Sydney House Prices Drop for the First Time in Two Years

Good morning, it’s Amy here in Melbourne with your Friday newsletter.

Today’s must-reads:
• Our latest podcast
• Macquarie falls short
• Private credit looks to property

House prices in Sydney fell for the first time in almost two years in October as buyers were discouraged by affordability concerns, according to data released overnight. The broader Australian market advanced at a slower pace. Across the ditch, New Zealand’s housing market is weighed down by a flood of listings.

Macquarie’s half-year results fell short of analyst estimates as trading activity waned in its core commodities and global markets business. Net income for the six months to Sept. 30 rose to A$1.61 billion ($1.06 billion), from A$1.42 billion a year earlier.

Palau’s President Surangel Whipps Jr told Bloomberg his nation faces increasing pressure from China to end its support for Taipei. Palau is one of Taiwan’s last diplomatic allies in the Pacific, and Whipps Jr is facing a national election on Tuesday, the same day as the US presidential ballot.