Here’s what you need to know today

• It is amazing to watch the ripple effects of one decision by Chinese policy makers. After China’s National Development and Reform Commission announced stimulus that was below market expectations, Hong Kong’s Hang Seng stock market index dropped 9.4%, its worst day since 2008. Iron ore fell 3%, the Brent crude oil price fell 4%, both in anticipation of lower Chinese demand. The Aussie dollar fell 0.5% as expectations of exports to China weakened. And European miners and luxury brands also fell on expected weaker Chinese demand. (Capital Brief)
  
  

• Activist short-seller Hindenburg Research has released its latest short report, targeting gaming giant Roblox. Hindenburg claim Roblox has inflated its numbers, including daily active users, and prioritised growth over child safety. Never one to shy away from a click bait title, Hindenburg titled their report ‘Roblox: Inflated Key Metrics For Wall Street And A Pedophile Hellscape For Kids’ (Hindenburg | Wall Street Journal)
  
  

• Funding for the Australian startup sector slowed down this quarter. Australian startups raised $695 million across 92 venture capital deals between July and September 2024. This was down from $1.5 billion raised in the previous 3 months. (Capital Brief)
  
  

• The Australian government has introduced a bill to guarantee the National Broadband Network (NBN) remains owned by the government. Some see this as an effort to make ownership of the NBN an election issue by Prime Minister Anthony Albanese. We’re not sure the NBN is enough of a vote winner (ABC News)
  
  

• In the US, 13 states and Washington DC have sued TikTok accusing the social media giant of intentionally using its algorithm to foster addiction among younger users. The lawsuits argue TikTok’s design harms children’s mental health and is driven by profit. Meta must be breathing a sigh of relief here, because you’d think all those same arguments could apply to the US social media giant as well. (Reuters)
  
  

• As America’s Gulf Coast recovers from Hurricane Helene it is also bracing for Hurricane Milton, which is expected to hit the Florida coast Wednesday evening (US time). President Joe Biden warned Milton “could be the worst storm to hit Florida in over a century”. (The Guardian)
  
  

• The China-Europe trade war continues to escalate. China has imposed a 39% tariff on European brandy imports just days after the EU voted to introduce tariffs of up to 45% on Chinese electric vehicles. (BBC)

What the…?

American airline Southwest has announced it will move away from it’s trademark ‘open seating’ policy and start selling assigned seats. We cannot believe an airline managed a ‘first-come, first-serve, choose your own seat’ situation. Imagine the chaos at the boarding gate as you jockey to get on first and select your seat. (CBS News)

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Nuclear Energy Primer, a Trend too Relevant to Ignore

Nuclear energy is having a moment. Driven by the huge electricity demands of AI and the data centres that enable it, nuclear energy is being seen as a carbon-free solution to keep up with these energy needs.

Microsoft captured headlines recently after striking a deal to re-open the infamous Three Mile Island nuclear facility (the site of America’s largest nuclear accident). But they are not the only tech company looking to procure nuclear energy. Google, Oracle, Amazon, all of the large data centre and cloud computing players have explored nuclear power to meet their growing energy demands.

This article takes a look at the global nuclear power industry and explores where the investment opportunities may lie.

Across 439 nuclear reactors in 31 countries, nuclear currently produces 10% of the world’s energy needs. In the US, nuclear supplies 20% of the country’s energy but 50% of the country’s zero-carbon energy. As coal is phased out and the world looks for replacements for baseload electricity generation, many countries are turning to nuclear. And while we may be some way off this conversation in Australia, there are interesting case studies emerging around the world.

Today’s sponsor is Pacific Equity Partners

Private equity has never been easy to get into or out of, until now. As Australia’s leading private markets investor, Pacific Equity Partners has launched the PEP Gateway Program to unlock global private equity for wholesale investors, with regular liquidity.

Top-tier global private equity funds have consistently outperformed public markets. The PEP Gateway Program facilitates investments with some of the world’s best global private equity funds and fund managers.

Visit www.pepgateway.com.au for more information.

 Please refer to the terms and conditions contained in the relevant PEP Gateway Program fund documentation. Liquidity and redemptions are subject to the limitations in each fund’s governing documents. Past performance is not a guarantee of future results. This information is for wholesale investors only and does not constitute an offer of securities or financial products. Always consult with your professional advisers.

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