Bears Converge on Wall Street in 2023 🐻

December 08, 2022

Good Morning,

The National Party has called for Nanaia Mahuta to step down over the 3 Waters entrenchment drama, China eases its Covid quarantine and lockdown measures, Apple to start making its chips in the US, Z Energy provides an "off specification' load of jet fuel which forces airlines to enter rationing mode, the Government has provided a loan to Ruapehu Alpine Lifts which will allow them to keep operating in 2023, and North Africa rejoices as Morocco beat Spain on penalties to progress to the quarter-finals of the Fifa World Cup.

Let's jump in.

Before The Bell

Markets

  • The markets were down overall as bearish sentiment is on the rise heading into 2023.

Earnings and Data

  • Microsoft NZ increased its net profit by 250% to $40 million NZD (Herald)

News Summary

  • In a turnaround, China eases its Covid quarantine and lockdown policy to allow people to isolate at home (BBC)

  • Neil Warnock has beaten his Republican rival in the Georgia senate run-off race to give the Democrats a 51-49 advantage in the upper chamber (BBC)

  • Chip maker TSMC invests $40 billion USD in Arizona plants in one of the largest foreign investments in US history (BBC)

  • The High Court has determined that Te Whatu Ora may be granted temporary guardianship over a baby who's parents are refusing life-saving surgery due to concerns about Covid vaccinated blood being transfused (Herald)

  • Christopher Luxon believes that Jacinda Ardern has lost control of Local Government Minister Nanaia Mahuta afters she backed an amendment to entrench part of a 3 Waters bill (Herald)

  • The Government has provided a loan worth $6 million NZD which will allow Ruapehu Alpine Lifts to continue operating in 2023 (Herald)

  • Donald Trump's companies have been convicted in a New York criminal tax fraud trial (BBG)

  • The Australian economy grew 0.6% in the September quarter down from 0.9% in the previous quarter (AFR)

Deal Flow

Investments/ M&A

  • Andrew Forrest's Squadron Energy to pay over $4 billion USD for CWP Renewables (AFR)

  • Copper miner Sandfire Resources is in the market for a buyer for their De Grussa mine, Azure Capital has been hired to help find a buyer (AFR)

  • Covid-19 test maker Ellume has been snapped up by rival Hough for $38 million USD (AFR)

  • Fashion brand Vince is exploring options which include selling the company (BBG)

  • French shipping container company CMA CGM has agreed to buy two major shipping terminals in New York and New Jersey from Global Container Terminals (BBG)

VC & Fundraising

  • Christchurch-based space transportation company Dawn Aerospace secures $20 million NZD in a Series A round (NBR)

Equity Raises

  • Listed sales software company Bigtincan has been tapping up fund managers for a $30 million AUD institutional raise (AFR)

  • Chinese athletic apparel producer Anta Sports is considering listing Wilson tennis racquet maker Amer (BBG)

Debt

  • Apollo Global Management and Franklin Templeton are among buyers Citrix System's $750 million USD leveraged buy-out debt (BBG)

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