Former leader Malcolm Turnbull draws Trump's ire

Good morning. It's Angus here in Sydney. Here's what you need to know to start your working day. Today's must-reads: • Trump rebukes former

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Good morning. It's Angus here in Sydney. Here's what you need to know to start your working day. Today's must-reads: • Trump rebukes former Australian leader Turnbull • Star mulls last-minute financing offer • Albanese's personal rating rises

What's happening now

Former Prime Minister Malcolm Turnbull drew a personal rebuke from President Donald Trump after saying in a Bloomberg Television interview that the US's treatment of longtime allies was providing an opportunity for China. Posting to his TruthSocial platform later, Trump said that Turnbull "never understood what was going on in China, nor did he have the capacity to do so. I always thought he was a weak and ineffective leader.'' Turnbull, who led Australia from 2015 until 2018, had a sometimes fractious relationship with Trump during his first term. Star Entertainment is considering a last-minute recapitalization proposal from Bally's Corp. that could potentially hand control of the company to the US casino group. Under the terms of the offer, Bally's would provide at least A$250 million of fresh capital. Star would issue notes that would be convertible into at least 50.1% of the company, according to the proposal. Australian Prime Minister Anthony Albanese's personal approval rating has risen, according to new polling ahead of an election expected in May, though his government is still narrowly trailing the center-right opposition. Albanese's approval rating rose by four points to 41% in a Newspoll survey published in the Australian newspaper, while disapproval of his performance fell five points to 53%, giving him a total net approval of minus-12.

What happened overnight

Here's what my colleague, market strategist Mike "Willo" Wilson says happened while we were sleeping… Stocks were hit hard after markets took Trump's words of 'transition' to mean pain, and investors have a very low tolerance for the latter. There was a rush into Treasuries as a haven and away from risk currencies like the Aussie and kiwi, which both fell. Locally we have consumer and business confidence, or possibly a lack of either or both, such is the bruised sentiment that currently pervades. Apple is preparing one of the most dramatic software overhauls in the company's history, aiming to transform the interface of the iPhone, iPad and Mac for a new generation of users. The revamp — due later this year — will fundamentally change the look of the operating systems and make Apple's various software platforms more consistent, according to people familiar with the effort. This week's US-Ukraine meeting in Saudi Arabia is meant to help clarify what concessions might be possible in the push toward a ceasefire with Russia, Secretary of State Marco Rubio said, playing down the possibility of a major breakthrough. Marco Rubio, US secretary of state, center, speaks during a meeting with US President Donald Trump Photographer: Jim Lo Scalzo/EPA Tesla shares plunged to their worst day in more than four years, extending a slide in 2025 amid growing concerns on Wall Street about demand for the company's electric cars. Its stock tumbled 15% on Monday after UBS Group's Joseph Spak cut delivery projections both for the first quarter and the full year. Deliveroo will close its Hong Kong business after weak sales and mounting competition in the city weighed on the company's international division.  The London-based delivery company will sell some assets to rival Foodpanda and close other assets. The manager of an oil tanker on fire near the UK said the vessel spilled jet fuel after it was crashed into by a cargo ship off the country's east coast. The Stena Immaculate was estimated to be holding about 140,000 barrels of jet fuel at the time of the incident, one of the most significant maritime disasters near the UK for years. The crew has abandoned the vessel.

What to watch

• 10:30 a.m. Westpac monthly consumer confidence data • 11:30 a.m.  NAB monthly business confidence data

One more thing...

With a spate of air accidents in the headlines, the obvious question looms: Are the skies safe, asks Bloomberg Opinion's Thomas Black.  The short answer is yes, but with the number of passengers increasing and the air traffic management systems aging, an effort to modernize the system needs to be accelerated, Black writes. A Delta Airlines plane on the tarmac at Ronald Reagan Washington National Airport   Photographer: Alex Wroblewski/Bloomberg

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