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US Bank's Loss in Value Causes Gloomy Day for Markets

March 11, 2023

Good Morning,

Health Minister orders advert featuring her to be taken down, Former Fiji PM and suspended commissioner plead not guilty, $78m for Chch buses announced, rapid transit consultation open, New mapping outlines future landslip risks to Muriwai homes, China’s Xi gains unprecedented third term as president, and Xero lays off 800 staff, with more to come.

Let's jump in.

Before The Bell

Markets

  • Markets were mostly down on the day. The NZX 50 declined -1.1% down to 11,727.04, the ASX 200 dropped -2.2% to 7,144.7, the S&P 500 decreased -1.8% to 3,918.32 and the Nasdaq lost -2.1%. All treasury bond yields decreased as well.

  • Asia Stocks Set for Worst Day in Five Months as Financials Slide (BBG)

  • European banking stocks headed for their largest one-day fall in nine months on Friday, a day after a sharp sell-off in U.S. banks (RT)

  • Crypto Flash Crash on Huobi Spurs Sun to Inject $100 Million (BBG)

Earnings and Data

  • Allbirds admits missteps, unveils new strategy after brutal holiday quarter (CNBC)

News Summary

  • On Thursday, Xero said in an ASX filing that it would cut 700 to 800 jobs, equating to around 15 per cent of its workforce, as part of a drive to save $100 million in operating costs (Herald)

  • New mapping released this week has given an indication of the potential risk for dozens of homes in the Auckland coastal settlement of Muriwai, if the land moves again (1 News)

  • Transport Michael Wood has announced $78 million in new funding to upgrade Christchurch bus services as officials consult on a future light rail or busway system for the city (1 News)

  • The Health Minister has ordered an advertisement she features in to be taken down, following questioning from National (1 News)

  • A person has died in a quad-bike crash in Northland this afternoon (1 News)

  • Wellington Phoenix goalkeeper Oli Sail explains why he's leaving to join Perth Glory (Stuff)

  • Chiefs outlast Highlanders 28-7 in rugged clash in Hamilton (Stuff)

  • A cycle gym chain is closing all its facilities across Sydney and Canberra except for one, as the company goes into liquidation (9 News)

  • Rural Queensland is prepping for major flooding following the highest river levels seen in the state since the record-breaking March 2011 floods (9 News)

  • Chinese leader Xi Jinping gained an unprecedented third term as president of the country on Friday (CNBC)

  • Children returning to school after an illness-ravaged December provided an unexpected, one-off boost to Britain's economy in January, when growth in output exceeded forecasts, data showed on Friday (RT)

Deal Flow

Investments / M&A

  • Sanctioned Russian businessmen Mikhail Fridman and Petr Aven are in discussions over selling their stake in private Russian lender Alfa Bank to longtime business partner and Alfa Bank co-founder Andrei Kosogov (RT)

  • Goldman Sachs Group Inc. has sold a portfolio of rental homes in the north of England to PGIM Real Estate, a rare large institutional deal in a market that’s dominated by mom and pop investors (BBG)

  • Tata Technologies Ltd. has sought approval from India’s markets regulator for an initial public offering in which its parent carmaker Tata Motors Ltd. and other investors will sell as many as 95.7 million shares (BBG)

VC & Fundraising

  • Indian craft beer maker Bira 91 has raised $10 million from Japan's MUFG Bank, the companies said in a statement, as the New Dehli-based brewer looks to ramp up production and tap rising demand (RT)

Equity Raises

  • Atlas Energy Solutions Inc. sunk in its trading debut after raising $324 million in an initial public offering priced below a marketed range (BBG)

  • Brait Plc, the investment firm controlled by billionaire Christo Wiese, will proceed with an initial public offering of food manufacturer Premier Group Ltd. on the Johannesburg Stock Exchange (BBG)

Daily Pick

  • Cheaper to drive to Lower Hutt than fill up on fuel in Wellington City (Stuff)

Job Board

New Zealand

  • Murray & Co Investment Banking Intern and Grad Roles

    • Apply here for internships

    • Apply here for graduate roles

Australia

  • Goldman Sachs Investment Banking Intern

    • Apply here by 18th July for Melbourne and Perth and August 1 for Sydney

  • Macquarie gradate roles

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