Auckland's Home Prices Skyrocket

Good Morning,

The High Court rules that Qantas unlawfully terminated 1700 employees, Auckland's median home price surpasses the $1 million mark once more, almost record-breaking milk prices in Australia are causing challenges for the nation's dairy exporters, and Kim Jong Un meets Putin in Russia as missiles launch from North Korea.

Let's jump in.

Before The Bell

Markets

• Oil Prices Surge Approximately 2% Due to a More Limited Supply Outlook

  • The ASX experiences a decline driven by a technology stock sell-off on Wednesday, with investors preparing for US inflation data following a notable surge in oil prices, which has raised concerns about the potential need for the Federal Reserve to raise interest rates once more (AFR)

• The UK economy contracts at its fastest rate in seven months (AFR)

• U.S. futures hold steady ahead of CPI release, while European stocks experience declines (BBG)

Earnings and Data

• Briscoe's interim profit dips as inventory levels increase (NBR)

News Summary

• Auckland's median home price surpasses the $1 million mark once more (Stuff)

• The High Court rules that Qantas unlawfully terminated 1700 employees (NBR)

• Ford plans to boost F-150 hybrid pickup production as electric vehicle sales growth decelerates (CNBC)

• Child Poverty Surges in the U.S. Following the Conclusion of Expanded Tax Credits and Stimulus Checks (CNBC)

• Almost record-breaking milk prices in Australia are causing challenges for the nation's dairy exporters, as Asian food companies opt for more cost-effective supplies from New Zealand and other distant sources, abandoning Australian-produced products (AFR)

• Google reportedly spends $15.6 billion annually to sustain its dominance in the search market (AFR)

• iPhone 15 Launch: Top Model Priced Higher (BBG)

• Kim Jong Un meets Putin in Russia as missiles launch from North Korea (RT)

• Extreme weather could result in a potential $65 billion export loss for Asia's apparel hubs (RT)

Deal Flow

Investments / M&A

• Vitol initiates a block trade worth $714 million for Viva Energy, with Bank of America and UBS securing roles in the transaction (AFR)

• Bankers Compete for a Share in $3.1 Billion Gas Station Transaction (BBG)

• General Electric is planning to divest a portion of its ownership in the aircraft leasing powerhouse, AerCap Holdings, valued at $2.4 billion, through a publicly underwritten offering (RT)

• The U.S. Government Aims to Sell Mortgage Bonds Valued at Around $13 Billion from Defunct Banks Silicon Valley Bank and Signature Bank (BBG)

• Smurfit Kappa Group to Merge with WestRock in $11.2 Billion Deal, Forming a Packaging Giant with Irish-American Influence (BBG)

• T-Mobile is set to acquire airwaves from Comcast in a cash transaction worth as much as $3.3 billion, contingent upon approval from the US Federal Communications Commission. The completion of the deal is anticipated to occur in 2028 (BBG)

• Ithaca Energy is set to purchase the remaining 30% interest it does not currently hold in the Cambo oil field from Shell (BBG)

VC & Fundraising

• Lyten, a startup specialising in lithium-sulfur batteries, secured a Series B funding round of $200 million, with Prime Movers Labs taking the lead (TC)

• Actio Biosciences, a biotechnology company with a focus on genetics and medicine, successfully secured a $55 million Series A funding round, with leading contributions from Canaan and DROIA Ventures (BW)

• Treasury4, an enterprise software platform catering to finance and treasury experts, has successfully raised a Series A funding round totaling $20 million, with WestCap leading the investment (BW)

Equity Raises

• Lighthouse Infrastructure initiates a fundraising campaign aiming to secure $400 million for their solar and wind fund (AFR)

• Arm, the chip designer owned by SoftBank Group Corp, garnered sufficient investor support to potentially secure a valuation at the upper end of its price range in its initial public offering, potentially reaching a fully diluted valuation of $54.5 billion (RT)

• H.I.G. Successfully Raises $6 Billion for Its Latest Leveraged Buyout Fund (BBG)

• Birkenstock files for IPO, adding momentum to the US Market (BBG)

Debt

• A consortium of banks, with Goldman Sachs and JPMorgan Chase in the lead, initiated a $4.4 billion debt offering to finance GTCR's acquisition of a majority share in payment processor Worldpay (BBG)

Daily Picks

• The High Court rules that Qantas unlawfully terminated 1700 employees (NBR)

• Kim Jong Un meets Putin in Russia as missiles launch from North Korea (RT)

Job Board

New Zealand

• ASB rural banking graduate - Apply here

• Waterman Capital investment analyst - Apply here

Australia

• Citadel Securities graduate and intern roles - Apply here

• Goldman Sachs Investment Banking Intern - Apply here

• IMC graduate and intern roles - Apply here

• Jarden

  • Graduate role - Apply here

  • Summer internships - Apply here

• Macquarie graduate roles - Apply here

• Optiver

  • Graduate role - Apply here

  • Internships - Apply here

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