📈 Trump threatens ally Oman | Soaring copper prices boost BHP profits

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The Big Picture

• Oil, yields jump as Trump threatens ally Oman. The president said he would bomb Oman, which has mediated peace talks with Iran, if they “get in the way” of reopening the Strait of Hormuz after Iran and Oman independently negotiated a deal without the US. Brent crude rose back above US$90 and US Treasury yields hit a 20-year high, indicating nervousness in the markets. (CBS | Reuters)
  
  

• Labor introduces opt-out option for gambling ads. Communications Minister Anika Wells introduced legislation to create a one-stop register for people to opt out of all gambling advertising, to be paid for by a new tax on the gambling industry. The legislation follows the much-publicised Senate inquiry into gambling and comes as a part of broader gambling reform. (AFR)
  
  

• Chinese economic growth slows to 30-year low. China’s GDP growth hit 4.3% in the second quarter from a year earlier, the lowest it’s been since the early 1990s. China’s official target is between 4.5% and 5%, but slowdowns in fixed asset investment and retail sales have put the brakes on the economy. (FT)
  
  

• Retailers roll out facial recognition despite Privacy Commission warning. Coles and Woolies have rolled out facial recognition software in response to a rise in retail crimes, following in Bunnings’ footsteps. This is despite a warning from the Privacy Commission, who said retailers have to meet a very high bar under the Privacy Act to collect sensitive data, including facial recognition. (AFR)
  
  

• European farmers rocked by heatwaves. French vegetable production has been hit hard by multiple heatwaves and a continental drought, putting the sector into a historic crisis. Europe’s largest grain producer, France, estimates the maize harvest will fall 35%, while 60% of Italian farmland is now impacted by drought. (Guardian)

Companies in the news

• Soaring copper prices lift BHP profits to record $14bn. Copper profits outpaced iron ore profits for the first time in the history of the world’s largest miner, and overall profits rose 9% as copper prices jumped 35% on the year. BHP is investing heavily in expanding copper production by 40% by 2035 as it looks to meet rising global demand from data centres and electrification efforts. (AFR)
  
  

• No profit, no problem: CSL jumps on strong guidance. The biotech giant said 2026 was a reset year, taking a $3.7 billion loss due to a $10 billion impairment on its Vifor kidney treatment subsidiary. However, this loss has been well-known for some time, and CSL announced stronger-than-expected 2027 earnings guidance, causing the stock to jump 18%. (AFR)
  
  

• A trio of profit growth: Pro Medicus, Sims, and HUB24. Imaging company Pro Medicus led the profit parade with profits rising 130% year-on-year. Metal recycler Sims almost joined the triple-digits club, growing profit by 99%. Hub24 rounded out the major gainers, with profits up 51%. (Capital Brief)
  
  

• Google targets Australian debt market for record $5bn bond issue. To help keep up with heavy AI spending, Alphabet is considering issuing a range of bonds totaling $5 billion, which would be more than double the next largest bond deal in Australian history. This follows a US$25 billion bond deal in the US earlier this month. (Capital Brief)
  
  

• Nvidia provides US$100bn backstop for OpenAI data centre. This follows Nvidia’s US$125 billion guarantee for Wall Street’s latest US$500 billion AI funding package. The data centre will use Nvidia chips and will generate up to US$200 billion in revenue for Nvidia, once again raising circularity concerns. (FT)

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Slow and steady steals the art

Not every heist has to be a smash-and-grab operation. An Italian businessman’s art collection was stolen from his company’s headquarters in an overnight raid that took no less than 8 hours. The thieves made off with roughly €4 million worth of art, including pieces by Pablo Picasso.

After battering down the front gate with a truck, 10 men then spent all night loading up the art and destroying the office. One art theft expert believes the theft was a personally-motivated heist by amateurs rather than a professional job due to the damage, low value of art stolen, and how long it took the thieves to pull it off. (Ocula)

How to handle a side hustle

We got a community question about making money on the side, and financial adviser Dylan Pargiter-Green from Bold Wealth had some words of wisdom in response.

I’m thinking about starting a side hustle. What are the financial considerations I should keep in mind?

Dylan: Time is money! This is something a lot of clients will bring up, whether it be an additional revenue stream to build toward a financial goal or monetising an existing hobby or passion.  

Your time and capacity to earn money is your most valuable asset. A side hustle can be a great way to earn a few extra dollars, but you need to ask whether the money you make from the additional time spent hustling is equal to or greater than the additional value you could generate through working your main gig. 

Spending time with family and friends, enjoying a pint at the pub or training for the marathon you’ve always wanted to do aren’t things that are likely to earn you money as a side hustle, but they’re incredibly valuable to our social and mental wellbeing.

Finally, the best side hustle is the one you don’t have to actively participate in to pay you a passive income. The best advice I can give someone here is to start investing early, build a capital war chest and reap the benefits once it’s built and humming.

Want to work with an adviser like Dylan to make the most of your time? Fill out the form on our website and we’ll match you with one of our hand-picked advisers to help you get started.

• Basis Points: Royalties have been around for around 600 years, but they’re largely overlooked as an asset class. We’re bucking that trend today. (Spotify | Apple | YouTube)