Why RBA held rates, Insignia deal agreed

Good morning, Keira here on another cold Sydney morning. But first...Today's must-reads:• CC Capital Partners buys Insignia • New Zealand's

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Good morning, Keira here on another cold Sydney morning. But first... Today's must-reads: • CC Capital Partners buys Insignia  • New Zealand's exports fall • RBA chooses cautious approach

What's happening now

CC Capital Partners agreed to acquire Insignia Financial for A$4.80 a share in cash, valuing the Australian wealth manager at about A$3.3 billion, ending a months-long bidding tussle.  New Zealand posted its first quarterly decline in exports in almost two years, adding to signs that the momentum apparent in the economy at the start of the year has faded.  RBA minutes show policymakers held off a third rate cut in July, judging a cautious, gradual approach more appropriate. Most members saw keeping the cash rate at 3.85% as the stronger case. Australia's new parliament gathered Tuesday, the first time since the Labor government's landslide re-election victory in May. KPMG Australia Geopolitics Hub Partner Merriden Varrall discussed her outlook for Australia's trade and foreign policy under the second Albanese government on 'Bloomberg: The Asia Trade'.  Click to watch. Amid mounting setbacks for environmental protection, the de‑facto ban on deep‑sea mining feels like a rare win. But that victory is fragile. The same lack of global consensus that shields the seabed is also driving the destruction of our atmosphere, landscapes and coastal waters, Bloomberg Opinion's David Fickling writes.

What happened overnight

Here's what my colleague, market strategist Mike "Willo" Wilson says happened while we were sleeping… The dollar declined against all major currency peers amid continuous chatter over the Federal Reserve's independence. US 10-year Treasuries rose for a fifth day as the looming deadline on US tariffs added to demand for haven assets. This saw US stocks edge higher ahead of some megacap stocks reporting their earnings. With only minor data for Australia, Aussie and kiwi should hold onto their overnight gains. ASX futures point to a positive start for local stocks. President Donald Trump said the US reached an agreement with the Philippines setting a 19% tariff on the country's exports. Meanwhile, US Treasury Secretary Scott Bessent said he will meet his Chinese counterparts in Stockholm next week for their third round of trade talks.  Microsoft accused Chinese state-sponsored hackers of using flaws in its SharePoint document management software in a hacking campaign that has targeted businesses and government agencies around the world. Stocks are at all-time highs and retail traders are flooding into low-priced shares, with companies like Opendoor Technologies and Kohl's being the current "meme stock" favorites. Japan's 40‑year bond auction on Wednesday will test demand for ultra‑long debt after Prime Minister Shigeru Ishiba's historic election defeat. It comes as Japanese firms are expected to post another weak earnings quarter amid tariff risks and political uncertainty.

What to watch

• Nothing major scheduled

One more thing...

Gautam Adani, Asia's second-richest person, is quietly building a multibillion-dollar real estate empire that's reshaping India's priciest property markets. His Adani Realty unit has expanded across key tech and finance hubs and is now one of the nation's biggest developers, valued at about $1.5 billion.

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