Australia inflation slows to lowest level in years

Good Morning,

Macquarie Bank fined $4.9m for failing to prevent ‘suspicious’ orders after Ukraine invasion, Kāinga Ora is cutting about 330 jobs, following previous cuts of 232 roles, and Ryan Routh, arrested near Trump's Florida golf course, is charged with attempted assassination.

Let's jump in.

Before The Bell

Markets

• Inflation slows to lowest level in years, but unlikely to push RBA into rate cut - yet. (9 News).

• Political uncertainty and the surprise prominence of a reflationist-minded candidate in Japan's ruling party leadership race may add pressure on the central bank to go slow on raising interest rates further away from historic lows. (Reuters).

• ‘Time has arrived’ for capital gains tax, says ANZ boss Antonia Watson. (Herald).

• Oil prices fell on Wednesday as investors reassessed the ability of China's stimulus plans to boost the economy enough to drive more fuel demand growth in the world's largest crude importer. (Reuters).

• Nomura faces fine for allegedly manipulating the government bond futures market, the Yomiuri newspaper reported. (BBG).

Earnings and Data

• Macquarie Bank fined $4.9m for failing to prevent ‘suspicious’ orders after Ukraine invasion. (NCA).

• The tragic death of a 26-year-old Indian employee at accounting firm Ernst & Young (EY) has ignited a serious debate about workplace culture and employee welfare in corporate environments. (BBC).

News Summary

• One person has died in an avalanche after becoming trapped during a heli-skiing trip in Mid Canterbury. (Herald).

• Kāinga Ora is cutting about 330 jobs, following previous cuts of 232 roles. (Herald).

• Legislation re-introducing charter schools has passed its final reading in Parliament. (RNZ).

• A grandfather watched on as he sated an alligator’s appetite with a much-loved chicken known as Betty White, but afterwards apologised to wildlife sanctuary staff. (Herald).

• Paddy Gower on his massive passport blunder. (Stuff).

• Melbourne teenager bailed over allegations he ambushed and stabbed a police officer. (NCA).

• Australian consumer price inflation slowed to a three-year low in August thanks to government rebates on electricity, while core inflation hit its lowest since early 2022 in welcome progress that could open the door to rate cuts. (Reuters).

• Elon Musk backs down in his fight with Brazilian judges to restore X. (Gaurdian).

• High-speed Paris-to-Berlin rail link to launch in December. (Guardian).

• Ryan Routh, arrested near Trump's Florida golf course, is charged with attempted assassination. (NBC).

• President Joe Biden weighed in Friday on unsubstantiated claims that Haitian immigrants in Springfield, Ohio, are abducting and eating cats and dogs, saying the narrative is "simply wrong" and has "no place in America.". (ABC).

• After cracking down on women’s rights, the Taliban has a new target: men. (Stuff).

Deal Flow

Investments / M&A

• Workplace collaboration software maker Smartsheet will be taken private by Vista Equity Partners and Blackstone in a deal worth $8.4 billion, the companies said on Tuesday, in the latest sign that buyout deals were picking up steam after a dull 2023. (Reuters).

• Commerzbank picks Orlopp as new CEO amid fight over potential UniCredit takeover. (FT).

• Mergers could allow banks to become more resilient to shocks and to operate more efficiently and would benefit the European Union economy, the European Commission said on Tuesday. (Reuters).

Debt

• Dissanayake's push for Sri Lanka economic change leaves IMF deal, debt rework in limbo. (Reuters).

• Lloyd’s Bank is increasing the maximum sums it is willing to lend first-time buyers in a £2bn move that experts say will bring home ownership within the reach of more people but could further increase house prices. (The Guardian).

Daily Picks

• Paddy Gower on his massive passport blunder. (Stuff).

• High-speed Paris-to-Berlin rail link to launch in December. (Guardian).

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