Good morning, it’s Amy in Melbourne with the news you need to start your Wednesday. 

Today’s must-reads:
• Beijing ends meat works ban 
• Cbus Super review results
• Hedge funds on the Kiwi 

What's happening now

Lingering restrictions on exports from Australian meat works to China have been lifted. The move marks a new milestone in warming relations between the two nations and follows the removal of restrictions on other Aussie exports including barley, wine, and coal. It comes despite escalating China-US tensions. 

One of Australia’s largest superannuation funds, Cbus Super, lacked proper procedures to ensure key expenses decisions were made in the best financial interests of its members, an independent review by Deloitte said in a report published Tuesday.

Australia’s flailing energy stocks may soon reverse course, after being laggards in 2024. Analysts say while slower project timelines and softer oil prices dragged on stocks, new projects from companies like Santos, Woodside and Beach Energy may provide a boost.

Woodside Energy Group’s Perth office. Photographer: Philip Gostelow/Bloomberg

Hedge funds have turned bearish on the New Zealand dollar for the first time in a year. The shift comes amid growing expectations the nation’s central bank will continue to cut interest rates. Meanwhile, there are mounting signs of a mid-year recession in New Zealand.

Gilmour Space Technologies is set to make history with its first ever orbital space launch. Bloomberg's Paul Allen and the Australian Centre for Space Governance Chair Cassandra Greer talk about how the nation is mapping out its place in the global space race on Australia Ahead. Watch it here.

What happened overnight

A rally that drove US stocks to a series of all-time highs showed signs of waning. Investors are waiting on jobs data and Jerome Powell’s remarks for clues on whether the Federal Reserve will cut rates this month. Australian stocks look set to open lower. 

South Korean President Yoon Suk Yeol will lift his martial law decree. The announcement came just hours after his dramatic move imposing it Tuesday, declaring the move would prevent the opposition from trying to paralyze his administration. Follow the latest here. Meanwhile, as Bloomberg Opinion’s Daniel Moss writes, South Korea should be well-positioned for Trump, but officials worry about a new trade war.

Emmanuel Macron says the French government can survive a no-confidence vote and he won’t resign. The far-right party of Marine Le Pen is expected to join forces with a left-wing coalition on Wednesday to topple the administration over a budget dispute. 

Vietnamese tycoon Truong My Lan has lost her appeal against the death sentence handed down for masterminding the country’s largest ever fraud scandal. However, she can still avoid execution if she pays back enough of the embezzled cash.

Truong My Lan, right, at a court in Ho Chi Minh city on Dec. 3 Source: -STR/AFP

What to watch

• Australia 3Q GDP, 11:30 a.m. (Sydney)

One more thing...

Three-quarters of UK nightclubs have disappeared since 2005, with more than 120 local music venues closing their doors last year alone. Despite this, hospitality entrepreneurs have sensed an opportunity. A new set of bars and restaurants are adding entertainment such as live DJs, to appeal to both diners and night owls. Ambassy is among those to try the two-venue-in-one approach.  

Source: Ambassy