☕ Lowering guidance

Good morning. Off the back of yesterday’s inflation news, the US Fed finally paused rate hikes this month. The Fed is hoping inflation will continue its downward trajectory as the prior rate moves wash through the economy.

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MARKET MOVERS

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

Market News: Another one bites the “tough market” trading update dust, with CSL updating FY23 guidance due to currency fluctuations.

The company had expected currency headwinds of US$175m to impact profit but now reckons it’ll be closer to US$230-250m. That’ll obviously hurt local investors in A$.

Note: if anyone has a stat showing the number of ASX companies in 2023 that have lowered vs raised guidance, we’d love to see it.

THE QUICK SYNC

• Opinion: The tone-deaf boards awarding executives massive pay rises. (SMH)

• HWL Ebsworth says it has spent 5000 hours fighting hack. (AFR)

• RBA hit by an underpayment scandal and owes more than 1000 staff $1.1m. (Australian)

• EY's global head to retire after breakup plan fails. (WSJ)

• Ron Walker’s Toorak mansion sells after listing for $60m. (AFR)

• Trump arrives in Florida to stepped-up security ahead of historic indictment. (SMH)

TRADING FLOOR

M&A:

• Greenhill is trying to sell BWX’s Sukin brand and the company’s Australian manufacturing facilities. (AFR)

• Richard Crookes Constructions denies rumors that a voluntary administration was being discussed. (AFR | SMH | The Australian)

• Santos is understood to be working with Goldman Sachs on a mooted sell-down of its 80% stake in Dorado. (AFR)

• BGH Capital is believed to have been running the ruler over the KKR-backed Pepper Money. (The Australian)

Capital Markets:

• The Real Pet Food Company will seek its next phase of expansion through an executive reorganization following its $243m raise. (AFR)

• Mondiale VGL has its joint global coordinators Jarden and UBS, booking fund managers for non-deal roadshow meetings. (AFR)

• Macquarie Technology Group is raising $130m to strengthen its balance sheet and fund the expansion of its portfolio of data centers. (SMH)

VC:

• Canopus Networks, a broadband network analytics firm, has raised an additional $4.5m in a Series A led by Konvoy Ventures. (StartupDaily)

• Number 8 Bio, a biotech startup, has just raised $1.8m in a pre-seed funding round with participation from CSIRO’s Main Sequence. (StartupDaily)

• Our Cow has rolled out same-day delivery service for Sydney metro customers. (SmartCompany)

Others:

• CSL CEO blames unstable currency moves for the company's declining revenues. (SMH)

• Jarden equity research vice president Andrew MacFarlane has resigned from the investment bank. (The Australian)

• Deutsche Bank has hired consumer and healthcare banker Karla Wynne from Credit Suisse. (The Australian)

THE WATERCOOLER