Good morning, Carmeli here from a warm Sydney morning here to bring you all the latest.

Today’s must-reads:

• ANZ plans 3,500 job cuts
• Lachlan Murdoch crowned head of Murdoch empire
• Why we’re so obsessed with the Mushroom Murders

What's happening now

ANZ Group expects 3,500 employees to leave the bank by September 2026, the lender said in a statement Tuesday. The job cuts are part of a revamp by Chief Executive Officer Nuno Matos, who was forced to apologize last month after the botched communication of a redundancy plan.

Photographer: Brendon Thorne/Bloomberg

Rupert Murdoch’s family has settled litigation over a trust that holds controlling interests in its two major media holdings: Fox Corp. and News Corp. — putting Lachlan Murdoch in charge of the family empire. Under the settlement, three of Murdoch’s children will cease to be beneficiaries of the trust, according to a statement.

More job cuts: Atlassian has axed 200 jobs in Europe in support functions after making 150 staff redundant in similar roles in July. The company terminated customer service positions across the Netherlands, France and India, The Australian newspaper reported, citing the company.

The New Zealand Superannuation Fund, one of the world’s best-performing sovereign wealth funds, is looking for opportunities to invest in domestic infrastructure such as roads. Jo Townsend, chief executive of fund manager Guardians of New Zealand Superannuation, said that large scale infrastructure opportunities are of particular interest.

Macquarie Capital is considering a debut significant risk transfer, following rivals in looking at a booming market for distributing credit risk with investors. The unit of Australian lender Macquarie Group is working with consulting firm Alvarez & Marsal Inc. on the potential transaction, Bloomberg reported.

What happened overnight

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

US stocks bounced back after a slide inspired by Friday’s weak jobs figures. Traders are now pricing in almost three interest rate cuts from the Fed this year, starting in September. The weaker dollar helped euro shrug of French political worries. The Aussie and kiwi posted a second day of solid gains. Today, we have Australia business and consumer confidence data, as well as New Zealand’s manufacturing activity gauge. ASX stock futures indicate a soft opening.

In breaking deal news: Anglo American is nearing a deal to acquire Canadian miner Teck Resources, people with knowledge of the matter said. London-listed Anglo American is in advanced talks on a potential purchase of Teck Resources and could announce a transaction as early as this week, the people said.

The sudden removal of Sri Mulyani Indrawati as Indonesia’s finance minister is bound to rattle global investors, who saw her as a voice of fiscal responsibility in an administration pushing for bigger spending. Indrawati’s replacement, Purbaya Yudhi Sadewa, was sworn in as finance minister at a hastily-arranged ceremony late Monday.

Sri Mulyani Indrawati, Indonesia's former finance minister. Photographer: Dimas Ardian/Bloomberg

House Democrats on Monday released an alleged birthday note that they said Donald Trump sent to Jeffrey Epstein, raising pressure on the president over questions about his past interactions with the late disgraced financier.

The US is proposing annual approvals for exports of chipmaking supplies to Samsung Electronics and SK Hynix’s factories in China, a compromise aimed at preventing disruptions to the global electronics industry after Trump officials revoked Biden-era waivers that let the companies more easily get such shipments.

What to watch

• Westpac Consumer Confidence Index, 10:30 a.m.
• NAB Business Confidence, 11:30 a.m.

One more thing...

When Erin Patterson was sentenced on Monday to life in prison, with no chance of parole for 33 years, it marked the end of a courtroom drama that captivated the world. The 50-year-old Australian mother of two argued for eight days on the stand that she’d unknowingly poisoned four of her estranged husband’s relatives with Beef Wellington laced with death cap mushrooms. A jury didn’t buy it, and Patterson will be in her early 80s before she’s eligible for release. But the saga is far from over.

Erin Patterson arrives at Supreme Court of Victoria on Aug. 25. Photographer: Jason Edwards/Pool/Getty Images/Getty Images