Good morning,

Almost 40 per cent of EY Oceania's staff are considering quitting as a report into the accounting giant revealed instances of bullying, sexual harassment and racism, alongside a culture of overwork and stress.

Meanwhile, PwC's in limbo partner Richard Gregg was ousted for a failure to properly supervise staff, the firm has claimed in a court case that could set a precedent for how it handles other tax scandal dismissals.

And the 'millionaires factory' Macquarie Group has defended paying its commodities and markets boss Nick O’Kane $57.6m a year, saying he could easily get “multiples” of that elsewhere.

The Markets

Five things to know this morning

1. Local stocks are set to dive ahead of retail sales data. US indexes are down as the economy defied slowdown expectations to grow at a 2.4 per cent annual rate in the June quarter. Meta rose.
2. US shares are enjoying an unusually long winning streak that could result in a sustained bull market or point to an AI-driven bubble, analysts say.
3. A slump in cheap wine sales to the US and UK has driven a 10 per cent drop in Australian wine exports as local producers face ongoing uncertainty around the reopening of the Chinese market.
4. British billionaire and Australian Agricultural Company's largest shareholder Joe Lewis has pleaded not guilty to insider trading charges in a New York court.
5. Combing through 100 expense items buried in this week's CPI data has found that despite official inflation rising 6 per cent last financial year, many common costs climbed two or three times as much.