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How ANZ’s suspected market manipulation could have cost taxpayers $80m

Author

Maren Ishak
June 10, 2024

Good Morning,

This week's economic news is mixed with inflation showing some easing in manufacturing but rising in services. European stocks rose after the ECB rate cut, while Chinese stocks were mixed despite positive property data. Lululemon earnings and job cuts at the Ministry for the Environment are some of the interesting stories to follow this week.

Let’s jump in!

Before The Bell

Markets

  • Mixed inflation signals: unemployment rose, wages grew 0.4% (highest since Jan), ISM data showed easing price pressures in manufacturing but persistent inflation in services (TRP)

  • ECB rate cut lifted major European markets: STOXX 600 +1.04%, FTSE MIB +0.49%, DAX +0.32%, CAC 40 +0.11%, FTSE 100 -0.36% (TRP)

  • Chinese stocks mixed: Shanghai Composite -1.15%, CSI 300 -0.16%, Hang Seng +1.59% despite positive property sector data (TRP)

Earnings & Data

  • Lululemon (LULU) is set to report its first quarter results after the closing bell on Wednesday amid slowing sales growth and concerns about growing competition in the athleisure space. (Yahoo).

  • Monzo, the British digital challenger bank, on Monday reported its first full year of profitability after more than doubling revenue. (CNBC).

  • US weekly jobless claims edge higher, Q1 labor costs revised lower (RT)

  • Lyft forecasts 15% annual growth in gross bookings through 2027, shares jump (RT)

  • GameStop's shares surged more than 30% in premarket trading on Friday (RT)

News Summary

Monday

  • National MP's online newsletter edited with derogatory byline (Stuff)

  • Queensland government pledges $2.8 billion to tackle housing crisis (9 News)

  • China’s Chang’e-6 probe lands on far side of the moon (Guardian)

Tuesday

  • An Auckland man accused of the fatal Boxing Day kidnapping of his long-time partner told jurors today that he had twice tried to kick her out of his car when the vehicle was stationary (Herald)

  • The upcoming Queensland state budget will include more than $129.5 million to roll out more ambulance officers (9 News)

  • Google cuts at least 100 jobs across fast-growing cloud unit, sources say (CNBC)

Wednesday

  • Christopher Luxon has called the allegations surrounding Te Pati Maori “pretty serious” and says they need to be investigated promptly (Herald)

  • More than 300 jobs are set to go at the Ministry for the Environment, which would see its headcount cut by nearly a third (1 News)

  • President Joe Biden has issued sweeping new executive actions aimed at curbing record migrant arrivals at the US-Mexico border that have left him politically vulnerable in an election year (BBC)

Thursday

  • SkyCity shares punished on dividend suspension (NBR)

  • Cannasouth creditors vote on saving company at watershed meeting (NBR)

  • NVIDIA’s Rise to $3 Trillion Fuels ‘Jensanity’ in Tech World (BBG)

Friday

  • ANZ expects interest rate cuts from February 2025 (RNZ)

  • Eleven agencies called in over Te Pāti Māori allegations (Stuff)

  • Meta's WhatsApp launches new AI tools for businesses (RT)

Weekend

  • Lotto $50 million jackpot: First two whopping tickets claimed (Stuff)

  • ANZ’s suspected market manipulation could have cost taxpayers $80m (AFR)

  • How Australia became the NBA’s biggest money-maker outside the US (AFR)

Deal Flow

Investments / M&A

Australia & New Zealand

  • Mercury Energy has confirmed it is going ahead with a $486 million expansion of the Kaiwera Downs wind farm near Gore, after signing a long-term power supply agreement with New Zealand Aluminium Smelters last week (Herald)

  • $1 billion in Australian solar and wind assets are set to hit the auction block after a looming redemption deadline at DIF Capital Partners prompted the global fund manager to offload the portfolio (AFR)

  • Biotech Immutep seeks $102 million, taps three brokers (AFR)

  • Crescent Capital set to take radiology business off The Growth Fund (AFR)

  • A trio of heavyweight lenders are smacking their lips at Quadrant Private Equity’s latest acquisition, the $300 million-plus commercial food business Birch & Waite (AFR)

  • Telix greenlights $300m Nasdaq listing in search for deep pockets (AFR)

Key Global

  • Mexican-themed restaurant chain Guzman y Gomez tried to sell itself to New York-headquartered buyout giant Blackstone before deciding to proceed with a $2.2 billion float (AFR)

  • Intel and Apollo in $11 Billion Joint Venture for Chip Manufacturing Plant in Ireland (WSJ)

Other Global

  • Blackstone raises Hipgnosis offer by a cent (RT)

  • Robinhood bets big on crypto with $200 million deal for Bitstamp (RT)

  • Revised Skydance offer would let Paramount shareholders cash out at $15 per share (RT)

  • Crypto Exchange Kraken Is in Talks for Pre-IPO Fund Raising Round (BBG)

  • Nordic Capital to sell Sunrise Medical, one of the globally leading providers of assistive mobility solutions (Yahoo)

VC & Fundraising

  • Venture capital fund Fearless Fund cannot resume making grants to Black women-owned businesses, a divided U.S. appeals court ruled on Monday, siding with an anti-affirmative action group that sued over the program (RT)

Equity Raises

Australia & New Zealand

  • Synlait equity raise unlikely to help, say analysts (NBR)

  • BCAL Diagnostics closes oversubscribed raise; Ellerston tops up (AFR)

Key Global

  • Bill Ackman’s Pershing Square aims to raise $25 billion for a new closed-end fund expected to draw interest from US retail investors, which would more than double the fee-paying assets the firm manages, according to people with direct knowledge of the plans (BBG)

Other Global

  • Ardent Health is planning an initial public offering for a second time and could seek to raise $400 million or more, according to people familiar with the matter (BBG)

  • Doctor’s Sons Turn Billionaires as Saudi IPOs Mint New Fortunes (BBG)

  • Surfing legend Kelly Slater is among those looking at piling in to a new public investment round in long-running surfing magazine Tracks, which is calling for “surfing suits” to buy equity in the company to fund a major digital overhaul (AFR)

Debt, Restructuring & Bankruptcy

  • Brothers Beer liquidation: Kiwibank, PwC and 45 staff among creditors owed money (Herald)

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