Algal crisis, S&P record, monthly inflation gauge

Good morning, it's Carmeli in Sydney here to bring you all the latest headlines.Today's must-reads:• Australia's algal bloom crisis• ABS wil

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Good morning, it's Carmeli in Sydney here to bring you all the latest headlines. Today's must-reads: • Australia's algal bloom crisis • ABS will publish monthly inflation • Goldman Sachs hires Apollo executive

What's happening now

Australia's government has unveiled an assistance package of at least A$14 million to help tackle a growing algal bloom crisis off the southern coast that's killing marine life and damaging regional fisheries. Environment Minister Murray Watt described the unfolding natural disaster as "a very serious event" and said the federal funding was intended to help clear dead wildlife and provide assistance for tourism and fisheries. Australia will begin publishing a complete monthly measure of inflation from Nov. 26, addressing a long-standing gap in the nation's economic data. The first figures to be released will be for October, the Australian Bureau of Statistics said in an emailed response to questions. Shoppers in Sydney. Photographer: Brendon Thorne Goldman Sachs has hired Apollo executive Samuel Green as managing director for its Australian real estate investing team, according to a memo seen by Bloomberg News. Green will be based in Sydney and lead the strategic direction and growth of Goldman's equity and credit real estate investing in the country. New Zealand inflation accelerated less than economists forecast in the second quarter, even as it pushed toward the top of the Reserve Bank's 1-3% target band. The Consumers Price Index climbed 2.7% from a year earlier, Statistics New Zealand data showed, while economists expected 2.8%. Indonesia's plan to issue its first Australian dollar-denominated debt next month has piqued investor interest, though questions mount on how it'll fit into local managers' portfolios. Australia's sovereign Kangaroo market isn't large and Indonesia's issuance is not aligned with the more well known supranational debt from developed markets, according to Betashares Capital.

What happened overnight

Here's what my colleague, market strategist Mike "Willo" Wilson says happened while we were sleeping… US stocks waned though the S&P 500 closed above 6,300, buoyed in part by some resilient earnings. A gauge of the dollar had its worst day in almost a month as tariff-driven haven flows into Treasuries lowered US yields, burnishing attraction for the greenback. Aussie gains outperformed kiwi's with the latter carrying the weight of second quarter CPI data which missed estimates. Today has RBA's July meeting minutes for consideration, while New Zealand has monthly trade data. ASX futures indicate a small bounce after Monday's 1% drop. Japanese Prime Minister Shigeru Ishiba sought to buy time in office following a second election setback in less than a year. But regardless of how long he stays, Sunday's vote made clear that his Liberal Democratic Party needs an overhaul to stay relevant. Japanese government bonds are vulnerable to further selling when trading resumes Tuesday, while the outlook for stocks remains clouded by tariffs. Shigeru Ishiba, Japan's prime minister and president of the Liberal Democratic Party Photographer: Toru Hanai/Bloomberg Treasury Secretary Scott Bessent said the next round of US-China talks could include a discussion of China's purchases of Russian and Iranian oil, a signal that the focus could shift from more traditional trade issues to ones that cross over into matters of national security. Hackers exploited a security flaw in common Microsoft software to breach governments, businesses and other organizations across the globe and steal sensitive information, according to officials and cybersecurity researchers.

What to watch

8:45 a.m. New Zealand Trade Balance 11:30 a.m. RBA Minutes of July Policy Meeting

One more thing...

China has started construction of the world's biggest hydroelectric dam, a project that's set to be far larger than the Three Gorges Dam — already the world's biggest single source of green power — and more expensive than the International Space Station. The colossal undertaking in the mountainous region of Tibet would boost China's output of clean energy. It will also stir controversy over the potential impact on the local environment, and could further strain relations with its downstream neighbor, India.

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