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Olympics to return to Australia for third time as Brisbane named host of 2032 Games

Jul. 21, 2021 09:26AM EST
Dan Ackermann

The International Olympic Committee awarded the 2032 Olympics to Brisbane, Australia, on Wednesday, capping a new one-city selection process meant to minimize costly bidding wars between countries.

Why it matters: It will be the third time that Australia hosts the Olympics, following the popular 2000 Summer Games in Sydney and the 1956 Summer Games in Melbourne.

The big picture: The IOC has now chosen the sites for five of the six next Summer and Winter Olympics:

  • 2022 Winter: Beijing
  • 2024 Summer: Paris
  • 2026 Winter: Milan and Cortina d'Ampezzo
  • 2028 Summer: Los Angeles
  • 2030 Winter: To be announced
  • 2032 Summer: Brisbane

Between the lines: Brisbane was the first city to be named Olympic host in a new streamlined selection process, through which the IOC named the Australian city as the preferred candidate without a formal opponent. The 138th IOC Session on Wednesday served as a rubber stamp of the recommendation.

Driving the news: The announcement was made as the embattled 2020 Tokyo Olympics officially began on Wednesday with softball and women's soccer, two days before the opening ceremony.

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Tropical Storm Fred nears Florida Panhandle as Grace drenches earthquake-hit Haiti

An intensifying Tropical Storm Fred is taking aim at the Florida Panhandle, with the threat of a damaging coastal storm surge, high winds, and heavy rains that could extend all the way north into the Mid-Atlantic region.

The big picture: Meanwhile, poorly organized Tropical Depression Grace continues to dump rain across Haiti and the Dominican Republic, complicating earthquake relief efforts in Haiti. It appears destined to enter the Gulf of Mexico.

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The big hedge: Investors fear one of the great stock market bubbles in financial history

Warnings that the U.S. equity market looks to be in a bubble are coming from a slew of Wall Street asset managers and strategists as stocks continue to reach new record highs and markets display abnormal behavior. But data show that while investors are hedging their bets, there is hardly a mad dash to sell out of equity positions.

What's happening: As the 10-year Treasury yield rises solidly above 1% — its highest level in nearly a year — a growing contingent of investors fear that a crash is imminent without the ballast of rock-bottom interest rates.

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