Final election countdown begins

Good morning, it's Amy in Melbourne with your election eve newsletter. Today's must-reads: • Opposition releases policy costings • Billionai

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Good morning, it's Amy in Melbourne with your election eve newsletter.  Today's must-reads: • Opposition releases policy costings  • Billionaire pledges money for Trump • Test looms for banking stocks

What's happening now

Are we there yet? Almost! Voting has of course already kicked off for the federal election, but it's set to be a huge day tomorrow as Anthony Albanese aims to win a second term of government. You can track the results live with Bloomberg tomorrow evening. Meanwhile, the Coalition says the budget bottom line will be improved by about A$14 billion if it wins government. Catch up with everything else here in our election explainer.  Opposition Leader Peter Dutton speaks during a press conference at in the electorate of Lyons.  Photographer: Dan Peled/Getty Images AsiaPac Whoever wins this weekend faces an economy in need of some tough fixes. On the Bloomberg Australia podcast, host Rebecca Jones talks to my tireless colleagues Swati Pandey and Ben Westcott about the major parties' economic policies, and whether either side has a plan that can fix Australia's cost-of-living and housing crises. Further afield, New York-based Aussie billionaire Anthony Pratt is pledging $5 billion to support President Donald Trump's push to re-industrialize America. Later, Trump publicly thanked "friend of mine Anthony Pratt" for his investment. Away from politics, banking shares face a fresh test as lenders begin to unveil their earnings results next week. The sector has benefited from the perception of its defensiveness within a relatively resilient market, according to analysts.  Rio Tinto Group has warded off attempts by an activist investor to force it to review its dual listing structure. The mining giant had urged shareholders to reject the proposal, which around 20% voted in favor of.  Another superannuation CIO is on the move. Damian Graham, who's helmed Aware Super's investments for 12 years, will relocate to the fund's London office later this year. It comes after Cbus's Brett Chatfield said he was stepping down.

What happened overnight

Here's what my colleague, market strategist Mike "Willo" Wilson says happened while we were sleeping… US stocks, the dollar and Treasury yields all rose in a rare triple-header which speaks directly to an increase in risk appetite by investors. Positive vibes out of Ukraine as they sign a resources pact with the US, coupled with chatter about America reaching out to China for trade talks, started it. Solid stock earnings from big tech kept the good times rolling, ahead of US jobs data tonight in New York. Before that, local retail sales will garner focus from Aussie dollar traders in the wake of the upside surprise to this week's local inflation data. The Bank of Japan said it will take longer than previously thought to hit its inflation target. That prompted the yen to fall sharply against the dollar. As Bloomberg Opinion's Gearoid Reidy writes, the BOJ has set itself a very difficult job if it wants to defend raising rates in future. The chair of Europe's biggest bank, HSBC, will stand down. Mark Tucker will leave the role by the end of 2025 after eight years, during which time he's overseen three changes of CEO, a clash with one of the bank's largest shareholders and a public slap down from the US government. Singapore is also heading to the polls tomorrow. But get this — their election campaign has lasted just nine days. Unsurprisingly, it ranks among the world's shortest timelines for voters to make a decision. It comes at a challenging time for the small, open, trade-dependent economy, which could suffer collateral damage in the escalating tariff war between the US and China. The Singapore River. Photographer: Ore Huiying/Bloomberg

What to watch

Australia first-quarter producer prices and March retail sales data released at 11.30am in Sydney

One more thing...

There are some high-stakes geopolitical forces at play in our region for the next prime minister to navigate. In an essay for Bloomberg's Weekend Edition, Ben Westcott looks at how the US is alienating regional leaders, and Beijing is vying for influence over South Pacific shipping lanes and ports. Enjoy your democracy sausage, and have a great weekend.

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