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New Qantas CEO
Good Morning,
The benchmark S&P/ASX 200 fell 0.9 per cent to 7267.4 points, the biggest decline since March 20 after the central bank raised its cash rate by 0.25 of a percentage point to 3.85 per cent, Auckland’s median house price fell below $1 million last month for the first time since January 2021, Qantas board has decided on Vanessa Hudson as new CEO.
Let's jump in.
Before The Bell
Markets
The kiwi fell from A93.20 cents to A92.35c after the Reserve Bank of Australia’s announcement at 4:30pm New Zealand time on Tuesday (Stuff)
Asian stock markets are trading mixed on Tuesday, following the broadly negative cues from Wall Street overnight, as traders remain cautious and reluctant to make significant moves ahead of the US Fed's interest-rate decision tomorrow (RTT)
London’s blue-chip FTSE 100 edged higher on Tuesday, boosted by a jump in shares of HSBC after the lender’s quarterly profit tripled, though overall gains were limited by weakness in energy stocks (RT)
European stocks are seen opening higher on Tuesday as trading resumes after a long holiday weekend. As inflation concerns ease, traders await additional cues from major central bank meetings this week (RTT)
Earnings and Data
The city's largest real estate agency says that Auckland’s median price fell below $1 million last month for the first time since January 2021 (Stuff)
Homeowners with a mortgage can expect to be paying 22% of their disposable income in interest payments on their home loan on average by the end of the year, the Reserve Bank says (Stuff)
The benchmark S&P/ASX 200 fell 0.9 per cent to 7267.4 points, the biggest decline since March 20 after the central bank raised its cash rate by 0.25 of a percentage point to 3.85 per cent. The All Ordinaries fell 0.8 per cent to 7,459.8 (AFR)
Xpansiv, one of the world’s largest carbon exchanges, has reported losses of more than $227 million in the last year, with auditors warning that ongoing operations were in doubt if it lost the support of its financiers (AFR)
Seven West Media downgraded its outlook for the $4.2 billion television market, which it said fell about 11 per cent in the three months to March, exceeding the “mid to high single-digits” it forecast in February (AFR)
Bumper profits at BP have been labelled “heinous” and sparked renewed calls for a tougher windfall tax, after the oil and gas giant recorded one of its best ever starts to the year while Britons struggled to pay high energy bills. The energy company said its underlying profits reached $5bn (£4bn) in the first three months of the year, outstripping analysts’ forecasts of $4.3bn (Guardian)
News Summary
Many Spark customers have experienced a frustrating day on Tuesday after a technology fault knocked out its Xtra email service, store-based systems, website, app and customers’ voicemail (Stuff)
Dairy company Southern Pastures Group is not a fan of He Waka Eke Noa’s plan for measuring and pricing on-farm emissions but is fully committed to cutting emissions and improving biodiversity (NBR)
Woolworths boss says home cooking is back, trading down here to stay (AFR)
A $600 million AusNet Services contract signed by Downer EDI in 2019 has been named in legal filings as being the heart of the “accounting irregularity” that wiped more than half a billion dollars off the company’s market capitalisation last year (AFR)
It took almost three weeks after interviewing the two candidates, Vanessa Hudson and Olivia Wirth, for the board to decide who would replace Qantas chief executive Alan Joyce (AFR)
Consumers are turning to unsecured lending to fight the cost of living crunch, as the Reserve Bank adds to household budget pressures with an unexpected interest rate rise and the earliest signs of a deterioration in the credit cycle start to appear (AFR)
The sister of Domino’s Pizza Enterprises boss Don Meij will move back from the United States to help run the local business, and her predecessor will move to a cultural coaching role, as part of a group management shakeup (AFR)
Blackstone’s $US70 billion ($105 billion) real estate trust for wealthy individuals has limited redemptions for a sixth straight month (AFR)
Women to testify they can corroborate E Jean Carroll’s rape allegation against Trump (Guardian)
Shares of several regional lenders fell on Monday after the collapse of First Republic Bank (FRC.N), the third major casualty of the biggest crisis to hit the U.S. banking sector since 2008 (RT)
China is increasingly barring people from leaving the country, including foreign executives, a jarring message as the authorities say the country is open for business after three years of tight COVID-19 restrictions (RT)
Vice Media Group, the company behind popular media websites such as Vice and Motherboard, is preparing to file for bankruptcy, the New York Times reported on Monday, citing people with knowledge of its operations (RT)
Deal Flow
Investments / M&A
Qantas’ incoming chief executive Vanessa Hudson says she can deliver on an estimated $12.3 billion fleet renewal program over the next five years, as well as maintaining the airline’s coveted shareholder returns (AFR)
Chile-based lithium heavyweight SQM intends to double down on what is already a multibillion-dollar investment in Western Australia alongside Wesfarmers (AFR)
Here’s another twist in the race for M&A target Liontown Resources. The Perth-based lithium miner’s would-be suitor, whose presence Street Talk revealed on Monday evening, is doing the work on a tilt but is yet to formalise the interest and submit a firm proposal (AFR)
Medibank Private expects to log up to $45 million in one-off cybercrime expenses this financial year following its cyberattack, which compromised the personal data and health information of nearly 10 million current and former members (AFR)
Regulators seized control of First Republic Bank and sold it to JPMorgan Chase on Monday (Tuesday AEST), a dramatic move aimed at curbing a two-month banking crisis that has rattled the financial system (AFR)
Italian Design Brands (IDB), a hub of Italian furniture and lighting companies, said on Tuesday it was carrying on with plans to list on the Milan bourse as a new investor acquired a majority stake in its parent company (RT)
Berlin-based e-scooter operator TIER Mobility is working with bankers at Qatalyst Partners for a potential merger or sale with a rival, Sky News reported on Monday (RT)
The bankers running the sale process for Subway have given the private equity firms vying for the sandwich chain a $5 billion acquisition financing plan, hoping to overcome a challenging environment for leveraged buyouts and fetch the company's asking price of more than $10 billion, people familiar with the matter said (RT)
Papua New Guinea state-owned Kumul Petroleum has again delayed a deal to buy a 5% stake in the PNG liquefied natural gas (LNG) project from Santos Ltd, now to the end of August, to line up funding, the Australian company and PNG prime minister said on Monday (RT)
Credit Suisse Group AG’s largest shareholder, Saudi National Bank, will hold about a 0.5% stake in UBS Group AG once the Swiss lenders complete their merger (BBG)
Europe’s top satellite and aerospace companies have teamed up to bid for the European Union’s €6 billion ($6.6 billion) satellite project known as IRIS², aimed at beaming internet across the continent and giving the bloc its own fleet to keep up with constellations deployed by governments and businesses around the world (BBG)
Debt
Canadian investment giant Brookfield Asset Management has covered the book for its big refinance of private hospital owner Healthscope (AFR)
Daily Picks
New Zealand’s prime minister, Chris Hipkins, has said he supports the country becoming a republic but has no immediate plans to act on separation from the monarchy (Guardian)
Job Board
New Zealand
Australia
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