Massey university to sell off parts of campuses

December 25, 2023

Good Morning,

Global markets strutted into the weekend, buoyed by optimism that the recessionary wolf might be kept at bay. Wall Street extended its winning streak, with the S&P 500 sniffing its record while the Nasdaq and Dow popped up for new highs. Europe's STOXX 600 joined the party, clinging to its one-year peak despite some continental hangovers. Meanwhile, Japan's dovish central bank sent bond yields tumbling, leaving investors to ponder a Yen bargain sale.

Let’s jump in!

Before The Bell

Markets

  • Stock market extends weekly gains, longest streak since 2017, fueled by optimism about avoiding recession. S&P 500 nears all-time high, while Nasdaq and Dow reach new records (TRP)

  • STOXX 600 Climbs: The pan-European STOXX Europe 600 Index edged 0.21% higher, holding near its one-year high. This suggests continued investor optimism in the region despite economic uncertainties (TRP)

  • The 10-year Japanese government bond (JGB) yield slid from 0.70% to 0.62% following the Bank of Japan's dovish stance, reflecting continued expectations of loose monetary policy and low interest rates (TRP)

Earnings & Data

  • Mevo’s revenue had grown from about $1 million in FY20 to about $4.4m in FY23, while its Snowball information memorandum said it was on track for profitability by the 2025 financial year. (NBR)

  • Zoom Video Communications is no longer be a part of the Nasdaq 100 index as of the market open on Monday. The stock has underperformed every major equity benchmark in 2023, rising just 5.7 per cent, as fundamentals weaken and Wall Street analysts scale back expectations for growth. (AFR)

  • Investors ready to hold their nose over environmental concerns can pocket strong dividends from coal stocks in 2024, as the miners shunned by the mainstream investment community boost production and buy assets from their rivals. (AFR)

News Summary

Monday

  • Cash-strapped Massey University to sell or lease parts of its campuses (Stuff)

  • Covid-19: Wave could continue into New Year, thanks to fast growing variant JN.1 (RNZ)

  • Canada to announce all new cars must be zero emissions by 2035 (RT)

Tuesday

  • A woman allegedly bribed a prison guard to take illicit items into Rimutaka Prison by having sex with him. (Stuff)

  • Te Papa has announced it is reviewing a controversial exhibition, part of which was damaged by protesters last week. (Stuff)

  • The Albanese government is under growing pressure to explain why it is not providing more help to the US and its allies as intensifying attacks from Iran-backed Houthi rebels shut down shipping in the Red Sea. (AFR)

Wednesday

  • A farm equipment salesman who ripped off 25 clients to the tune of $360,000 has been sent to jail after the home detention sentence he initially received “simply didn’t work”. (Herald)

  • A passenger has been charged after he allegedly vaped, exposed himself and urinated on board a Jetstar flight departing the Gold Coast for Melbourne. (9 News)

  • CEO Eddie Wu is taking over the top role at the company’s Taobao and Tmall e-commerce business, replacing Trudy Dai in the Chinese internet tech giant’s latest management shakeup this year. (CNBC)

Thursday

  • Suppliers dread as Foodstuffs merger application lodged (NBR)

  • Pacific Smiles rejects private equity money (AFR)

  • Saudi’s Tabby Gets $700 Million Credit Line From JPMorgan (BBG)

Friday

  • Greater Wellington Regional Council has issued thousands of dollars worth of fines over illegal odours coming from a Lower Hutt wastewater treatment plant. (RNZ)

  • A passenger has been charged after he allegedly vaped, exposed himself and urinated on board a Jetstar flight departing the Gold Coast for Melbourne. (9 News)

  • Cash rules in India despite digital payment boom. (BBC)

Weekend

  • Joseph Parker v Deontay Wilder – Kiwi fighther scores sensational upset win in Saudi Arabia (Stuff)

  • Money everywhere but nothing to spend: the navy’s sorry state (AFR)

  • Gunman kills at least 15 people in Prague university shooting (AFR)

Deal Flow

Investments / M&A

Australia & New Zealand

  • Lithium companies’ Allkem and Livent’s $9.7 billion AUD merger splits pension funds (AFR)

  • Street Talk understands Luminis Partners’ role at the $2.9 billion financial services player has widened out to include broader advisory remit, assisting the board across the group. Meanwhile, sources said Bank of America and Goldman Sachs are staying on to advise on the optionality of the strategic review. (AFR)

  • Rakon has received indications from “significant shareholders” indicating their support for "progressing" an acquisition proposal received last week at $1.70 per share, but the identity of the bidder has still not been revealed. (NBR)

  • Car share company Mevo is targeting a South Island expansion next year, as it nears completion of a capital raise through Snowball Effect. (NBR)

Key Global

  • Irish building materials giant CRH and Victoria’s Barro family have made a $2.1 billion buyout proposal for cement maker Adbri (AFR)

  • Japanese giant MUFG in $1.2b buyout of superannuation and share registry administrator Link Group (AFR)

Other Global

  • Intermediate Capital Group set to acquire Cura Day Hospitals (AFR)

  • Lithium heavyweights on cusp of sealing Azure partnership (AFR)

  • Unilever to sell Elida Beauty to Yellow Wood (RT)

  • Abu Dhabi nears deal to buy stake in Turkish port (RT)

  • Sony Group Corp is looking to hear Zee Entertainment Enterprises Ltd.’s proposals for rescuing the merger plan with its Indian unit that sought to create a $10 billion media behemoth. (BBG)

VC & Fundraising

  • The pre-Christmas deals keep rolling in. Street Talk understands Ofload, a digital road freight provider, has ruled off a $27 million financing round to accelerate its push to digitalise Australia’s logistics industry. (AFR)

  • Hopes of policy stability in India after victories for Prime Minister Narendra Modi's ruling party in key state polls this month should extend a boom in initial public offerings (IPO) into 2024 as companies rush to tap investor demand, bankers say. (RT)

Equity Raises

Australia & New Zealand

  • A chunk of Gentrack Group shares was on offer on Tuesday, after Shaw and Partners launched a $61 million block trade in the dual-listed software maker. (AFR)

Key Global

  • As the private equity industry soldiers through one of its toughest ever fundraising environments, some big-name firms are tapping outsiders to help them to dig out and access new pools of capital. (BBG)

Other Global

  • Anthropic in Talks to Raise $750 Million, Led by Menlo Ventures (BBG)

Debt, Restructuring & Bankruptcy

  • A $1.3 Trillion Debt-Fueled Boom in Deals Faces a Grim New Reality. (BBG)

  • In an ominous sign for Sweden’s battered real estate sector, Stockholm-based landlord Oscar Properties Holding AB had assets seized by a creditor, showing how patience is running thin as a financial crunch intensifies. (BBG)

  • Ratings agency S&P on Wednesday placed its 'BBB+' long-term issuer credit rating on Nippon Steel Corp (5401.T) on negative credit watch after it clinched a deal to buy U.S. Steel (X.N) for $14.9 billion in cash. (RT)

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