☕️ Alphabet’s test

Good morning.

All eyes are on Alphabet this morning as the still-king-of-search kicks off a mammoth week for tech earnings beating 3Q revenue expectations helped by growth in its digital advertising business and an AI-driven jump in demand for its cloud services, according to Reuters.

The beat pushed shares in the Google parent 3% higher in extended trading. It has been a tough quarter for the tech giant – think executive shake-ups and multiple antitrust actions – but there’s nothing like a good beat to appease investors. Expect AI to be a major focus at its earnings call  scheduled to start at 7:30 am (AEDT).

🏆 LOI Subscriber #TBD

Market movers

Zip shares shot up on Tuesday as Q1 cash EBTDA tripled, fuelled by 40% TTV growth in the US despite softness in ANZ. Revenue’s up 18.8%, with strong margins holding.

The quick sync

• Productivity Commission chair Danielle Wood marks one year amid cautious approach to productivity debate. (Capital Brief)

• Xero hit with Fair Work lawsuit over alleged pay discrimination and bullying claims by a female engineer. (Capital Brief)

• Employment Hero CEO Ben Thompson faces backlash from women leaders over “schoolboy dick joke” about WiseTech CEO scandal. (Capital Brief)

• Defence faces watchdog FOI probe for alleged 'lazy cover-up' after claiming war crimes document didn’t exist. (Capital Brief)

• Senate crossbench considers inquiry as pressure mounts on Anthony Albanese over Qantas flight upgrades scandal amidst aviation oversight role. (Capital Brief)

• The commercial real estate crash is even hammering AAA-rated office bonds, forcing investors to absorb losses on properties previously deemed rock-solid. (Bloomberg)

Trading floor

M&A

• Australian Ethical and Future Super are exploring a potential merger, possibly enabling Australian Ethical to list Future Super on the ASX. (AFR)

• Vault Minerals may buy out its gold hedge book for about $200m, potentially boosting its share price currently impacted by hedging contracts. (The Australian)

• Liverpool Partners and Adamantem Capital are selling Plena Healthcare, a mobile therapy service, capitalizing on growing investments in the National Disability Insurance Scheme sector. (AFR)

• Singapore Post is soliciting final bids for its $1bn Australian business, with its fourth-party logistics unit drawing major interest. (The Australian)

• Aspen is offloading shares in Eureka Group after an unsuccessful acquisition attempt. (AFR)

• Prospective buyers of regional carrier Rex are worried about the fleet's condition, complicating a sale. (The Australian)

• Richard White, former CEO of WiseTech Global, has increased his stake in Vinyl Group through a deal with music licensing startup Songtradr. (Startup Daily)

• Dexus is selling its 9.7% stake in Melbourne and Launceston airports, with sale details now circulated to potential buyers. (AFR)

• Capricorn Metals will expand its Karlawinda project to reach 150,000 ounces of gold production annually, leveraging increased reserves without major changes to mining operations. (Capital Brief)

• Myer will acquire Premier’s apparel brands in exchange for new shares, with Solomon Lew joining Myer’s board. (Capital Brief)

• UBS Chairman Colm Kelleher says bank ultimately wants to buy a US wealth manager to expand in US, but only after fully integrating Credit Suisse. (Bloomberg)

Capital Markets

• HSBC's $8.5bn Q3 profit beat forecasts, with new management structure fueling talk of a potential split. (Capital Brief)

• The ASX 200 rose 0.34% on Tuesday, with gains in seven of 11 sectors. (Capital Brief)

• Bitcoin rose above US$70k as traders anticipate supportive crypto policies from U.S. election candidates. (Capital Brief)

• Good Drinks Australia has requested to delist from the ASX, pending shareholder approval at the AGM on November 28. (BNA)

VC

• Earthodic has raised $6m in an oversubscribed seed round to enhance production and build U.S. partnerships. (Smart Company)

• New Zealand's Alimetry raised US$18m to advance its AI-powered wearable gut health device for the US market, led by Kiwi VC GD1 and supported by other investors. (Startup Daily)

• Melbourne biotech exteRNA has secured $11m in seed funding to develop novel cancer therapies targeting RNA processing, led by IP Group with support from other investors. (BNA)

• NanoCube Health has secured $3m in federal funding to develop pancreatic cancer detection technology, part of a $7.3m initiative within the $55m Cooperative Research Centres Program. (Startup Daily)

• Filmmaker Olivia Wilde quietly co-founds Proximity Ventures, a NYC-based firm with VC pedigree and backing for startups like Pendulum Therapeutics. (Bloomberg)

People moves

• Andrew Lancaster, backed by billionaire Bruce Gordon, is expected to play a key role on Nine Entertainment's board, while acting CEO Matt Stanton is gaining support for the permanent position. (The Australian)

• Canaccord Genuity hires Ethical Partners’ Andrew Wilson to boost client services and ASX research support. (AFR)

• Banco Santander will cut approximately 1,425 UK jobs to cut costs, with more possible based on customer support needs. (Capital Brief)

• Hyphen Health CEO James Sneddon has bought out co-founder Dr. Mitchell Tanner to streamline leadership and boost growth. (BNA)

The watercooler