Green Gainers Continue in the Markets 📈

Author

Jay Geris
July 01, 2023

Good Morning,

Reserve Bank of New Zealand steps up monitoring of crypto assets, stablecoins, Apple Eyes Historic $3 Trillion USD Valuation Amid Big Tech Surge, Stocks show resilience to wall of rates and inflation worries, Goldman Sachs Loses Top M&A Ranking for First Time in Five Years, TikTok Dangles Zero Seller Fees Ahead of US Marketplace Debut, and Virgin Galactic Reaches Space in Overdue Commercial Debut

Let's jump in.

Before The Bell

Markets

  • Markets were up over the past two days. The NZX 50 gained +1.6%, to 11,916.47 the ASX 200 increased +0.1% to 7,203.30, the S&P 500 grew +0.4% to 4,396.44 and the Nasdaq gained +0.3%. All treasury bond yields increased.

  • Global shares were steady on Friday as investors scrutinised inflation data from both sides of the Atlantic to cap a rollercoaster quarter for markets that upended bets on interest rates peaking (RT)

Earnings and Data

  • Inflation in the eurozone fell for a third straight month in June as the cost of fuel tumbled and increases in food prices slowed, a preliminary reading showed on Friday (RT)

  • Oil prices rose above $75 USD a barrel on Friday but were on course for a fourth consecutive quarter of losses amid concerns over sluggish global economic activity and fuel demand (RT)

  • Apple Inc. is on the verge of becoming the first company to ever achieve a market value of $3 trillion, the latest sign of big tech’s seemingly unstoppable dominance on Wall Street (BBG)

News Summary

  • Massive lines of vehicles crammed into petrol stations today as the Government wraps up its fuel tax subsidy (1 News)

  • The Reserve Bank is ramping up its monitoring of crypto assets and stablecoins amid concerns about risks the new forms of money might raise for the financial system and monetary sovereignty (Stuff)

  • New toll increases across Sydney's motorways will come into effect from tomorrow, with some of the city's busiest roads set to be impacted (9 News)

  • The general sale of tickets for the hugely anticipated Taylor Swift concerts in Australia is now all but sold out, with only a handful of VIP tickets remaining in Melbourne (9 News)

  • TikTok is taking a page from the playbook bargains app Temu employed to jumpstart its business in America: it’s promising merchants a fast-track to its burgeoning online marketplace — for free (BBG)

  • Olympic gold medalist Simone Biles is set to return to competition in August for the first time since the Tokyo Olympics held in 2021 (BBG)

  • Singapore Airlines Ltd. slumped the most in more than a year after a block of shares amounting to nearly 3% of the float traded Friday (BBG)

  • The International Monetary Fund (IMF) has reached a staff-level pact with Pakistan on a $3 billion USD stand-by arrangement, the lender said, a decision long awaited by the South Asian nation which is teetering on the brink of default (RT)

  • Japan will take appropriate steps should the yen weaken excessively, Finance Minister Shunichi Suzuki said on Friday after the currency plumbed seven-month lows against the dollar (RT)

  • Rabbitohs rain on Warriors parade with 28-6 win on dark night at Mt Smart (Stuff)

  • China’s factory activity in June contracted for a third month, while non-manufacturing activity was at its weakest since Beijing abandoned its strict “zero Covid” policy late last year (CNBC)

  • Goldman Sachs Group Inc. has lost its ranking as the world’s top mergers and acquisitions adviser for the first time in five years (BBG)

  • Virgin Galactic Holdings Inc. sent paying customers to the edge of space for the first time, a milestone for the Richard Branson-founded company almost two decades in the making (BBG)

Deal Flow

Investments / M&A

  • Enento Group Oyj, a Nordic credit information provider, is exploring options, including a potential sale amid takeover interest (BBG)

  • Monster Beverage Corp. is closing in on a $362 million USD deal to acquire rival drink maker Bang Energy out of bankruptcy, but a regulatory review has put the tie-up in jeopardy, according to court papers (BBG)

  • China Evergrande Group plans to sell its insurance unit to a state-backed company, according to people familiar with the matter, marking the latest disposal by the defaulted property giant (BBG)

  • The US approved the sale of as many as 24 F-35 fighter jets to the Czech Republic, the second big weapons offer in as many days to a NATO partner boosting its security after Russia’s invasion of Ukraine (BBG)

  • Warren Buffett’s Berkshire Hathaway Inc. boosted its stake in Occidental Petroleum Corp., extending a two-year buying spree that now brings its ownership to 25.1% (BBG)

  • Jaime Gilinski made an unsolicited $836 million USD cash offer for Colombian retailer Almacenes Exito just a month after the billionaire banker reached a deal to take control of the country’s largest food maker (BBG)

  • Visa Inc. agreed to acquire Pismo, a Brazilian financial-technology firm that provides cloud-based payment and banking platforms, for $1 billion USD in cash (BBG)

VC & Fundraising

  • Authentic Brands Group Inc. has raised $500 million from growth-equity investor General Atlantic (BBG)

  • OneDegree Hong Kong Ltd., a virtual insurance firm, raised $27 million USD in a fresh funding round to fuel an Asia expansion and investments in artificial intelligence (BBG)

  • Pet Circle has found a deep-pocketed investor to see it through a ruff time in private markets, locking in a top-up investment from a US venture capital firm and cementing its $1 billion-plus AUD valuation (AFR)

Daily Picks

  • The regions with the best and worse school attendance (1 News)

  • Barbie's real-life Malibu Dreamhouse now available on Airbnb (RT) - Link Here

  • The Air Jordan Drop So Hot It Blew Up an Alleged $85 Million Ponzi Scheme (BBG)

Job Board

New Zealand

  • ASB rural banking graduate - Apply here

  • Waterman Capital investment analyst - 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

The Daily Deck is sponsored by Industrial Equity, LLC

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