Morning Briefing
Global markets are staging a dramatic relief rally — the S&P 500 surged nearly 5% and the NASDAQ ripped 6.8% overnight — but the ASX is bucking the trend hard, shedding 2.1% as local factors bite. Meanwhile, SpaceX's Starship V3 lifted off on its first test flight, and Tulsi Gabbard is out as US Director of National Intelligence. It's a busy morning.
What Matters Today
- Tulsi Gabbard resigns as US intelligence chief — The former Hawaii congresswoman and surprise DNI pick is out, adding more turbulence to an already chaotic Trump second term. Timing is notable given active nuclear talks with Iran and ongoing Ukraine conflict. SBS News
- Albanese gets emotional defending CGT and negative gearing reforms — The PM went hard on the budget's property tax changes, signalling Labor won't be backing down. Angus Taylor is already framing welfare as a "privilege of citizenship," drawing lines ahead of a political battle over migration and entitlements. Guardian AU
- SpaceX launches Starship V3 — mostly successful — The biggest and most powerful rocket ever built flew its first test, though "mostly successful" is doing a lot of work there. SpaceX still has plenty to prove before LEO orbital flights. Ars Technica
- China's worst coal mine disaster in 16 years — At least 82 killed in a Shanxi province explosion. A grim reminder of the human cost of China's ongoing coal dependency, even as it leads on renewables. BBC World
- Trump claims Iran nuclear deal "largely negotiated" — Tehran is signalling progress but says nukes aren't part of any initial framework. If a deal lands, it reshapes energy markets fast — watch oil. BBC World
- Designer sues Australian Shopify over 3,929 alleged copycat stores — A rare legal attempt to hold a global platform accountable for hosting scam storefronts. If it gets traction, it could have real implications for how platforms police IP at scale. Guardian AU
- Ebola suspected in Red Cross volunteer deaths in DR Congo — The outbreak is serious enough that FIFA has ordered the DR Congo World Cup squad into 21-day isolation before entering the US. One to watch closely. BBC World
Markets
Wall Street had an enormous session — S&P 500 +4.7%, NASDAQ +6.8%, Nikkei +6.3% — driven by trade optimism and a broad risk-on rotation, with tech leading the charge. The ASX 200 is the odd one out, down 2.1%, likely reflecting local macro concerns and sector-specific selling. The AUD is barely moved at 0.713, which is surprisingly subdued given the global risk appetite. Gold dropped 4.4% — classic safe-haven unwind when equities rip — and crypto is soft, with ETH down a painful 8% and BTC slipping 1.3%, suggesting the crypto crowd isn't fully buying this rally yet.
Worth a Read
- California declares emergency over toxic chemical leak — A tank holding 7,000 gallons of methyl methacrylate is at risk of exploding, thousands evacuated. Not getting the coverage it deserves given the scale. BBC World
- Pentagon releases 80 years of UFO sighting reports — "Orbs swarming in all directions." The US government just quietly dropped a trove of declassified UAP files. Genuinely interesting reading, regardless of where you land on the topic. BBC World
- Councils confiscating homeless people's belongings across Australia — As homelessness surges post-cost-of-living crunch, local governments are increasingly criminalising poverty rather than solving it. A depressing but important piece. Guardian AU
- Melbourne teen becomes youngest Australian to summit Everest — An 18-year-old made the top as Everest hits record climber numbers. Good yarn for a Saturday morning. SBS News