☕ Debt deal

Good morning. The US is close to finalising a deal to raise the debt ceiling, which could be voted on by the House as soon as Wednesday. This should juice the markets on open.

May 29, 2023

Good morning. The US is close to finalising a deal to raise the debt ceiling, which the House could vote on as soon as Wednesday — only 5 days from when the government would run out of money. This should juice the markets on open.

A tough week for tippers, with most only 3 or 4 right this week. @Suisse_Cheese and @Tim Cudlipp are now perfectly tied for 1st on both tips (71) and margin (328).

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MARKET MOVERS

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

Market News: Just days after welcoming the government regulation of the BNPL space, Humm Group received an interim order from ASIC to stop providing its BNPL services to new customers.

It was a pretty significant announcement, which the company oddly decided wasn’t worth marking as market sensitive when it released the note.

THE QUICK SYNC

  • Latitude reveals hit from cyberattack, warns bad debts rising. (SMH)

  • PwC scandal: Contagion shows no one is safe from PwC scandal. (SMH)

    • At PwC partners’ meeting, a firm in civil war. (AFR)

  • ASIC asks hedge funds for trades amid ‘naked’ shorts crackdown. (AFR)

  • US debt ceiling: White House and Republicans reach a tentative deal to avoid U.S. default. (CNBC)

  • Indian official suspended for draining dam to retrieve phone dropped while taking selfie. (SMH)

TRADING FLOOR

M&A:

  • InvoCare shareholders have accused the board of folding too cheaply by agreeing to TPG’s $1.9bn buyout. (AFR)

  • Intermediate Capital Group is preparing to reboot a sale process for its Australian transport and storage containers business SCF. (AFR)

  • Transurban adds Azure Capital to its advisory line-up for its EastLink bid. (AFR)

  • Income Asset Management has lobbed two successive bids for a controlling stake in FIIG Securities. (AFR)

  • Mike Cannon-Brookes wins the battle for Sun Cable. (AFR)

  • South Korean multinational Hanwha Group has acquired Instyle Solar for an undisclosed sum. (BNA)

  • Ventura, the bus company is understood to have hired Goldman Sachs for a sale (The Australian)

  • Costa’s market update put the spotlight on Driscoll’s and a possible buyout. (The Australian)

  • Wesfarmers is tipped to trump EC Healthcare in its quest to buy Silk Laser Clinics. (The Australian)

Capital Markets:

  • Sayona Mining had its broker Petra Capital formally launch its $200m raising. (AFR)

  • AMA could call for an emergency equity raising as it races to refinance. (The Australian)

VC:

  • Naked Life Non-Alcoholic Spirits is getting ready to launch a $3m crowd-funded raise. (AFR)

  • Conplexica, the Artificial intelligence firm has raised $6.5m from Acorn Capital. (Australian)

Others:

  • Morgan Stanley’s managing director, Michael Hufton, exits amid job cuts. (AFR)

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