it won't support the bill from its partner the ACT Party past first reading, but allowing its introduction has fueled racial tensions.

The US Federal Reserve cut its benchmark lending rate by a quarter percentage point, extending efforts to keep the US economic expansion on solid footing. Officials voted unanimously to lower the federal funds rate to a range of 4.5% to 4.75%. Stocks hit fresh all-time highs and Treasuries rebounded. ASX futures are pointing higher.

Federal Reserve Chair Jerome Powell said he would not resign from his role if asked to do so by a re-elected Donald Trump. Powell said the US presidential election will have "no effects" on the central bank's policy decisions in the near-term. As Bloomberg Opinion's Daniel Moss writes, history suggests policymakers should relax a bit after Trump's victory.

Japanese carmaker Nissan will cut 9,000 workers and slash a fifth of its manufacturing capacity after net income plummeted in the first half. Nissan will sell almost a third of its shareholding in partner Mitsubishi Motors, paring its current stake of just over 34%.

The billionaire founder of the Binance cryptocurrency exchange, Changpeng Zhao, is now out of a US prison. After appearing at an event in Dubai, Zhao spoke with Bloomberg, reflecting on his forced separation from Binance and four months of incarceration.

Changpeng Zhao, former chief executive officer of Binance, in April. Photographer: David Ryder/Bloomberg

In Pakistan, more than 900 people were hospitalized in one day in the city of Lahore due to air pollution. Lahore was ranked the world's most polluted city on Thursday according to Swiss monitor IQAir, with an air quality index of 710, which is double the level seen in New Delhi and compares to safe levels of up to 50.

People exercise in a park amid heavy smoggy conditions in Lahore on November 7, 2024. Photographer: ARIF ALI/AFP

All times Sydney

11:00 a.m. Australia to Sell A$800m 2.75% 2035 Bonds
1:45 p.m. RBA Assistant Governor Brad Jones participates in panel discussion in Sydney.

Markets have always moved in anticipation of who's going to be in power in Washington. There's never been a more clear-cut way to put a value on the US presidency itself than by looking at Trump's personal fortune, estimated at $6.7 billion by the Bloomberg Billionaires Index. Trump's victory will bolster an empire that spans media, real estate and crypto. You can read our Big Take on the outlook for his many ventures.

Donald Trump during an election night event at the Palm Beach Convention Center in West Palm Beach, Florida, on Nov. 6. Photographer: Chip Somodevilla/Getty Images