The US is going to hell

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Admin
April 06, 2023

Good Morning,

Spark released its three year strategy which will see it invest further in data centres and 5G, NZ Windfarms announced they have applied for resource consent for a new development, thousands of tradies protested in Melbourne for a wage increase, Johnson and Johnson have offered $9B (USD) to settle talc claims, Jamie Dimon warns the banking crisis isn't over yet & Trump lets lose.

Let's jump in.

Before The Bell

Markets

  • The NZX had an up and down day after the RBNZ announcement but overall finished down

  • The ASX managed to keep it green streak going closing up for the 8 session in a row

  • All three of the major US indexes fell over fears of a recession

  • US 10Y treasury yields hit their lowest levels since September

  • US 2Y treasury yields were down nearly 74 basis points in their worst monthly decline since January 2008

    Earnings and Data

    • Consuming spending in New Zealand on the Wordline NZ electronic payments network was up 8.3% YoY to $3.14B (NZD) (Stuff)

    • The Reserve Bank of New Zealand increased the offical cash rate by 50 basis points to 5.25%. This was more than the market expected (Stuff)

    News Summary

    • New Zealand Aluminium Smelter has agreed a new deal with Meridian to reduce its energy usage if the system is under stress (Stuff)

    • Spark released its three year strategy which will see it invest further in data centres and 5G (NBR)

    • NZ Windfarms announced they have applied for resource consent for a new wind farm development that would increase capacity by 37.8 MW (NZX)

    • NSW's Premier has announced a $60 (AUD) a week toll cap (9 News)

    • Thousands of tradies protested in Melbourne for a wage increase (9 News)

    • It was confirmed that BHP has the right to terminate the nickel supply contract it has with Mincor in certain circumstances and, by extension, trigger a default on Mincor’s debt (AFR)

    • The husband of former first minister Nicola Sturgeon has been arrested over an investigation into the Scottish National Party finances (BBC)

    • Johnson and Johnson have offered $9B (USD) to settle talc claims (BBC)

    • Jamie Dimon warns the banking crisis isn't over yet (BBC)

    • Trump has said the US is going to hell after his indictment (BBC)

    Deal Flow

    Investments / M&A

    • Mexico agreed to buy a fleet of natural gas plants and a wind farm for $6B (USD) from Spain’s biggest power company Iberdrola (BBG)

    • Vodafone Group has approaches for its Spanish business which could be valued at more than $4B (USD)(BBG)

    • Apollo has made a final $2B (USD) bid for Scottish engineering company John Wood Group (BBG)

    • Viva Energy has acquired OTR Group for $1.15B (AUD) (AFR)

    • A new bid for IntelliHR has come in at 24c a share from HumanForce. This is a 280% premium to the undisturbed price (AFR)

    • Grant Samuel has received a takeover approach from an international firm. The proposal for a 100% takeover was rejected but talks are ongoing around a smaller stake (AFR)

    • Fanatics is buying Italian sports merchandising firm Epi and adding deals with several Serie A football Clubs (BBG)

    • Brookfield Asset Management has agreed to develop, build and take ownership of the 400MW Moonlight Range Wind Farm in central Queensland (AFR)

    VC & Fundraising

    • Australian startup Art Money has received investment from the VC arm of auction house Christie's (AFR)

    Equity Raises

    • Abu Dhabi's Adnoc is seeking ~$1B (USD) in an IPO of its logistics unit (BBG)

    • Yibin City Commercial Bank is considering a Hong Kong IPO that could raise between $200m and $300m (USD) (BBG)

    Debt

    • Virgin Orbit has filled for bankruptcy (BBC)

    Job Board

    New Zealand

    • BDO graduate and intern roles - Apply here

    • Deloitte intern roles - Apply here

    • Deloitte graduate roles - Apply here

    • EY graduate and intern roles - Apply here

    • Forsyth Barr associate analyst - Apply here

    • Forsyth Barr associate analyst (global equities) - Apply here

    • Grant Thornton graduate roles - Apply here

    • KPMG graduate and intern roles - Apply here

    • PWC graduate and intern roles - Apply here

    Australia

    • Citadel Securities graduate and intern roles - Apply here

    • Goldman Sachs Investment Banking Intern - Apply here

    • IMC graduate and intern roles - Apply here

    • Jarden

      • Graduate role - Apply here

      • Summer internships - Apply here

    • Macquarie graduate roles - Apply here

    • Optiver

      • Graduate role - Apply here

      • Internships - Apply here

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