Crypto News: Rio Tinto scraps plans to raise $5 billion

Good morning, it's Adam here in Sydney with everything you need to get your day started.

Today's must-reads:
• Rio Tinto scraps share sale plans
• Investment heavyweights outline strategies
• Albanese gets morale boost

What's happening now

Rio Tinto executives scrapped plans to raise as much as $5 billion in a share sale following pushback from investors, according to people familiar with the matter. They had floated the possibility of an equity offering in recent investor meetings, the people said.

For the world's biggest investors, 2025 is set to be a tumultuous year. We asked top executives, including those at the Future Fund and Aware Super, how they plan to invest in the year ahead.

Prime Minister Anthony Albanese's Labor Party has secured a morale-boosting victory in an election in the nation's largest state, enhancing his chances of a come-from-behind win in a federal vote that must be held by May 17.

Anthony Albanese, Australia's prime minister. Photographer: Rohan Thomson/Bloomberg

Lenders to Healthscope, an Australia hospital operator, have agreed to give the firm two more months to pay loan interest that it's been unable to meet so far, according to people familiar with the matter. Read more on that scoop here from Bloomberg's Sharon Klyne.

New Zealand's Adrian Orr quit suddenly the central bank. His combative style wasn't for everyone, but illuminated global challenges, writes Bloomberg Opinion's Daniel Moss.

What happened overnight

Here's what my colleague, market strategist Mike "Willo" Wilson says happened while we were sleeping…

Weekend data showed China's consumer inflation fell below zero for the first time in more than a year, calling for powerful fiscal and monetary support for Australia's biggest trading partner. If received, it would be a positive for both the Aussie and kiwi dollars. Coming up this week, Australian consumer and business confidence on Tuesday will play second fiddle to US CPI data on Wednesday, around when US steel and aluminum tariffs take effect.

Read more on China's inflation print, an assessment that was skewed by seasonal distortions but also a sign of deflationary pressures persisting in the economy.

The popularity of the Musk brand in China might not be enough to save the billionaire from the global backlash engulfing his company, writes Bloomberg Opinion's David Fickling.

In Canada, Mark Carney is favored to be elected as the Liberal Party leader on Sunday, paving the way for him to replace Justin Trudeau as prime minister.

Mark Carney Photographer: Graham Hughes/Bloomberg

And President Donald Trump said the US economy faces "a period of transition," deflecting concerns about the risks of an economic slowdown as his early focus on tariffs and federal job cuts cause market turmoil.

What to watch

• No major scheduled events

One more thing...

Yasuko Tagawa and a cat robot. Photographer: Soichiro Koriyama/Bloomberg Bloomberg

As Japan copes with a labor shortage, the service robot market is expected to triple in the next five years. Read more about how service-sector businesses in Japan are increasingly investing in robots that don't need expert supervision and can work alongside people instead of replacing them.

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