Laybuy lays low

Good Morning,

Laybuy suspends payment service, MrBeast reportedly spotted in Hamilton, Tesla shareholders approve US$44.9 billion pay package for Elon Musk, European stocks fell as French stocks and bonds took a battering from political turmoil, and 'Mouse jigglers' pretending to work fired by Wells Fargo.

Let's jump in.

Before The Bell

Markets

• An earnings downgrade from Steel & Tube put a dampener on sharemarket sentiment after a mostly flat and directionless day’s trading (GR)

• Inflation continues to ease, with food prices rising at the lowest level ever in more than five years (NBR)

• European stocks fell on Friday as French stocks and bonds took a battering from political turmoil (RT)

• India’s foreign reserves rise to fresh record after election (BBG)

• FTSE 100 set for longest weekly losing run since March 2020 (RT)

Earnings and Data

• Steel & Tube’s forecasts are falling short of analysts' expectations, with their projected EBITDA expected to be approximately $6.6 million less than the market forecast (NBR)

• Adobe surges 14% as AI optimism fuels annual revenue forecast (RT)

News Summary

• MrBeast reportedly spotted in Hamilton Woolworths supermarket (Herald)

• Buy now pay later operator Laybuy suspends payment service (Herald)

• Michael Hill to close Whakatāne store due to high retail crime (Herald)

• Lobby group fears Auckland CBD will lose 2,000 car parks (RNZ)

• Crown accused of 'gaslighting' Māori through te reo policy (RNZ)

• Government cancels annual ETS charge for forestry (RNZ)

• 'Mouse jigglers' pretending to work fired by Wells Fargo (RNZ)

• Tesla shareholders approve US$44.9 billion pay package for Elon Musk (RNZ)

• G7 commits US$50 billion loan to Ukraine (NBR)

• Westpac to follow CBA by dumping bonus caps for bankers (AFR)

• Pentagon ran secret anti-vax campaign to undermine China during pandemic (RT)

• Putin says Russia will cease fire if Ukraine pulls troops from four regions (RT)

• G7 vows action against 'unfair' China business practices (RT)

• ByteDance confirms layoff plan at its Indonesian unit (RT)

• US fines Emirates $1.5 million for operating in prohibited airspace (RT)

• Barclays asked by watchdog to review private equity exposure, source says (RT)

• Apple accused in lawsuit of underpaying female workers in California (RT)

• Michael Dell plans record US$2.9 billion of share sales this year (BBG)

Deal Flow

Investments / M&A

• Microsoft plans to invest 6.69 billion euros (US$7.16 billion) to develop new data centres in Spain's northeastern region of Aragon, which is becoming a major cloud computing hub within Europe (RT)

• Amazon adds US$230 million in cloud credits to AI startups (RT)

Daily Picks

• Rapper Young Thug’s lawyer found in contempt of court, to spend 10 weekends in jail (Stuff)

The Daily Deck is sponsored by Industrial Equity, LLC