☕ Debt ceiling

Good morning. Folks are getting amped that a deal on the debt ceiling in the US is looking good and may be done by the end of the week. As a result, the US indices had a bit of a midday surge and closed up around 1.2% overnight.

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MARKET MOVERS

*Stock data as of the market close. Commodities and crypto data in USD.

Market News: A little year-over-year sales increase and some AI love, helped Temple & Webster lock in a big daily gain.

T&W is finally seeing YoY growth again as it cycles out of the COVID bump it saw in 2021 and early 2022 — with trading in the last 4 weeks up 10% pcp.

The online retailer also flexed its use of ChatGPT to improve product description pages and handle a ton of their customer service enquiries which got investors juiced.

THE QUICK SYNC

• PwC should be ‘investigated by AFP’ for tax leak. (AFR)

• US debt ceiling: How does it affect the economy? Could Australia be impacted? (ABC)

• Investment scams rob $88m from Australians. (AFR)

• Thirty-somethings feeling cost-of-living crunch more than older Australians. (SMH)

• Elon Musk talks Tesla, Twitter, and why he tweets freely — even if it costs him money. (CNBC)

• UBS expects $17 billion hit from Credit Suisse rescue, flags hasty due diligence. (CNBC)

• Private jet disrupter: the debt-fuelled ascent of Thomas Flohr's VistaJet. (FT)

TRADING FLOOR

M&A:

• Profusion Group has picked up trade player Kennedy Reid. (AFR)

• Taurus Funds is weighing up an exit from its 70% stake in Queensland’s Foxleigh metallurgical coal mine. (AFR)

• The Growth Fund has Allier Capital running a two-stage auction for Ekera Dental. (AFR)

• Tat Hong brings in BoA for the $800m sale process of its local business, Tutt Bryant Group. (AFR)

• ATOM, the industrial and safety products supplier is seeking a new majority owner. (AFR)

• Peter Warren Automotive will acquire 3 new dealerships in NSW. (BNA)

• Vesco Foods and Lite n’ Easy are expected to bid for Jenny Craig. (The Australian)

• InVivo’s subsidiary, Malteries Soufflet, is speculated to try to lower its United Malt bid. (The Australian)

Capital Markets:

• Analysts are keeping an eye on Centuria and Growthpoint for an equity raising. (The Australian)

• Galan Lithium had Canaccord Genuity building support for a $25m-plus raising. (AFR)

VC:

• None

Others:

• Wilsons Advisory’s Melbourne boss lures in new talent to private wealth unit. (AFR)

• Tyndall Asset Management drafts Tim Johnston and James Nguyen to run its first small caps fund. (AFR)

• Goldman Sachs banker Craig Murray is rumoured to be returning to Australia. (The Australian)

• Tabcorp enters the race for Melbourne Cup broadcasting rights. (SMH)

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