Yikes, World. Get it together.

Good Morning,

Markets were steady with only minor moves as the NZX 50 slipped –0.12%, the ASX 200 gained +0.09%, and U.S. benchmarks edged higher (S&P 500 +0.20%, Nasdaq +0.12%), while London’s FTSE 100 added +0.08%. Commodities were little changed, with gold (–0.05%) and Bitcoin (–0.21%) easing slightly, and bond yields mixed as NZ 10-year rose to 4.58%, Australia’s to 4.35%, and the U.S. 10-year eased to 4.41%.

Headlines included speculation around why Tom Phillips’s children were not recovered sooner when police consider him a ‘monster’, a manhunt for a Victoria cop killer, tributes and political fallout following Charlie Kirk’s assassination, concerns over Kash Patel’s FBI leadership, a 100,000 person London protest organised by a right-wing activist, and Trump warning of further sanctions on Russia if NATO halts oil purchases. In deal flow, Trump’s UK visit signals potential tech deals, VC is surging into European defense startups, Avidity Biosciences shares fell 11.2% after a $600m equity raise, and Precinct Properties deferred its $298m One Queen Street project. Elsewhere, the All Blacks were left reeling from a record defeat, and a Fox News correspondent revealed a cancer diagnosis linked to 9/11 toxic exposure.

Let's jump in.

Before The Bell

Markets

Markets were fairly steady today with only small moves across the board. The NZX 50 dipped a touch (–0.12%), while the ASX 200 managed a small gain (+0.09%). Over in the U.S., both the S&P 500 (+0.20%) and Nasdaq (+0.12%) inched higher, and the FTSE 100 in London was also slightly up (+0.08%).

In commodities, gold barely moved (–0.05%) and Bitcoin eased back (–0.21%) after its recent run-up. Bond markets were calm too: NZ 10-year yields ticked up to 4.58%, Aussie 10-year nudged higher to 4.35%, while the U.S. 10-year Treasury eased to 4.41%.

News Summary

• The police minister called Phillips a monster- so why was he left with his children? (Stuff)

• NZ police join manhunt for accused Victoria Cop Killer. (1news)

• Charlie Kirk’s wife, Erika, posts image of her sobbing over Charlie’s casket. (Stuff)

• Trump says he hopes nation will heal after Kirk assassination but claims ‘radical left’ an obstacle. (The Hill)

• Inside growing concerns over Kash Patel’s FBI leadership. (CNN)

• `Over 100,000 people join London Protest organised by right wing activist. (1news)

• Trump will impose more sanctions on Russia ‘if NATO stops buying its oil’. (Stuff)

Deal Flow

Investments / M&A

• Global week ahead: From Royal Pomp to tech deals as Trump visits the UK. (CNBC)

VC & Fundraising

• Defense startups are booming as VC races to rearm Europe. (Investing Trends)

Equity Raises

• Avidity Biosciences (RNA) is down 11.2% after $600 million equity raise to fund late stage pipeline. (Wall St.)

Debt

• Covid-19: Precinct Properties defers $298 million one Queen Street development, intercontinental hotel. (NZHerald)

Daily Picks

• All Blacks left searching for answers after record loss. (ODT)

• Fox News Correspondent reveals he was diagnosed with cancer due to 9/11 Toxins. (USA TODAY)

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