S&P 500 Hits Record

February 10, 2024

Good Morning,

The S&P 500 broke through the 5,000 points mark for the first time ever, suppliers welcome way to blow whistle on NZ supermarkets, Google releases an AI-driven chatbot and voice assistant, Zambrero billionaire sues former CEO to stop him taking credit, and Snoop Dogg sues Walmart over ‘diabolical’ acts in cereal deal.

Let's jump in.

Before The Bell

Markets

  • The New Zealand sharemarket was rattled by the suggestion from ANZ that the Reserve Bank of NZ could still hike the official cash rate twice this year. (GR)

  • The S&P 500 broke through the 5,000 points mark for the first time ever. (RT)

Earnings and Data

  • L’Oreal reported a 6.9 per cent rise in fourth quarter sales, slower growth than in the previous quarter, and said that sales came to 10.6 billion euros (US$11.4 billion). (RT)

News Summary

  • ANZ picks two more Reserve Bank rate hikes ahead, predicting a peak of 6 per cent. (Herald)

  • Westpac says it will lower fixed housing rates across a range of terms from one year to five years. (Herald)

  • The Commerce Commission says staff saw potential breach of Commerce Act by big four electricity companies, but ‘has limited competition enforcement resources’. (NBR)

  • Suppliers welcome way to blow whistle on supermarkets. (Stuff)

  • Some Westpac customers in New Zealand are reporting issues paying with their Eftpos cards. (RNZ)

  • Google releases Gemini, an AI-driven chatbot and voice assistant. (Herald)

  • Woolworths voucher loophole pays for booze-fuelled party and trolleys of groceries. (Herald)

  • An experienced Christchurch accountant has been suspended for four years and ordered to pay more than $63,000 for misconduct and breaches. (NBR)

  • Ukrainian infantry units report critical shortage of soldiers. (Stuff)

  • Zambrero billionaire sues former CEO to stop him taking credit. (AFR)

  • Roche cutting jobs in product development. (RT)

  • Hermes set to raise prices again as booming sales outpace rivals. (RT)

  • Australians get right to ignore office calls and emails after hours. (BBG)

  • The organiser of Inter Miami’s game in Hong Kong where fans booed Lionel Messi for not taking part said it will issue a 50 per cent refund to ticket holders worth $7.2 million. (BBG)

  • Snoop Dogg sues Walmart over ‘diabolical’ acts in cereal deal. (BBG)

  • US lawmakers accuse Sequoia Capital China, Qualcomm Ventures and three other venture capital firms of funding Chinese military-linked firms. (RT)

  • Goldman Sachs is facing an investigation over fees it charges for futures trading. (RT)

Deal Flow

Investments / M&A

  • Digital World Acquisition Corp, the blank-check firm set to launch Donald Trump's Truth Social, is close to finalising a US$50m financing deal through convertible notes, aiding its merger with Trump Media & Technology Group. An announcement expected soon. (RT)

Equity Raises

  • Metals Acquisition Limited, owner of the CSA copper mine in Cobar NSW, upsized its initial public offering to A$325 million on Friday morning, after its brokers secured enough demand to cover the book at the top-end of the range. (AFR)

Daily Picks

  • In a surprise speech, Joe Biden says ‘my memory is fine’ after report on classified documents case calls him ‘elderly man with poor memory’. (Guardian)

  • New Zealand pilot kidnapped a year ago in West Papua will be freed, rebel group says. (Guardian)

The Daily Deck is sponsored by Industrial Equity, LLC

Reply

or to participate.