The Reserve Bank has changed the rules for retail bank mortgage lending

Good Morning,

The Reserve Bank has changed the rules for retail bank mortgage lending, Police have located a body after a person reportedly fell from a Wellington ferry on Friday, and E.l.f. Beauty shares soar 19% after retailer indicates its torrid growth may not be over.

Let's jump in.

Before The Bell

Markets

• The S&P/ASX 200 dropped 0.2 per cent in the early afternoon as rising oil, copper, silver and gold prices pushed the energy and materials sectors higher. (AFR).

• Nasdaq 100 futures rose to a record high. (AFR).

• Asian shares held a mixed tone on Tuesday after rallying the previous session, as rising bets of an imminent European rate cut helped risk appetite ahead of some key inflation data. (Reuters).

Earnings and Data

• E.l.f. Beauty shares soar 19% after retailer indicates its torrid growth may not be over. (CNBC).

• Nvidia reported fiscal first-quarter earnings on Wednesday that beat expectations for sales and earnings, and the stock rose in extended trading over the $1,000 per-share threshold. (CNBC).

• European low-cost airline Wizz Air forecast a higher annual profit on Thursday on the back of a strong summer and robust travel demand, after swinging to an annual net profit after three years. (CNBC).

News Summary

• Police have located a body after a person reportedly fell from a Wellington ferry on Friday. (1 News).

• Christchurch’s Edgeware Rd murderer Lipine Sila to stay behind bars for a ‘long, long time’. (Herald).

• Budget 2024: Where are the billions of dollars for tax cuts coming from? What we know so far. (Herald).

• The Reserve Bank has changed the rules for retail bank mortgage lending. (Stuff).

• PM Christopher Luxon warns against 'illegal' Budget day protest strike. (Stuff).

• Te Pāti Māori co-leaders back calls for strike action around NZ on Budget Day. (Herald).

• A man has been charged with sexually assaulting a 13-year-old boy north-west of Perth more than 30 years after the alleged attack. (9 News).

• The use of good character references by convicted child sex offenders in court will be discussed at a long-awaited NSW Sentencing Council meeting on Wednesday. (NCA).

• Tories campaign with leaflets that barely feature party branding – or Sunak. (Guardian).

• Global shock after Israeli airstrike kills dozens in Rafah tent camp, at least 45 people, including many women and children. (Guardian).

• Pope Francis accused of making homophobic slur in a closed-door meeting. (9 News).

• The FBI is investigating the sale to US buyers of what are suspected to be hundreds of treasures from the British Museum. (RNZ).

Deal Flow

Investments / M&A

• UBS Group AG’s Asia-Pacific president signaled that most of the bank’s job cuts in the region are over as it nears the official completion of its historic merger with Credit Suisse Group AG. (Bloomberg).

• ABN Amro buys German bank Hauck & Aufhäuser from China’s Fosun. (Bloomberg).

• Nippon Steel has launched a charm offensive to win support for its planned acquisition of U.S. Steel in a bid to counter the deal’s staunchest critics. (WSJ).

Equity Raises

• Elon Musk’s AI startup, xAI, has raised $6 billion in a new funding round, it said today, as Musk shores up capital to aggressively compete with rivals including OpenAI, Microsoft, and Alphabet. (TC).

Debt

• The Reserve Bank of New Zealand has confirmed it will apply new restrictions on mortgage lending in a bid to reduce potential financial instability risks stemming from high household debt and rising home prices. (WSJ).

Daily Picks

• Pope Francis accused of making homophobic slur in a closed-door meeting. (9 News).

• Te Pāti Māori co-leaders back calls for strike action around NZ on Budget Day. (Herald).

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