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Residents ‘had enough’ as police hunt racer ram pair

Author

Maren Ishak
August 19, 2024

Good Morning,

Global markets surged this week on positive economic data, while back home, headlines were dominated by crime, politics, and economic hardship. We dive into these stories and more, including a deep dive into deal flow and investment news.

Let’s jump in!

Before The Bell

Markets

  • Stocks surged this week, boosted by positive inflation and growth data, fueling hopes of a soft landing; Nasdaq led gains with a 12.24% rally, NVIDIA up 18.93%, and growth stocks outperforming value (TRP)

  • European stocks surged, led by a 2.46% gain in the STOXX 600, fueled by expectations of imminent interest rate cuts; Germany's DAX climbed 3.38%, France's CAC 40 rose 2.48%, Italy's FTSE MIB added 4.09%, and the UK's FTSE 100 gained 1.75%. (TRP)

  • Japan's stock market rallied sharply, with the Nikkei up 8.7% and TOPIX up 7.9%, driven by a weaker yen to JPY 148, boosted by better-than-expected US economic data and stronger-than-forecast Q2 GDP growth. (TRP)

Earnings & Data

  • Blink Fitness, an Equinox-owned chain of about 100 low-cost gyms, filed for bankruptcy on Monday in Delaware seeking to find a buyer for its business. (Reuters)

  • Botox rival Revance to go private in $924 million deal. (Reuters)

  • Norway’s massive sovereign wealth fund on Wednesday posted first-half profit of 1.48 trillion kroner ($138 billion), primarily driven by robust returns on its investments in technology stocks. (CNBC)

  • Jack Ma-Backed Ant Sees Profit Slide 10% After Shake Up (BBG)

  • Walmart raised its forecast for the year, quarterly revenue grew nearly 5% (CNBC)

News Summary

Monday

  • Which pantry staples are getting too expensive for you? (Stuff)

  • Albanese government pushing for gambling ad cap despite calls for total ban (Guardian)

  • US orders strike group to accelerate deployment to Middle East amid fears of Iran attack on Israel (Guardian)

Tuesday

  • Auckland drug dealer Po-Chen Chien found with meth, ephedrine, guns and $1 million in cash. (Herald).

  • The pilot of a helicopter that crashed into a Cairns hotel had been celebrating their last day at work with colleagues hours before the horror incident. (NCA).

  • Elon Musk's much-anticipated discussion with Republican presidential candidate Donald Trump on the billionaire’s platform X was marred by technical issues. (BBC).

Wednesday

  • Mum shocked at Canterbury school’s response after son allegedly beaten unconscious by classmate (Herald)

  • Analysis of the data from 1990 to 2019 showed that Australia has been the best performer in life expectancy at birth since the early 1990s, leading its peer countries by 1.26–3.95 years for women and by 0.97–4.88 years for men in 2018 (9News)'

  • His symptoms began with dizziness, headaches, a lack of sleep and panic attacks. Over time, they grew worse. All the while, this beloved husband, father and son was wondering about the role his work played in his illness (Guardian)

Thursday

  • Justice Minister signs Kim Dotcom’s extradition order (Stuff)

  • Stuff chief executive Laura Maxwell leaving for role in Australia (Stuff)

  • WHO Calls Mpox Outbreak in Africa a Global Health Emergency (BBG)

Friday

  • Whangārei Hospital ED hits 'Code Black' (RNZ)

  • Ford to recall about 85,000 vehicles due to risk of engine fire (RT)

  • Russia sentences American woman to 12 years for donation aiding Ukraine (Stuff)

Weekend

  • Residents ‘had enough’ as police hunt racer ram pair (Stuff)

  • Fast-growing firm nabs ex-big four partners in Canberra consulting push (AFR)

  • Strike at BHP-owned mine ends as workers win $48,000 bonus (AFR)

Deal Flow

Investments / M&A

Australia & New Zealand

  • Shell, PetroChina to expand Surat coal seam gas project in Australia (RT)

Key Global

  • India's Bharti to buy Drahi's stake in BT, worth $4 billion (RT)

  • TPG Capital fine-tunes details for $3b Novotech sale (AFR)

  • Gold Fields to buy Canadian miner Osisko in $1.57 billion cash deal (RT)

  • Optus falls out with its mobile towers investor AustralianSuper (AFR)

  • Shell, PetroChina to expand Surat coal seam gas project in Australia (RT)

  • The IPO announcement comes at a time when the Biden administration is expected to propose barring Chinese software in autonomous vehicles in the United States in the coming weeks. (RT)

  • Indian baby products retailer FirstCry's $501 million IPO overcame a sluggish start to garner bids worth $3.36 billion at close of the share sale on Thursday, as investors bet on growth for baby and child products in the world's most populous country. (RT)

  • The M&M owner Mars is acquiring Kellogg spin-off company Kellanova in a deal valued at roughly $36 billion, or $83.50 per share (CNBC)

  • Texas Instruments will receive as much as $1.6 billion in direct funding from the U.S. Commerce Department to support the construction of three new domestic facilities (RT)

Other Global

  • Optus falls out with its mobile towers investor AustralianSuper (AFR)

  • Viburnum Funds sets sights on Coventry Group breakup (AFR)

  • Nature’s Care sale docs in front of potential buyers; NBIOs due Sept 6 (AFR)

  • Scotiabank is buying a 14.9% stake in American regional lender KeyCorp or $2.8 billion, as the Canadian bank taps into the stressed regional U.S. banking sector for growth outside its saturated home market. (Reuters).

  • Baby products retailer’s Brainbees listing is third-largest this year, IPO comes amid rush of companies going public in India. (BBG).

  • Botox rival Revance to go private in $924 million deal. (Reuters)

  • Sixth Street Consortium to Be Buyer of UBS Mortgage Unit (BBG)

  • Mars to buy Pringles maker Kellanova for $36 billion in 2024's biggest deal (RT)

  • Alaska Air, Hawaiian further extend review period of proposed deal (RT)

  • Lockheed agreed to acquire satellite products maker Terran Orbital in a US$450 million deal. Lockheed will pay 25 cents per share in cash, representing a 37.5% discount to Terran's last close. Terran's shares plunged nearly 41% to 24 cents on the NYSE (RT)

VC & Fundraising

  • Salesforce chief tips into biotech incubator Series B (AFR)

  • The fund, managed by Silva Capital - a joint venture between Roc Partners and C6 Investment Management, aims to raise A$250 million to generate and manage Australian Carbon Credit Units (ACCUs) from reforestation initiatives. (RT)

Equity Raises

Other Global

  • Wealthtech startup Infinyte Club raises $3.6 million in funding round led by Elevation Capital. (TET).

Debt, Restructuring & Bankruptcy

  • The number of claims made by banks and landlords to repossess homes in England and Wales has reached the highest level in five years as households struggle with higher borrowing costs. (Guardian).

  • Franklins European Bathrooms liquidation: Westpac among creditors owed $31.2m – what happens next? (Herald).

The Daily Deck is sponsored by Industrial Equity, LLC

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