Reserve Bank of Australia Governor Bullock said the economy is slowing and the property market slowdown has exceeded expectations.

Since its June peak of $225.64, SpaceX (SPCX.O) has lost more than $1.2trn of market value, roughly equal to Tesla's entire market cap. Tesla shares are trading near a one-year low. Elon Musk's net worth has fallen to about $710bn from a mid‑June record above $1.3trn. Charles Moon, tech and momentum strategist at Prosper Trading Academy, said: "As an investor it's too early; but as a trader, Wall Street is punishing AI stocks for capex." SpaceX will report its first post‑IPO earnings next week; on the second full trading day after the report (Aug 6) holders may sell up to 20% of qualified lock-up shares, about 911.5m shares. Analysts say the lock-up expiry may not be as bad as feared but is unlikely to reverse the share decline.

AT&T has signed an agreement with D-Wave and plans to expand use of the vendor's quantum computing technology in its network operations.