☕ Inflation surprise

Good morning. Everyone’s now eyeing another rate rise after yesterday’s surprise inflation print. Inflation came in at 6.5% for April — vs. 6.9% in March — with the RBA ready, willing and able to increase rates further to help slow inflation with further rate rises.

June 01, 2023

Good morning. Everyone’s now eyeing another rate rise after yesterday’s surprise inflation print.

Inflation came in at 6.5% for April — vs. 6.9% in March — with the RBA ready, willing and able to increase rates further to help slow inflation with another rate rises.

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MARKET MOVERS

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

Market News: Betmakers, the betting tech company, announced it’d cut 120 jobs to help it get to profitability. The company expects it’ll save about $20m in overheads.

For the M&A folks out there, Betmakers was once looking at a $4bn takeover of Tabcorp’s wagering business before it decided to move on with a demerger.

THE QUICK SYNC

  • Woolies’ home delivery fleet ripe for EV makeover. (SMH)

  • Air New Zealand to ask passengers to weigh themselves before boarding international flights. (CNBC)

  • What inflation dragon? Prices are rising everywhere except in China. (SMH)

  • Twitter is now worth one-third of what Elon Musk paid for it. (RT)

  • SEC settles with Coinbase employee over insider trading charges. (TC)

  • US-China tensions have upended global order, Jamie Dimon warns. (FT)

  • Debt ceiling bill poised to pass the House as Senate aims for a Friday vote. (CNBC)

TRADING FLOOR

M&A:

  • BWX receivers, KPMG, has appointed Greenhill to sell the company. (AFR | The Australian)

  • IFM Investors, ISPT mull $233b ‘real assets’ merger. (AFR)

  • Intermediate Capital Group’s SCF Containers has picked up CSL Containers as it seeks to scale up before a sale process. (AFR)

  • RedEarth Energy Storage has retained MA Moelis Australia and Ord Minnett to oversee a strategic review that could include a sale. (AFR)

  • X-Team, the software business, has Blackpeak Capital run a strategic review. (AFR)

  • Repurpose It suitors are reassessing the business’ growth forecasts – and consequently, the price after Vic budget. (AFR)

  • Mr Yum and me&u have appointed investment banks to advise them on a potential merger. (AFR)

  • Silver Lake Resources urges St Barbara shareholders to vote against a sale to Genesis Minerals. (AFR)

  • The former Fletcher Jones factory in Warrnambool is up for sale. (SMH)

  • Link Administration Holdings is speculated to be once again in the crosshairs of at least one suitor (The Australian)

  • Hub24 is understood to have fended off competition from rivals in its recent quest to buy myprosperity. (The Australian)

  • Regis Healthcare is in the market’s sights as shareholders seek exit. (The Australian)

Capital Markets:

  • Aurelia Metals had two brokers rounding up investors for a $40m equity raising (AFR)

  • Immutep has launched an $80m equity raising targeting retail and institutional investors. (AFR)

VC:

  • Canva investor cuts valuation by 10 per cent again. (SMH)

Others:

  • None

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