RBNZ delivers eighth straight OCR increase

October 06, 2022

Good Morning,

Reserve Bank hikes OCR by 50 basis points to 3.5%, house prices fall faster than expected, the number of Australians paying the top tax bracket has doubled over the past decade, Australian shares join global rally in hope for central banks to slow down monetary tightening, Hong Kong stocks surge as trading in the financial hub resume, US index futures and European stocks fall as a less hawkish view is taken.

Let's jump in.

Before The Bell

Markets

  • Reserve Bank hikes OCR to 3.5%

  • Hong Kong stocks surge and European stocks fall

Events to keep an eye on this week:

  • Eurozone retail sales

  • Fed's Loretta Mester, Lisa Cook and Charles Evans speak at various events on Thursday

  • BOE Dave Ramsden speaks at event held on Friday

News Summary

  • Reserve Bank hikes official cash rate by 50 basis points to 3.5% (Stuff)

  • House prices fall faster than expected (Stuff)

  • Elon Musk plans to go ahead with Twitter deal (Stuff)

  • The number of Australians paying the top tax bracket has doubled over the past decade (AFR)

  • Tesla model Y is Australia's third-best selling vehicle (AFR)

  • Australian shares join global rally in hope for central banks to slow down monetary tightening (AFR)

  • Private markets expected to double to $28 trillion before 2027 (AFR)

  • Hong Kong stocks surge as trading in the financial hub resume (AFR)

  • US index futures and European stocks fall as a less hawkish view is taken (BBG)

  • Deputy wealth head at Credit Suisse Asia departs (BBG)

  • Putin approves Ukraine annexation plan (RT)

  • South Korea and the U.S military fire missiles into the sea to protest against North Korea's reckless tests (RT)

Deal Flow

Investments/ M&A

  • South Korean Naver corp suffers large loss after announcing $1.2 billion deal with Poshmark Inc (BBG)

  • India's competition regulator approves merger between the Indian unit of Sony and Zee Entertainment Enterprises (RT)

  • Elon Musk proposes moving forward with his Twitter deal (AFR)

  • Baring PE Asia offered to purchase DXC Technology which has a nearly $6 billion dollar current market cap (RT)

  • HSBC looks into selling its operations in Canada (BBG)

VC & Fundraising

  • Agtech startup Inari finds new funding at $1.5 billion valuation

  • The outdoor navigation startup onX raised an $87.4 million Series B investment which was led by Summit Partners (PRN)

Equity Raises

  • Yarra Private Capital Discovery Fund looks to raise $100m for the pre-IPO fund (AFR)

  • Veterinary pharmaceutical company Avet aims to raise $10 million to acquire a bundle of Zoetis's products

  • The Japanese chip firm Socionext executed Japan's largest IPO this year (BBG)

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