☕ Fed decision

Good morning. Bit of a quiet news day, so for the footy tippers you've got some extra time to concentrate on your picks today. Lets jump into it.

Good morning. Despite all the craziness of the last few weeks in the banking sector, the Fed still went ahead and increased the rate by a 25bps. They did seem to indicate that the rate hikes are nearing the end.

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ps. for the footy tippers, make sure to get your tips in today.

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MARKET MOVERS

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

Market news: New Hope investors continued to push the share price higher after their 1H23 results from Tuesday. At those results, the company revealed they nearly doubled EBITDA to over $1bn and announced a special 10c dividend as they cash in on the coal prices.

THE QUICK SYNC

  • Custom ChatGPT tool to help KPMG’s consultants win new work. (AFR)

  • Regulators have told super funds to devalue private assets in the wake of the SVB and Credit Suisse collapses. (AFR)

  • Credit Suisse aftermath:

    • Switzerland takes aim at Credit Suisse bonus payouts. (SMH)

    • UBS to enter talks with Michael Klein to terminate First Boston deal

  • How the last-ditch effort to save Silicon Valley Bank failed. (WSJ)

  • UK inflation rate breaks 3-month stretch of declines with surprise rise to 10.4%. (CNBC)

TRADING FLOOR

M&A:

  • Tabcorp in three-way race for New Zealand betting monopoly. (AFR)

  • There is lots of investor talk but little movement on the takeover of Newcrest Mining. (AFR)

  • Hillhouse Capital will try to restructure its deal to acquire George Clinical in a bid to get it past the FIRB. (AFR)

  • VerifyNow, the employment screening company has been acquired by US giant Accurate Background. (BNA)

  • Horizon Roads is offering as much as 55.45% of ConnectEast Group as the sales process kicks off. (SMH)

  • Scott’s Refrigerated Logistics’ assets have been snapped up by its rivals after its collapse. (The Australian)

  • PEP is understood to be running the ruler over Repurpose IT that is being offloaded by Downer. (The Australian)

  • Apollo, Oaktree, and Bain Capital have been circling Credit Sussie's ANZ loan portfolio. (The Australian)

  • ACL may face competition for Healius with OMERs, EQT private equity, or IFM believed to be the most logical contenders. (The Australian)

Capital Markets:

  • Virgin's IPO pitch launches with a round-the-world explainer trying to detail Australia’s aviation industry and its place in it. (AFR | The Australian)

  • WAM Leaders parks its mooted $731.5m raising amid falling markets. (AFR)

  • Trust National Storage REIT is preparing a $325m equity deal. (AFR)

    • National Storage REIT covered at $2.33. (AFR)

  • The two things needed for an IPO market revival. (AFR)

VC:

  • Melbourne-based funding provider Tractor Ventures has grown its loan book by 400 per cent over the past year. (The Australian)

Others:

  • Chicago’s Adams Street Partners has been pounding the pavements with an Australian-domiciled feeder fund. (AFR)

  • Neuren Pharma and Seven Group should enter S&P’s ASX 200 and 100 after OZ Minerals decamps to BHP, according to Morgan Stanley equity strategists. (AFR)

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THE TRADE

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