☕️ Big Tech showdown

Good morning.

Brace for impact as Big Tech heavyweights drop earnings this week. Most members of the Magnificent 7 squad – minus Tesla and Nvidia – are due to report quarterly earnings.

Apple, Amazon, Alphabet, Meta and Microsoft—holding about a quarter of the S&P 500’s weight—could either juice or jolt the market depending on their numbers. Optimism among analysts seems strong however, particularly for Apple, Meta, Amazon and Google’s parent.

Add in a post-Halloween jobs report on Friday —the last before the US election and the Fed’s November meeting —and you’ve got all the elements for a fun week..

🏆 LOI Subscriber #TBD

Market movers

Newmont shares plunged on Friday after Citi warned investors of a hard “expectations reset.” With 2025 output now set to go flat and costs looking stubbornly the same, the market reaction was swift and unforgiving. Shares lost 13.6% in Sydney and 1.69% in New York..

The quick sync

• ANU faces a sudden financial cliff despite top leaders Julie Bishop and Genevieve Bell at the helm. (Capital Brief)

• Aconex founder Leigh Jasper urges "mindset shift" for founders and VCs, advocating secondary sales and progressive exits over traditional IPOs. (Capital Brief)

• Big super, led by Aware and AustralianSuper, are intensifying pressure on boardroom culture as scandals at WiseTech and Mineral Resources raise governance concerns. (AFR)

• Anthony Albanese faces scrutiny over Qantas Chairman’s Lounge memberships for his fiancée and son. (AFR)

• RBA Governor Michele Bullock considers individual board votes and mandating speeches for members to boost transparency, even if Chalmers’ overhaul fails to pass. (AFR)

Trading floor

M&A

• Platinum Asset Management's board is evaluating competing bids, including an improved offer from Regal Partners, which is seeking final approvals. (AFR)

• Enel Group has secured exclusivity to acquire DIF's $800m renewables portfolio, Bright Energy Investments, outbidding other major global firms. (AFR)

• Proxy firms may advise Mineral Resources shareholders to oppose key AGM resolutions due to founder Chris Ellison’s recent tax misconduct admission. (The Australian)

• Federation Mining, backed by AustralianSuper, has bid for Siren Gold and seeks a deferred vote to review the target’s financials and solidify its offer. (AFR)

Capital Markets

• IMAX Corporation has earned over $10.5m at the Australian box office and plans to open 40 new cinema sites in Australia, beginning with a Gold Coast partnership with Event Cinemas. (Capital Brief)

• Star Entertainment's lenders may extend its December deadline to raise $150m to ensure continued operations. (The Australian)

• Goldman Sachs has refinanced Pallas Capital’s $500m facility, building on Pallas’s recent NZ refinancing success. (AFR)

• Vitrafy Life Sciences fast-tracks its $35m IPO, backed by key investors Regal, Thorney, and Ryder Capital. (AFR)

• HMC Capital is set to appoint brokers for its $2bn DigiCo Infrastructure REIT IPO, following its $1.9bn data center acquisition. (The Australian)

• Bank of Queensland's bond issuance attracted $2bn in demand, surpassing its $250m target, resulting in a pricing adjustment. (The Australian)

VC

• Leigh Jasper urges founders and investors to rethink exit strategies to ease pressure on venture capital firms, emphasizing the growing importance of the secondary share sale market. (Capital Brief)

People moves

• BHP chairman Ken MacKenzie plans to step down in 2025, setting the stage for a leadership shakeup at the world’s largest miner, Ross McEwan and Michelle Hinchliffe eyed as potential successors. (AFR)

The watercooler