1. EU worried about Biden

As the ominous shadow of Donald Trump looms this week as the Republicans and Democrats shoot it out at the mid-term elections, the European Union has “serious concerns” about the US Inflation Reduction Act, saying it breaches

international trade rules, according to an official document seen by CNBC. “The sweeping tax, health and climate bill was approved by US lawmakers in August and includes a record $369 billion in spending on climate and energy policies. The landmark package comprises tax credits for electric cars made in North America and supports U.S. battery supply chains,” Silvia Amaro reports.

The EU officials support the green motives of the Bill but are concerned about  “the way that the financial incentives under the Act are designed.” It looks like green trade protection and it is, but

Donald is more likely to opt for non-green trade protection if he ever occupies the White House again.

2. Two big ‘economic’ events for stocks this week

On Tuesday, US time, the mid-term election will determine which party will control Congress, and affect the direction of future spending. Democrats currently control the House, and have a majority in the Senate but pundits think a Republican win in either house will be better for stocks.

Later in the week, Thursday’s consumer price index report will give further insight into how far the Federal Reserve needs to go to bring down inflation. A hot report could signal to investors that a pivot from a prolonged period of higher interest rates may not be imminent and stocks will fall. Ahead of the close, US stocks were up again and the local market is tipped to rise 21 points on the open.

3. Being rich just got dangerous

The AFR brings tidings that many well-off retirees feared and this is what it reports today: “The Albanese government will consider scaling back superannuation tax concessions for wealthy Australians as it seeks to repair the cash-strapped federal budget and crack down on loopholes.” Financial Services Minister Stephen Jones will tell an AFR Wealth Summit that Labor is gearing up for a debate on tax concessions once the government outlines its definition of the purpose of superannuation and puts it into legislation.

4. TEALS paid for their seats

The AFR reports the “Special Minister of State Don Farrell said the Albanese government was determined to pass changes to campaign spending laws, amid concerns Australia could see US-style funding wars. Parliament’s joint standing committee on electoral matters is considering expenditure caps and changes to disclosure thresholds for donations.”

Wentworth MP Allegra Spender topped the latest Australian Electoral Commission funding report, with spending of more than $2.1 million to win the once blue ribbon Liberal seat of Wentworth at the May election. The Teals combined spend of $9.6 million came as campaign group Climate 200 raised about $9 million for the election, donating almost $6 million.

5. Buyers worried about 20-30% house price falls

The SMH tells us that “nervous home buyers are holding back at auction because they are worried about their new property being worth less money in the future as the housing market falls.” Buyers are nervous about knowing how much to pay – and what not to pay – Cooley Auctions managing director Damien Cooley said. “They’re nervous about, if they buy this property for $2 million, is it going to be worth $1.8 million in six months’ time?” he said. That said, in an interview with REA’s PropTrack economist Eleanor Creagh, which screens on Thursday night, she says her team of economists and stats experts are still seeing the peak-to-trough fall of house prices being closer to 15% than 20% or 30%.