☕️ Dark horse
Toyota is emerging as a key competitor in the EV race.
When EV-mania took hold of markets, propelling names like Tesla, Nio, Rivian and others up the boards, there was one glaring exception: Toyota.
The world’s largest automaker was seemingly not even part of the conversation, let alone the race.
Yet Toyota could lead the market yet, revealing it is getting closer to mass-producing solid state batteries that could recharge in 10 minutes and power EVs for 1,200km at a time. It just needs to prove it can do it at scale.
*Stock data as of the market close. Commodities and crypto data in USD.
LOI Subscriber #TBD
Market News: Shares in Immutep rallied after a treatment from the Aussie biotech was shown to improve survival rates for cancer patients.
The company has posted results from a successful phase two clinical trial of the company’s drug Efti. It suggests the drug could be used as part of a chemotherapy alternative to tackle some types of metastatic lung cancer.
Together with Stake | Invest on Wall St and the ASX
THE QUICK SYNC
Argentina’s economy minister Sergio Massa has beaten libertarian challenger Javier Milei in the first round of national elections. (Financial Times)
China is probing Foxconn, a key Apple supplier. (Bloomberg)
Morgan Stanley has named Microsoft and Sony the clear winners of AI adoption in gaming. (Bloomberg)
The shortlist of candidates tipped to succeed Peter Costello at Australia’s Future Fund. (Capital Brief)
US 10-year bond yields have fallen below their 16-year high as Bill Ackman backs down from shorting them. (Financial Times)
Chevron is buying Hess for $53bn in stock, after Exxon Mobil's $60bn Pioneer Natural Resources bid. (AFR)
Macquarie and Barrenjoey will manage the sale of 74% of Queensland Airports Limited. (AFR)
SQM could be making a renewed bid for $1.1bn Azure Minerals. (The Australian)
Deal frenzy hits Australian lithium sector, with Sociedad Química y Minera involved in two major transactions. (AFR)
Antony Catalano may disrupt ARN's $200m+ Southern Cross deal with a cash offer. (The Australian)
Propel Funeral Partners received "multiple" buyout offers, but none were compelling for board talks. (AFR)
Olga Berg has enlisted FTI Consulting to explore potential strategic buyers for its established 30-year-plus brand (AFR) while Sara Lee's sales history raises concerns for FTI administrators. (The Australian)
Providoor will relaunch as a celebrity chef meal delivery service after being purchased by an entrepreneur from administrators. (AFR)
Takeover target Pact Group has cut 175 jobs, listed a Victorian business, and could sell its $130m contract manufacturing business. (AFR)
VentureOn Partners acquires Story Bridge Ventures for a property and construction tech expansion. (Startup Daily)
AG Foods divested its plant-based meat division, merging it 50/50 with Fenn Foods to create Aussie Plant-based Co. (AFR)
Judo Bank aims to raise $75m through capital notes for capital enhancement. (Capital Brief)
Anteris Technologies sought $40m in equity to support their initial feasibility studies crucial for US FDA approval. (AFR)
Wilsons analysts are surprised by Liontown's $367m capital raise and debt facility. (The Australian)
ASX has enlisted UBS, ANZ, and NAB to generate interest in a prospective bond offering. (AFR)
SPC Global has launched a capital raise with a specific requirement: investors must be from the Goulburn Valley. (AFR)
Microsoft is set to invest $5bn in Australian digital infrastructure and cybersecurity. Here’s why. (Capital Brief)
Treasury Wine Estates is ready to re-enter the Chinese market as tariffs on Australian wine could be lifted. (BNA)
ASIC is accused of under-resourcing oversight, risking missed red flags for investors in mergers, fundraisings, and listings. (AFR)
National Australia Bank has parted ways with Ivan Colhoun, who served as the chief economist for corporate and institutional banking. (AFR)
Viva Energy sees higher fuel sales but narrower retail margins due to rising oil prices. (Capital Brief)
South32 shares drop as FY24 guidance remains unchanged in quarterly update. (Capital Brief)