$6.4 Trillion Stock Wipeout has Traders Fearing

Good Morning,

A US judge has ruled Google acted illegally to crush its competition and maintain a monopoly on online search and related advertising, the body of an 80-year-old man, who died in May, is the first in Australia to be frozen in the name of cryonics with the hope it will one day come back to life, the All Blacks are “bringing the Ferrari back out of the garage” for the start of the Rugby Championship, and $6.4 Trillion Stock Wipeout Has Traders Fearing ‘Great Unwind’ Is Just Starting.

Let's jump in.

Before The Bell

Markets

• Stocks fell sharply on Monday, with the Dow Jones Industrial Average posting its worst day in nearly two years, as worries over the health of the U.S. economy sparked a global market sell-off. (CNBC)

• Japanese stocks soared more than 10% early Tuesday, a day after plunging and setting markets tumbling in Europe and on Wall Street. (Guardian)

• $6.4 Trillion Stock Wipeout Has Traders Fearing ‘Great Unwind’ Is Just Starting (BBG)

• Aramco maintained its quarterly dividend at $31 billion despite lower profit as the payout becomes increasingly crucial for Saudi Arabia’s government in its multitrillion-dollar economic makeover plan. (BBG)

News Summary

• The All Blacks are “bringing the Ferrari back out of the garage” for the start of the Rugby Championship. (Stuff)

• The father of a Kiwi pilot who was shot in West Papua believes someone ‘pulled the wool’ over his son’s eyes because he never compromised when it came to safety. (Stuff)

• But people in Auckland have abandoned hundreds of cars in recent years including Jaguars and BMWs. (Herald)

• A former teacher at one of the country’s most prestigious schools has been cleared of wrongdoing after being accused of asking a teenage girl for a kiss and about her previous sexual experience. (Herald)

• Hundreds of nurses called on to fill critical workforce shortages are without jobs, with one in four recent graduates unemployed and international nurses warning others to stay away. (RNZ)

• The World Anti-Doping Agency and World Aquatics have acknowledged that 23 Chinese swimmers tested positive for a banned substance before the Tokyo Olympics. (Guardian)

• Return to Nature funeral home victims are owed $950M, but payout unlikely. (9 News)

• A US judge has ruled Google acted illegally to crush its competition and maintain a monopoly on online search and related advertising. (BBC)

Deal Flow

Investments / M&A

• Japanese appliance maker Rinnai Corporation, capitalised at ¥439 billion ($4.8 billion) on the Tokyo Stock Exchange, has acquired a majority stake in Byron Bay-headquartered Smart Energy which called in KPMG to shop the business last year. (AFR)

• Nauru may swap Australian dollars for Chinese yuan if the Albanese government squanders its strategy of drafting in the big four banks to shore up regional security and counter Beijing’s growing influence in the island economy. (AFR)

• A deal between family-owned Mars and Kellanova, known for snacks brands such as Rice Krispies Treats and Pop-Tarts, would be one of the biggest ever in the packaged food sector. (RT)

VC & Fundraising

• British insurer Phoenix Group (PHNX.L), opens new tab and fund management company Schroders (SDR.L), opens new tab have agreed to launch a private markets investment firm to channel up to 20 billion pounds ($25.68 billion) into unlisted assets over the next decade. (RT)

Debt

• South Africa’s 15 water boards are owed 21.3 billion rand ($1.2 billion) by municipalities and the debt threatens their financial viability (BBG)

Daily Picks

• The body of an 80-year-old man, who died in May, is the first in Australia to be frozen in the name of cryonics with the hope it will one day come back to life. (RNZ)

• News of athletes falling sick after swimming in the River Seine comes as no surprise to Parisians; the city locals know the water is filthy, and they have been trying to warn us since well before the Olympics began. (RNZ)

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