Where super funds are stashing our savings

Good morning, it's Amy in Melbourne with all the news you need this Friday. Today's must-reads:• New podcast episode on super• Commonwealth

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Good morning, it's Amy in Melbourne with all the news you need this Friday.  Today's must-reads: • New podcast episode on super • Commonwealth Bank's share price outlook  • Waiting for Cyclone Alfred to make landfall

What's happening now

It's been a rough start to the year for global markets. This matters to all of us, because a lot of our retirement savings is invested offshore. I spoke with Rebecca Jones for this week's Bloomberg Australia Podcast about how our A$4.1 trillion superannuation industry is approaching the investment landscape this year. 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. The shares of Australia's largest company, Commonwealth Bank, are set to tumble 26% in the next 12 months, according to consensus price targets compiled by Bloomberg. Brokers bet the stock will slide on long-cited lofty valuation concerns and intense competition. In breaking news this morning, buyout firms CC Capital and Bain Capital have each increased their takeover offers for Insignia Financial, as the bidding battle for the Australian financial services firm ramped up.  It's been a tense week for millions of residents in Queensland and New South Wales, with Cyclone Alfred still lurking off the coast. They're facing a prolonged period of heavy rainfall that threatens flash flooding, as the tropical cyclone tracks slowly towards major population hubs.  Photographer: DAVID GRAY/AFP Rio Tinto Group is spending up big to expand its Brockman iron ore hub in the Pilbara region of Western Australia. The miner will spend $1.8 billion on construction of the Brockman 4 project which will begin this year, with production slated for 2027. Australia's long-serving board directors are on notice. The prudential regulator has flagged the idea of limiting board terms to 10 years to tidy up governance concerns. APRA released its discussion paper canvassing a range of governance changes on Thursday.   New Zealand is on the hunt for a new central bank governor after Adrian Orr unexpectedly quit with three years left of his term. Meanwhile, finance chief Nicola Willis said she is taking advice on how to compel the central bank to loosen bank capital rules.

What happened overnight

Here's what my colleague, market strategist Mike "Willo" Wilson says happened while we were sleeping… Investor uncertainty saw US stocks give back most of the previous day's advance as Trump flip-flopped over tariffs, deferring some of Canada and Mexico's to April 2. The US president is still pressing Ukraine for any ceasefire to be linked to a minerals deal. This all netted out to another down day for the US dollar, while the Aussie and kiwi are nearer to their highs of the week. Local data out today shouldn't change that ahead of the all-important US jobs report that lands overnight. As Willo mentioned, Trump's tariff pause on Mexican and Canadian goods offers major reprieves to the US's two largest trading partners. Meanwhile, US retail giant Walmart has asked some Chinese suppliers to cut prices by up to 10% to offset the cost of tariffs, according to people familiar with the matter. Here's what tariffs mean for global exchange rates.  Hong Kong's top court overturned the convictions of three former members of a pro-democracy group. It marks a rare victory in challenging the enforcement of the national security law imposed by Beijing. Katy Perry is set to become part of an historic all-female crew of six taking a tourist ride into space. As Bloomberg Opinion's Adam Minter writes, the trip has all the hallmarks of a publicity stunt, and it's likely the women will return to Earth safely, with good stories to tell and post. But long-term, he says, their prognosis is less certain. Katy Perry Photographer: Monica Schipper/Getty Images

What to watch

• Australia household spending data for January released at 11.30am

One more thing...

How much would you pay for an old basketball jersey? If it belonged to superstars Michael Jordan or Kobe Bryant, you could expect to pay millions of dollars. A Sotheby's online auction will offer Jordan's signed "preseason debut" Chicago Bulls jersey later this month, while Kobe Bryant's "rookie debut" Los Angeles Lakers jersey will be auctioned in April. Each jersey is estimated to sell in the region of $10 million. Have a great weekend.  Michael Jordan 'Preseason Debut' Chicago Bulls Game Worn & Signed Jersey Source: Sotheby's

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