Markets live updates: US markets at records, global stocks rally on hopes of easing China tensions

In a statement to the ASX, logistics software company WiseTech Global provided an update that “officers of the Australian Securities and Investments Commission (ASIC) and the Australian Federal Police (AFP) attended WiseTech’s Sydney office yesterday.”

“They executed a search warrant requiring the production of documents regarding alleged trading in WiseTech shares by Richard White and three WiseTech employees during the period from late 2024 to early 2025. 

“So far as WiseTech is aware, no charges have been laid against any person and there are no allegations against the Company itself.”

There’s a lot to dissect about logisitics software firm WiseTech. Here’s a great explainer from earlier in the year about some of the issues.

Logistics software firm WiseTech Global has confirmed Australian Federal Police and ASIC officers executed a search warrant at its Sydney offices yesterday.

In a statement to the ASX, WiseTech said it was required to produce documents related to alleged trading in WiseTech shares by Richard White and three employees from late 2024 to early 2025.

“So far as WiseTech is aware, no charges have been laid against any person and there are no allegations against the company itself,” the statement read.

The government’s think tank, the Productivity Commission is having quite the year.

Already we’ve had the Economic Reform Roundtable (which was originally the Economic Productivity Roundtable until someone in government realised that most people who heard the name simply thought – ‘How Do We Flog The Workers Harder? Meeting’ – so re-named it).

Today the government has released the terms of reference for the Productivity Commission Inquiry into key factors that determine regional airfares.

In a statement from Treasurer Jim Chalmers and Minister for Infrastructure, Transport, Regional Development, Local Government Catherine King the pair say Australians living in regional areas deserve “reliable air services at reasonable prices”.

The Productivity Commission will look at:

• regional airfares
• competition
• pricing practices 
• “whether profits along the supply chain are fair”

“We know that safe, affordable and reliable air services are vital for regional and remote communities, not just for travel, but for access to healthcare, education and jobs.

“More accessible regional airfares can help drive local economies, support tourism and boost productivity in regional Australia.

“The Aviation White Paper found the average ticket price per kilometre was 52 per cent higher for flights involving regional airports than for flights between two capital cities. 

“Despite overall growth in passenger numbers, the number of regional routes fell from 458 to 291 between 1989 and 2021 and the number of remote routes fell from 264 to 163 in the same period. Many routes are now serviced by only one airline.”

The Productivity Commission will hold public hearings and invite submissions from the public.

The final report is due in about 18 months’ time.

So … you may have been surprised to learn that I thought the latest ABS inflation data was coming out today. 

The data, which covers movements in the Consumer Price Index (CPI) for September, will be a key element in the Reserve Bank’s imminent decision on interest rates.

That meeting is a week from today, the traditional first Tuesday in November that also hosts Melbourne Cup. This is done not just because the Reserve Bank wants to actively ignore the nation’s largest city but so that sub-editors can use the phrase ‘The Rate/Race That Stops The Nation’, which is the kind of weak pun the industry loves.

Anyway, I hope all of that extraneous detail has taken your mind off the fact my lack-of-sleep-addled brain saw the ‘future releases’ section of the ABS website and thought it was today.

Inflation comes out tomorrow, 11:30am AEDT, and will be well covered by the ABC business team, several of whom got a rude shock reading the blog and thinking for a second it was today.

Apologies to all.

Enjoy your extra day! You’re welcome.

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Something different from Gareth Hutchens and me, an examination of an economic question with key moral elements.

Would it be cheaper to spend money to end poverty, than what we pay in maintaining it?

Australia conducted a “natural experiment” during COVID by essentially doubling welfare payments. It led to research into welfare outcomes, whether people stop searching for work — they don’t — and the reduced costs on services like health, education and the justice system.

We’re the second-wealthiest nation on earth and while there’s debate about how we measure poverty, the numbers are starting to stack up that it would not just be better for millions to end it, but a boost to our economy, tax system and businesses. 

Whether you’re into ship-building, rubbber glove factories, furniture or food, there’s a lot to get into at annual general meetings (AGMs) of listed companies this week.

