☕️ US election ripples

Good morning.

The FT is spelling out how the US election result—which, if as tight as expected, may take several days to be declared—might impact business.

For energy, a Trump victory could empower oil and gas by dismantling Biden-era green incentives, while Harris would sustain renewables under the Inflation Reduction Act.

In tech, a Trump win may appease Silicon Valley’s anti-regulation crowd, but his threats to hit Taiwan and China with big tariffs could rattle Nvidia’s and Apple’s supply chains, potentially inflating chip costs. Ironically, Harris’s pro-immigration and infrastructure stance would sustain the flow of global talent fuelling Big Tech’s rise.

Wall Street is also eyeing Trump to further water down capital requirements and ease the FTC’s crackdown, while Harris might soften the Biden-era hardline, though she’s focused on food price controls and drug caps. Also ironically, Trump’s sweeping tariffs would likely drive up prices, and in aviation, tariffs on China could hit Boeing—whose Chinese airline clients are major customers—hard.

In healthcare, Harris is expected to broaden Medicare’s reach and insulin price caps, while Trump’s future stance on the Affordable Care Act remains vague but potentially disruptive.

🏆 LOI Subscriber #TBD

Market movers

Domino’s shares took a big dive on Tuesday on news that Don Meij, after four decades with the company, is stepping down as CEO. The exit comes amid a rocky patch, with Germany, France and Japan proving to be more of a drag than a dough rise.

Mark van Dyck, former Coca-Cola exec and fresh off Compass Group, will take the helm, inheriting some serious franchise profitability issues, already flagging potential fixes like store closures.

The quick sync

• Canberra watch parties for nail-biter US election are on, as local buzz centers on Kamala Harris’ late Iowa surge and Australia’s diplomatic moves to build Trump-era connections. (Capital Brief)

• Proxy adviser ISS calls on Seven investors to reject CEO Jeff Howard’s $1.25m performance rights, citing undisclosed targets and "excessive" compensation. (Capital Brief)

• QuintessenceLabs partners with Equinix to bring quantum-safe cybersecurity global, leveraging Equinix's data centres to meet soaring demand for virtualised, quantum-resilient encryption. (Capital Brief)

• Coalition transport spokeswoman and Senator Bridget McKenzie faces mounting pressure over undeclared flight upgrades amid inquiries to Qantas, Virgin and Rex. (AFR)

• Bruce Gordon’s WIN sees profits slashed by half as rising costs strain the regional media giant, despite stable ad revenue. (AFR)

• State Street says it is ‘shopping’ for a private credit manager. (FT)

• Police raid French football league and CVC in corruption investigation. (FT)

• Apple warns investors future products may never be as profitable as iPhone. (FT)

• Dealmakers will celebrate demise of Biden’s bold experiment. (FT)

Trading floor

M&A

• Following Anglo American's $1.6bn sale of Jellinbah and Lake Vermont mines, focus turns to the potential sale of the Moranbah North mine, impacting other bidders in the Queensland coal portfolio auction. (AFR)

  • Brisbane billionaire Sam Chong's $1.6 billion acquisition of a 33.3% stake in two coal mines suggests a potential breakup of Anglo American's Australian coal portfolio. (The Australian)

• QuintessenceLabs partners with Equinix to expand globally with SaaS-based quantum cybersecurity solutions. (Capital Brief)

• ISS advises Seven West Media investors to reject $1.25m in performance rights for CEO Jeff Howard at the AGM. (Capital Brief)

• Mitsubishi Chemical has exited the bidding for Perth's BGC building materials, but another Asian bidder remains in the running. (The Australian)

• Escala Partners' bid to stop ex-partners from joining LGT Crestone was dismissed by Victoria’s highest court. (AFR)

• Pacific Equity Partners targets Aveo, with Brookfield initiating the sale process for the $3bn retirement living business. (The Australian)

• CDC Data Centres is seeking capital partners with bids due by Christmas, following a $16bn valuation. (AFR)

• CRH's acquisition of Civilmart from CPE Capital secures a $400m payday for investors. (AFR)

• Lifestyle Communities' shares surged following HMC Capital’s 2.69% stake acquisition. (Capital Brief)

Capital Markets

• Intelligent Monitoring Group raises $20m to acquire WA's Dataline, as major shareholder Black Crane Capital considers selling its stake. (AFR)

• Australian firms, including Macquarie, are exploring investment opportunities in Japan as the country opens up to foreign capital, despite challenges in market entry. (AFR)

• Boeing's machinists union approved a new contract, ending a costly strike with widespread economic impact estimated at $11.5bn. (Capital Brief)

• OpenAI is discussing with regulators a shift to for-profit status, focusing on valuing its intellectual property. (Capital Brief)

• Cuscal will start its management roadshow for a $336.8m IPO on Friday, amid cautious investor sentiment due to economic conditions and the US election. (The Australian)

• Pollination secured $30.4m from Mizuho Bank to support growth and expand climate initiatives. (Capital Brief)

• The Albanese government cut big-four consulting spending by $890m, shifting to in-house services to strengthen public sector capability. (Capital Brief)

• Gilmour Space receives Australia’s first orbital launch permit for its Eris rocket, marking a major milestone for its Bowen Orbital Spaceport. (Capital Brief)

• KX Pilates is expanding into Japan, opening studios in Tokyo and Osaka. (BNA)

VC

• Crimson Education raised $60m in Series D funding with Movac leading the round. (Startup Daily)

People moves

• Domino's CEO Don Meij retires after 40 years, to be succeeded by Mark van Dyck. (Capital Brief)

The watercooler