PwC Australia chief executive salary revealed

Good Morning,

This newsletter covers stock market movements from last week, including gains in US tech and small-caps, and a surge in Japanese stocks. It also dives into earnings reports, with news on Warehouse's ebit forecast decline and NVIDIA’s record loss. Among other news, the newsletter covers political updates from France and the US, an interesting story about Australians selling homes for big profits, and an interview with a sword-wielding jewelry store worker.

Let’s jump in!

Before The Bell

Markets

• U.S. stocks rose in a quiet week with tech and small-caps leading the gains ahead of earnings and index rebalancing (TRP)

• European stocks closed mixed on political uncertainty in France, with the French CAC 40 index falling the most at 1.96% (TRP)

• Japanese stocks surged as the yen weakened to a 38-year low, boosting exporters (TRP)

Earnings & Data

• Warehouse full-year ebit forecast to decline at least 64% (NBR)

• $646 billion wiped from Nvidia in biggest ever company loss in history of the world. (NCA)

• The Warehouse downgrade: What earnings slide signals for the economy. (Herald)

• Many Australians are selling their homes for big profits, with new data released today showing resales have reached their highest rate of financial gain in 14 years. (9 News)

• Nvidia (NVDA.O), opens new tab short sellers have raked in nearly $5 billion in paper profits from the AI chip designer's sharp selloff over the past three sessions, according to data analytics firm Ortex Technologies. (RT)

News Summary

Monday

• Spark broadband prices are going up. What's behind the increases? (Stuff)

• More details on AUS nuclear power plan emerge (9 News)

• Interpol candidate accused of role in kidnap of Indian businessmen (Guardian)

Tuesday

• A 16-year-old boy has been arrested after he allegedly walked into a school on Auckland’s North Shore with a knife (Herald)

• Julian Assange has reached a plea deal with the U.S., allowing him to go free (CNBC)

• For Joe Biden and Donald Trump - the two oldest candidates ever to seek the US presidency - age is an election issue neither can escape (BBC)

Wednesday

• New Zealand First leader Winston Peters has responded to questions about his approach to the Covid-19 inquiry with verbal attacks on the commissioners, academics and the media (RNZ)

• German car making giant Volkswagen (VW) says it will invest up to $5bn (£3.94bn) in Tesla rival Rivian (BBC)

• Singapore has seized S$6 billion ($4.4 billion) linked to criminal and money laundering activities over the past five years, of which about half of these illicit assets were from last year’s record scandal (BBG)

Thursday

• NZ Air Force carries out ‘world-class medical evacuation’ in Antarctica (Stuff)

• How Trump’s Green Card promise could disrupt Australian unis (AFR)

• Bankers Say 2024 M&A Is Just Good When ‘It Should’ve Been Great’ (BBG)

Friday

• All Whites claim record sixth Oceania Nations Cup crown (Stuff)

• ASX shares to fall as UK, France elections weigh on investors (AFR)

• High-speed traders, short sellers face Asia crackdown (AFR)

Weekend

• Sword-wielding jewellery store worker speaks out after ‘shocking’ attack on father (Stuff)

• PwC’s agent Kevin Burrowes revealed as a $4m man (AFR)

• Jill Biden declares her husband is ‘the only person for the job’ of US president (Stuff)

Deal Flow

Investments / M&A

Australia & New Zealand

• $AUD 11b swoop on ASX building giants leaves James Hardie the lone prize (AFR)

• Paladin Energy in M&A sweet spot, eyes on Fission Uranium (AFR)

• Myer taps Barrenjoey, Clayton Utz for Premier approach (AFR)

• Cleanaway’s Citywide acquisition may face ACCC clearance issues (AFR)

• Boston-headquartered Advent International, which enthralled local newspapers with its $1.75 billion acquisition of iconic Aussie fashion brand Zimmermann last year, wants a bigger slice of the deal scene in Australia and New Zealand. (AFR)

Key Global

• UPS announces sale of Coyote Logistics unit to RXO for $USD 1 billion (RT)

• Hedge Fund Making 20% a Year For Last Decade Targets Uranium M&A. (BBG).

Other Global

• Banks advising South Korean automaker Hyundai on its India IPO are set to make as much as $40 million in fees, three sources said, a windfall in a market where banks typically struggle to make money given cost-conscious clients and fewer big deals. (RT)

VC & Fundraising

• Robotic friend company raises $3 million to build Abi (AFR)

• Wellington edtech Storypark looks for investors (NBR)

Equity Raises

Key Global

• Vista Equity Partners-backed automotive data and software services provider Solera is set to seek a valuation of about $10 billion to $13 billion in its planned initial public offering. (BBG)

Other Global

• Chinese companies’ stock market listings once flooded Wall Street, these days, China’s initial public offerings are in a drought. (NYT).

• Thelo to Raise $250 Million With Eye on Africa’s Giant Rail Corridors. (BBG).

• Beijing’s Support to Boost Hong Kong IPOs in Second Half of Year. (BBG).

Debt, Restructuring & Bankruptcy

• US judges block parts of Biden's student loan relief plan. (Reuters)

• Debt market boom delays Europe’s real estate bust as banks rein in their commercial real estate exposure, borrowers are turning elsewhere. (FT)

• China Merchants Group Ltd. bought a 40% stake in the fiber assets of HKT Trust & HK Ltd., a unit of Hong Kong telecom group PCCW Ltd. (BBG)

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