Sterling fell to a near three-month low of $1.3222 on Thursday as the dollar was repriced after a hawkish shift by the Federal Reserve. The pound is down about 1.25% since Monday and also edged lower against the euro. Money markets are pricing in roughly 100 basis points of Bank of England rate hikes over the next 12 months, with traders seeing about a 75% chance of a move in November.

The Reserve Bank of Australia is expected to raise rates next Tuesday to 4.6%, a 15-year high, after three increases this year took the cash rate to 4.35%. National home prices are down nearly 4% from their peaks, and a government tax change on investment properties has weakened investor lending. With inflation expected to stay higher for longer, falling house prices alone may not be enough to prompt the RBA to cut rates.

Geopolitical tensions climbed after Iran’s president took a hard line at the UN General Assembly, helping lift Brent crude more than 4% in the prior session and push it above $100. In Asian trading on Thursday, Brent held around $102.5 a barrel. Indian equities are expected to open lower, with broader Asian markets also weakening.

Barry Diller’s People has withdrawn its offer to acquire all remaining publicly held shares of MGM Resorts International. People already owns about 27% of MGM and in June offered $48.30 a share in cash for the rest, valuing the company at more than $18 billion. Following the announcement, MGM shares fell 8% in after-hours trading.

Meta’s Muse app logged 2.8 million downloads within two weeks of launch, with average daily downloads growing 55% over its first 10 days, according to Sensor Tower. Truist Securities estimates the app could generate at least $28.5 billion in annual revenue by fiscal 2030. Meta shares have climbed nearly 13% this week and are poised for a fifth straight week of gains.

Novo Nordisk has outlined a long-term strategy that includes launching five blockbuster drugs by 2030 and generating $23 billion in pipeline revenue by 2035 to offset potential sales erosion after Wegovy’s patent expiry. The plan hinges on a new wave of weight-loss tablets and improved combinations of diabetes and obesity treatments aimed at greater weight loss with fewer side effects. It also includes an expansion into areas such as blood and endocrine disorders. Investors remained unconvinced, sending the shares down 8% on Monday.

Novo Nordisk CEO Maziar Mike Doustdar said the company is open to a direct listing on the New York Stock Exchange to replace its existing American depositary receipts, the Financial Times reported. He said the move would reflect a shift in the company’s investor base over the past 20 years away from Scandinavia and toward the United States. Novo’s shares have fallen more than 70% from their peak, while Eli Lilly’s have risen. Lilly’s weight-loss drug Zepbound is expected to outsell Novo’s Wegovy this year by more than $7 billion.

Global wheat buyers are facing rising costs as the Russia-Ukraine war continues to squeeze exports from the Black Sea region. Russia’s September exports are expected to fall to 1 million tons and Ukraine’s to about 1 million tons, both roughly half of last year’s levels. Benchmark Chicago wheat futures have climbed 40% from June lows to a three-and-a-half-year high. Indonesian buyers have shifted to suppliers such as Argentina and Australia, paying 20% to 25% more than they previously paid for Black Sea wheat.

Indonesia produces more than 60% of the world’s nickel and said it would cut mining quotas from 379 million metric tons to 250 million-260 million tons, helping LME nickel hit $20,000 per ton in May. Prices have since slipped to $16,500 as investors question whether the curbs will be enforced. Indonesia has also increased nickel ore imports from the Philippines, with volumes up 50% to 15.3 million tons last year and another 67% year on year in the first seven months of this year.