The BoE plays follow the leader

Good Morning,

BoE delivers eighth consecutive hike and increases interest rates by 75 basis points to a bank rate of 3%, ACC suffers a $4.5 billion fall in the value of its investments, Fonterra agrees to pay NZ$25 million to settle a dispute with Australian dairy farmers, The Philippines central bank is open to matching more Fed hikes in an attempt to tame inflation and Asian equities surged in hope that China will relax its COVID restrictions.

Let's jump in.

Before The Bell

Markets

• NZ stocks close on a positive note following an eventful week

• The Bank of England hikes interest rates by 75 basis points, largest hike in 33 years

• Stocks in Asia surge

News Summary

• Green aviation goal as Air NZ looks to lead the world in tackling aviation's contribution to climate change (NBR)

• BoE delivers eighth consecutive hike and increases interest rates by 75 basis points to a bank rate of 3% (CNBC)

• Black Caps secure semifinal spot after defeating Ireland (Stuff)

• ACC suffers a $4.5 billion fall in the value of its investments following the rise in interest rates and declining share markets (Stuff)

• Fonterra agrees to pay NZ$25 million to settle a dispute with Australian dairy farmers (Stuff)

• The Bank of England and US Fed are divided about the extent of future rate increases (AFR)

• Twitter is being sued for mass layoffs by Elon Musk without enough notice (BBG)

• Morgan Stanley looks to cut roughly 50 investment bankers in Asia (BBG)

• The Philippines central bank is open to matching more Fed hikes in an attempt to tame inflation (BBG)

• Asian equities surged in hope that China will relax its COVID restrictions (RT)

Deal Flow

Investments/ M&A

• Digital asset platform Bakkt has agreed to purchase Apex Crypto for up to $200m (CD)

• Goldmans Sachs' group Petershill unit has acquired a minority stake in LLR Partners (BBG)

• Gucci owner and french luxury giant Kering is in the process of advanced talks regarding acquiring Tom Ford (WSJ)

VC & Fundraising

• The startup The Mobility House raised $50m Series C led by Mercuria and co-led by Ventura Capital and Green Gateway Fund (BW)

Equity Raises

• India's Byju is in the process of finalising plans for the $1B IPO of its Aakash Educational Services (BG)

• Spain's Finetwork is considering raising USD$489m to assist in funding growth strategy. (BBG)

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