Japan unexpectedly slips into recession

February 16, 2024

Good Morning,

Japan unexpectedly slips into recession, Germany now world's third-biggest economy, What went wrong for Fletcher Building?, JPMorgan, Deutsche Bank tapped for $9.1bn Altium takeover, ASB profit drops 12%, loan margins squeezed and Cyber Startup Armis Buys Firm That Sets ‘Honeypots’ for Hackers.

Let's jump in.

Before The Bell

Markets

  • ASX to rise, Wall St rebounds as volatility eases (AFR)

  • Asian stocks rise, dollar eases as markets weigh US rate outlook (RT)

Earnings and Data

  • ASB profit drops 12%, loan margins squeezed (Stuff)

  • Germany's Commerzbank posts biggest net profit in 15 years (RT)

  • Jet engine maker Safran posts higher 2023 core profit (RT)

News Summary

  • Port Hills fire: Some evacuated residents can return home (Stuff)

  • Bankrupt company director jailed over unpaid tax (Stuff)

  • What went wrong for Fletcher Building? (Stuff)

  • Weak jobs data reignites hopes of early rate cut (AFR)

  • ‘Take the politics out of tax’: PwC partner (NBR)

  • NZ strategic priority for beleaguered AMP (NBR)

  • Skellerup faces mixed results amid CEO exit (NBR)

  • Use law to get tech giants to stump up or we’ll be gone: media (NBR)

  • Manufacturers should work smarter: Westpac (NBR)

  • Peltz Blasts Disney’s New Sports Service, Epic Games Deal (BBG)

  • Cyber Startup Armis Buys Firm That Sets ‘Honeypots’ for Hackers (BBG)

  • Hedge Funds Add Amazon and Intel While Cutting Nike and Pfizer, Filings Show (BBG)

  • Banks’ Real Estate Losses Will Be Hyperlocal (BBG)

  • Japan unexpectedly slips into recession, Germany now world's third-biggest economy (RT)

  • Shooting near Kansas City Super Bowl victory rally kills at least one, injures 21 (RT)

  • Cisco to cut more than 4,000 jobs, lowers annual revenue forecast (RT)

  • Britain eyes phased approach in move to speed up share trading (RT)

  • Morgan Stanley laying off hundreds in wealth management unit, source says (RT)

  • Exclusive: Biden slashes F-35 jet order 18% in 2025 budget request, sources say (RT)

Deal Flow

Investments / M&A

  • JPMorgan, Deutsche Bank tapped for $9.1bn Altium takeover (AFR)

  • Bristol Myers Sees Over $85 Billion of Demand for M&A Bond Sale (BBG)

  • Colorado sues to stop $25 billion Kroger-Albertsons merger (RT)

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