Iran launches drone, missile attack on Israel

Author

Maren Ishak
April 15, 2024

Good Morning,

Dive into this week's market swings, from a global stock dip to Japan's surprising surge. Get the latest on big companies like Taiwan Semiconductor Manufacturing Co. and ByteDance. Plus, catch wind of Iran's attack on Israel and ongoing M&A activity.

Let’s jump in!

Before The Bell

Markets

  • Stock markets dipped this week due to inflation concerns and rising tensions in the Middle East, with smaller companies and stocks sensitive to interest rates taking the biggest hit (TRP)

  • European stocks were down this week, with Germany's DAX falling 1.35%, France's CAC 40 dropping 0.63%, and Italy's FTSE MIB slipping 0.73%. Bucking the trend, the UK's FTSE 100 rose 1.07% thanks to a weak pound benefiting its multinational companies (TRP)

  • Japan's stock markets defied the global trend, surging this week. The Nikkei 225 climbed 1.4% and the broader TOPIX jumped 2.1%, as a weak yen boosted exporters and investor attention turned to potential intervention by Japanese authorities (TRP)

Earnings & Data

  • HSBC Holdings Plc agreed to sell its business in Argentina and will book a hit of $1 billion from the disposal to its pre-tax earnings in the first quarter (BBG)

  • Taiwan Semiconductor Manufacturing Co. (TMSC), posted a surge in monthly revenue in March, as it cashed in on a continuing artificial intelligence boom powered by high-end chips (CNBC)

  • ByteDance Ltd.’s profit surged roughly 60% in 2023, outpacing the growth of online peers Tencent Holdings Ltd. and Alibaba Group Holding Ltd. in a sign of the TikTok owner’s resilience in the face of an economic downturn (BBG)

  • Star Entertainment reveals a A$6.9 million loss in the third quarter as it braces for the outcome of a second public inquiry into its Sydney operation (AFR)

  • Trump Media shares close down by more than 5 per cent (CNBC)


News Summary

Monday

  • Taranaki manufacturers get a taste of Hollywood (Stuff)

  • Heartland announces raise to support Aussie bank buy (NBR)

  • At least 94 dead in Mozambique ferry disaster as packed vessel sinks, say officials (Guardian)

Tuesday

  • Media and Communications Minister Melissa Lee says she’s “not a magician” as TVNZ confirms a range of job cuts and the end of several shows, including Fair Go after 47 years (Herald)

  • Supermarket giant Woolworths has called for the expansion of the under-review Food and Grocery Code of Conduct to include international retailers like Amazon and Costco (9 News)

  • Millions of people across Mexico, the US and Canada looked to the skies on Monday to witness a total solar eclipse carve a narrow path of darkness across the continent (BBC)

Wednesday

  • Newshub staff have been left ‘gutted’ and close to tears after confirmation today that the news service will close after 35 years (Herald)

  • Big four consulting firm EY is planning to cut more than 100 roles next week, or more than 1 per cent of its 10,000-strong workforce, due to the persistent downturn in the advisory market (AFR)

  • US President Joe Biden has said he believes that Israel's Prime Minister Benjamin Netanyahu is making a "mistake" in his handling of Gaza (BBC)

Thursday

  • Ikea begins search for hundreds of New Zealand staff (Stuff)

  • Cash seized as Australian police claim scheme laundered $1 billion (Stuff)

  • Amazon owes $525 mln in cloud-storage patent fight, US jury says (RT)

Friday

  • Mining firm Chatham Rock Phosphate sees share boost after making fast-track consents claim (RNZ)

  • Fortnite video game maker Epic Games proposes Google app store reforms after antitrust win (RT)

  • Russia, Germany, UK urge restraint as Iranian threat puts Middle East on edge (RNZ)

Weekend

  • Carterton locals try to guess who $30 million Powerball winner is (Stuff)

  • Police name stabber who killed six at Sydney’s Bondi Junction mall (AFR)

  • Iran launches retaliatory attack on Israel with hundreds of drones, missiles (RT)

Deal Flow

Investments / M&A

Australia & New Zealand

  • Qoria brings in RBC Capital Markets as US bidder comes calling (AFR)

