Billion dollar deals while China's tech slows down

October 24, 2023

Good Morning,

Argentina market’s brace for selloff, China’s tech gauge falls to record low on growth concerns, Star 50 index set for six straight months of decline, British fashion chain Seasalt opens first international store in Auckland & Roche agrees to buy Telavant Holdings in $7.1B (USD) deal.

Let's jump in.

Before The Bell

Markets

  • On Friday, the NZX50 hit its lowest point for 2023 (GR)

  • The ASX fell to its lowest level of the year (AFR)

  • US Treasuries and gold fell along with crude oil as investors dialled back hedges against an escalation of the conflict in the Middle East (BBG)

  • Argentina markets brace for selloff (BBG)

  • China’s tech gauge fell to a record low on growth concerns (BBG)

News Summary

  • British fashion chain Seasalt opened its first international store in Auckland (Stuff)

  • A woman is missing after allegedly stealing a kayak in Kāpiti Coast (Stuff)

  • Heavy rain and strong winds watches are in place for parts of New Zealand (Stuff)

  • Melbourne Muffin Break franchise fined for hiring underage children

    (9 News)

  • Emergency warnings for two Queensland bushfires as blazes burn across the state (9 News)

  • NAB has swung the axe in its market division with plans to cut 10% of staff (AFR)

  • Israel hits hundreds of Gaza sites as it warns campaign may last months (BBC)

  • Iran warns Israel to stop the war in Gaza or the region will 'go out of control' (BBC)

  • Vinicius Junior has praised Sevilla after ejecting a fan for racism (BBC)

  • Foxconn, the Taiwan-based iPhone maker, is being investigated by China (BBC)

  • The U.S. chip export ban is ‘great news’ according to a partner at a Chinese tech investment fund (CNBC)

Deal Flow

Investments / M&A

  • Swiss pharma giant Roche agrees $7.1B (USD) deal to buy Telavant Holdings (CNBC)

  • Torrent Pharmaceuticals Ltd. has lined up at least $5B (USD) in funding as the company is seeking to buy a stake in Mumbai-listed drugmaker Cipla Ltd (BBG)

  • Jazz Pharmaceuticals Plc is exploring strategic options, including a potential sale (BBG)

  • Olga Berg, the handbag and headpiece designer, is up for sale (AFR)

  • Sydney-based All G Foods divested its plant-based meat operations and merged it with competitor Fenn Foods in a 50/50 deal (AFR)

Equity Raises

  • L1 Capital-backed heart health group Anteris Technologies is rounding up investors for a $40m (AUD) equity raise (AFR)

  • SPC Global is seeking to raise up to $20m (AUD). Investors must be from the Goulburn Valley (AFR)

  • PIF-backed medical procurement firm Nupco plans Saudi IPO (BBG)

Debt

  • ASX, Australia’s stock market operator, has tapped UBS, ANZ and NAB to drum up interest in a potential bond deal (AFR)

Daily Picks

  • A ship lost in a storm 128 years ago was found in near-perfect condition. Find out more here Stuff

The Daily Deck is sponsored by Industrial Equity, LLC

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