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April 27, 2023

Good Morning,

Inland revenue study finds the richest Kiwis pay around 10% tax after all income and GST is included, Australia's rate of inflation slows as we approach another potential rate hike, Binance.US cancels its plan to purchase the assets of bankrupt crypto lender Voyager Digital and Kering's share price falls due to Gucci's weaker demand in the U.S as the dollar strengthens.

Let's jump in.

Before The Bell

Markets

  • US equity futures gained as tech giants Alphabet Inc and Microsoft Corp publish strong earnings (BBG)

  • European stocks fall for third consecutive day as luxury and technology shares slump (BBG)

  • U.S. treasury yields climb as investors awaited the release of key economic data and assessed the impact it may have on interest rate policy (CNBC)

Earnings and Data

  • Synlait milk shares fall 27% to record low following earnings forecast downgrade (Stuff)

  • Microsoft shares jump 8% in after-market trading as profits exceed Wall Street estimates (RT)

  • Google parent Alphabet reports revenue and earnings exceeded expectations (CNBC)

  • Puma SE reports increasing sales in Europe and the first growth in China for the last two years, reflected in the 14% increase in revenue (BBG)

  • Spotify's shares increase 5% following the number of monthly active listeners exceeding estimates and increasing to 515 million (RT)

News Summary

  • Inland revenue study finds the richest Kiwis pay around 10% tax after all income and GST is included (Stuff)

  • Australia's rate of inflation slows as we approach another potential rate hike (9News)

  • Citibank promotes its head of markets, Mark Woodruff, to chief executive officer for Australia (AFR)

  • Binance.US cancels its plan to purchase the assets of bankrupt crypto lender Voyager Digital, for $1.3 billion (RT)

  • Kering's share price falls due to Gucci's weaker demand in the U.S as the dollar strengthens (RT)

  • Clear Dynamics undertake significant restructuring as they lay off staff to get fit for investors (AFR)

  • Jetstar cancelled one in six Sydney-Melbourne flights in March and had only 59.6% of its flights departing on time (AFR)

  • Manakau's Lakewood Plaza, the joint venture between Du Val and Downey Constructions owes $10.2 million (NBR)

Deal Flow

Investments / M&A

  • First Republic Bank is considering divesting $50 billion to $100 billion of assets (BBG)

  • Burgundy Diamond Mines reduces its underwritten placement from $231 million to $126 million, as the current owners of Ekati hold on to 19.9% of the company (AFR)

  • Energy group Iberdrola has signed a $472 million agreement with Singaporean investment firm GIC to develop a transmission network in Brazil (RT)

  • Air conditioner maker Carrier Global Corp set to buy Viessmann Group's unit that makes heater boilers and heat pumps in a cash-and-stock deal (RT)

  • Vonovia is set to sell its $1.1 billion minority stake in its Suedewo residential portfolio to U.S. investor Appolo (RT)

Equity Raises

  • Following a profitable year, Drax Group Plc announces its plan to buy back up to $186 million worth of shares (BBG)

VC

  • Vendanta Biosciences raises $106.5 million in funding to develop a potential new category of oral therapies (FN)

  • Finland based electric vehicle charging provider Virta, raises $94 million in total funding led by Jolt Capital (FN)

Daily Picks

  • Inland revenue study finds the richest kiwis pay around 10% tax after all income and GST is included (Stuff)

  • Jetstar cancelled one in six Sydney-Melbourne flights in March and had only 59.6% of its flight departing on time (AFR)

Job Board

New Zealand

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  • Waterman Capital investment analyst - Apply here

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