Turnbull exclusive, Macquarie vote, crypto podcast

Good morning, it's Keira here in Sydney. Donald Trump has finished up his tour of the Federal Reserve's renovation project in a remarkable m

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Good morning, it's Keira here in Sydney. Donald Trump has finished up his tour of the Federal Reserve's renovation project in a remarkable meeting with Jerome Powell. But first, here are the stories you need to know before you  wrap up your week... Today's must-reads: • Turnbull on the US • New podcast on crypto • BP exits green hydrogen

What's happening now

In an exclusive interview, ex-prime minister Malcolm Turnbull told Bloomberg's Mishal Husain that more world leaders should be putting their countries' interests first, and standing up to US President Donald Trump. More than a quarter of Macquarie shareholders rejected the bank's executive remuneration plan at an annual meeting Thursday, piling more pressure on its board. The vote followed the unexpected departure of Chief Financial Officer Alex Harvey. Australia remains on track for a smaller wheat crop this season despite better rainfall in key growing regions, a blow to buyers such as China which may need more imports following a lengthy drought.  Bitcoin just hit a record above $123,000 and crypto is suddenly back in the headlines. In our latest podcast, host Rebecca Jones speaks with reporter Richard Henderson about what this new wave of momentum really means. Listen and follow The Bloomberg Australia Podcast on Apple, Spotify, on YouTube, or wherever you get your podcasts. Terminal clients: Run {NSUB AUPOD <GO>} on your desktop to subscribe. RBA Governor Michele Bullock said the central bank was sticking to a "measured and gradual" approach to rate cuts amid strong labor demand and slow-moving inflation. Across the ditch in New Zealand, the central bank is signaling room to lower rates further if price pressures keep softening.    Bullock, in measured mode. Photographer: Lisa Maree Williams/Bloomberg Every year, about 1,400 gigaliters of water evaporates from dams and reservoirs across arid Australia, enough to fill Sydney Harbour three times. To reduce this loss, Australian utilities are turning to floating solar installations on lakes and reservoirs. BP will exit its role in a massive green hydrogen production facility planned in Australia as the British oil major refocuses on the fossil fuels that drive its profits. Meanwhile, Lynas Rare Earths, backed by Gina Rinehart, said US initiatives to reduce Beijing's dominance of the sector have boosted interest in its products.

What happened overnight

Here's what my colleague, market strategist Mike "Willo" Wilson says happened while we were sleeping… The S&P 500 hit another record high thanks to some positive economic news and strong interest in AI-related companies. Over in Europe, the European Central Bank decided to keep interest rates at 2%, essentially taking a "wait and see" approach before making any further changes. After four days of gains, both the Aussie and New Zealand dollars lost ground to the greenback. With no major economic news expected, local markets will likely be looking to overseas developments for direction. Australian stocks are predicted to start the day a bit lower. Donald Trump said it wasn't "necessary" to fire Federal Reserve Chairman Jerome Powell, and downplayed their clash over cost overruns, during a tour of the central bank's renovation project. That's even as he used the interaction to again push for lower interest rates. You're not fired. Photographer: Andrew Caballero-Reynolds/AFP/Getty Images India and the UK sealed a free trade agreement eliminating tariffs on products ranging from cars to alcohol. Prime Minister Keir Starmer said the deal shows the UK has restored its international standing in an exclusive interview with Bloomberg. Meanwhile, India's commerce minister said he was optimistic that his country could reach an agreement with the US on tariffs.

What to watch

• Nothing major scheduled

One more thing...

Since World War II, Japan has built a reputation as a global safe haven for investors in part due to a consensus-driven political system helmed by one of the world's most successful big-tent parties. Political uncertainty and right-wing populism is now testing much of what has held true about the nation for decades. Voters cast their ballots at a polling station in Tokyo on July 20. Photographer: Toru Hanai/Bloomberg

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