Unemployment levels still above RBNZ expectations

November 02, 2023

Good Morning,

Unemployment levels increased by slightly more than the Reserve Bank expected, an Air New Zealand call centre staff says they are living in a constant state of fear, actor Matthew Perry’s body was not waterlogged when paramedics found him dead in his hot tub Saturday & the UK government has scrapped guarantees on nearly 1 billion pounds($1.2 billion) of bank loans.

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Before The Bell

Markets

  • Unemployment has increased by slightly more than the Reserve Bank expected, but commentators say there is still a risk that labour costs and inflation might not cool as quickly as the central bank wants. (Stuff)

  • The major U.S. stock benchmarks finished lower for a second straight week, as market sentiment was dented by mixed corporate earnings reports and concerns about higher interest rates. (TRP)

  • Rising house prices and plunging housing starts are putting more pressure on the RBA to raise rates, just as household mortgage buffers are running out. (AFR)

Earnings and Data

  • Australian shares are poised to rise, bolstered by gains in the US from strong earnings and positive guidance from a range of companies including Coca-Cola, GE, 3M and Verizon. (AFR)

News Summary

  • An email purported to be from Air New Zealand call centre staff says they are living in a constant state of fear and anxiety as they deal with unrealistic workloads. (Herald)

  • Actor Matthew Perry’s body was not waterlogged when paramedics found him dead in his hot tub Saturday, according to law enforcement sources. (Stuff)

  • Police in Australia are appealing for information after a Kiwi man went missing while on his OE in Sydney. (Stuff)

  • Councils want more certainty over what the change of government means for their water assets and books as they prepare for their next long-term plans. (RNZ)

  • Russia’s richest man, Vladimir Potanin, has taken the dispute with his ex-wife to the UK’s top court to try to avoid facing one of the world’s largest divorce claims, as he warns against the “generosity” of the British courts. (AFR)

  • Air pollution raises risk of type 2 diabetes, says landmark Indian study. (Guardian)

  • European markets opened higher Wednesday, with investors awaiting the next interest rate decision from the U.S. Federal Reserve. (CNBC)

  • The UK government has scrapped guarantees on nearly 1 billion pounds($1.2 billion) of bank loans handed out ailing businesses during the COVID-19 pandemic, leaving lenders on the hook for some of the borrowings that will not be repaid. (RT)

Deal Flow

Investments / M&A

  • Germany’s government plans to buy a 25% stake in transmission system operator TransnetBW from majority owner EnBW Energie Baden-Wuerttemberg AG, a move that will support its aim of consolidating the nation’s power grids. (BBG)

  • Singapore's sovereign wealth fund GIC has invested in a 35% stake in Hotel Investment Partners (HIP), an owner of resort hotels in Southern Europe, according to a statement by HIP on Tuesday night. (RT)

VC & Fundraising

  • Saudi Arabia-based Tabby raised $200 million in a funding round that values the buy-now- (BBG)

Equity Raises

  • Aussie Broadband was preparing to hit up fund managers for about $120 million in fresh equity on Wednesday morning, after it agreed terms to buy Symbio. (AFR)

Daily Picks

  • Mum's advice helps Sam Cane get through anguish of Rugby World Cup final red card. (Stuff)

  • Dan Hooker v Bobby Green: Kiwi UFC star set for return at UFC Austin fight night in five-round co-main event. (Herald)

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