APAC leads on kids’ social media bans

Good morning, it's Keira here in a very overcast Sydney. Here's some of the top news stories to start your morning…Today's must-reads:• APAC

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Good morning, it's Keira here in a very overcast Sydney. Here's some of the top news stories to start your morning… Today's must-reads: • APAC leads on kids' social media ban • Albanese retains key ministers • Future of gas exports in question

What's happening now

Governments across the Asia-Pacific region are leading the global charge to protect children from online harms, presenting an unprecedented challenge to the likes of ByteDance, Meta Platforms and Snap in markets with some of their largest and most youthful user bases.  Australian Prime Minister Anthony Albanese has retained key ministers, including Treasurer Jim Chalmers and Foreign Minister Penny Wong, in their portfolios after winning a decisive election. New environment minister Murray Watt faces a tight deadline to familiarize himself with a controversial and long-delayed application to run the nation's oldest and biggest liquefied natural gas export plant for another four decades. Hospital operator Healthscope, owned by a unit of Brookfield, is trying to avoid company receivership by asking lenders to support a plan that will give them board control, after struggling to pay interest on an outstanding A$1.6 billion loan. Last week the US and the UK announced the long-awaited first trade deal since President Donald Trump opened hostilities earlier this year. By Sunday, the excitement had moved to Geneva, as US officials hailed "substantial progress" after hours of talks with Chinese counterparts.  But the total lack of detail about the Chinese discussions and the lack of any small print in the British agreement — which is little more than a format for further dialogue — poses a problem, writes Bloomberg Opinion's John Authers.

What happened overnight

Here's what my colleague, market strategist Mike "Willo" Wilson says happened while we were sleeping… US interest rates, stocks and dollar all jumped with joy at the news of real de-escalation in the tariff war beginning with a 90-day reprieve that sees the US reducing its levies on most Chinese imports from 145% to 30%, and China dropping its duties on US goods from 125% to 10%. The flipside was that Aussie and kiwi dollars were dragged lower by the swiss franc and yen as those two havens were sold for the greenback. Westpac consumer confidence and NAB business data are all that is on the local slate today. Possible weak prints in either may struggle to wipe the smile off ASX equities which are set for strong gains, as indicated by stock index futures. Trump said China had agreed to remove non-tariff barriers to US imports as he announced a de-escalation of his trade war with Beijing, suggesting even greater concessions could be in store if talks progress. It's sent Wall Street and China's Hang Seng Index into a rally, like the "Liberation Day" shock never happened.  The US air traffic control system is facing a shortage of 3,000 controllers, with bottlenecks at the academy and high attrition rates due to stress, burnout, and outdated equipment, prompting efforts to modernize the system and recruit more controllers. Apple is planning to use AI technology to improve iPhone battery life with an AI-powered battery management mode in iOS 19, which will analyze user behavior and make adjustments to conserve energy. The feature is part of the Apple Intelligence platform, which will also include a lock-screen indicator showing how long it will take to charge the device. Contemporary Amperex Technology Co, or CATL, has started taking investor orders for a Hong Kong stock offering that is likely to be the world's biggest listing this year, seeking to raise as much as HK$41 billion. The stock is expected to begin trading on May 20. SoftBank's plans to invest $100 billion in artificial intelligence infrastructure in the US have slowed, with economic risks stemming from Washington's tariffs holding up financing talks. No deal has been made as the financiers reassess data centers amid growing economic volatility and cheaper AI services.

What to watch

• 10:30 a.m. May Westpac consumer confidence • 11:30 a.m. April NAB business conditions

One more thing...

Jeffrey Gibson's art exhibition at the US Pavilion in Venice last year was a crowd-pleaser, featuring bright red panels and geometric designs, as well as a performance by 26 Native American Jingle Dancers. Since then, Gibson's career has accelerated, with exhibitions at Mass MoCA and the Metropolitan Museum of Art, and a forthcoming show at the Broad in Los Angeles, which will be his first single-artist museum exhibition in Southern California. Installation view of "Jeffrey Gibson: the space in which to place me" at the Broad in Los Angeles, running May 10 to Sept. 28. Photographer: Joshua White/The Broad

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