Roger Federer Capital Coming?

September 17, 2022

Good Morning,

Air New Zealand has rejected reports of a merger with Virgin Australia, the My Food Bag CEO resigned, the All Blacks have triumphed over Australia 39-37, the global cargo market has sagged, Eurozone inflation was 9.1% YOY, China's economy has shown signs of recovery and Roger Federer is going to retire.

Let's jump in.

Before The Bell

Markets

  • Markets were down as inflation panic set in ahead of the Fed's meeting next week. (AFR)

Earnings

  • Adobe met analysts' expectations when it reported revenue of $4.43B (USD) and EPS of $3.40 (USD). (TC)

  • FedEx withdrew its full-year guidance after first-quarter revenue and profit fell short of analysts' expectations. FedEx said there was a softening of global volumes of shipments. (CNBC)

News Summary

  • Air New Zealand has rejected reports of a merger with Virgin Australia. (Stuff)

  • My Food Bag CEO, Kevin Bowler, resigned. (Herald)

  • Kmart eyes big growth in New Zealand with 4 new stores this year. (Stuff)

  • The All Blacks have triumphed over Australia 39-37. (Stuff)

  • Reserve Bank of Australia Governor Philip Lowe has fuelled bets for a 0.5% rate hike next month after saying rates are at the low end of their normal range. (AFR)

  • Russia has sued the Australian Government for its Canberra embassy expulsion. (9 News)

  • The World Bank has warned global rate hikes could trigger a recession in 2023. (BBC)

  • The global cargo market has sagged. (RT)

  • A French air traffic control strike has affected tens of thousands of passengers. (BBC)

  • Eurozone inflation has been confirmed as 9.1% YOY and 0.6% month-on-month for August. (RT)

  • The queue to see Queen Elizabeth's coffin was paused after it reached capacity. (RT)

  • China has been banned from viewing Queen Elizabeth lying-in-state. (RT)

  • The first US rail strike in 30 has been averted with a tentative deal in place. (BBC)

  • The US DOJ has sued to block Assa Abloy's deal for Spectrum Brands unit. (BBG)

  • Michael Jordan's Last Dance jersey fetched a record $10.1m (USD). (BBC)

  • China's economy has shown signs of recovery. (BBG)

  • Roger Federer is going to retire after Laver Cup in September. (BBC)

Deal Flow

Investments/ M&A

  • ByteDance, the parent company of TikTok, will buy back $3B (USD) in shares from investors after IPO plans are stalled. (BBG)

  • KKR and Global Infrastructure Partners are among PE firms competing for a stake in Vodafone's ~$13.4B wireless tower unit Vantage Towers. EQT, a Swedish investment firm, is also said to be interested. BBG)

  • Air Canada is buying 30 electrical planes from Heart Aerospace. They will be used on regional routes, and the expected delivery is in 2028. (RT)

  • Trepang Services has backed the Tetra-Javelin bid for a joint venture with Australia Pacific Coal. (AFR)

Equity Raises

  • Dubai increased Salik's IPO size to $1B from $750m on the back of strong demand. (BBG)

  • AIG unit Corebridge is valued at over $13b (USD) after shares fell 2% after IPO. (RT)

  • Mineral Resources US lithium spin-off could be worth up to $17B (AUD), according to UBS. (AFR)

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