Global Markets Rally, Defence Deal Nears, and One Nation Scandal

The Nasdaq Composite led Wall Street higher overnight after U.S. July CPI data showed core inflation rising just 0.2% monthly, matching the slowest annual pace since March 2021. The report dimmed September rate hike expectations, pushing the S&P 500 up 0.4% and lifting Australian share futures, which point to a 0.3% drop to 9,128 points at the open.

"Markets have been overly aggressive in pricing nearer term hikes... the three-month...