| Good morning, it's Harry here in Sydney with your midweek news roundupToday's must-reads:• AI rivalry is a good thing says Australia's bigge |
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| Good morning, it's Harry here in Sydney with your midweek news roundup
Today's must-reads:
• AI rivalry is a good thing says Australia's biggest super fund
• A trio of credit traders from ANZ have defected to Standard Chartered
• Teal MP Allegra Spender will push green investment if she wins a second term | |
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| The emergence of a cheaper artificial-intelligence model that saw hundreds of billions of dollars wiped from Nvidia Corp.'s valuation is a welcome disruption to the tech sector, said the head of AustralianSuper. Paul Schroder, chief executive officer of Australia's biggest pension fund, called the DeepSeek development a "mid-cycle efficiency gain" in an interview with Bloomberg TV on Tuesday. The fund held about A$2 billion of Nvidia shares at the end of June.
Australian independent lawmaker Allegra Spender insists that climate action can't be delayed by the nation's economic difficulties, setting up her potential demands in the event of a minority government following the next election. If she takes on the role of kingmaker after this year's vote, her three demands for any potential prime minister would be creating a more productive economy, stronger action on climate change and bolstering political integrity, the Sydney MP said in an interview with Bloomberg Television's Australia Ahead show in Sydney on Tuesday. "It just doesn't go away because, you know, we're having tougher economic times," she said.  Teal MP Allegra Spender in interview with Bloomberg's Haidi Stroud-Watts Trading places: Some senior ANZ Group Holdings Ltd. credit traders are departing the Australian lender to move to Standard Chartered Plc., according to people familiar with the matter. Ming Wo, Duncan Robinson and Adam Hall, all based in Singapore, have left, the people said, declining to be identified discussing confidential information. | |
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| The world's largest technology companies climbed after a selloff that shook markets around the globe, with traders gearing up for the start of the megacap earnings season and the Federal Reserve rate decision. Equities rebounded, with the S&P 500 up almost 1% and the Nasdaq 100 rising 1.4%. Nvidia Corp. rallied 6.9%, following its largest value loss in history. The bounce in the tech space also reduced the search for haven assets, with bonds seeing small losses. The UK is considering making households who only use streaming services such as Netflix and Disney pay the BBC license fee, as part of plans to modernize the way it funds the public-service broadcaster. Aerospace and defense manufacturer RTX is "fully prepared" to support Trump's ambitions for an American "Iron Dome" orbital missile defense, expanding on the type of work its Raytheon business has done in Israel, its CFO said. Meta's Llama may become the "DeepSeek of the West" as the Chinese startup validates the Facebook parent's open-source strategy, Deepwater Asset Management co-founder Gene Munster said. Tech investor Cathie Wood said increased competition may help hyperscalers like Meta and Amazon cut costs and improve platforms. | |
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| All times Sydney - 9:00 a.m.: RBNZ Chief Economist Paul Conway speaks
- 11:30 a.m.: Australia Dec. and 4Q CPI
- Most markets are closed, including Mainland China, Hong Kong, South Korea, Taiwan, Singapore and Malaysia, for the Lunar New Year holiday
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| Granny flats to the rescue! Alongside patios, pools and palm trees, Los Angeles backyards increasingly feature another element: small cottages for family members, renters or home offices. Known as accessory-dwelling units (ADUs), they are proving a key resource for residents displaced by wildfires and are now being watched by other major metropolitan areas struggling with housing shortages, and could provide a model for how to address the issue.  Rick Cole inside his ADU. | |
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