Trump is toast

November 11, 2023

Good Morning,

A former Watergate prosecutor says Trump is ‘toast’ in New York fraud trial, the leaders of New Zealand First and ACT have briefly met, the RBA’s latest statement on monetary policy is more pessimistic on inflation, Auckland investment advisor issued interim stop order by FMA, and Woolworths NZ said it’s rolling out “healthier checkouts”.

Let's jump in.

Before The Bell

Markets

  • A softer New Zealand sharemarket closed the week with a half percent fall, dragged down by the big three energy stocks as long-term interest rates climbed back up (GR)

  • The Australian sharemarket dropped on Friday following hawkish comments overnight from US Federal Reserve chairman Jerome Powell, undoing three sessions of gains this week to reset the S&P/ASX 200 to where it stood a week ago (AFR)

  • S&P 500 halts winning run; Bitcoin hits 18-month high (BBG)

  • European shares hit 3-week high on earnings boost (RT)

  • Oil set for third weekly decline as Middle East conflict concerns ebb (RT)

Earnings and Data

  • Oversea-Chinese Banking Corp.’s third-quarter profit beat estimates thanks to higher income from lending and wealth. Net income rose 21% to US$1.33 billion from a year earlier in the three months ended Sept. 30, Southeast Asia’s second-largest lender said Friday.(BBG)

  • China’s largest chipmaker, SMIC on posted a 80% drop in third-quarter profit as global demand weakness hit foundries hard. (CNBC)

News Summary

  • Trump is ‘toast’ in New York fraud trial, says former Watergate prosecutor (Guardian)

  • The leaders of New Zealand First and ACT have briefly met, in a significant breakthrough in negotiations for the next government (Stuff)

  • The RBA’s latest statement on monetary policy is more pessimistic on inflation (NBR)

  • Woolworths NZ says it’s was rolling out “healthier checkouts” (Stuff)

  • High interest rates bolster BNZ’s bottom line to $1.5b (Herald)

  • The Wellington City Council has voted to consult with the public on selling its 34 per cent share in the airport, worth $278 million (Herald)

  • KiwiSaver provider Simplicity says it is not bowing to political pressure after divesting its shares in three Israeli banks (RNZ)

  • Auckland investment advisor issued interim stop order by FMA for 'dishonest' activities (RNZ)

  • Les Mills CEO throws in the sweat towel (Herald)

  • EY is the latest of the Big Four professional services firm to cut staff in Australia (NBR)

  • ANZ will make up to 60 roles redundant (AFR)

  • A pair of former Optic Security Group investors have accused its new owners, Arena Investors, of putting a subsidiary into administration to dodge a A$1.35 million legal bill they’re owed. (NBR)

  • Britney Spears memoir helping drive UK book market growth, says WH Smith (Guardian)

  • A ransomware attack on Industrial and Commercial Bank of China disrupted some trades in the U.S. Treasury market on Thursday (RT)

  • Chinese-owned seed giant, Syngenta, postponed its Shanghai IPO to the end of next year, citing market volatility. (BBG)

Deal Flow

Investments / M&A

  • Palisade Impact, the core-plus infrastructure house, has won the auction for Downer EDI’s Victorian waste management business, Repurpose It, with a $220 million bid. (AFR)

  • Talks of a merger between India's Zee Entertainment Enterprises and Japan's Sony's Indian arm have stalled after a clash on which company's top executive will run the merged entity. (RT)

VC & Fundraising

  • Singapore-based firm Everstone Capital Asia Pte plans to raise US$1 Billion for its latest PE fund for India and South East Asia (BBG)

  • Singapore-based fintech startup that enables financially strapped students to secure loans for their education, EduFi, has raised US$6.1 million in a pre-seed round led by Zayn VC with participation from Palm Drive Capital, Deem Ventures, Q Business and angel investors. (TC)

  • Oat milk company All Good is launching its first capital raise, aiming to raise between $500,000 and $1 million to propel growth, after facing significant headwinds last year as shipping costs spiked. (NBR)

Daily Picks

  • Anonymous video chat website Omegle has shut down following self-confessed problems with "heinous crimes" committed on the platform. (9 News)

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