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10,000 Missing in Libyan Floods
Good Morning,
North Korea leader Kim Jong Un meets with Russia’s Vladmir Putin to support each other in their battles against the West. The US CDC tosses up who should receive the newest COVID-19 shots, Putin warns that Russia’s economy would suffer if prices continue to get out of control, and hints of possible life have been identified in the atmosphere of an exoplanet 120 lightyears away from Earth.
Let's jump in.
Before The Bell
Markets
The Treasury has downgraded its forecasts for the next four years, but its Pre-election Economic and Fiscal Update is not as bleak as some might have imagined. (NBR)
Russian President Vladimir Putin on Tuesday said increasing inflation had forced the central bank to hike interest rates to 12% last month, warning that Russia's economy would suffer if price rises were allowed to get out of control. (RT)
Another record month for British pay growth put the Bank of England on track to raise interest rates once again, perhaps for the last time in the current cycle, as data on Tuesday also pointed to a cooling labour market. (RT)
The US dollar fell by the most in two months after China and Japan signaled a willingness to take steps that would bolster their currencies, triggering a sharp jump in the yuan and the yen. (BBG)
Gains among mining companies helped to offset losses in the energy sector despite the higher oil price. The benchmark S&P/ASX 200 Index added 14.6 points, or 0.2 per cent, to 7206.9 at the close. The All Ordinaries also climbed 0.2 per cent. (AFR)
Earnings and Data
Tesla surges 10% and Meta advances over 3% after a report it was creating a more powerful AI system. (RT)
Shares of Country Garden Holdings Co. rallied after Reuters reported the distressed Chinese property developer won approval from creditors to extend repayment on six yuan bonds by three years. (BBG)
News Summary
The National Party would put community housing providers on the same footing as government agency Kāinga Ora when it came to funding for new social housing. (NBR)
Air New Zealand expects a problem disclosed by engine manufacturer Pratt & Whitney to have a “significant impact” on the airline’s schedule from January 2024, but said it does not pose a safety issue. (NBR)
Australians are buying fewer new cars, electronics and home appliances as consumer sentiment remains stuck at recessionary levels and forward orders plunge to their lowest level since the onset of the pandemic. (AFR)
About a quarter of Libya's eastern city of Derna was wiped out after dams burst in a storm, the administration in the area said on Tuesday, and the Red Cross said 10,000 people were feared to be missing across the country in floods. (RT)
A U.S. Centers for Disease Control and Prevention (CDC) advisory panel is due on Tuesday to recommend whether the updated COVID-19 shots formulated by vaccine manufacturers should be given broadly or just to specific populations at higher risk during this fall's vaccination campaign. (RT)
Apple on Tuesday is expected to unveil a new iPhone 15 lineup as questions about market access in China and competition hang over the world's most valuable listed company. (RT)
Russian companies have ceased offering fertiliser such as di-ammonium phosphate to India at discounted prices due to tightening global supplies after becoming the biggest suppliers to the country last year, three industry sources told Reuters. (RT)
Adobe, IBM, Nvidia and five other firms have signed President Joe Biden's voluntary commitments governing artificial intelligence, which requires steps such as watermarking AI-generated content, the White House said. (RT)
Prime Minister Narendra Modi’s decision to replace the word India with an ancient Sanskrit name in invitations to a Group of 20 dinner has triggered raucous debate. Speculation is the premier could officially rebrand the country, and everyone from the political opposition to the common citizen is weighing in. (BBG)
For the first time, the new iPhone model you buy on the launch day could be made in India. (BBG)
Deal Flow
Investments / M&A
2 Cheap Cars co-founder David Sena is a step closer to gaining greater ownership of the used car dealer after reaching an agreement with the Shareholders’ Association. (NBR)
Rocket Lab founder and chief executive Peter Beck has filed paperwork with the US Securities and Exchange Commission seeking to sell 3.6 million shares in the company for approximately US$22.32 million ($37.7m). (NBR)
Oil trading giant Vitol launched a $714 million block trade in Viva Energy – worth 16.1 per cent of the company – after market close on Tuesday evening, as revealed by Street Talk. (AFR)
Ireland's Smurfit Kappa and U.S. rival WestRock agreed to merge on Tuesday to create the world's largest listed paper and packaging company worth nearly $20 billion. (RT)
VC & Fundraising
Ex-Think Childcare boss Mat Edwards’ latest venture Nido, which is backed by Alceon Private Equity, has secured its entry to the ASX boards as its brokers mop up the final leg of its $99.2 million book build. (AFR)
Vertex Ventures Southeast Asia and India closed its fifth and biggest fund at $541 million to back startups in the region, defying a slowdown in the global technology sector during a tumultuous year. (BBG)
Equity Raises
Daily Picks
Chemicals that hint at life have been found in the atmosphere of an exoplanet 120 light years from Earth. Read more here.
Two people have been seriously injured following a two vehicle crash which has closed State Highway 3 in the Waikato area of Hangatiki, Waitomo. See this article for more.
North Korea’s Kim Jong Un has arrived in Russia for a meeting with President Vladimir Putin where they are expected to offer each other increased support in their escalating standoffs with the West. See more here.
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Australia
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