Here’s a handy list of the week’s AGMs compiled by the ASA:

• Austal Limited — 28 October 2025
• Credit Corp Group Limited — 28 October 2025
• CSL Limited — 28 October 2025
• Omni Bridgeway Limited — 28 October 2025
• Polynovo Limited — 28 October 2025
• Ansell Limited — 29 October 2025
• Data3 Limited — 29 October 2025
• Dexus Limited — 29 October 2025
• EBOS Group Limited — 29 October 2025
• Nick Scali Limited — 29 October 2025
• Challenger Limited — 30 October 2025
• Corporate Travel Management Limited— 30 October 2025
• Healius Limited — 30 October 2025
• JB Hi-Fi Limited— 30 October 2025
• Kelsian Group Limited— 30 October 2025
• Whitehaven Coal Limited— 30 October 2025
• Woolworths Group Limited— 30 October 2025
• Wesfarmers Limited — 30 October 2025
• CAR Group Limited — 31 October 2025
• Cobram Estate Olives Limited — 31 October 2025
• Fortescue Metals Group Ltd — 31 October 2025
• GWA Group Limited — 31 October 2025
• Integral Diagnostics Limited — 31 October 2025
• Mader Group — 31 October 2025
• Pinnacle Investment Management Group Ltd — 31 October 2025
• Port of Tauranga Limited— 31 October 2025
• Sandfire Resources Limited— 31 October 2025
• Steadfast Group Limited — 31 October 2025

What’s pumping US stocks, sending indices to records?

Hope, greed, events — take your pick.

Reuters has a good summary as top Chinese and US economic officials have been hammering out the framework of a trade deal for US President Donald Trump and Chinese counterpart Xi Jinping to decide on at a meeting in South Korea scheduled for Thursday.

Trump said he thought a deal would be reached with China and announced a flurry of deals on trade and critical minerals in Malaysia with four South-East Asian nations during the first stop of a five-day Asia trip.

A trade deal would halt heavier US tariffs and Chinese rare earths export controls, helping allay some worries among investors that an agreement between the world’s two largest economies could be in jeopardy.

On Wall Street, US stocks showed strong gains, with each of the three major indexes hitting fresh intraday records, led in part by gains in technology stocks, including a surge of more than 12% in Qualcomm shares after it unveiled two artificial intelligence chips for data centres with commercial availability from next year.

“Markets just want to be positive. Investors want a reason to buy and they see that reason in whether it’s lower rates, trade deals, decent earnings or the continued dominance of the AI trade,” said Melissa Brown, managing director of investment decision research at SimCorp.

Earnings are expected this week from “Magnificent Seven” heavyweights Microsoft, Google’s parent company Alphabet, Apple, Amazon and Facebook owner Meta Platforms, and investors will closely eye the results to see if they justify heightened valuations. 

Our other mega-miner, Rio Tinto, has announced it is contemplating ceasing operations at its New South Wales-based Tomago aluminium smelter at the end of its current electricity supply contract.

The Tomago aluminium smelter, which has been struggling with high power prices, has started a consultation process with employees on the potential future of its operations, but is yet to reach a decision.

The smelter’s existing electricity supply contract with AGL Energy expires in December 2028, with Tomago yet to identify a pathway that supports commercially sustainable operations beyond the period, “despite extensive engagement and market approaches”, according to the miner’s statement.

Here’s Tomago Aluminium CEO Jerome Dozol:

“Unfortunately, all market proposals received so far show future energy prices are not commercially viable, and there is significant uncertainty about when renewable projects will be available at the scale we need.”

Expect this to dominate politics today, because it combines two contested spheres of federal politics: energy and jobs.

A man and a woman are dead after an explosion at an underground mine in western New South Wales.

Emergency service crews were called to the mine on Endeavor Mine Road at Cobar, about 450 kilometres east of Broken Hill, about 3:45am, after reports two people had been critically injured in a workplace incident.

The mine is operated by listed mining company Polymetals Resources and the site is a high-grade silver, zinc, and lead mine in the Cobar Basin.

We’re expecting an ASX announcement about the tragedy shortly and we’ll bring it to you.

Reserve Bank governor Michelle Bullock told a group of economists her concerns about financial stability — ahead of today’s inflation data that will inform the direction of interest rates.

My colleague David Taylor has a read on it, here’s my favourite bit:

Reserve Bank governor Michele Bullock conceded she, and her overseas peers, were perplexed by ever-rising asset markets in the face of so many economic risks, including inflation.

Ms Bullock told the Sydney gathering that her overseas counterparts were “flummoxed” by how “sanguine” or optimistic the financial markets had become.

“Could it all end up very badly?” she questioned, pondering whether the financial markets could turn negative.

“Some people are worried that might all end in tears,” she conceded.

The tears will be yours.

Hello, I’m Daniel Ziffer from the ABC business team and I’ll be taking you through the morning on our business, finance and economics blog.

Overnight, Wall Street indices were rocking.

The blue-chip Dow Jones of 30 mega-companies like Boeing and Visa was +0.7% to 47,544 points.

The broader S&P 500 that covers 500 of the largest listed companies in the US +1.2% to 6,875 points.

The tech-heavy Nasdaq was +1.8% to 23,637 points.

That’s a record close for all three.

Our market is set to fall, with the ASX 200 futures index tipping a slide of -0.4% of 39 points to 9,041 points.

There’s lots to get to, all of it news, analysis and information and none of it financial advice.

Let’s get started!

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