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Tensions in the Middle East still causing foreign markets to wobble

October 31, 2023

Good Morning,

Multiple central bank announcements, Westpac and ANZ increase Home Loan interest rates, Dubai Taxi Corp. due to have an IPO, HSBC announces $3 billion share buyback as profits surge, the war in the Middle East is causing uncertainty for markets.

Let's jump in.

Before The Bell

Markets

  • The NZ market fell for the 7th consecutive day as it battles a slipping NZ dollar and higher interest rates (GR)

  • S&P 500’s losses increased from July peak to 10.3% on Friday (AFR)

  • The ASX fell to below 6,800 for the first time this year. As the war in the Middle East set markets on edge (AFR)

  • The Bank of Japan, the Fed and the Bank of England are all expected to keep rates on hold as they each hold announcements this week (AFR)

  • Hedge funds are loading up on Uranium stocks (BBG)

News Summary

  • Online supermarket Supie has gone into voluntary administration (Stuff)

  • Westpac is increasing a number of its home loan interest rates from Tuesday (Stuff)

  • ANZ increased the home loan test rate to 9.1% (Stuff)

  • Mother of two lost hundreds of dollars in social media scam (Stuff)

  • All Blacks coach Ian Foster is open to coaching other countries (Stuff)

  • Warning for asthmatics in parts of Victoria due to thunderstorm

    (9 News)

  • Queensland firefighters race as forest fire conditions worsen (9 News)

  • Airtree Ventures-backed Zepto has cut jobs (AFR)

  • Matthew Perry dies at age 54 (Stuff)

  • Deadly India train crash kills 13 (BBC)

  • Anti-Israel mob storms airport (BBC)

  • Automaker Stellantis’ union workers in Canada strike as contract talks fail (BBG)

Deal Flow

Investments / M&A

  • Information and analytics firm Ascential to sell digital commerce, product design units in £1.70B deal (RT)

  • KKR to invest $400m (USD) in Malaysian subsea telco cable services firm OMS Group (RT)

  • Aussie Broadband has made a binding offer worth up to $258m (AFR) to buy software group Symbio (AFR)

  • COG Financial Services has made a bid for ASX-listed Diverger that values the company at $56.4m (AUD) (AFR)

  • Zhaojin Capital is making a play for West African gold miner Tietto Minerals. It made a bid for 100% of its shares for 58¢ per share – or a 38% premium to the last close (AFR)

  • Wealth management and broking firm Jarden is in talks with NAB over a deal for its New Zealand wealth management firm JBWere, and their KiwiSaver scheme (NBR)

VC & Fundraising

  • Private equity firm PEP is preparing to launch its 7th fund in what is expected to be the biggest fundraising so far for Australia’s largest private equity firm. It is targeting $7B (AUD) (AFR)

  • Leigh Jasper’s new startup Firmable has attracted $9m (AUD) in investment already (AFR)

Equity Raises

  • Dubai’s Road and Transport Authority(RTA) is seeking about $300m (USD) from its Dubai Taxi Corp. IPO (BBG)

  • Financial services company Cuscal announced an IPO at $2.50 per share via a back-end bookbuild amid market volatility(AUD) (AFR)

  • Battery maker AESC raises $1B (USD) as it eyes a US IPO (BBG)

Debt

  • HSBC announces $3B (USD) share buyback as after-tax profit surges over 235% year-on-year (CNBC)

  • Channel Infrastructure has launched a $75m (NZD) 6-year retail bond offer at a minimum interest rate of 6.75% per annum (NZX)

Daily Picks

  • UK restaurant charges extra £40 to 'adults unable to parent' their children (SKY)

  • Read more about Barrenjoey’s journey here 

The Daily Deck is sponsored by Industrial Equity, LLC

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