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Toyota's 10 New EV Models Could Drive Circles Around Tesla's Price Cuts

April 08, 2023

Good Morning,

Complaint made over Brendon McCullum 22Bet gambling ad that would be illegal on NZ provider, Supermarket suppliers not being influenced on pricing, Food and Grocery Council says, Culture Kings founder laughs off $500 million USD stock market loss, Toyota to launch 10 new battery EV models by 2026, and Tesla cuts US prices for the fifth time since January.

Let's jump in.

Before The Bell

Markets

  • Markets were mostly down over the last two days. The NZX 50 was slightly up to 11,870.08, the ASX 200 decreased -0.3% to 7,219.00, the S&P 500 gained +0.1% to 4,105.02 and the Nasdaq dropped -0.3%. All treasury bond yields decreased.

  • China’s recovery is taking longer than expected, so Citi is pushing back its stock rebound forecasts (CNBC)

  • Dogecoin fell as much as 9% as some Twitter users began to see their home buttons on the social media platform revert back to its iconic blue-bird logo after a few days of being replaced by the dog meme associated with the cryptocurrency (BBG)

Earnings and Data

  • The U.S. economy likely continued to churn out jobs at a brisk clip in March even though the labour market is losing its lustre as Federal Reserve interest rate hikes dampen demand (RT)

  • Airbus deliveries fell by 11% on an industrial basis to 127 jets in the first quarter, underscoring pressure on global supply chains, industry sources told Reuters (RT)

  • UBS Group AG's reported plan to lay off as many as 36,000 workers would make it the company with the largest job cuts globally in the past six months (BBG)

  • Toyota Motor Corp will introduce 10 new battery-powered models and target sales of 1.5 million EVs a year by 2026, aiming for steep growth in a market where it has long been lapped by rivals (RT)

  • Tesla cut prices in the United States between 2% and nearly 6%, its website showed on Thursday, as the company extends a discount drive on its electric vehicles that analysts caution could hurt profitability (RT)

  • Seven & I Holdings Co. dropped the most in more than two years after its full-year forecast missed analyst estimates while saying that it will consider strategic options following a push by activist fund ValueAct Capital Management LP’s to abandon its conglomerate structure (BBG)

News Summary

  • For more than two decades, Supreme Court Justice Clarence Thomas has accepted luxury trips nearly every year from Republican mega-donor Harlan Crow without reporting them on financial disclosure forms, Pro Publica reports (1 News)

  • The Crusaders have given Richie Mo'unga a win in his 100th game for the Canterbury Super Rugby franchise although they were made to work by a vastly-improved Moana Pasifika outfit looking to rain on their parade (1 News)

  • Heavy rain warnings have been issued for Hawke's Bay and Gisborne as a low-pressure system slowly moves towards the East Coast (1 News)

  • A Wellington man has been left rattled after he says he was abused over the phone and at his front door by a Countdown delivery driver (1 News)

  • Jeremy Renner "passed away for a couple of seconds" after suffering horrifying injuries in a snowplough accident (1 News)

  • A formal complaint has been made by the Problem Gambling Foundation to the Department of Internal Affairs (DIA) about an online gambling ad that former Black Caps star and current English cricket team coach Brendon McCullum is the face of (Herald)

  • Supermarket suppliers not being influenced on pricing, Food and Grocery Council says (Herald)

  • The founder of the global fashion giant Culture Kings has laughed off reports he’d lost $500 million in a stock market crash (Herald)

  • The Easter long weekend began with tragedy when four people - including locals - were killed and a fifth critically injured in a "horrific" head-on crash on a country New South Wales (9 News)

  • AFP to be investigated over claims it perverted the course of justice in Bruce Lehrmann sexual assault case (9 News)

  • Police shoot man dead in Newcastle after two officers stabbed in 'dangerous confrontation' (9 News)

  • Israeli strikes target Hamas in Lebanon and Gaza after rocket attack (CNBC)

  • The prosecution of former President Donald Trump has evenly divided Americans but appears to have boosted his chances of winning the Republican nomination for the 2024 election, according to a Reuters/Ipsos poll released on Thursday (RT)

Deal Flow

Investments / M&A

  • Holcim has acquired Sivyer Logistics, a British company that recycles construction and demolition waste in London (RT)

  • British gambling group Entain Plc said on Wednesday it acquired sports media business 365scores for up to $160 million USD to improve its interactive content and experience for users (RT)

  • Australian fuel supplier Viva Energy Group Ltd shares shot to a record high on Wednesday after it said it would pay A$1.15 billion ($777 million USD) for a convenience store chain, as a strong start to 2023 for corporate deals continues Down Under (RT)

  • Iraq said on Tuesday it has agreed to a smaller 30% stake in TotalEnergies long-delayed $27 billion USD project, reviving a deal that Baghdad hopes could lure back foreign investment into the battered country which craves stability (RT)

  • iNova Pharmaceuticals is in advanced talks to acquire the over-the-counter business of Mundipharma International Ltd., according to people familiar with the matter (BBG)

  • Inditex SA, which runs the Zara and Bershka clothing chains, obtained approval to sell its business in Russia to Daher Group of the United Arab Emirates (BBG)

VC & Fundraising

  • EnCap Investments is exploring the sale of two Permian basin-focused oil and gas producers that could collectively fetch the private equity firm nearly $3 billion USD, people familiar with the matter said on Thursday (RT)

Equity Raises

  • Fung Group is exploring an initial public offering in Singapore for its retail brands unit that could value the business at about $500 million USD, according to people with knowledge of the matter (BBG)

  • Hoppecke, a German manufacturer of energy storage units and power supplies, is weighing an initial public offering of its specialist lithium-ion unit, people with knowledge of the matter (BBG)

Daily Pick

  • New Niwa AI tool can predict rain weeks in advance (Stuff)

Job Board

New Zealand

  • BDO graduate and intern roles - Apply here

  • Bell Gully summer intern roles - Apply here

  • Buddle Findlay summer clerkships - Apply here

  • Chapman Tripp winter and summer clerkships and clerk roles - Apply here

  • Deloitte intern roles - Apply here

  • Deloitte graduate roles - Apply here

  • DLA Piper insight programme,summer clerkships and clerk roles - Apply here

  • EY graduate and intern roles - Apply here

  • Forsyth Barr associate analyst - Apply here

  • Forsyth Barr associate analyst (global equities) - Apply here

  • Grant Thornton graduate roles - Apply here

  • KPMG graduate and intern roles - Apply here

  • PWC graduate and intern roles - Apply here

  • Russell McVeagh summer clerkships - Apply here

  • Russell McVeagh clerks - Apply here

Australia

  • Citadel Securities graduate and intern roles - Apply here

  • Goldman Sachs Investment Banking Intern - Apply here

  • IMC graduate and intern roles - Apply here

  • Jarden

    • Graduate role - Apply here

    • Summer internships - Apply here

  • Macquarie graduate roles - Apply here

  • Optiver

    • Graduate role - Apply here

    • Internships - Apply here

The Daily Deck is sponsored by Industrial Equity, LLC

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