GDP to accelerate, ASX outage fixed, inside BHP’s Anglo approach

Some economists are wagering that the RBA's next move will be an interest-rate increase.

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Good morning from Sydney! Keira here, Bloomberg's energy reporter. All eyes will be on this week's GDP figures with Australia's economic growth probably accelerating last quarter. Meanwhile, the ASX said they have fixed an outage which halted some stocks for hours yesterday. And to round things off, exclusive Bloomberg reporting found that BHP offered Anglo American $53 billion in its rejected bid. What's happening now Australia's economic growth probably accelerated at the fastest pace in three years last quarter, coinciding with hotter inflation that's prompted traders and some economists to wager the Reserve Bank's next move will be an interest-rate increase. The ASX said all announcements were processing normally on Tuesday, after a technical outage halted company disclosures for hours on Monday, adding to a string of recent mishaps for the exchange.  BHP Group offered around £40 billion ($53 billion) — £34 per share — in its now-aborted attempt to acquire Anglo American, according to people with knowledge of the matter. The offer was mostly stock, but also included a cash component, Bloomberg News has reported.  German prosecutors charged a banker who worked at Macquarie Group over the Cum-Ex tax scandal — a controversial trading strategy designed to obtain duplicate refunds by taking advantage of how dividend taxes were collected. It marks the first indictment in the affair targeting staff at a top international investment bank. ANZ Group Holdings investors should vote against the firm's pay report at its coming annual shareholder meeting, proxy adviser Glass Lewis recommended. Australian miners are ramping up gold exploration as prices that have surged to a record high this year spur a search for new deposits. Australia's massive defense spending under the Aukus agreement is poised to further fuel the nation's hottest housing market, Perth, according to property group Ray White. What happened overnight Here's what my colleague, market strategist Mike "Willo" Wilson says happened while we were sleeping… The S&P 500 started December in the red after a deepening sell-off in the bitcoin/crypto space shook up the broader market. Treasuries fell, following a rout in Japanese bonds after the BOJ Governor left open the chance of a interest rate hike this month instead of January. Speaking of central banks, weak US data continues to make the case for an interest rate cut by the Federal Reserve next week. Aussie and kiwi were slightly lower in the last hour of New York trade. Australia has building approvals to consider while the NZ finance minister and RBNZ officials would have sat before committees by the time you've read this. ASX futures indicate a steady start to local equities. Nearly $1 billion of leveraged crypto positions were liquidated during another sharp drop in prices on Monday that brought fresh momentum to a wide-ranging selloff. The European Union's top diplomat expressed concern that US attempts to push Ukraine into a lopsided peace plan would only encourage Russia's warmongering as Kyiv's allies brace themselves for a week of talks to end Moscow's invasion. Jane Street Group and Citadel Securities reported gains in third-quarter trading revenue, cutting further into Wall Street's dominance of that business and leaving the two market-making firms on track for record years. Authorities found Hong Kong's deadly blaze was accelerated by workers using cheaper substandard netting and evading government testing, as police said the death toll has risen to 151. What to watch • Monthly building approvals and net exports at 11:30am in Sydney One more thing... Australia is expecting to harvest its third-largest wheat crop on record in the current season, likely exacerbating a global supply glut of the important grain. The year's harvest is forecast at 35.6 million tons, according to the Department of Agriculture's December quarterly report. Photographer: Carla Gottgens/Bloomberg We're improving your newsletter experience and we'd love your feedback. If something looks off, help us fine-tune your experience by reporting it here. Follow us You received this message because you are subscribed to Bloomberg's Australia Briefing newsletter. If a friend forwarded you this message, sign up here to get it in your inbox. Unsubscribe Bloomberg.com Contact Us Bloomberg L.P. 731 Lexington Avenue New York, NY 10022 |