Anthony Pratt Moves to the US, Resolute Mining Shares Plunge, and Australia Wealthy Look Overseas

Good morning from Melbourne! It’s Chris here with your daily roundup of Australia’s top financial news. As we gear up for a steady open in Australian shares today, we’ve got some key updates for you to start your day.

Today’s highlights include billionaire Anthony Pratt’s move to the United States, the sharp drop in Resolute Mining shares after its CEO’s detention in Mali, and growing concerns among Australia’s wealthy about expanding investments abroad.

Pratt’s Big Move to the US

Billionaire Anthony Pratt, the chairman of Visy, has made headlines after revealing on LinkedIn that he has been granted a green card and will be relocating to the United States. Pratt, who has long been a prominent figure in Australian business circles, was previously in the news after reports emerged that US President-elect Donald Trump allegedly shared classified information about nuclear submarines with him. His move to the US marks a significant shift, and it will be interesting to see how his business ventures evolve stateside.

Meanwhile, Anthony Sweetman, joint country head of UBS Australasia, predicts that Australia’s rich will increasingly look to diversify their assets internationally as their wealth grows. As Australian investors seek global opportunities, this trend could have wider implications for the economy and investment flows in the coming years.

Resolute Mining Faces Setback in Mali

Shares of Resolute Mining took a major hit yesterday, plunging by a third on the ASX after news broke that the company’s CEO, along with two other employees, were detained in Mali by the country’s military government. The Australian gold miner now finds itself in the midst of political and regulatory turmoil in West Africa, where cash-strapped governments are scrambling for more resources revenue. The situation adds further uncertainty to the already volatile mining sector, and the news is likely to reverberate across the market as investors reassess the risks of operating in regions with unstable political climates.

Other Key Market Moves

• Liontown Resources, a lithium miner backed by Gina Rinehart, announced it has scaled back production plans for its Kathleen Valley lithium project. The move reflects a broader trend among battery metal miners, who are adjusting to weaker prices in the market.
• In New Zealand, Prime Minister Christopher Luxon reaffirmed the importance of his country’s relationship with the US and expressed confidence that the partnership would continue to thrive under President-elect Trump.

The Global Picture

Globally, US stocks experienced a pause in their post-election rally, with technology shares taking a hit. However, most stocks still posted gains. Bitcoin continued its meteoric rise, topping $87,000, while the US dollar hit a one-year high, reflecting ongoing shifts in the global financial landscape.

In Japan, Prime Minister Shigeru Ishiba made waves by pledging over $65 billion in support for the nation’s semiconductor and artificial intelligence sectors over the next decade, following his successful bid to remain in office.

In the UK, a prominent money manager known as Britain’s answer to Warren Buffett shared his decision to avoid investing in the world’s largest stock, raising questions about future market directions.

What’s on the Horizon?

As we look ahead, there are two key pieces of economic data to keep an eye on today:

• Westpac Consumer Confidence data for November, which will be released at 10:30 a.m.
• NAB Business Confidence data for October, due out at 11:30 a.m.

These reports could provide valuable insights into how Australians are feeling about the economy, which will be important for understanding future market sentiment.

The Challenge of Measuring Unlisted Assets

Lastly, in the complex world of unlisted assets, an area that many Australian super funds have recently invested in, there’s growing concern over how to measure investment performance accurately. Barry Griffiths, one of the few quantitative analysts tackling this issue, is working on methodologies to bring more transparency to the sector. As Australian super funds continue to explore unlisted assets as part of their portfolios, the challenge of performance measurement will become a critical topic for investors and analysts alike.