Crypto News: IPO Pipeline Hurt by Trump's Agenda

Good morning. It's Angus here in Sydney with the key morning news items.

Today's must-reads:
• Australia's sluggish IPO market
• China's record beef imports
• Murdoch UK newspapers say sorry

What's happening now

Australian initial public offerings are off to a slow start in 2025 amid concerns US protectionist policies will make assets less appealing in Sydney, according to advisory firm HLB Mann Judd. Only four companies have lined up to list on the ASX this year. "It's going to be a difficult start to 2025," said HLB's Marcus Ohm.

China's record beef imports, including prime cuts from Australian cattle, are hitting a market where demand is slowing and prices have fallen to the lowest since 2019. That raises the risk that authorities will take steps to curb the trade. The No. 1 importer of the red meat took 2.87 million tons in 2024, an all-time high.

New Zealand's annual inflation was unexpectedly steady in the final three months of last year, remaining above the midpoint of the central bank's target band even as domestic price pressures eased. The consumer-price index rose 2.2% in the fourth quarter from a year earlier, matching the pace three months earlier.

Elon Musk has painted himself as a humanitarian figure building a utopian future through a passel of companies. Don't fall for it, writes Bloomberg Opinion's Parmy Olson. The billionaire's silence on the sudden reversal of US government guidelines for building safer artificial intelligence shows his priorities are political capital — and his own business interests, Olson says.

What happened overnight

A rally in big tech and a batch of corporate earnings drove stocks to a near record close. Equity futures point to a mixed start in the Asia-Pacific region, including a potential initial decline in Australia. Traders will be watching the impact of China's latest steps to prop up the nation's stock market.

President Donald Trump stepped up pressure on Russia to negotiate an end to the war in Ukraine, and threatened financial penalties on the country if it refuses to conclude fighting swiftly. President Volodymyr Zelenskiy said in an interview with Bloomberg Editor-in-Chief John Micklethwait that any effective peacekeeping force deployed in Ukraine will need to include US troops.

Volodymyr Zelenskiy on Jan. 22. Photographer: Hollie Adams/Bloomberg

China's presence at the World Economic Forum in Davos, Switzerland, has been well toned down in the wake of President Trump's return to the White House. The nation's top official at the forum is a vice premier, Ding Xuexiang. And in contrast with President Xi Jinping's sweeping language five years ago, Ding struck a conciliatory tone, vowing to rebalance trade — an acknowledgment of a key concern for Trump — by promising to import more competitive, quality products and services.

Ding Xuexiang, China's first vice premier, addresses the World Economic Forum (WEF) in Davos, Switzerland, on Tuesday, Jan. 21, 2025. Photographer: Stefan Wermuth/Bloomberg

A vegetation fire is spreading rapidly north of Los Angeles, threatening one of California's main transportation arteries. The Hughes Fire started just before 11 a.m. local time and quickly spread to 500 acres, spurring evacuation orders. A devastating fire in Pacific Palisades that ignited about two weeks ago has killed 11 people, destroyed more than 6,380 structures and damaged another 867.

What to watch

• New Zealand Prime Minister Christopher Luxon delivers state-of-the-nation speech.

One more thing...

Sorry isn't the hardest word, after all. Rupert Murdoch's UK newspaper group has apologized to Prince Harry over allegations journalists at its tabloid newspapers used unlawful information gathering, as it settled a long-running lawsuit that threatened to dredge up decades-old accusations of wrongdoing.

Rupert Murdoch. Photographer: Julia Demaree Nikhinson/AP Photo

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