Housing Minister Chris Bishop says house prices in Aotearoa are unaffordable and need to fall.

Good Morning,

Housing Minister Chris Bishop says house prices in Aotearoa are unaffordable and need to fall, Warning as Working For Families debt increases by more than $42m, and Warren Buffett-led Berkshire Hathaway Inc’s pace of selling BYD Co’s shares has slowed, possibly reflecting a gradual recovery in investors’ sentiment toward Chinese electric vehicles.

Let's jump in.

Before The Bell

Markets

• Asian stocks rose, following a rally in large US tech shares that drove Wall Street to another record high. (BBG).

• Warren Buffett-led Berkshire Hathaway Inc’s pace of selling BYD Co’s shares has slowed, possibly reflecting a gradual recovery in investors’ sentiment toward Chinese electric vehicles. (BBG).

• France Is Now Europe’s Least Favored Stock Market, BofA Says. (BBG).

• Oracle shares jump on Google and OpenAI deals despite earnings miss. (CNBC).

Earnings and Data

• La-Z-Boy (LZB) Q4 Earnings and Revenues Surpass Estimates. (CNBC).

News Summary

• Dame Jacinda Ardern has been named as the new leader of a project designed to “challenge and change” the status quo of politics. (Herald).

• The country’s most prolific stalker has pleaded guilty to fresh criminal harassment charges for offending a victim has described as a “real-life nightmare”. (Herald).

• Police have “concerns for the safety” of a 15-year-old missing from Auckland. (Stuff).

• Housing Minister Chris Bishop says house prices in Aotearoa are unaffordable and need to fall. (Stuff).

• Two kōiwi - or human remains - have been found at the Paekākāriki Surf Club building during construction. (1 News).

• Connor Garden-Bachop, who played for the Highlanders in Super Rugby and the Māori All Blacks, has died. (1 News).

• An Australian national food manufacturing business, which appears to have more than 500 staff working for it, has gone bust. (NCA).

• At least 11 people have died and more than 60 are missing as a result of two shipwrecks off the coast of southern Italy, rescuers say. (BBC).

• Jeremy Hunt: Liz Truss economic plans were ‘good thing to aim for’. (Guardian).

• At least 9 people shot, including 2 children, at Michigan recreation centre before suspect is found dead, police say. (CNN).

• Nvidia to get 20% weighting and billions in investor demand, while Apple demoted in major tech fund. (CNBC).

• Chinese official slams EU probe into EV subsidies as ‘selective’. (CNBC).

Deal Flow

Investments / M&A

• Blackstone to Buy Japan E-Comic Company Infocom for $1.7 Billion. (BBG).

• City Chic seeks to raise $25 million, divests Avenue to New York buyer. (AFR).

• Wells Fargo Hires Bresani from William Blair for Mid-Cap M&A. (AFR).

• Palisade Investment Partners’ decision to throw its name and balance sheet behind ex-Whitehelm Capital dealmaker Stephen Burns looks to be paying off. (AFR).

Equity Raises

• Bryan Sheffield-Backed Australian Gas Driller Eyes US IPO. (BBG).

• Ixigo shares debut at 48.5% premium over issue price. (TET).

• What past IPO disasters tell us about Guzman y Gomez’s $2.2b float. (WSJ).

Debt

• Warning as Working For Families debt increases by more than $42m. (RNZ).

Daily Picks

• The Case Against Elon Musk’s $46 Billion Pay Deal: Tesla’s board is asking shareholders to approve a substantial dilution of their stakes for no good reason. (WSJ).

• Two kōiwi - or human remains - have been found at the Paekākāriki Surf Club building during construction. (1 News).

• Connor Garden-Bachop, who played for the Highlanders in Super Rugby and the Māori All Blacks, has died. (1 News).

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