ASX earnings outlook, NZ housing, ANZ job cuts

Good morning, it's Keira here in sunny Sydney. These are the top stories you need to know this morning...Today's must-reads:• ASX earnings e

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Good morning, it's Keira here in sunny Sydney. These are the top stories you need to know this morning... Today's must-reads: • ASX earnings expectations slip • NZ eases foreign housing ban • Albanese downplays protests

What's happening now

Earnings expectations for Australia's biggest companies are slipping after a bleak reporting season that jolted shares. Winners during this earnings season include retailers and domestic property companies, while CSL and companies with large exposure to the US housing market were notable losers.  New Zealand will loosen its ban on foreigners buying houses, opening the door for wealthy investors who hold a so-called "golden visa" to purchase luxury properties worth at least NZ$5 million. Meanwhile, Prime Minister Christopher Luxon said he expects a new governor to be appointed to the Reserve Bank of New Zealand within weeks. Prime Minister Anthony Albanese downplayed anti-immigration protests over the weekend in major Australian cities but urged vigilance after Neo-Nazis addressed some rallies. ANZ Group is mulling a reduction in headcount by as many as 5,000 people as part of a wider restructuring under Chief Executive Officer Nuno Matos, according to a report by Capital Brief. And Australia might get one of its biggest wheat harvests on record, with crop forecasts dramatically upgraded following heavier-than-expected rainfall across major grain belts during winter. A farmer during a harvest at a farm near Gunnedah, Australia. Photographer: David Gray/Bloomberg

What happened overnight

Here's what my colleague, market strategist Mike "Willo" Wilson says happened while we were sleeping… With North American stocks closed for Labor Day, any action was to be seen through the futures markets which edged higher in thin trading. The dollar was little changed for a second day, while Aussie and kiwi continued their gradual advance. Silver surged above $40 an ounce for the first time since 2011 and gold approached an all-time high on prospects of Federal reserve rate cuts. Australia has some economic data which forms part of Wednesday's 2Q GDP reading while New Zealanders see their terms of trade index before they go to lunch. ASX futures indicate a quiet opening for local equities. In the US, Treasury Secretary Scott Bessent said the Trump administration may declare a national housing emergency this fall as the White House looks to highlight key issues for midterm campaign voters. And President Donald Trump said India has offered to cut its tariff rates following the US imposition last week of 50% levies as punishment for its purchases of Russian oil.  Back at home, Australian Retirement Trust — the country's second biggest pension fund— has grown increasingly bearish on US Treasuries due to concerns that Washington's policies may stoke inflation. Chinese President Xi Jinping secured an agreement from partner countries to set up a new development bank, realizing a longtime ambition in a display of Beijing's growing influence. Brazil's Luiz Inacio Lula da Silva is convening a virtual meeting of BRICS leaders next Monday to discuss Donald Trump's trade policy, according to four people familiar with the plan. And global investors have shunned China amid deflation and a property slump, fueling demand for "ex-China" strategies and new benchmarks. But with Shanghai and Shenzhen stocks starting to outperform, the question is whether it's time to chase the rally, writes Bloomberg Opinion's Shuli Ren.

What to watch

11:30 a.m.: Australia current account balance (Sydney)

One more thing...

A liquefied natural gas export plant in Australia's Northern Territory leaked methane for almost two decades — as much as 184 kilograms of methane an hour from 2006 — according to a local environmental group. The hydrocarbon traps more than 80 times more heat than carbon dioxide over a 20-year period, and tackling its  fugitive emissions is seen as important in helping slow climate change. Cranes operate near Liquefied natural gas (LNG) storage tanks in Darwin, Australia. Photographer: Carla Gottgens

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