☕ Inflated inflation

Good morning. The latest US inflation numbers came in overnight. Seems like we might need to cut back on those avo toasts, with inflation coming in above expectation at 6.4% vs 6.2% year over year.

Good morning. The latest US inflation numbers came in overnight. Seems like we might need to cut back on those avo toasts, with inflation coming in above expectation at 6.4% vs 6.2% year over year.

LOI Subscriber #TBD

MARKET MOVERS

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

Market news: Temple & Webster, which once traded for around $14 a share during the COVID peak, was smashed after 1H23 profits halved.

Sales fell 7% as shoppers bought cheaper items as they felt the pinch from rising rates or they bought no items at all -- active customers fell from 940k to 840k.

TRADING FLOOR

M&A:

  • Farrelly Construction Services is understood to have called in advisers to pitch for a sale mandate for its $10m EBITDA business. (AFR)

  • PE firms get aggressive as they push to get deals done in a challenging valuation environment. (AFR)

  • Christie’s takes a non controlling stake in art financier, Art Money. (AFR)

  • Questions arise as to whether asset sales could be on the agenda for the Australian Agricultural Company. (The Australian)

  • Observers of Breville Group are wondering whether further acquisitions could be on the agenda. (The Australian)

  • Temple & Webster can redeem itself could be through acquisitions. (The Australian)

  • Seafarms Group puts $1.5bn Project Sea Dragon into voluntary administration. (The Australian)

Capital Markets:

  • Brokers have raised the prospect of a $400m to $500m equity raising at The Star Entertainment Group. (AFR | AFR | The Australian)

  • Brokers send indicative terms for Emirates NBD’s new 10-year Australian dollar bonds. (AFR)

VC:

  • Loam, a decarbonisation startup, has raised $105m in a Series B co-led by Lowercarbon Capital and Wollemi Capital. (StartupDaily)

  • Songtradr is asking investors for another $US20m or so in fresh funds. (AFR)

  • EVP hits its $100m target and raises the final $40m from new investors. (AFR)

Others:

  • RBC Capital Markets hires Garry Diakos for its Australian equities desk. (AFR)

  • Former Big Un CEO Richard Evans charged with insider trading. (The Australian)

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