You're reading the Australia Briefing newsletter.
You're reading the Australia Briefing newsletter.
You're reading the Australia Briefing newsletter.
Wherever you are, Bloomberg journalists from Sydney to Melbourne deliver what you need to know from Australia.
Wherever you are, Bloomberg journalists from Sydney to Melbourne deliver what you need to know from Australia.
Wherever you are, Bloomberg journalists from Sydney to Melbourne deliver what you need to know from Australia.
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Good morning, Keira here reporting from Sydney. President Donald Trump is dominating headlines again this morning. Corporate America's entering the second year of his second term with a new, hard-won understanding: his personal interventions can have as much impact on business as any economic force. Across the ditch, the NZ government's one of a number of smaller export-heavy economies walking a fine line to maintain cordial relations with the administration. -- Keira Wright, energy reporter.
What's happening now
More on Trump: He's spent the first year of his second term blowing past the norms that have traditionally governed relations between the Oval Office and titans of industry. But there's signs that some executives are starting to push back. Meanwhile, top US banks are reporting results that back up last-year's big run-up in their shares, but investors are now worried a populist turn by the president could cut the party short.
Trump's moved to set up a new process to secure access to imports of critical minerals, capping a months-long review to determine whether foreign shipments threaten US national security. Separately, Treasury Secretary Scott Bessent said on X that he lauded Australia's "commitment to a strong, action-oriented partnership to create long-term secure critical minerals supply chains" during a Monday meeting with Treasurer Jim Chalmers.
New Zealand Foreign Affairs Minister Winston Peters rebuked the country's Reserve Bank Governor Anna Breman for wading into US domestic politics after she signed a statement with other global central bankers backing Federal Reserve Chair Jerome Powell.
Citigroup is expanding its syndication team in Australia, hiring Jessica Rowe from National Australia Bank as a director for spread products syndication in Australia and Asia Pacific. It comes as executive Jane Fraser signals to staff that the bank's "bar is raised," signaling further job cuts to come this year.
And former Woodside Energy boss Meg O'Neill has her work cut out. BP Plc, where she recently took the top job, said it expects to take as much as $5 billion in writedowns from its energy transition business as it pivots back to fossil fuels.
What happened overnight
Here's what my colleague, market strategist Mike "Willo" Wilson says happened while we were sleeping...
Stocks fell a second day led by big tech as part of a rotation out of the sector. A gauge of the dollar eased, thanks in large part to Japan's yen arresting a six-day slide after an official warning to speculators keen to short-sell the currency. Oil fell after Trump said he had been assured that Iran would stop killing protesters. Australia has consumer inflation expectations data while New Zealand has some bonds to sell. ASX futures point to another staid open for local equities.
Japanese Prime Minister Sanae Takaichi will call a snap election early in the parliamentary session starting later this month, in a bid to shore up her leadership and secure a mandate for the new ruling coalition.
China has instructed companies in the country not to use cybersecurity products from some American and Israeli firms, according to a government directive seen by Bloomberg News. Chinese companies' use of such products could result in sensitive data being sent overseas or create other vulnerabilities for customers, according to the advisory.
The US State Department will pause issuing immigrant visas for people from 75 countries including Brazil, Somalia and Iran, targeting specifically foreigners who they say could require public assistance while living in the US.
And Germany will take the lead of European nations sending military personnel to Greenland after Denmark said its meeting with top US officials intent on controlling the world's biggest island revealed that a "fundamental disagreement" remains.
What to watch
- January consumer inflation expectation at 11 a.m. in Sydney
One more thing...
Many major northern hemisphere ski resorts lacked reliable snow through the 2025 Christmas period, a growing challenge for the industry. However, recent storms mean there's reliable snow cover and a decent amount of last-minute availability.