Right you are Malcolm – that was a typo.

ASX futures are currently at 8,290 points, down -0.7% at 9am.

The Federal Court has ordered the Australian operator of Kraken crypto exchange to pay $8 million for unlawfully issuing a credit facility to more than 1,100 customers.

Business reporter Rhiana Whitson spoke with Kraken’s Australian MD Jonathon Miller ahead of the penalty decision.

Mr Miller called for more regulation around crypto, to provide clarity for the industry, arguing Australia is lagging.

You can read that full store here:

The European Central Bank (ECB) has cut interest rates for the fourth time this year and a fifth could be on the way due to weakening economies in the EU.

Despite inflation easing and nearing the ECB’s 2% target by early 2025, economic risks — such as domestic political instability and potential ongoing US trade tensions — prompted concerns about growth.

Some policymakers wanted a more aggressive rate cut, but they unanimously agreed on a 25bp reduction.

ECB President Christine Lagarde said that while inflation is declining, domestic price pressures remain high, and growth risks are increasing.

Economists interpret the ECB’s moves as cautious, and say more rate cuts are likely but not in the short term.

with Reuters

Adding to the tension between Qantas and its engineers – who have begun a 24-hour strike – is flight numbers.

Today will be the busiest day of the year so far for several airports around the country.

Sydney Airport is expecting 81,000 passengers – the highest number since 2019.

Domestic travel is up 6 per cent on the same period last year, and international travel is up 18 per cent.

Russia’s state oil company, Rosneft, has agreed to supply nearly 500,000 barrels per day of crude to India’s Reliance Industries in a 10-year deal worth approximately US$13 billion ($20.4 billion) annually, according to Reuters.

The agreement covers 0.5% of global supply and is the largest energy collaboration between Russia and India, underscoring their deepening energy ties amidst Western sanctions on Moscow.

The deal, beginning in January 2025, will supply Russian crude, including Urals, ESPO, and Sokol grades, primarily for Reliance’s massive Jamnagar refining complex in Gujarat.

India’s reliance on Russian oil has surged, making it Russia’s top crude importer after the European Union imposed sanctions following the invasion of Ukraine.

The deal may extend beyond 10 years, solidifying Russia’s role in India’s rapidly growing energy market.

Reporter Sophie Landau is at Adelaide Airport this morning.

She says it could be the calm before the storm, but passengers are easily making their way through terminals with no delays at this stage.

A Malaysian Airlines international flight has been rescheduled but it does not appear to be a result of Qantas workers’ action. 

Nurses and midwives at St Vincent’s private hospitals in Victoria will also begin industrial action today.

The union says hundreds of nurses and midwives started daily rolling stoppages at 7am.

The Australian Nursing and Midwifery Federation says more than 1,000 members are taking part.

Theatre and recovery nurses will also stop work on Wednesday afternoon and patient safety will not be compromised.

Workers are demanding safer staffing levels at the hospitals and higher wages.

ANMF (Vic Branch) assistant secretary Madeleine Harradence said “nurses and midwives have voiced serious concerns about understaffing which leads to missed patient care and workforce exhaustion.

“They’re escalating their action as a last resort because management is not listening and not responding to their concerns.”

Speaking of unemployment, the latest jobs figures released yesterday showed the unemployment rate had fallen sharply to a nine-month low of 3.9% taking most economists by surprise.

The Business spoke with HSBC chief economist Paul Bloxham about what it means for rates.

The end is nigh for 2024 and economists are looking ahead to what 2025 will bring.

While households struggled through an ongoing ‘per capita’ recession, the jobs market did surprisingly well. 

Business reporter Daniel Ziffer talks to independent economists about what we should expect next year.

Another round of industrial action is on the cards for today.

Qantas engineers will walk off the job for a full day over a wage dispute with the Aussie airline.

It’ll be tools down for about 500 engineers across most major airports from 3:30am local time today.

They will return at 7:30am local time on Saturday.

For more here’s the latest from business reporter Kate Ainsworth:

Good morning, Rachel Clayton here to take you through the morning of market movements.

US stock markets experienced slight declines overnight as investors evaluated figures ahead of the Federal Reserve’s meeting scheduled for December 17-18.

All major indices in the US took a slide overnight. The S&P 500 by -0.3%, the Dow Jones by -0.4%, and the Nasdaq dipped -0.3% from its previous record high.

That is likely to be reflected in the local share market at the open.