Israel Considers "tactical little pauses" in fighting in Gaza Strip

Good Morning,

National is this week inking a fresh coalition agreement to lead the country and economy over the next three years with support from Act and New Zealand First, partners and executives with financial links to the big four accounting firms will be barred from the Tax Practitioners Board as part of a crackdown on possible conflicts of interest after the PwC tax leaks scandal, and Russia on Tuesday formally withdrew from a landmark security treaty which limited key categories of conventional armed forces, blaming the United States for undermining post-Cold War security with the enlargement of the NATO military alliance.

Let's jump in.

Before The Bell

Markets

• The longer than expected battle to bring inflation under control has prompted the Reserve Bank of Australia to raise official interest rates by 25bps to 4.35% today. (NBR)

• World shares lost steam on Tuesday as investor enthusiasm about a peak in global interest rates faded, while the Australian dollar dropped after investors bet central bank rate hikes were nearing their end. (RT)

• Italian stocks are trading at their deepest discount in 35 years compared to world shares as investors fret over the fiscal outlook in one of Europe's most indebted economies, although some reckon the shares are too cheap to ignore. (RT)

Earnings and Data

• Listed media business NZME has lowered its full-year earnings guidance on continued advertising revenue volatility. The company reported a 6% decline in first-half revenue to $166 million and a 76% fall in net profit after tax. (NBR)

• UBS posted its first quarterly loss in almost six years, as the ongoing absorption of Credit Suisse drags on the Swiss lender’s performance. (AFR)

News Summary

• New Zealand First leader Winston Peters believes a coalition deal can be sorted within the next two weeks but does not rule out walking away from talks if no agreement can be reached. (NBR)

• National is this week inking a fresh coalition agreement to lead the country and economy over the next three years with support from Act and New Zealand First. (NBR)

• Chris Hipkins has been endorsed as Labour leader after a vote in Upper Hutt today, where the party is meeting to dissect the election defeat and plot a future in Opposition. (NBR)

• New commercial forestry regulations which impose minimum national standards for forestry owners throughout the country have been criticised by an industry association. (NBR)

• Partners and executives with financial links to the big four accounting firms will be barred from the Tax Practitioners Board as part of a crackdown on possible conflicts of interest after the PwC tax leaks scandal. (AFR)

• Prime Minister Benjamin Netanyahu said Israel would consider "tactical little pauses" in fighting in the Gaza Strip to let hostages leave or aid get through, but again rejected calls for a ceasefire despite international pressure. (RT)

• Russia on Tuesday formally withdrew from a landmark security treaty which limited key categories of conventional armed forces, blaming the United States for undermining post-Cold War security with the enlargement of the NATO military alliance. (RT)

• Footwear giant Nike filed federal lawsuits on Monday against rivals New Balance and Skechers, accusing them of infringing patents related to Nike's technology for making upper portions of sneakers. (RT)

Deal Flow

Investments / M&A

• Having just celebrated its first decade in business, natural fragrance company Abel is at a crossroads between plucky startup-made-good and would-be global clean perfume leader. (NBR)

• Dairy farmers wanting to switch to a more sustainable option to cool their milk can now lease rather than buy next generation milk chilling technology. (NBR)

• Listed landlord Dexus has told investors in its $2.3 billion Wholesale Australian Property Fund they will have to wait up to 12 months for any redemption requests, while it grinds through asset sales in a tough property market. (AFR)

Daily Picks

• Start-up founder resigns after offensive comments to women on LinkedIn - Read more here.

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