S&P 500 hits two year record low...

October 14, 2022

Good Morning,

Kiwibank is set to increase its variable home loan rate to 7%, Ben Bell becomes New Zealand's youngest mayor, Belgium's central bank's chief believes its likely the ECB hikes rates above 3%, Biden believes a slight recession is possible, New Zealand's anti-Russia sanctions pose a threat to NZ wine supply in Russia, Global money market funds experienced largest weekly injection into cash for over two years, Elon Musk sells $1m worth of his new perfume 'Burnt Hair', US PPI rose 0.4% which is more than expected as inflation persists.

Let's jump in.

Before The Bell

Markets

  • US stocks had a tough time following hot inflation data and the S&P 500 hits record low levels since November 2020

  • Global wealth on track to decline more than 2% in 2022 as the Ukrainian war restrains post-covid recovery (AX)

Earnings

  • PepsiCo beat analyst expectations as revenue rose 9% over the last year (CNBC)

News Summary

  • Kiwibank set to increase its variable home loan rate to 7% (Stuff)

  • Ben Bell becomes New Zealand's youngest mayor (Stuff)

  • Ngāi Tahu invests $1.5 million NZD into the financial education platform Banqer (NBR)

  • MPI commits $6.7m to the development to land-based salmon farm project (NBR)

  • Qantas's financial performance is ahead of schedule as travel booms (AFR)

  • Deloitte vice chairman steps down after drunken tirade at Royal Ascot (AFR)

  • New Zealand's anti-Russia sanctions pose a threat to NZ wine supply in Russia (RT)

  • Global money market funds experienced $89 billion worth of inflows which is the largest weekly injection into cash for over two years (CNBC)

  • Liverpool's Salah breaks Champions League record (RT)

  • Large German power supplier EnBW AG hikes gas prices (RT)

  • Belgium's central bank's chief believes its likely the ECB hikes rates above 3% (CNBC)

  • Elon Musk sells $1m worth of his new perfume 'Burnt Hair' (RT)

  • US PPI rose 0.4% which is more than expected as inflation persists (CNBC)

  • Biden believes a slight recession is possible (AX)

Deal Flow

Investments/ M&A

  • UDC looks to scale up by acquiring $213 million worth of assets from European Financial Services, Euro Rate Finance and European Wholesale Finance (NBR)

  • Indian craft beer company Bira 91 set to purchase Beer Cafe (RT)

  • Hydro-Quebec confirms $2 billion deal to purchase Great River Hydro LLC (BBG)

  • Volts Wagon nears a joint venture deal with start up Horizon Robotics Inc (BBG)

VC & Fundraising

  • Resonance is a new $150m VC fund based in Paris which is fully backed by Otium Capital (TC)

  • Vendantu acquires $40m majority stake in education chain Deeksha (TC)

  • Lifestores Healthcare raises a huge $30m to expand operations across Nigeria (TC)

  • Continue AI raises $5.7m seed round with their goals set high to become the largest sustainability platform throughout the world (BW)

  • Corporate travel startup TripActions raised a $9.2B valuation following raising $304m in funding (TC)

  • Metalenz raises $30m worth of funding to expand its 3D ultra-small imaging tech (TC)

Equity Raises

  • Riyadh Cables Group looks to raise around $400m in Saudi IPO (BBG)

  • Chip startup Socionext defies recent investor pessimism and raises $455m in Tokyo IPO (BBG)

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