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Radioactive capsule stops playing hide and seek ☢️

February 02, 2023

Good Morning,

Auckland schools were allowed to open their doors again, New Zealanders have been warned beer prices are likely to go up, a highly radioactive capsule that fell off a Rio Tinto truck has been found, the UK government has promised robust regulation for the cryptocurrency industry, Gautam Adani has lost his spot as the richest person in Asia and India & PayPal has cut 2,000 jobs.

Let's jump in.

Before The Bell

Markets

  • The NZ market was up ahead of the Fed decision. Earnings season is now just around the corner (GR)

  • The ASX ended at a nine-month high. It was driven up by an 8.1% surge in Flight Centre (AFR)

  • Bitcoin had its best month since 2021

  • The Nasdaq had its best monthly performance since July 2022 and its best January performance since 2001

  • Investors expect the Federal Reserve to raise its benchmark rate by 25bps, a decrease from 50bps in December and the 75bps hikes earlier last year

Earnings and Data

  • Euro-area inflation came in at 8.5% in January, which was lower than the expected 8.9% from analysts (BBG)

  • McDonald's beat Q4 EPS and revenue estimates on a second-straight quarter of increasing traffic as inflation-strapped consumers chose cheaper eats (CNBC)

  • Spotify posted a worse-than-expected Q4 loss, but there was an upside in revenue. With a 20% YoY increase in active monthly users and a 14% YoY increase in paid subscribers (CNBC)

  • The New Zealand unemployment rate rose to 3.4% in the December quarter, and pay did not seem to rise as much as consensus estimates (Stuff)

News Summary

  • Auckland schools were allowed to open their doors again on Wednesday early than previously announced (Stuff)

  • New Zealanders have been warned beer prices are likely to go up (Stuff)

  • ANZ has cut its home loan rates after the rise in unemployment in December (Stuff)

  • Household gas prices in some parts of Australia are set to surge by up to $1,000 (AUD) (9 News)

  • A highly radioactive capsule that fell off a Rio Tinto truck has been found just meters off the road (9 News)

  • A QantasLink flight between Brisbane, and HerveyBay hit major turbulence and two people had to be taken to hospital (9 News)

  • The UK government has promised robust regulation for the cryptocurrency industry (BBC)

  • Gautam Adani has lost his spot as the richest person in Asia and India (BBG)

  • China's regulators have proposed to ease IPO rules in a bid to fuel access to capital via the national equity markets for smaller companies (BBG)

  • PayPal has cut 2,000 jobs (BBC)

Deal Flow

Investments / M&A

  • Brookfield / EIG have held talks to re-price their $9 (AUD) a share joint bid for Origin Energy to factor heightened risk since due diligence began (AFR)

  • Lotus Technology, the electrical car maker owned by Geely, has gone public via a SPAC that will value the combined entity at ~$5.4B (USD) (BBG)

  • Yamana Gold's $4.8B (USD) takeover has won backing from investors (BBG)

  • Western Digital, a chipmaker, has received a $900m (USD) investment led by PE firm Apollo Global Management (BBG)

  • Bid Corp, a South African food service company, is considering selling its Angliss business in Asia. It believes this business is worth a couple hundred million (USD) or more (BBG)

  • ANZ Bank is spending ~$50m (AUD) on a material stake in View Media Group, which is a property technology company that is also backed by Seven West Media (AFR)

  • Italy's Webuild has proposed to buy Clough's Asian Pacific projects for around $39m (AUD) (AFR)

  • Bestway, a British convenience-store operator, has raised its stake in J Sainsbury to 4.47% from 3.45% (BBG)

  • DNV, a Norwegian energy risk and assurance giant, has acquired Solcast, an Australian startup which sells data and forecasting solutions for solar energy to the like of Rio Tinto and BP (AFR)

  • MA Moelis has sent out flyers for Sun Cable and asked for bids by the first week of March (AFR)

  • Activist investor Elliott Investment Management disclosed it has a stake in German tower company Vantage Towers (BBG)

  • The UK's largest grocer Tesco has agreed to buy the ailing Paperchase Stationary Brand (BBG)

  • Brookfield Asset Management, a PE firm,  has snapped up DWS's Secondaries Arm (BBG)

VC & Fundraising

  • Retreating VC investor Salesforce Ventures has invested $39m (AUD) into Sydney-based quantum computing startup Q-CTRL (AFR)

  • Swaggie, an Australian seasonal jobs platform app, has raised a $435k (AUD) seed investment round (AFR)

Equity Raises

  • The world's biggest electrical car battery manufacturer Contemporary Amperex Technology has chosen banks for its $5B (USD) minimum global depository receipts raise in Switzerland (BBG)

  • Winsome Resources, an ASX lithium hopefully, is raising $45.2m (AUD) via a $26m (AUD) institutional placement with room for $5m (AUD) in oversubscription, a $19.2m (AUD) flow-through placement to Canadian investors and a $10m (AUD) share purchase plan (AFR)

  • Adnoc, the United Arab Emirates' national energy company, has started pitching an IPO of its gas business to investors and told them it made a record profit last year (BBG)

  • Kefi Gold, a gold explorer with projects in Ethiopia and Saudi Arabia, has hired advisors for a potential dual listing in Riyadh (AFR)

Debt

  • Japanese banks have extended the deadline to issue commitment letters for a loan that backs Japan Industrial Partners led consortium takeover offer for Toshiba Group (BBG)

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