  • Terms out for Ansell’s $400m raising to acquire Kimberly-Clark unit (AFR)

  • Dual-listed breast cancer detection medtech Volpara Health Technologies is set to fall into the hands of its South Korean suitor (AFR)

  • GPG Renewables owners pull the brakes on $4b sale (AFR)

  • Best and final? Brookfield’s Origin bid passes all-important milestone (AFR)

  • FIRB questions linger in Azure Minerals takeover (AFR)

  • Next Capital talks up ‘critical infra’ angle at $30m-a-year Eptech (AFR)

  • Mercury Capital is in dealmaking mode. Street Talk understands Clark Perkins’ private equity shop has inked two acquisitions this month, closing out its pursuit of KKR-backed accounting and advisory firm Findex Group and professional services firm Fyfe (AFR)

  • Street Talk can reveal Advent dealmakers Robert Radcliffe-Smith and Rob Hooke have tapped RBC Capital Markets to run a strategic review at Compass Education, as the private equity firm ticks past five years on the register (AFR)

  • Sharesies is expanding its business-to-business services with the purchase of a small, fast growing Auckland-based equity management service Orchestra by way of a swap of shares with an undisclosed price (RNZ)

  • Boral recommended on Friday that investors accept an up to A$1.5 billion takeover offer from its largest shareholder Seven Group Holdings, after negotiating an increase in the cash component of the deal (RT)

Key Global

  • KKR Weighs Sale or IPO for $15 Billion BMC Software (BBG)

Other Global

  • TUI shares rise on return to Frankfurt bourse (RT)

  • Vivendi's Canal+ makes mandatory buyout offer for South Africa's MultiChoice (RT)

  • Warner Bros Discovery Inc. is selling the podcast business associated with its Rooster Teeth brand to Night, the talent-management firm behind popular online creators like MrBeast and Kai Cenat (BBG)

  • Wall Street bankers and lawyers were relieved to see the headline numbers for M&A in the first quarter, which showed encouraging signs of a global dealmaking recovery. (BBG)

  • Rates and credit trading platform Tradeweb Markets (TW.O), opens new tab will buy investment technology firm Institutional Cash Distributors (ICD) for $785 million, it said on Monday, as it seeks to boost its appeal to corporate treasury professionals. (RT)

  • Nursing Home Firm PACS Group Raises $450 Million in IPO (BBG)

Equity Raises

Australia & New Zealand

  • MinRes selling Develop Global stake; Bell Potter on the ticket (AFR)

  • Palisade Impact raising $100m for bolt-ons, housing bets (AFR)

  • Anteris Technologies, the heart medtech backed by L1 Capital and First Sentier, had its broker Evolution Capital warming up fund managers for a cash call on Tuesday morning (AFR)

Other Global

  • Ibotta Inc., a digital marketing software firm that counts Walmart Inc. as a backer, and shareholders are seeking to raise as much as $472.5 million in an initial public offering (BBG)

  • Investment platform Linqto has agreed to go public through a merger with special purpose acquisition company (SPAC) Blockchain Coinvestors Acquisition (BCSA.O), opens new tab in a deal valued at $700 million, the companies said on Tuesday. (RT)

Debt, Restructuring & Bankruptcy

  • China's Shimao faces liquidation suit over failure to pay $202 million loan (RT)

  • Warren Buffett’s Berkshire Hathaway Inc. is planning to sell yen bonds in the global markets, fueling speculation that the billionaire is weighing more investments in Japan (BBG)

  • QIC’s Pac Energy lines up $1.2b debt facility for microgrids push (AFR)

  • Macy’s Inc. has “weaponized” its debt agreements as part of a proxy fight with a pair of investment firms, putting its financial future at risk, a pension fund claimed in suing the retailer. (BBG)

  • Diamondback Energy Inc. borrowed $5.5 billion in the US investment-grade market to partly help fund its $26 billion takeover of Endeavor Energy Resources LP, joining other blue-chip companies capitalizing on robust investor demand to bring acquisition-related debt deals. (BBG)

The Daily Deck is sponsored by Industrial Equity, LLC

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