Stocks to watch this earnings season

Good morning, it's Amy here in a balmy Melbourne with your Friday newsletter.Today's must-reads:• Mid-year earnings are about to land• Melbo

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Good morning, it's Amy here in a balmy Melbourne with your Friday newsletter. Today's must-reads: • Mid-year earnings are about to land • Melbourne tops office vacancy rates  • Our latest podcast

What's happening now

Australian investors have plenty to think about for the upcoming earnings season for ASX-listed companies. The prospect of lower interest rates, trade war jitters and resilient consumer spending are just a few of the issues bubbling away. Read our preview of what to expect. Melbourne offices are still suffering a pandemic hangover. New data show almost a fifth of office space is empty in the Victorian capital, which was one of the world's most locked down cities during Covid. Vacancies remain at 18% despite a small decrease in office supply, the Property Council of Australia said. Anyone there? Photographer: James Bugg/Bloomberg The RBA has quite the job on its hands to engineer a soft landing, says a former central bank economist. Nick Stenner, who is now head of Australia and New Zealand economics at Bank of America Corp., said factors including sticky inflation remain a challenge on the path to rate cuts.  Few financial markets were left unscathed by the fallout from Donald Trump's tariff war this week, with Australia's being among the hardest hit. In our latest podcast, host Chris Bourke and Bloomberg cross-asset reporter Richard Henderson take a look at what this new bout of volatility means for stocks, crypto and one of our most hotly-anticipated rate decisions in years.  Listen and follow The Bloomberg Australia Podcast on Apple, Spotify, on YouTube, or wherever you get your podcasts. Terminal clients: Run {NSUB AUPOD <GO>} on your desktop to subscribe.

What happened overnight

US markets were cautious amid mixed earnings and jobs data, with the S&P 500 closing slightly higher. Treasury yields rose, while oil edged lower. Australia's share market is expected to open lower this morning. US Treasury Secretary Scott Bessent has thrown his support behind Elon Musk's government efficiency team. Bessent said he personally vetted the employees working on DOGE and there's been no "tinkering" with the department's payment systems. Meanwhile, Bloomberg Opinion's John Authors unpicks Bessent's comments on bonds this week.  Melania Trump's crypto memecoin MELANIA has lost almost 90% of its value in the weeks since Donald Trump's inauguration. Meanwhile, the president's token TRUMP has seen its price fall around 75% from its all-time high, according to data compiled from CoinMarketCap. McKinsey & Co. partners have been questioning the consulting giant's presence in China. Some senior partners have been voicing these concerns since late last year, even before Trump was re-elected with a pledge to ratchet up pressure on China, according to people familiar with the matter.  Family offices from Hong Kong to Brazil to New York are demonstrating the growing financial might of investing firms for the ultra-rich. One has taken a stake in a company running jewel-encrusted sneakers, while others are bidding for companies such as Australian wealth manager Insignia Financial. A pair of Swarovski jewel-encrusted sneakers at a Golden Goose SpA store in London.  Photographer: Jason Alden/Bloomberg

What to watch

• January Foreign Reserves data, 4.30 pm in Sydney

One more thing...

If you feel overwhelmed by the vast offerings of content available on streaming services — and how long it would take you to watch it all — then this could be for you: the mini soap opera. Mini dramas are professionally produced series for the web, with clear storylines and big cliffhangers. Clips run just 60 to 90 seconds and a series can span more than 50 episodes and it's becoming big business. Have a great weekend.  Actor Richard Sharrah, left, films a scene for Resisting Mr. Lloyd: An Age Gap Romance. Reelshort

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