China sees light as their COVID policy may change

Good Morning,

Let's jump in.

China clamps down on the provinces with recently broken up protests, New Zealand's biggest bank raises mortgage rates, oil price plunge to lowest depths since December 2021 and Canada pledges NATO's full allegiance with Ukraine as the embattled nation warns of more attacks to come from the Russia. 

Before The Bell

Markets

• ASX continues to fall as China asserts its dominance over the protestors. (AFR)

• LIVE LAST NIGHT: Hong Kong stocks extend rally past 5% after China holds Covid briefing. (CNBC)

• All three benchmark indexes of the US lost around 1.5%. Treasurys posted slight gains, although the 10-year note was flat. Oil, meanwhile, finished up after being down for much of the day. (WSJ)

• Australian inflation tipped to show big jump for October.

• Stickier inflation means more work to do for RBNZ. It now expects the current 4.25 per cent cash rate to peak at 5.5 per cent and the economy to start contracting next year until early 2024. (AFR)

Earnings and Data

• F&P Healthcare’s shares jump with second-half growth tipped (NBR)

• Buy-now, pay-later company, Laybuy is confident it will be first in the sector to achieve ebitda profitability after posting $14.9m loss. (NBR)

• Arvida's interim profit grows despite Covid-19-related challenges. Net profit gain of $13.7 million over the last half. (RNZ)

News Summary

• Stickier inflation means more work to do for RBNZ. It now expects the current 4.25 per cent cash rate to peak at 5.5 per cent and the economy to start contracting next year until early 2024. (AFR)

• Consumer sentiment has slumped further amid rising interest rates, high inflation, falling house prices, and the prospect of a slowing economy. The ANZ-Roy Morgan consumer confidence survey shows a five point fall to 80.7, the lowest level since June. (RNZ)

• Ardern was forced to announce something tangible to reduce the rates of aggravated robbery in New Zealand. (Stuff)

• China's censorship machine is going to great lengths to prevent people seeing scenes of protest in multiple Chinese cities. (BBC)

• Suitcase murder suspect arrives in NZ, due in court tomorrow. (ONE)

Deal Flow

Investments/ M&A

• Former RBS Fixer Charts Course to $50 Billion Credit Empire at Pemberton. (BBG)

• Greenfern, an NZX listed medical cannabis company launches $1.2m wholesale offer as a part of a plan to raise $5 million. (NBR)

VC & Fundraising

• Shell Plc is selling its stakes in a group of North Sea oil fields, according to marketing materials seen by Bloomberg News. (BBG)

• Mexico's Banca Mifel has lined up investors including Apollo Global Management and the Abu Dhabi Investment Authority to fund a bid for Citigroups Inc's Mexican retail bank. (RT)

Equity Raises

• Melbourne metal manufacturing specialist Titomic Limited had PAC Partners rounding up investors for a $4 million placement on Tuesday to pay for working capital and joint venture costs. (AFR)

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