European Markets Outperform Global Economic Gloom

October 18, 2022

Good Morning,

FMA files High Court proceedings against NZ insurer Vero after Vero allegedly overcharged customers $8.7m in premiums, lithium operators perform well in an overall gloomy session, the devaluation of the Australian dollar is likely to worsen as the Federal Reserve increase's interest rates, the British pound increases as new UK finance minister announces parts of new medium-term fiscal policy today, central Kyiv struck by Kamikaze drones, China halts LNG sales to foreign buyers throughout Europe and Asia.

Let's jump in.

Before The Bell

Markets

  • European markets open marginally higher as the UK awaits fiscal statement from new finance minister

  • European government bond yields fall ahead of fiscal announcement

  • Mixed results in Asia-Pacific as recession fears linger due to continued expectations of monetary policies tightening around the world

News Summary

  • Tower reports a $3m discount calculation error to FMA (NBR)

  • FMA files High Court proceedings against NZ insurer Vero after Vero allegedly overcharged customers $8.7m in premiums (NBR)

  • Lithium operators perform well in an overall gloomy session (AFR)

  • The devaluation of the Australian dollar is likely to worsen as the Federal Reserve increase's interest rates (AFR)

  • The British pound increases as new UK finance minister announces parts of new medium-term fiscal policy today (CNBC)

  • Central Kyiv struck by Kamikaze drones (CNBC)

  • China delays the release of GDP data until Tuesday (BBG)

  • China halts LNG sales to foreign buyers throughout Europe and Asia (BBG)

  • Credit Suisse agrees to pay $495m to settle case against New Jersey Attorney General (BBG)

  • Xi Jinping warns China to prepare for "dangerous storms" (AFR)

  • Goldman shakes leadership ranks as CEO unwinds key changes (BBG)

  • EU backs new sanctions in Iran following the death of Iranian woman due to various human-right violations (BBG)

  • Bank run takes place in Vietnam as customers withdrawal savings from the nations fifth largest bank (BBG)

Deal Flow

Investments/ M&A

  • APA Group agrees on $773m acquisition of Basslink (AFR)

  • Westpac hires JPMorgan to assist in running the numbers on Tyro Payments (AFR)

  • U.S chipmaker Broadcom seeks early EU approval on $61m deal with cloud computing company VMware (RT)

  • Credit Agricole and Santander look to secure deal to buy RBC Investor Services Europe unit (RT)

  • Nel receives a large $58.5m purchase order from Woolside (RT)

VC & Fundraising

  • Nigerian (BaaS) platform Maplerad raises $6m in seed funding (TC)

  • India's edtech company Byju's raises $250m in funding following the firm's IPO being postponed (TC)

Equity Raises

  • RV booking business Camplify launches $8.5m raise (AFR)

  • Frontier energy asks investors' to chip in $9m to fund a hydrogen project in Western Australia (AFR)

  • Bell potter files IPO documents for Richmond in hope to raise $25m - $35m (AFR)

  • Beston Global Food Company seeks a $28m equity injection (AFR)

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