JP Morgan fined A$775,000 for failing to stop market manipulation

Good Morning,

JP Morgan fined A$775,000 for failing to stop market manipulation, HK Exchange’s New CEO Is Betting on Big IPOs Coming Back, ANZ sends 100 high-skilled IT jobs to India in offshoring blitz, Tesla Ramps Up Job Cuts in China as Sales Slowdown Bites, Exclusive: BHP-Anglo American deal raises alarm in Japan's steel industry and Jurors to be chosen in Bill Hwang's trial over Archegos collapse.

Let's jump in.

Before The Bell

Earnings and Data

• Warner Bros Discovery posts larger-than-expected loss on studio slump, weak ad market (RT)

• Roblox cuts annual bookings forecast on muted player spending (RT)

• Airbnb slumps as gloomy forecast fans slowdown fears (RT)

News Summary

• Kiwis asked to reduce electricity use on Friday morning, Transpower warns of power shortfall (Stuff)

• Woolworths revokes almost 80,000 prizes awarded in error (Stuff)

• Israeli forces mass on Rafah's outskirts as US warns a major assault could halt arms (RT)

• Jurors to be chosen in Bill Hwang's trial over Archegos collapse (RT)

• Exclusive: BHP-Anglo American deal raises alarm in Japan's steel industry (RT)

• US auto safety agency raises concerns on Ford SUV recall (RT)

• HK Exchange’s New CEO Is Betting on Big IPOs Coming Back (BBG)

• China’s Exports Return to Growth in April, Boosting Economy (BBG)

• Tesla Ramps Up Job Cuts in China as Sales Slowdown Bites (BBG)

• Once-Loved EV Startups Teeter on Edge as Buyers Sour on Industry (BBG)

• Bill protecting directors’ home addresses needs to go further (NBR)

• ANZ sends 100 high-skilled IT jobs to India in offshoring blitz (NBR)

• Risk-based pricing of insurance is both a positive and negative (NBR)

• Scentre reports ‘pleasing’ operating conditions (NBR)

• JP Morgan fined A$775,000 for failing to stop market manipulation (NBR)

• Early-stage investment dives, new startups suffer (NBR)

• Budget tips business investment to slow (AFR)

Deal Flow

Investments / M&A

• Sony Group, others eyeing buyout of Infocom, Bloomberg News reports (RT)

• Fincantieri to buy Leonardo's submarine business for 250-300 mln euros - sources (RT)

• Wood Group Rejects £1.4 Billion Takeover Offer From Sidara (BBG)

• PSC takeover delivers $350m payday for insurance broker (AFR)

• Investors are set to pile into Australia’s first green bond (AFR)

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