Adrian Goes Bold and Hits 75

Good Morning,

Reserve Bank hikes rates by 75bp and warns of recession in 2023 Supreme Court allows House panel access to Donald Trumps tax returns, Angry protests outside iPhone factory in China, Gunman kills 10 in Walmart store in Virginia, Smartshares acquires Craig's funds management business, QuayStreet, Serko boosts revenue guidance as travel bookings return and Lionel Messi's Argentina lose to Saudi Arabia in shock world cup upset.

Let's jump in.

Before The Bell

Markets

• NZ equity markets were slightly down whilst bond yields increase as the RBNZ raised the official cash rate by 75bp

News Summary

• Supreme Court clears Congress to see Donald Trump's tax returns (BBC)

• Indonesia rescuers battle after-shocks amid search after earthquake (BBC)

• Jair Bolsonaro's party challenges election result (BBC)

• RBNZ delivers a jumbo-sized 75bp OCR increase (NBR)

• Tower Insurance guides profit lift next year (NBR)

• BDO says a third of New Zealand businesses are not prepared for geopolitical risks (NBR)

• The Government is set to use urgency to push through 24 bills (Herald)

• Sam Bankman-Fried says collateral crashed by $51 billion USD as FTX fell (BBG)

• Credit Suisse sees $1.6 billion USD fourth quarter loss (BBG)

• Manchester United owner weighs sale of the club (BBG)

Deal Flow

Investments/ M&A

• NZX buys QuayStreet and picks up $1.6 billion NZD assets under management (NBR) 

• Insurance company NIB are set to buy OrbitProject, a New Zealand company that provides insurance cover for international students (NBR)

• ConcoPhillips to take stake in Sempra's LNG US export terminal (BBG)

Equity Raises

• West Australian gold hopeful, Musgrave Minerals asking investors for $8 million (AUD) equity injection (AFR)

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