Crypto News: House prices fall in Sydney, Melbourne

Good morning and welcome back, it's Ainsley here with all the news you need to get your working week going.

Today's must-reads:
• House prices fall in Sydney, Melbourne
• Debt manager mulls auction changes
• Money laundering rules for property, gems

Home prices rose at their weakest pace in nearly two years, led by falling prices in the key markets of Sydney and Melbourne. Sydney fell 0.2% in November from the prior month — its second straight monthly decline, property consultancy CoreLogic said today. Melbourne, where values have fallen in 10 of the past 12 months, slipped too as prices in major cities rose just 0.1% in November.

Allegations of market manipulation at an A$14 billion sale of a government bond last year brought about an immediate tightening of rules in Australia and may lead to longer-term changes, the nation's debt chief said. The Australian Office of Financial Management has started to pre-announce the size of large bank-led offerings and now speaks with the deal managers to ensure they act in the best interests of the government, Chief Executive Officer Anna Hughes said in an interview.

Australia widened the scope of its anti-money laundering regulation to include real-estate agents and precious stone dealers following years of warnings over the use of illicit cash in these high-risk sectors.

Australia's under-16 social media ban has reverberated around the world, writes Catherine Thorbecke for Bloomberg Opinion. The US hasn't passed federal law aimed at digital child safety since 1998. Australia has managed to do what no other democratic jurisdiction has, but the litmus test will be how it enforces the new regulation and whether it even can. For more on what's being done to stop social media harming kids read our QuickTake.

Consumers are feeling the pain of Australia's failure to invest in energy transition, David Fickling and Ruth Pollard write for Bloomberg Opinion. The nation has now hit the point where its failure to get clean power infrastructure built is putting a thumb on the scales in favor of fossil power — the opposite of what should be happening.

Stellantis Chief Executive Officer Carlos Tavares is stepping down after profit slumped and US sales weakened at the maker of Jeep SUVs and Fiat cars, which will be run by an interim committee headed by Chairman John Elkann. A new CEO will be named in the first half of 2025.

John Elkann, left, and Carlos Tavares Photographer: Nathan Laine/Bloomberg

BlackRock is nearing a deal to buy HPS Investment Partners, a purchase that would vault the firm into the top ranks of private credit as it seeks to become a major force in alternative assets. An agreement could be announced this week and value HPS at $12 billion or more, according to people with knowledge of the matter.

At least 12 people have died and more than 600,000 households have been affected by the worst flooding in southern Thailand in decades, according to a government agency.

Ireland is heading for a return of the coalition government led by Prime Minister Simon Harris's Fine Gael party and Fianna Fail, as voters bucked a recent international trend of ousting incumbent parties.

All times Sydney

• 09:00 a.m.: Nov. S&P Global Australia PMI Manufacturing
• 11:00 a.m.: Australia Nov. Melbourne Institute Inflation
• 11:30 a.m.: Australia Oct. Building Approvals
• 11:30 a.m.: Australia Nov. ANZ-Indeed Job Advertisements
• 11:30 a.m.: Australia Oct. Retail Sales M

Despite chronic back pain and a noticeable limp, tennis legend Andre Agassi belied any signs of discomfort when he stepped onto a pickleball court in Sydney earlier this month. The 54-year-old showed off his famous backhand during an exhibition doubles match that was part of the UBS Australasia conference. It's been almost 60 years since pickleball was invented as a children's backyard game on Washington state's Bainbridge Island, but the sport's popularity has skyrocketed over the past few years. The sport is now poised to take off across Asia.