GemLife to debut after 2025's biggest IPO, Qantas cyberattack

Good morning everyone, it's Ben here in a damp Canberra, here's what's making headlines today.Today's must-reads:• GemLife set to start trad

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Good morning everyone, it's Ben here in a damp Canberra, here's what's making headlines today. Today's must-reads: • GemLife set to start trading after A$750 million IPO • Qantas reveals data stolen in "significant" cyberattack • US-Vietnam trade deal

What's happening now

GemLife Communities Group will start trading in Sydney on Thursday following a A$750 million initial public offering — the largest in Australia this year. It's the end result of founder Peter Puljich's idea four decades ago to turn a trailer park on Australia's Gold Coast into a high-end retirement community for the over-50s. Elsewhere on the ASX, Qantas shares took a hit on Wednesday after it said it expects that a "significant" amount of data was stolen by a cyberattack targeting one of its contact centers, which held the service records of some six million customers. It closed down 2.2%. And Domino's Pizza Enterprises' Sydney shares tumbled to their lowest since 2014 after the company said Group Chief Executive Officer and Managing Director Mark van Dyck will step down after just one year in the role. Photographer: Brent Lewin/Bloomberg Australia's debt manager is considering scaling back its issuance of ultra-long bonds as rising yields make funding more expensive. The Australian Office of Financial Management plans to issue around A$150 billion ($99 billion) worth of bonds this year as funding officials navigate one of the steepest yield curves in developed markets.  Expectations of a rate cut next week got a boost after Australian retail sales rose by less than expected in May. And KKR & Co agreed to acquire Australian agriculture infrastructure company ProTen from Aware Super, in another Asia-Pacific deal by the US private equity firm.

What happened overnight

Here's what my colleague, market strategist Mike "Willo" Wilson says happened while we were sleeping… It was a relatively quiet night in currency markets save for the pound which dropped after the UK Prime Minister Keir Starmer initially failed to back his chancellor, who's been trying to rein in spending. This sent sterling and longer term UK bonds crashing, with many quick to reminisce about the debacle surrounding PM Liz Truss in 2022. Across the pond and the dollar was steady, (as were Aussie and kiwi), but US yields were taken higher by their UK peers, shrugging of a weak employment gauge ahead of the main event tonight. The S&P 500 index hit a record, in part on positive sentiment from a trade deal struck between the US and Vietnam. Still, ASX futures indicate a negative start to the day. More on Starmer: He said Rachel Reeves will stay on as Chancellor of the Exchequer, as he sought to draw a line under speculation about her future that sparked a bond selloff. Britain's Chancellor of the Exchequer Rachel Reeves and Prime Minister Keir Starmer Photographer: Jacob King/AFP/Getty Images US President Donald Trump said he had reached a trade deal with Vietnam following weeks of intense diplomacy between the nations and ahead of a deadline next week that would have seen higher tariffs imposed on the country's imports. Still on Trump: There's little question that the lawsuit he filed against Paramount Global should have been tossed on First Amendment grounds after about two minutes of scrutiny, writes Bloomberg Opinion's Stephen L. Carter. And OpenAI has agreed to rent a massive amount of computing power from Oracle Corp. data centers as part of its Stargate initiative, underscoring the intense requirements for cutting-edge artificial intelligence products.

What to watch

All times Sydney: • Australia's May trade data (11:30 a.m.)

One more thing...

They were the K-Pop group who took the world by storm — now they want their crown back. BTS is launching its first album in four years next spring, a high-stakes comeback for the K-pop sensation, its agent Hybe Co. and South Korea's music industry. BTS plans to produce a new album in the US from this month. Photographer: Jung Yeon-Je/Getty Images

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