Global Markets Slip Further 📉

December 17, 2022

Good Morning,

Twitter Suspends Journalists Who Musk Says Imperiled His Safety, Covid vaccine for high risk kids under 5 in NZ to be available in February, Tens of thousands of Australians eligible for cut of multi-million dollar Westpac settlement, and NZ Shares Avoid Wall Street Slide as Fed Rattles US Investors.

Let's jump in.

Before The Bell

Markets

  • The New Zealand share market held its own in the face of a big fall on Wall Street – helped by the passive investment funds having to rebalance their local weightings in two indices. (Herald)

  • An index of global stocks headed for a second-straight weekly loss after warnings from central bankers that interest rates would stay higher for longer. (BBG)

  • Tech slide weighs on ASX, ends the week 0.9pc lower. (AFR)

Earnings and Data

  • Adobe shares rose 6% in extended trading on Thursday after the design software maker announced fiscal fourth-quarter earnings and guidance that exceeded analysts’ expectations. Earnings: $3.60 per share, adjusted, vs. $3.50 per share as expected by analysts, according to Refinitiv. Revenue: $4.53 billion, vs. $4.53 billion as expected by analysts, according to Refinitiv. (CNBC)

News Summary

  • Venomous snake found on Auckland Beach: Woman says DoC told her to ‘let it free’. (Herald)

  • A landslide today at a tourist campground in Malaysia left 16 people dead and authorities said 17 others were feared buried at the site on an organic farm outside the capital of Kuala Lumpur. (Herald)

  • Real Madrid signs 16-year-old Brazilian striker Endrick from Palmeiras for reported $94 million fee. (9 News)

  • Coles introduces buying limit on frozen chips as floods hit potato supply. (9 News)

  • Ten people, including five children, have been killed in a fire in an apartment building near Lyon, France, the local government says. (BBC)

  • Trump Hawks Superhero NFT Trading Cards as Crypto Universe Implodes. (BBG)

Deal Flow

Investments/ M&A

  • Deutsche Bahn AG will explore selling its DB Schenker logistics unit in a deal that could reap around €20 billion ($21.4 billion USD) for Germany’s heavily indebted state-owned rail operator. (BBG)

  • Australia-based mining and metals company Rio Tinto completes $3.3 billion (USD) Turquoise Hill deal for larger share in Mongolia project. (RT)

  • Woolworths Holdings Ltd. is nearing a deal to sell Australia’s oldest department store chain David Jones to Anchorage Capital Partners for about A$130 million ($89 million USD), according to people familiar with the matter. (BBG)

  • Personal Care Product Manufacturer Beiersdorf Acquires Majority Stake in Skin Health Company S-Biomedic. (RT)

  • Amancio Ortega, the billionaire founder of the Zara clothing chain, is doubling down on US luxury residential real estate with a deal to buy an apartment building in Seattle. (BBG)

VC & Fundraising

  • U.S. oil company Chevron has led a $318 million fundraising round for Canada-based Svante, which develops filters to capture industrial carbon emissions for storage or reuse, the companies said on Thursday. (RT)

Debt

  • Foreign investors continued to offload holdings in China's onshore bonds for a 10th straight month in November, although some market watchers expect the outflow pressure to ease soon. (RT)

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