☕️ Pump test

Good morning.

The Trump family’s latest foray into crypto is about to go live, with their World Liberty Financial token, WLFI, opening for trading Monday. Early investors can only sell 20% of their holdings, which analysts say keeps prices stable but which some traders call “easier to pump.”

The family, through DT Marks DEFI, holds a significant stake in the project, making the launch a test of just how far the Trump brand (and ahem, his administration moves) can carry the token.

🏆 LOI Subscriber #TBD

Market movers

Data centre operator NextDC surged after posting record contracted sales, as investors backed capital efficiency plans that eased near-term equity raise concerns, despite a wider $60.5m annual net loss.

The quick sync

• Nine’s post-Domain growth pitch is falling flat with analysts, who see more bluster than strategy in Stanton’s streaming and sport-heavy pivot. (Capital Brief)

• Once-in-a-generation price swings rocked ASX blue chips this earnings season, leaving investors questioning what comes next. (Capital Brief)

• Australia risks falling behind as AI transforms drug discovery, writes Fatemeh Vafaee. (Capital Brief)

• Economists split as GDP data set to reveal whether Australia’s recovery is stalling. (Capital Brief)

• ANZ’s bungled redundancy emails have deepened unrest among staff as CEO Nuno Matos pushes ahead with sweeping cuts. (Capital Brief)

Trading floor

M&A

• Luxury Escapes hires Macquarie to sell stake as shareholders exit. (AFR)

• John Wylie lifts Healius stake to 19.8%, fueling takeover speculation. (The Australian)

• FIRB to decide Hanwha’s contested 19.99% Austal stake. (AFR)

• Healthscope sale extended as Ramsay eyes more hospital acquisitions. (The Australian)

• Minority investors resist MinRes takeover of collapsed garnet miner. (AFR)

• Kelsian starts tourism asset sale to cut $796m debt; NRMA, Journey Beyond tipped as buyers. (The Australian)

• Barrenjoey markets 60% Sydney desal plant stake; John Laing seen as bidder. (The Australian)

Capital Markets

• Morgans crossed a $32.4m block trade in MotorCycle Holdings after record sales. (AFR)

• Nine’s strong results fade as analysts doubt post-Domain growth plan. (Capital Brief)

• Crimson Education hires Barrenjoey for Australian fund manager roadshow. (AFR)

• Australian home prices jump 0.7% in August, strongest rise since May 2024. (Capital Brief)

• NextDC hires Morgan Stanley, Cadence for $15b data centre JV partner search. (AFR)

• Consumer stocks lead ASX earnings season with 10.2% surge. (Capital Brief)

• Mathieson family seeks bigger role at Endeavour in exchange for higher stake. (AFR)

• Australia lags in AI drug discovery despite strong clinical trial strengths. (Capital Brief)

• NAB reviews nabtrade and JBWere systems for upgrade or outsourcing. (AFR)

• Sarah Hunter says RBA is monitoring Trump’s push to dismiss US Fed official Lisa Cook. (Capital Brief)

• Media moguls John Malone, Rupert Murdoch held talks over Fox merger. (FT)

• Consumer discretionary stocks lead ASX gains as earnings season signaled retail recovery.  (Capital Brief)

• Stock market’s fate comes down to the next 14 trading sessions. (Bloomberg)

• Bitcoin boom sees newly wealthy splurging on luxury travel. (FT)

• Wealthy Americans pour record sums into private credit funds. (FT)

• US trading partners ‘dazed and confused’ after tariff court loss. (Bloomberg)

VC 

• None

People moves

• Veteran trader Richard Weekes exits UBS after boosting its block trade business. (AFR)

• Sam Speer leaves Jefferies to join boutique Aitken Mount Capital. (AFR)

• ISS urges boards to drop ex–big four partners from audit committees over conflicts. (AFR)

• JPMorgan Chase poaches record number of senior bankers. (FT)

The watercooler