How this Aussie bitcoin miner is cashing in on the Nvidia AI boom

Good Morning,

Economic news is mixed today: US manufacturing is surprisingly strong, European stocks are up on easing political worries, but China's markets are down on mixed data. New Zealand's economy is inching out of recession, and there are big investment deals happening around the globe.

Let’s jump in!

Before The Bell

Markets

• Manufacturing activity unexpectedly strong in May: industrial production up 0.9%, capacity utilization at highest level since last November (TRP)

• European stocks rose on easing political uncertainty and expectations of monetary policy easing. (TRP)

• Chinese stocks fell on mixed economic data (Shanghai Composite Index down 1.14%, CSI 300 down 1.3%), while Hong Kong's Hang Seng Index rose (0.48%). (TRP)

Earnings & Data

• La-Z-Boy (LZB) Q4 Earnings and Revenues Surpass Estimates. (CNBC)

• Kroger beats first-quarter estimates on steady grocery demand (RT)

News Summary

Tuesday

• Police have “concerns for the safety” of a 15-year-old missing from Auckland. (Stuff)

• An Australian national food manufacturing business, which appears to have more than 500 staff working for it, has gone bust. (NCA)

• Nvidia to get 20% weighting and billions in investor demand, while Apple demoted in major tech fund. (CNBC)

Wednesday

• Auckland’s rail network has been blasted as “third world” after fresh disruptions today which saw services across the entire network suspended for about seven hours, throwing commuters’ travel plans into chaos. (Herald)

• Prime Minister Christopher Luxon defends decision to let Chinese Premier Li Qiang avoid media questions. (Stuff)

• Nvidia became the world’s most valuable company after its share price climbed to an all-time high on Tuesday. (BBC)

Thursday

• Economy inches out of recession, recording 0.2% growth (Stuff)

• Guzman y Gomez has a history of missing forecasts, documents show (AFR)

• Exclusive: Biden allies raising $10 million to challenge Trump social media machine (RT)

Friday

• All Blacks great Sam Whitelock farewells his playing rugby in style (Stuff)

• How this Aussie bitcoin miner is cashing in on the Nvidia AI boom (AFR)

• Three people killed, 10 wounded in Arkansas supermarket shooting (RT)

Weekend

• Man seriously injured in ‘violent’ stabbing attack during Auckland robbery (Stuff)

• Macquarie customer funds caught up in Keystone asset freeze (AFR)

• US lawsuit against TikTok to focus on children's privacy (RT)

Deal Flow

Investments / M&A

Australia & New Zealand

• City Chic seeks to raise $25 million, divests Avenue to New York buyer. (AFR)

• Palisade Investment Partners’ decision to throw its name and balance sheet behind ex-Whitehelm Capital dealmaker Stephen Burns looks to be paying off. (AFR).

Key Global

• Blackstone to Buy Japan E-Comic Company Infocom for $1.7 Billion. (BBG)

• Honeywell to Buy CAES From Advent in $1.9 Billion Cash Deal (BBG)

• Tate & Lyle buys Ingredient Maker CP Kelco for $1.8 Billion (BBG)

• BP to buy out Bunge's stake in Brazilian biofuels JV in $1.4 billion deal (RT)

• Castlelake to buy up to $1.2 bln in consumer loans from Upstart (RT)

Other Global

• Wells Fargo Hires Bresani from William Blair for Mid-Cap M&A. (AFR)

Equity Raises

Australia & New Zealand

• What past IPO disasters tell us about Guzman y Gomez’s $2.2b float. (WSJ)

• Bryan Sheffield-Backed Australian Gas Driller Eyes US IPO. (BBG)

Other Global

• Ixigo shares debut at 48.5% premium over issue price. (TET)

Debt, Restructuring & Bankruptcy

• Warning as Working For Families debt increases by more than $42m. (RNZ)

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