☕️Catching Ls

Good morning.

Shorting the stock of the world’s largest listed shipping company during a global trade war sounds like a pretty sure bet, Bloomberg reports, but it turns out that investors who backed the short have caught nothing but a fat L.

Just under a third of AP Moller-Maersk A/S’s free float are currently out on loan, according to S&P Global Market Intelligence, the highest level since data collection began in 2014. The measure, which is indicative of short interest, is up from about 15% at the beginning of April when Trump unleashed his trade tariffs.

After an initial dip on the tariff news, the shares are now up about 50% since and Maersk is performing solidly, even raising its 2025 forecast on growing demand outside the US.

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Market movers

Shares in Pilbara Minerals skyrocketed 19.7% following reports that Chinese battery giant Contemporary Amperex Technology (CATL) suspended production at a major lithium mine.

The quick sync

• Meta calls leak on scraping Aussie news “bogus” yet leaves door open to having used it for AI training. (Capital Brief)

• Black Sky Industries lands $3.6m boost as Vu Tran pivots from edtech to fuel Australia’s missile-making ambitions. (Capital Brief)

• Victoria’s $2b taxpayer-backed innovation fund is veering off course, chasing shifting priorities with no clear purpose or plan, Will Richards writes. (Capital Brief)

• Matt Comyn keeps CBA firing as rivals trip over cultural resets and leadership shake-ups. (Capital Brief)

Trading floor

M&A

• Spark NZ says data centre sale talks still underway. (Capital Brief)

• Santos extends $30b XRG takeover talks to August 22. (Capital Brief)

• Eagers Automotive teams with Mitsubishi to pursue automotive and mobility growth. (Capital Brief)

• Tuas halts trading for M1 acquisition funding. (Capital Brief)

• Five V Capital and UK family office Kaltroco buy BlastOne for $200m+. (AFR)

• Mineral Resources and Livium partner on lithium tech commercialisation. (Capital Brief)

• Paramount lands US$7.7b UFC rights, ends PPV for Paramount+. (Capital Brief)

• Novomatic’s $1-per-share bid to take Ainsworth Game Technology private is likely to fail after major investors pledged to vote against it. (AFR)

• Black Sky wins $3.6m in defence deals, plans rapid growth. (Capital Brief)

• Accel-KKR’s Smart Communications buys Pendula. (AFR)

• China’s Luye Medical revived plans to sell Aurora Healthcare’s 17 specialty hospitals. (AFR)

Capital Markets

• Nvidia and AMD to give US 15% of China chip revenues for licences. (Capital Brief) (FT)

• Nvidia eyes Firmus’ pre-IPO raise. (AFR)

• Car Group posts $275m profit, lifts dividend, forecasts growth. (Capital Brief)

• PEXA reviews digital arm, cuts guidance after impairment. (Capital Brief)

• Iress profit flat, EBITDA down; guidance intact amid asset sales, takeover talks. (Capital Brief)

• Waratah Minerals seeks $30m placement. (AFR)

• DroneShield debuts subscription drone tracking system for civilian use. (Capital Brief)

• Thiess mulls IPO amid stronger mining and coal sentiment. (The Australian)

• DigiCo SYD1 gains top govt hosting certification, opening leasing to government clients. (Capital Brief)

• Atmos Renewables raises $400m for Hornsdale Wind Farm buy. (AFR)

• CQE swings to $71m profit, eyes 10.5% higher FY26 payouts. (Capital Brief)

• NRN secures $67m for free-install solar plan. (AFR)

• DigitalX to quadruple Bitcoin holdings to 2,100 by 2027. (Capital Brief)

• Challenger is on track to raise $350m for its listed debt fund in just one day due to strong investor demand. (AFR)

• ACCC backs Woolies–Coles-led soft plastics recycling plan. (Capital Brief)

• Funds eye La Trobe stake as IPO prospects fade. (The Australian)

• Bullish upsizes IPO to US$990m, eyes US$4.8b valuation. (Capital Brief)

• SQM Research pulls ratings on frozen private credit funds as it puts the entire sector under review. (The Australian)

VC 

• Cuttable raises $4.5m bringing total seed funding to $10m. (Capital Brief)

People moves

• JB Hi-Fi CEO Terry Smart will retire in October, with COO Nick Wells named as successor. (Capital Brief)

• Carsales owner Car Group’s outgoing CEO Cameron McIntyre exits after 18 years, reporting a double-digit profit rise. (AFR)

• Former iSignthis CEO John Karantzis will appeal a court ruling banning him for six years and fining him $1m. (AFR)

• Anthony Miller’s captain’s pick sees Carolyn McCann set to take the reins of Westpac’s retail bank. (AFR)

The watercooler