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Here’s what you need to know today

• Apple’s annual Worldwide Developers Conference kicked off yesterday. For Apple, this is a testing moment. Shares are down 16% this year, Apple’s Intelligence launch was seen as a flop as it falls behind in AI, and Trump’s tariffs threaten its China-focused supply chain. Tim Cook’s toughest test as Apple CEO is to turn this around and regain some momentum. This week’s developer conference will contain hints of how he plans to try. (Bloomberg)
  
  

• Tech giants Microsoft, Google and Amazon have urged Australia’s federal government to speed up the delivery of energy-storage projects. All 3 companies are building out power-hungry data centres to keep up with demand for AI. In America, they are underwriting nuclear energy with 20-year off-take deals. In Australia, without nuclear as an option for emissions-free baseload power, they are lobbying for greater focus on energy storage to ensure a reliable grid. (SMH)
  
  

• Australia’s weekly auction clearance rate fell to its lowest level so far this year. That is the headline, but it appears to be a one-week public holiday affected number. Analysts believe that momentum is once again building in the property market after a couple of rate cuts and the prospect of more to come. Next week’s number will be telling. (AFR)
  
  

• Immigration protests continue in Los Angeles for the third consecutive day. The protests were started after immigration raids by federal authorities saw more than 100 people arrested. President Trump has deployed the National Guard to help local authorities quell protests. (ABC)
  
  

• As the fallout continues from the Trump-Musk split, President Trump warned Elon would face “serious consequences” if he funded challengers to Republicans who support the ‘Big Beautiful Bill’. Trump also confirmed he believed his relationship with the world’s richest man is over. (NBC)
  
  

• American and Chinese officials met in London to discuss the two superpowers’ trade relationship. After an uneasy 90-day truce was made last month, and each side dropped tariffs by 115%, there has been little progress made towards a longer term deal. (Reuters)
  
  

• The International Atomic Energy Agency met to discuss Iran’s nuclear program. The UN nuclear watchdog’s latest report found that Iran’s nuclear stockpile has grown by 50% since February. Iran now has more than 400kg of uranium enriched to 60% purity, enough for almost 10 nuclear bombs if refined to 90% purity. (BBC)

What the…?

Sports-betting may be banned in India, but that hasn’t stopped the rise of fantasy gaming apps. Users pay to enter competitions and build their fantasy team in the aim of winning big money prizes. It may be trying to win money on the results of a sporting match, but it is technically not sports betting.

And that technicality has exploded in India. Dream11, the industry leader, has 210 million users (more than the number of share trading accounts in India) and it raked in around $500 million from this season’s Indian Premier League cricket tournament, up 30% from last season.

Investing is a lifelong journey

Here’s what you can learn today.

Changing asset allocation towards retirement

Community Question: What investment options should Australians consider when they're 5-10 years away from retirement?

We put this question to Jonathon Halls, financial adviser and Partner at Northhaven Wealth.

As you move towards retirement, you should start to consider a focus on capital preservation, stable income, and moderate growth to ensure you have enough funds for retirement while reducing exposure to market volatility.

Some things to consider for your superannuation as you move toward the drawdown phase of investing might be:

• Review asset allocation, especially in super, by shifting towards a balanced or conservative option, reducing exposure to high-risk assets like shares while maintaining some growth assets.

• Consider salary sacrificing by contributing more to your super via pre-tax income to help boost your retirement savings while reducing taxable income.

• Make after-tax contributions if you have spare cash. This is done using non-concessional contributions to super.

There are plenty of considerations at that stage of life for your investments outside of super as well:

• Invest in high-yield dividend stocks, such as Australian blue-chip stocks (e.g., banks, utilities) that provide franked dividends.

• Consider bonds, term deposits & high-interest savings accounts as they provide safe, low-risk options for preserving capital while earning interest.

• Annuities, as in some instances the guaranteed income of an annuity may provide some certainty for investors.

• Conservative/Balanced managed funds which allow you to invest in diversified assets with lower risk.

• Income-focused ETFs that pay dividends or have investments in bonds.

• Downsizing by selling a higher-value home for a lower-value one can free up capital and allow contributions into super (up to $300,000 per person under the Downsizer Contribution scheme if you meet the conditions).

• Investment properties that align with retirement income needs, but you may want to consider selling at some point to reduce debt and increase overall liquidity.

Are you or your parents nearing retirement? Is it time to seek professional financial advice? Fill out the form on our website and we’ll put you in touch with Jonathon or another of our hand-picked financial advisers.

Today’s sponsor is Fidelity

After a rollercoaster start to 2025, investors are asking whether the era of US exceptionalism is coming to an end.

While headlines continue to focus on the Mag Seven, the next chapter of US market leadership may be quietly forming in the middle.

Issued by FIL Responsible Entity (Australia) Limited, ABN 33 148 059 009, AFSL No. 409340. This is general information only and is not intended to be advice of any kind. Consider the PDS and TMD available at www.fidelity.com.au

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