Happy Friday all, it’s Sydney bureau chief Ainslie here. 

You can’t walk through our city center this week without tripping over a marathon runner (or an aspiring one). And as the sun rises on Sunday, tens of thousands of them will be crossing the Harbour Bridge as the city joins the likes of London, New York, Boston and Tokyo within the elite ranks of the World Marathon Majors.

Welcome to the big time. Photographer: Ma Ping/Xinhua News Agency

About 35,000 people — not me, I’ll be cheering from the sidelines — are expected to toe the start line in Australia’s biggest marathon to date, including the fastest man to ever run the distance, Kenya’s Eliud Kipchoge. That’s a steep acceleration from just over 5,000 participants back in 2022. 

It's not just the runners that are heavily invested. Tourism operators, hospitality venues and sponsors are betting big on the race’s ability to drive global attention and spending power. You can read all about it here. 

And now, here’s everything else you need to know ahead of the weekend...

Today’s must-reads:
• ANZ’s email mishap
• Virgin results
• Wealth podcast

What's happening now

ANZ staff found out they were being laid off via an auto-generated email before managers could break the news, sparking confusion and forcing the bank to rush through cuts. The botched rollout adds to new CEO Nuno Matos’s troubles as he wrestles with cultural failings, regulatory pressure and high-profile executive exits.

Virgin Australia posted a 28% jump in annual profit to A$331 million, matching its IPO forecast, and said bookings remain strong in results out this morning. Fresh off its June stock-market return, the airline expects further growth this year as demand for travel shows no signs of slowing.

In demand. Photographer: Brent Lewin/Bloomberg

China has booked at least three shipments of Australian canola, hinting at an end to a four-year freeze as it seeks alternatives to Canada after trade tensions flared. The cargoes, due late this year, would reopen a key market for Australian farmers who’ve been locked out since 2020.

Goldman Sachs is beefing up its private wealth arm in Australia, chasing clients with more than A$100 million to splash around. On our latest podcast, Rebecca Jones and Adam Haigh unpack what that says about the wealth game — and what the rest of us (sans $100m) can do to fatten our coffers. Subscribe to The Bloomberg Australia Podcast on Apple, Spotify, on YouTube, or wherever you listen.

Lynas Rare Earths launched a A$750 million share sale to fund mine upgrades and expand processing in Australia and Malaysia, as the West scrambles to loosen China’s grip on critical minerals. Backed by Gina Rinehart, the miner is also eyeing US and global partnerships while navigating uncertain government support. 

What happened overnight

Here’s what my colleague, market strategist Mike “Willo” Wilson says happened while we were sleeping…

Wall Street pushed higher overnight, with the S&P 500 Index hitting a fresh record above 6,500 and market volatility sinking to its lowest this year. New data showed the US economy expanded faster than expected in the second quarter while another report signaled a strong jobs market. The dollar fell while the Aussie and kiwi climbed. Closer to home, Australia’s private sector credit data is due today, with ASX futures pointing to a softer open.

Federal Reserve Governor Lisa Cook sued to block Donald Trump’s attempt to fire her, arguing mortgage fraud claims are a pretext to undermine the central bank’s independence. Her lawyers say any “clerical error” on past applications wasn’t intentional or material, escalating a showdown between the White House and the Fed.
 

Lisa Cook Photographer: Al Drago/Bloomberg

As Willo mentioned, the US economy grew at a 3.3% pace in the second quarter,  faster than first estimated, on stronger business investment and a big boost from trade. Consumer spending also ticked higher, but economists warn underlying demand is slowing as Trump’s tariffs bite, keeping pressure on the Fed to cut rates next month.

The EU moved to scrap tariffs on US industrial goods and extend duty-free treatment for some farm and seafood products, meeting demands from President Trump. In return, Washington will cut car tariffs to 15% from 27.5%, a big win for German automakers — though the deal still needs approval.

What to watch

• Australia private credit data released at 11.30 a.m. in Sydney

One more thing...

Pop Mart’s new mini Labubu dolls vanished from Chinese online stores in seconds — some fans couldn’t even load the page before stock was gone. The rabbit-eared toys, selling for about $11 apiece, are now fueling a resale frenzy, with sets already flipping for double the price ahead of a global launch. 

Pop Mart International Group Ltd.