☕️ Oval Office meeting

Albo is headed to DC - and critical minerals are on the agenda.

Good morning.

Anthony Albanese is heading to the White House for an Oval Office meeting with US President Joe Biden this week, a visit which takes place against the backdrop of renewed geopolitical instability.

Tellingly, Resources Minister Madeline King will also be in Washington DC this week, and there are expectations the two countries could announce a deal on the critical minerals Australia produces such as lithium, cobalt, nickel and rare earths. More access for Australian companies to subsidies as part of Biden’s $US370 billion Inflation Reduction Act gravy train could also be on the cards.

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

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MARKET MOVERS

Market News: Liontown Resources shares resumed trading after a week long halt, and were summarily smacked. That’s what happens when you are forced into a deeply discounted equity raising following the collapse of a takeover deal for your business.

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THE QUICK SYNC

  • Inside Apple’s big plan to bring generative AI to all its devices. (Bloomberg)

  • The verdict: SXSW Sydney aims high but strays far from its Austin roots. (Capital Brief)

  • Cathie Wood estimates 25% of the demand for exposure to her Ark Investments’ strategies comes from Europe. (CNBC)

  • Israel’s war with Hamas has come to corporate America. (CNN)

  • Bell Rock digs in and aims to hit Whitehaven where it hurts. (Capital Brief)

TRADING FLOOR

M&A:

  • AirTrunk's $5B+ sale attracts Blackstone; considers IPO with Goldman Sachs and Macquarie Capital. (The Australian)

  • Wiggins Island Coal Export Terminal's debt parcels traded for millions. (The Australian)

  • Bapcor is seen as a clear option for deal-makers to present to potential buyers; a global PE firm is eyeing Envirosuite. (The Australian)

  • While a $6.6bn Liontown Resources buyout proposal and a discounted equity raising fell through, short sellers profited by selling shares to Gina Rinehart. (The Australian)

  • South32 has asked Macquarie Capital to restart selling its 50% stake in Queensland's Eagle Downs coal mine. (AFR)

  • Carlisle Health is set to acquire another radiology clinic, adding to its fast-growing portfolio, just five months after Exact Radiology purchase. (AFR)

  • Propel Funeral Partners, with a 5.9% market share and a $522m valuation, is on private capital's radar. (AFR)

  • Medibank negotiating stake buyout with Myhealth's Medical Group’s largest shareholder, James Liang. (AFR)

  • VanEck opposes Origin Energy’s acquisition proposal from Brookfield and EIG Partners and demands a higher offer amid rising resistance. (AFR)

  • Airwallex expands in the Americas with its MexPago acquisition. (BNA)

Capital Markets:

  • Liontown's stock dives 32% after $1.1bn fundraising at a discount. (SMH | Capital Brief)

  • Guzman Y Gomez is in talks with banks for potential listing, but valuation expectations appear high compared to peers. (AFR)

VC:

  • LoanOptions.ai is set to launch with up to 20 lenders in New Zealand. (BNA)

  • LAB Group raises $6.9m with Global Credit Investments as a new backer. (AFR)

  • Factory.app secures $1.05m in a seed funding round led by Investible. (AFR)

Others:

  • Watermark's CIO, Justin Braitling, is retiring, transferring his $90m Absolute Return Fund to Blackwattle. (AFR)

  • Magellan hires two law firms to challenge Nick Bolton's bid to liquidate a $2.65bn fund. (AFR)

  • Five proxy advisers oppose Qantas exec pay plan and seek clarity on High Court ruling and flight credits. (AFR)

  • TikTok has positioned itself as a secure space for journalism based on facts. (Capital Brief)

THE WATERCOOLER