US Data Leak Sparks Major Concerns

Author

Euan Marshall
April 11, 2023

Good Morning,

The US is scrambling to trace the source of a highly classified intel leak, Apple Inc.'s personal computer shipments are down 40.5% in the first quarter, Tesla has plans to build a new battery factory in Shanghai and US corporate profits are set for the biggest decline since the pandemic.

Let's jump in.

Before The Bell

Markets

  • NZ market watchers will be casting their eyes to the releases of the latest US inflation figures for further signs of respite, as they continue to digest the Reserve Bank's surprise hike of the official cash rate by 50 basis points last week (NBR)

  • This year's 20% rally in US technology stocks is decoupling from reality ahead of what's predicted to be a gloomy reporting season, the latest MLIV Pulse survey shows (BBG)

  • A surprise drop in unemployment and stead-as-she-goes hiring figures in the U.S. are boosting confidence among believers that the United States economy can get through this year with relatively minor setbacks (RT)

  • In US premarket activity, Tesla Inc. share prices edged lower after cutting prices of all models for the second time this year (BBG)

  • Wall Street is bracing for evidence that corporate earnings in the March quarter declined at the fastest rate since the pandemic, as the brunt of the Federal Reserve's policy tightening hit consumer demand and profit margins (AFR)

Earnings and Data

  • Apple Inc.'s personal computer shipments declined by 40.5% in the first quarter, marking a tough start to the year for PC makers still grappling with a glut of unsold inventory (BBG)

News Summary

  • Classified documents that appeared online, with details ranging from Ukraine's air defenses to Israel's Mossad spy agency, have U.S. officials scrambling to identify the leak's source (RT)

  • China's SenseTime on Monday unveiled an artificial intelligence powered chatbot called "SenseChat" (RT)

  • A Sydney house narrower than a car park has sold for $1.3 million AUD (AFR)

  • Elon Musk's electric car company Tesla says it is expanding in China as it builds a new factory that will be able to produce 10,000 of its "Megapack" energy units each year (BBC)

  • New Zealand exporters are being put at risk by the country's slow pace to decarbonise, a director of a Taranaki company that has just announced a large hydrogen project in Australia says (Stuff)

  • Two hunters are currently missing in Raukumara Forest Park near Gisbourne (Stuff)

  • Eight people are thought to be trapped under the rubble of two buildings that collapsed in an explosion early on Sunday in Marseille, France (RT)

Deal Flow

Investments / M&A

  • Emirates Telecommunications Group Company has agreed to take a 50.3% stake in a super app managed by Careem, Uber Technologies' Middle East subsidiary, in a transaction valued at $400 million (RT)

VC & Fundraising

  • Philippine tycoon Edgar Sia has announced his hotel venture Hotel 101 Global Pte Ltd. is seeking to raise as much as USD$125 million this year to ramp up overseas expansion (BBG)

  • Japan's Mitsubishi Corp on Monday said that it and other shareholders of the Monsoon wind power project in Laos have raised $692 million in financing for the wind farm (RT)

Debt 

  • Intellihub, the smart meters play backed by Brookfield and Pacific Equity Partners, is set to return from its debt capital markets trip with $500 million AUD in tow after a surprise leg-up from rival Vector Metering's recent troubles (AFR)

Daily Picks

  • Check out this article by AFR on the new technology that could soon replace our credit cards and passwords

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