| Australian small cap stocks are going gangbusters. They’re on track for their best year since 2009, as heightened geopolitical tensions favor defense contractors and the soaring gold price supports mining stocks. The best performer was defense play DroneShield, which has jumped a blistering 754% so far this year.
New Zealand Finance Minister Nicola Willis will deliver the Bloomberg Address in Auckland today, two days after the central bank cut interest rates by a half-percentage point. Willis is hoping the economy begins to turn soon as the center-right government prepares to fight an election late next year. Bloomberg clients can watch the speech on LIVE <GO> from around 10 a.m. Sydney time.  Nicola Willis. Photographer: Michael Nagle/Bloomberg A big slice of our super savings is tied up in so-called private markets — assets that don’t trade on stock exchanges and are often hard to value or sell. In our latest podcast, Rebecca Jones speaks with reporter Richard Henderson about what happens when those opaque investments go wrong. Subscribe to The Bloomberg Australia Podcast on Apple, Spotify, on YouTube, or wherever you listen. A price dispute between BHP and China’s state-run iron ore buyer risks dragging on for months, and even into early 2026, as both sides remain locked in stalemate. So far, the mining giant has seen minimal disruption in its shipments to China, according to people familiar with the matter. ANZ Group appointed senior leaders to run a key retail division and lead its risk operations, as newly-installed chief executive Nuno Matos turned to his former employers for talent to help drive his overhaul. Pedro Rodeia will join as group executive for Australia retail from McKinsey & Co., where he was a senior partner. | 
