Book covered for Auckland Airport’s $1.3bn raise

Author

Maren Ishak
September 23, 2024

Good Morning,

Investors celebrated the Fed's expected rate cuts, driving markets higher. Large-cap indexes reached new highs, while smaller-cap stocks lagged. In Europe, the STOXX Europe 600 Index fell slightly despite gains in major markets. Chinese equities rose, boosted by the Fed's decision and despite disappointing economic data.

Let’s jump in!

Before The Bell

Markets

  • Investors cheered the Fed's expected rate cuts, driving large-cap indexes to new highs. Smaller-cap indexes also rallied but remained below their peaks (TRP)

  • The STOXX Europe 600 Index fell 0.33% as the Fed rate cut rally faded and investor caution about monetary policy rose. Major indexes rose, with Italy up 0.58%, France up 0.47%, and Germany up 0.11%. The UK's FTSE 100 Index fell 0.52% (TRP)

  • Chinese equities rose despite disappointing economic data, as the Fed's rate cut boosted markets. The Shanghai Composite Index gained 1.21%, the CSI 300 added 1.32%, and the Hang Seng Index gained 5.12% (TRP)

Earnings & Data

  • The Hong Kong government is preparing to issue its maiden policy statement on the use of artificial intelligence in finance. (BBG).

  • Microsoft approves new $60 billion share buyback program. (Reuters).

  • Ireland’s government has been told it needs to collect €14bn back in taxes from Apple. (BBC).

News Summary

Monday

  • Anna Sawai makes history at Emmys (Stuff)

  • Payout for boy who quit Subway job when his request for time off for school camp was denied (Stuff)

  • Australian government one of leading victims of data breaches (9 News)

Tuesday

  • Nomads gang kidnapping: Carlos Harris sentenced over abduction of Auckland woman made to dig own grave. (Herald).

  • Police make arrest in Ariki Rigby homicide investigation, man charged with murder. (Stuff).

  • Four men charged after pair allegedly kidnapped, tortured and shot in Sydney. (9 News).

Wednesday

  • The federal government has announced a plan to reduce airport noise after a new runway in Brisbane caused headaches for thousands of residents. (9News)

  • Irwin will be lending his charisma to the much-anticipated 2024 TikTok Awards presented by CeraVe, which will celebrate the "diversity, uniqueness and achievements of TikTok storytellers", according to a media release. (9News)

  • A young man who was trapped in his upturned car overnight after the vehicle plunged off a cliff in Melbourne's outer east has been flown to hospital with serious injuries. (9News)

Friday

  • Death of Tupperware exposes the ‘iconic brand’ fallacy (AFR)

  • Anglo American’s Australian coal auction has six credible bidders (AFR)

  • Second wave of exploding devices raises fears of wider Israel-Lebanon conflict (RT)

Weekend

  • Name released of Levin homicide victim as investigation continues (Stuff)

  • ASX to drop from record as traders brace for more RBA hawkishness (AFR)

  • The critical US swing states explained in four charts (AFR)

Deal Flow

Investments / M&A

Australia & New Zealand

  • US bond insurance issuer, BAM, lands in Australia, targets infrastructure (AFR)

  • Bank merger killed as RAMS fallout spreads (AFR)

  • UniCredit, Commerzbank merger could add shareholder value (RT)

  • The U.S. Transportation Department said on Tuesday it had agreed to allow Alaska Airlines to close on its $1.9 billion acquisition of Hawaiian Airlines (RT)

Key Global

  • Insight Partners closes in on new $10 billion fund (RT)

  • France's Rexel rebuffs $9.4 billion offer from Brad Jacobs-led QXO (RT)

  • Alcoa to sell its 25.1% stake in Ma’aden joint venture for $1.1 billion (RT)

  • Apex predator Regal homes in on biggest M&A target to date: Platinum ($AU576m AUM) (AFR)

  • Flutter Agrees to Buy Playtech’s Italian Unit for €2.3 Billion. (BBG).

Other Global

  • Rogers Communications said on Wednesday it had signed an agreement to buy Bell's 37.5% ownership stake in Maple Leaf Sports & Entertainment (MLSE) for C$4.7 billion ($3.46 billion). (RT)

  • Denmark’s Topsoe CEO Wants to Delay IPO to Stay Private for Now (BBG)

VC & Fundraising

  • Airtree-backed NDIS start-up Kismet clinches $32.5m in seed round (AFR)

  • Midea Group rose as much as 9.5% on its Hong Kong trading debut after the Chinese home appliances maker raised nearly $4 billion in the city's largest share offering in almost four years, boosting hopes for a revival in large Chinese issuances. (RT)

Equity Raises

Australia & New Zealand

  • Book covered for Auckland Airport’s $1.3bn raise (AFR)

  • Australian health start-up chases $1.5b valuation with testing app (AFR)

Key Global

  • Moove Lubricants Holdings, a unit of Brazil conglomerate Cosan SA, filed for a US initial public offering, disclosing growing revenue. (BBG).

  • Chinese home appliances maker Midea Group rose by up to 9.5% on its trading debut in Hong Kong on Tuesday after raising nearly $4 billion in the city's largest share offering in almost four years. (Reuters).

Other Global

  • Carbon broker CORE Markets eyes $25m raise for Asia push (AFR)

Debt, Restructuring & Bankruptcy

  • Borrowers are leaning on credit cards as other sources of credit have dried up. (WSJ)

  • China’s local government debt problems are a hidden drag on economic growth. (CNBC)

  • A Tauranga-based family-owned motorhome business is in receivership and liquidation with BNZ still owed nearly $427,000. (Herald)


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