Israel-Hamas Truce Extends By Two Days

November 29, 2023

Good Morning,

Qatar’s foreign ministry has said on X an agreement has been reached to extend the Israel-Hamas truce in Gaza by two additional days. Forecasts expect prices to fall, with ANZ expecting prices to have fallen 0.4% over 2023 and the NZ Institute of Economic Research forecasting inflation to fall back to the 1-3% target.

Let's jump in.

Before The Bell

Markets

  • ANZ has revised its house price forecast for this year, expecting prices to fall 0.4% over 2023, rather than the 0.2% rise its economists had expected earlier. (Stuff)

  • Its latest Quarterly Predictions, released this afternoon, forecasts inflation to fall back in the 1-3% target band later next year, before rate cuts from 2025. (NBR)

  • Melbourne home values are on track to post their first monthly decline since prices hit a trough in January, while Sydney is likely to slow to a crawl as listings rise faster than demand, CoreLogic says. (AFR)

  • Lithium extended its horror price run on Tuesday as analysts said a flood of new supply and cooling demand for electric vehicles has turned the sharemarket’s biggest investment boom to dust in 2023. (AFR)

Earnings and Data

  • The Australian retail sector climbed 0.5 per cent, led by homewares seller Adairs, which gained 3.9 per cent to $1.60 AUD, alongside electronics retailer JB Hi-Fi, which added 1.1 per cent to $46.51 AUD, while online retailer Kogan gained 0.6 per cent to $4.80 AUD. (AFR)

News Summary

  • A cruise headed for New Zealand from Sydney was forced to turn back after a medical emergency, but upon making it to Aotearoa has cancelled another stop, leaving passengers fuming. (Stuff)

  • Staff at The Warehouse are unhappy about a promotion in which they were asked to offer some customers their purchases free of charge, their union says. (Stuff)

  • A woman has been charged following a fatal crash that killed a prominent Marlborough lawyer earlier this month. (Stuff)

  • Councils opposed to Labour’s Three Waters reform programme say they welcome a commitment from the new Government to immediately stop work on the changes and to repeal the Water Services Entities Act within its first 100 days. (NBR)

  • Co-governance, Treaty concerns and how a change of guard in Government will affect Māori business interests were discussed by more than 70 Māori business leaders, predominantly from the agribusiness sector, which convened in Pāpāmoa for the annual Federation of Māori Authorities (Foma) Business Summit. (NBR)

  • Qatar’s foreign ministry has said on X an agreement has been reached to extend the Israel-Hamas truce in Gaza by two additional days. (NBR)

Deal Flow

Investments / M&A

  • A failed holding company linked to David Henry’s now-defunct NZ Future Forest Products, owes creditors more than $1.5m NZD, according to the first liquidators report. (NBR)

  • London hedge fund Acheron Capital is in pole position to secure control of Ballarat’s last gold mine after a tense creditors’ meeting in the famous Victorian gold town on Tuesday, Street Talk understands. (AFR)

  • Mineral Resources’ acquisition of the Bald Hill lithium mine is the talk of Western Australia’s lithium corridor of power. (AFR)

  • No banker wants a live deal to stretch over the Christmas break, but that’s precisely where Jarden’s dealmakers have found themselves with their Kiwi gold mine. (AFR)

VC & Fundraising

  • A mystery buyer bought a parcel of shares in the Hearts and Minds Investments LIC after market close on Tuesday, taking advantage of the discount between the closed-ended fund’s trading price and underlying value. (AFR)

  • Activ8 Ventures, a division of boutique investment and advisory business Activ8 Capital, co-founded and backed Snowtunnel in mid-2022 and is now looking for $1 million to build the first commercial tunnel in Australia. (AFR)

  • Electrical products distributor IPD Group launched a $65 million equity raising on Tuesday morning to fund the acquisition of CMI Operations, Street Talk understands. (AFR)

  • Melbourne’s Jet Charge, an EV charging services provider founded nearly a decade ago, is ready to head out with its biggest funding round yet. (AFR)

Daily Picks

  • The Chinese students primed to deliver soft power - Read more here.

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