Sabotage attack on French trains ahead of Olympics

Good Morning,

‘Massive’ and ‘coordinated’ sabotage attack on French trains ahead of Olympics, Luxon calls for witnesses to alleged '80s politician paedophile ring to speak out, Woolworths Holdings brings in BCG to slash costs at Country Road, TikTok goes all-out in Washington with its US survival at stake, Barack and Michelle Obama endorse Kamala Harris, and JPMorgan launches in-house chatbot as AI-based research analyst.

Let's jump in.

Before The Bell

Markets

• Consumer confidence has picked up and is suggesting the worst of the economic downturn may be coming to an end (RNZ)

• Household living costs up 5.4% (Stuff)

Earnings and Data

• Nestle cuts sales guidance amid struggle to win back shoppers. First half sales up 2.1%, missing analyst expectations of 2.5% (BBG)

• Bristol Myers Squibb beat earnings estimates. Revenue rose 9% from the same period a year ago to $12.2 billion, shares rose nearly 5% in premarket trading Friday following the results (CNBC)

• Aon reported a rise in its second-quarter adjusted profit. Total revenue rose 18% to $3.76 billion. (RT)

News Summary

• Luxon calls for witnesses to alleged '80s politician paedophile ring to speak out (RNZ)

• Uber and Lyft score victory in California gig economy case (Herald)

• Olympics 2024: Canada football coach sent home, drone spying predates Paris Olympics, says national body (Herald)

• ‘Massive’ and ‘coordinated’ sabotage attack on French trains ahead of Olympics (Stuff)

• Woolworths Holdings brings in BCG to slash costs at Country Road (AFR)

• Super funds put ANZ board, executives on notice over trading scandal (AFR)

• Pirate-fuelled shipping crisis forcing costs sky-high for Australian importers (AFR)

• Australia, Canada and NZ urge immediate Gaza ceasefire (AFR)

• Barack and Michelle Obama endorse Kamala Harris (AFR)

• JPMorgan launches in-house chatbot as AI-based research analyst (RT)

• U.S. crypto exchange Coinbase adds three board members, including OpenAI executive (RT)

• Epic Games says Fortnite returning to iOS in EU, leaving Samsung app store (RT)

• TikTok goes all-out in Washington with its US survival at stake (BBG)

• Apple to adopt voluntary AI safeguards established by Biden (BBG)

• With Google in its sights, OpenAI unveils SearchGPT (TC)

• Novo Nordisk’s Wegovy wins EU backing for reducing heart risks (CNBC)

• Nvidia supplier SK Hynix to build $6.8 billion chip plant in South Korea (CNBC)

Deal Flow

Investments / M&A

• Private equity firm Apollo Funds will take International Game Technology's gaming and digital business and Everi Holdings private in a deal valued at US$6.3 billion (RT)

Daily Picks

• How to do ‘brat summer’, but it’s winter in Aotearoa (Stuff)

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