Aussie Inflation Cooler = No Recession? Yeah Right

Good Morning,

Economists warn of 9.5% mortgage rate peak, Jacinda Ardern meets Finnish counterpart in historic visit, US Senate passes landmark same sex marriage with bipartisan support, China plans crackdown after COVID protests, Du Val Group challenges arbitration award, Businessman Yikun Zhang sentenced for National Party donations concealment, ANZ reports business sentiment at dire levels and a Marcus Rashford brace has ensured that Wales will be on the next plane to Cardiff in the Fifa World Cup.

Let's jump in.

Before The Bell

Markets

• Australian Equities were up slightly as inflation came in cooler than expected at 6.9%

Earnings

• Wednesday: Petco Health and Wellness, Build-A-Bear, Royal Bank of Canada, Salesforce

• Thursday: Asana, La-Z-Boy, Kroger

Data (All Times in ET)

• Wednesday: Fed Chair Jerome Powell speech, EIA crude oil inventory report, Fed releases its Beige Book, US wholesale inventories

• Thursday: S&P Global PMIs, US construction spending, consumer income, initial jobless claims, ISM Manufacturing, BOJ’s Haruhiko Kuroda speaks

• Friday: US unemployment, nonfarm payrolls, ECB’s Christine Lagarde speaks

News Summary

• Australian CPI came in cooler than expected at 6.9% enhancing optimist that the Australian economy can avoid a recession (AFR)

• China plans to crackdown on protestors opposing Covid rules (BBC)

• The US Senate has passed a historic same-sex marriage bill that protects it amidst the possibility of a conservative-leaning Supreme Court overturning their previous decision to legalise it (BBG)

• Property group Du Val have challenged an arbitration award over a dispute arising with their joint venture partner Downey Group (NBR)

• Yikun Zhang has been sentenced to home detention over concealed donations made to the National Party (NBR)

• Arvida Group says more work is needed by the government on nursing shortages (NBR)

• Mancunians Marcus Rashford and Phil Foden have sent England to the last 16 of the Fifa World Cup after scoring in a 3-0 victory of neighbours Wales (BBC)

Deal Flow

Investments/ M&A

• French engineering group Egis to buy Calibre Group's urban development consulting group, Built Environment (AFR)

• Saudi Arabian food delivery service Jahez to buy Chefz in cash and stock deal (BBG)

Equity Raises

• Kiwi cervical cancer screening device company TruScreen will try to raise up to $2 million in capital early next year after its unaudited half-year accounts were flagged by directors as a "going concern". (NBR)

• Lithium explorer, Red Dirt to issue a $50 million AUD institutional share placement to fund work at its Mt Ida and Yinnetharra projects (AFR)

• Sunshine Insurance sets terms for $948 million USD Hong Kong IPO (BBG)

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