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MARKET MOVERS

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

Market News: Shoplifting may be hurting Coles, as discussed in yesterday’s LOI, but it’s less of a problem for the Fresh Food People™️. Woolies was one of the strongest big cap performers on the exchange yesterday after a result that met expectations. And the standout topic on the company’s earnings call was not shoplifting but unexpected fatalities in its stores, which shocked a prominent retail analyst and has prompted the company to dock the bonuses of its senior management team.

THE QUICK SYNC

  • Nvidia beat expectations with an 88% jump in revenue and lifted its outlook amid surging demand for AI chips. (CNBC)

  • Russian warlord Yevgeny Prigozhin, who led a mutiny in June, was reportedly killed in a plane crash. (SMH)

  • US new home sales rose to a 17-month high, beating market expectations. (CNN)

  • Private equity giant Apollo is being sued by shareholders over a US$570m payout to top executives (Financial Times)

  • Adani Group posted a record quarterly profit off the back of its infrastructure and renewable energy businesses (Bloomberg).

  • Albanese poised for China visit and high-stakes meeting with Xi. (Capital Brief)

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TRADING FLOOR

M&A:

  • The New Zealand Breakers are in talks with MA Moelis about potentially having the investment bank as a strategic adviser. (AFR)

  • How Brookfield's $18b Origin play is on shaky legal ground (Capital Brief)

  • FTI Consulting has set a deadline of 15 September for potential buyers of Altus Renewables to submit their initial bids. (AFR)

  • APA Group has successfully secured an agreement to acquire Alinta's distant power assets in Western Australia's Pilbara area for approximately $1.8bn. (AFR)

  • Quintessential plans to invest $90m into a Sydney office tower after its $293m acquisition. (BNA)

  • There are indications of additional investors considering TPG Telecom's business, as they begin to explore the possibility of making a competitive move. (The Australian)

  • Market speculation has resurfaced about South32 potentially selling its metallurgical coal operations for around $1bn. (The Australian)

  • Brookfield might collaborate with other private equity firms for a potential move involving Star Entertainment. (The Australian)

Capital Markets:

  • ING Australia and Pepper Money are gearing up for debt deals. (AFR)

  • Precinct Properties is considering a convertible bond offering valued at $150-200m. (The Australian)

  • Chris Mackay is offloading a 6.6% stake in Magellan. (AFR)

VC:

  • A wave of syndicates is reshaping Australian startup funding. (Capital Brief)

  • Compass has secured a contract to provide its technology to over 800 public schools in Western Australia, in collaboration with TechnologyOne. (StartupDaily)

Others:

  • Domino's CEO guarantees no further pizza price increases and reveals plans for job cuts. (AFR)

  • Harvey Kalman seems to be shuffling his board portfolio as he prepares to take over PAC Capital. (AFR)

  • IDP Education's remarkable revenue of $982m signals a resurgence in international student numbers. (BNA)

  • Santos experiences the impact of declining prices as the boost from the war subsides. (SMH)

  • Tim Ryan and Joseph Kuk, real estate bankers at Bank of America in Australia, have stepped down from the firm. (The Australian)

THE WATERCOOLER