Cavendish Bananas Facing Possible Extinction 🍌

Good Morning,

Cavendish banana plantations 'doomed' as virus spreads - grower, Reports of 22 dead as active shooter on the run in Maine, US, Yen Weakens Close to Three-Decade Low Against US Dollar, Raising Intervention Risk, Toyota CEO Sees EVs as ‘Missing Piece’ for World’s Top Carmaker, and China rushes to swap Western tech with domestic options as U.S. cracks down.

Let's jump in.

Before The Bell

Markets

• Markets were mixed over the past day. The NZX 50 lost -0.3%, to 10,848.54, the ASX 200 decreased -0.6% to 6,812.30, the S&P 500 decreased -1.4% to 4,186.77 and the Nasdaq lost -2.4%. All treasury bond yields increased

• The yen slumped back past 150 per US dollar again, raising the risk of government intervention in the currency market and piling pressure on the Bank of Japan to adjust monetary policy (BBG)

• Zambian inflation accelerated at the fastest pace in almost two years in October as the kwacha continues to tumble, bringing pressure to bear on the central bank to raise interest rates next month (BBG)

Earnings and Data

• Meta Platforms beat expectations for third-quarter profit and revenue helped by its ongoing austerity drive and a recovery in digital advertising spending ahead of the holiday season (RT)

News Summary

• Maine State Police ordered residents in the state's second-largest city to shelter in place Wednesday night (local time) because of an active shooter situation in multiple locations (1 News)

• One of the world's most common banana varieties - Cavendish - is facing possible extinction, stoking concerns of a worldwide shortage (1 News)

• Rain, swells and strong winds are on the cards as the remnants of Cyclone Lola merges with a low and heads our way early next week (1 News)

• Eighteen fire trucks are at the scene following a large factory fire in West Auckland Thursday afternoon (1 News)

• Thousands of construction workers have marched through Sydney to call for a ban on engineered stone (9 News)

• Australian police have arrested seven people and seized more than A$50 million (USD$31.6 million) in property and vehicles, as a result of a 14-month investigation into alleged money laundering by an organised crime syndicate (BBG)

• India will begin issuing certain categories of visas for Canadian citizens, in a sign of softening of tensions between the two nations over the killing of a Sikh separatist leader (BBG)

• The Philippine central bank resumed tightening monetary policy in an off-cycle move Thursday and signalled that it’s ready to deliver “follow through policy action” if necessary to bring inflation back to target (BBG)

• The youngest-ever crew of Chinese astronauts departed for China's space station on Thursday, paving the way for a new generation of "taikonauts" to advance the country's space ambitions in the future (RT)

• Toyota CEO Sees EVs as ‘Missing Piece’ for World’s Top Carmaker (BBG)

• China has stepped up spending to replace Western-made technology with domestic alternatives as Washington tightens curbs on high-tech exports to its rival, according to government tenders, research documents and four people familiar with the matter (RT)

• Morgan Stanley's Ted Pick won the race to succeed long-time CEO James Gorman and on Wednesday promised to stick to the blue chip Wall Street firm's strategy as it navigates a deal-making slump and uncertain economic outlook (RT)

• Europe's major airlines are set for another bumper quarterly earnings season after a summer of record post-pandemic travel, but turmoil in Israel, the spillover impact on oil prices and worries about a global recession may cloud the outlook (RT)

Deal Flow

Investments / M&A

• NZX-listed publican GSH Hospitality has reached an agreement to sell its nine trading assets to a related company of its chief executive, following a protracted sales process (NBR)

• Meridian Energy will invest NZD$6.7 million in wind energy minnow NZ Windfarms as part of a capital raise to fund a redevelopment of the Te Rere Hau windfarm near Palmerston North (NBR)

• Stellantis said on Thursday it is buying a 21% stake in EV maker Leapmotor in a USD$1.6 billion deal that will give it a fresh shot in China and the smaller Chinese carmaker a European foothold (RT)

• KKR & Co. is nearing a deal to invest about $400 million in Malaysian sub-sea cable company OMS Group Sdn., in what could be the latest transaction in the digital infrastructure industry in Asia (BBG)

Equity Raises

• Japanese chip-equipment maker Kokusai Electric Corp. jumped in Tokyo on Wednesday after the largest initial public offering in the country since 2018 (BBG)

Debt

• Capital A Berhad, the parent of AirAsia, is planning to raise more than USD$1 billion in debt and equity and will list some of its businesses through a blank-cheque company (RT)

The Daily Deck is sponsored by Industrial Equity, LLC