NZ reopens door to foreign home buyers, Trump’s unclear Iran endgame

Get caught up.

Read in browser

The uncertainty created by the war in the Middle East is having an impact across the globe, and Australia isn't immune. Qantas is adding new long-haul flights through the US to get passengers to their final destinations, while Canadian Prime Minister Mark Carney used an address to Parliament to pitch for greater diplomatic collaboration. Meanwhile in Iran, there are growing questions around what US President Donald Trump's endgame is in his war with Tehran. In the face of growing global political and economic uncertainty, a luxury home in New Zealand doesn't sound like such a bad thing. That's what the government is hoping wealthy investors think, at least, as they allow golden visa holders back into their high-end property market from today. - Ben Westcott, Asia Agriculture reporter What's happening now New Zealand is reopening its luxury property market to wealthy foreign investors, just as rising geopolitical tensions spur demand for far-flung havens. Starting Friday, holders of the country's so-called golden visas will be allowed to buy or build homes worth at least NZ$5 million. It comes as tens of thousands of Kiwis are joining an exodus across the Tasman Sea to Australia — here's why they're making the move. Qantas is among a number of airlines who are adding long-haul flights after the war in the Middle East knocked out carriers in the region, roiling travel plans and causing airfares to skyrocket. Australia's flag carrier has seen a spike in customers traveling via the US to get to their final destinations. Canada and Australia should use their reputations as stable, trustworthy democracies to lead coalitions that can resist domination by the US, China and other great powers, Mark Carney told Parliament yesterday in Canberra. Anthony Albanese with Mark Carney in Canberra. Photographer: Hilary Wardhaugh/Getty Images Goldman Sachs CEO David Solomon said he's watching the private credit market for "frothiness," though in contrast with some of his peers he hasn't seen significant cause for concern, in a Bloomberg Television interview from Sydney yesterday. In another interview, James Reynolds, co-head of private credit at the lender's asset management unit, echoed his comments, saying that few borrowers were struggling to meet loan payments. What happened overnight A selloff in chipmakers dragged down stocks while oil jumped anew and bonds slid as headlines continued to depict war escalating in Iran and the Middle East. Bitcoin slumped. While the S&P 500 bounced from session lows, the gauge was still down about 1%. A key gauge of giants like Nvidia and Advanced Micro Devices sank after Bloomberg News reported the US is considering requiring permits for artificial-intelligence semiconductor sales. Iran launched a fresh wave of missile and drone strikes across the Gulf on Thursday evening, with attacks reported in the United Arab Emirates, Bahrain, Qatar and Kuwait. Bahrain's oil refinery was hit and set on fire, and there were reports of explosions near Abu Dhabi's international airport. The Chinese government set its most modest growth target since 1991, a tacit acknowledgment that the model powering the country's economic rise is showing strains. The goal — a range of 4.5% to 5% — is the first formal downgrade since 2023. Widely anticipated by economists, it signals Beijing's tolerance of a slower pace of expansion while it searches for new sustainable sources of growth. The Pentagon said it has formally notified Anthropic that it's determined the company and its products pose a risk to the US supply chain, according to a senior defense official, escalating a dispute over AI safeguards. Central bankers in Asia should keep in mind the advice to banish fear from their voice when speaking in public, writes Bloomberg Opinion's Daniel Moss. From troublesome inflation in Australia to sagging currencies in South Korea and Indonesia, a regional stock rout — and dimming prospects for interest rate cuts by the Federal Reserve — there's much to deal with. What to watch • Nothing major scheduled One more thing... In the opening days of the Iran war, Trump and his team have offered a series of often changing objectives. The lack of clarity on the endgame has raised questions about what all this destruction is meant to achieve. That's one reason why the widening war has shaken global markets: investors can't tell when the threat to energy and trade will lift. The minaret of a mosque behind the ruins of a destroyed police headquarters in Tehran, on March 2. Photographer: NurPhoto NEW: Explore live streaming news and interviews, documentaries, reporter analysis and more, all in one place. Check out Bloomberg.com/videos. Enjoying Australia Briefing? You might also like: Markets Daily for what's moving in stocks, bonds, FX and commodities Next China for dispatches from within the world's second-largest economy on where China stands now — and where it's going next Markets Daily India for key news and movers in this fast-growing market before the trading day starts Get weekly updates on these industries with our new Retail Monitor, Auto Monitor, Defense Monitor, Real Estate Monitor, Banking Monitor newsletters Explore all Bloomberg newsletters at Bloomberg.com. 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 |