NCEA and UE Decreases For Third Consecutive Year

Good Morning,

Dow climbs more than 100 points, Tesla’s 15% pop pushes Nasdaq to close higher, Coles delivers third-quarter sales growth in the supermarket business of 5.1 percent, and NCEA and University Entrance final attainment results for 2023 were released today by the New Zealand Qualifications Authority (NZQA). The results show that overall attainment at all levels of NCEA and UE has decreased across Year 11 to 13 students for a third consecutive year.

Let's jump in.

Before The Bell

Markets

• After a series of RBA meetings that have resulted in the official cash rate being put on hold, Commonwealth Bank has warned the tide may be starting to turn in the favour of further rate hikes. (NCA).

• Australian shares inched cautiously higher early afternoon on Tuesday buoyed by gains in lithium miners as investors await the US Federal Reserve’s policy meeting this week for clues on interest rates amid sticky inflation. (AFR).

• Dow climbs more than 100 points, Tesla’s 15% pop pushes Nasdaq to close higher. (CNBC).

• The value of Japan’s currency has tumbled so much, that its value is back to where it was in 1990, shortly after Japan’s famous “bubble economy” burst. (Guardian).

• All three major U.S. indexes rose modestly Monday. Tesla stock continued to rebound, rising to its highest level since March 1, after Chief Executive Elon Musk secured a crucial victory in China. (WSJ).

Earnings and Data

• McDonald's revenue is expected to grow 4.4% year over year to $6.14 billion, while adjusted earnings per share are expected to come in 3.4% higher at $2.72. (Yahoo).

• Coles delivers third-quarter sales growth in the supermarket business of 5.1 percent. (AFR).

• Volkswagen AG’s operating profit declined by a fifth to €4.6 billion ($4.9 billion) in the period, Volkswagen said Tuesday, missing analyst expectations. (BBG).

• SoFi Technologies posted better-than-expected revenue and income for last quarter. Its shares nevertheless closed down more than 10% after the digital financial-services provider issued a second-quarter forecast that missed analysts' expectations. (WSJ).

• Metrics Income Opportunities Trust has hired a big broker syndicate to raise up to $92 million, making the most of its annual placement capacity. (AFR).

• France Grows in Hope Region Out of Recession: GDP rose 0.2% from year ago in first quarter; est. 0.1%, slew of growth and inflation data due from across the region. (BBG).

News Summary

• The Remuneration Authority has recommended MPs receive a 2.8% pay rise, backdated to last October. PM Christopher Luxon says he'll donate the extra cash to charity. (Stuff).

• NCEA and University Entrance final attainment results for 2023 were released today by the New Zealand Qualifications Authority (NZQA). The results show that overall attainment at all levels of NCEA and UE has decreased across Year 11 to 13 students for a third consecutive year. (Herald).

• Shelly Cullen was the lead promoter of Lion’s Share, one of the biggest pyramid schemes ever seen in New Zealand, which ensnared about 150,000 people worldwide who lost a total of nearly NZ$17 million. (GR).

• A teenager charged with the stabbing murder of her 10-year old sister at a Lake Macquarie home allegedly acted “out of the blue”, leaving a family in grief over the unthinkable tragedy. (Stuff).

• Senior judges’ perks have been revealed, showing they are entitled to chauffeur-driven Crown limos, daily allowances and flights for themselves and their partners, as well as relocation costs if they have to move cities for work. (Herald).

• Australia's newest budget airline suspended all its flights on Tuesday, to discuss "the ongoing viability" of its business model, the move has left thousands of passengers stranded around the country, forcing competitors to step in. (BBC).

• The US state department has found five units of the Israeli military responsible for gross violations of human rights in individual incidents, but says they will continue to receive US military backing. (BBC).

Deal Flow

Investments / M&A

• Paramount has been in talks with several suitors that want to buy all or part of the company. It’s getting closer to a deal with Skydance Media, which has extended a final offer to merge with Paramount (Verge).

• The struggling owner of music back catalogues ranging from Shakira to the Red Hot Chili Peppers has agreed a $1.6bn (£1.3bn) improved takeover offer from the US private equity investor Blackstone. (Guardian).

Equity Raises

• Lithium-boron producer Loneer was rounding up investors for a $38 million equity raise on Tuesday morning, as it marches towards a final investment decision at its flagship Rhyolite Ridge project. (AFR).

Debt

• Boeing on Monday tapped debt markets to raise $10 billion, after the U.S. plane maker burned $3.93 billion in free cash during the first quarter as production of its best-selling jet declined, sources familiar with the matter said. (Reuters).

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