☕️ Viva La Roja

Spain’s thrilling victory over England last night could boost its economy.

Good morning.

Spain’s thrilling victory over England in the Women’s World Cup last night was a fitting conclusion for a tournament which has broken attendance and TV ratings records.

La Roja’s victory over England’s Lionesses might also deliver a boost to the Spanish economy — at least if recent trends from the men’s tournament are anything to go by. According to one estimate, despite England’s loss the final still delivered a £185 million ($367 million) jolt for the UK economy as fans flocked to pubs and bars to watch it.

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MARKET MOVERS

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

Market News: Few things excite ASX punters more than dividends. The only thing that might come close is cost-cutting. On Friday, Magellan delivered both, which tells you all you need to know about the 13% surge in its share price on a flat day for the broader market.

The struggling (but now maybe turning the corner?) fund manager declared a 30¢ special dividend and pleased the market with its plans to reduce expenses this year after beating its cost guidance for FY23.

Magellan has been facing pressure from shareholders (in particular activist fund manager Sandon Capital) to improve returns. This might give it some breathing room.

THE QUICK SYNC

  • China’s central and financial regulators have told the country’s banks to increase lending to support an economic recovery (Bloomberg).

  • Woodside Energy workers have warned they are preparing to strike, in a move that could disrupt global energy markets (Guardian | Reuters)

  • Goldman Sachs CEO David Solomon retains the support of his board and top shareholders despite an internal backlash (Financial Times)

  • Japanese authorities are worried about a Silicon Valley Bank sequel. (WSJ)

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TRADING FLOOR

M&A:

  • Secretive UK investment house Bell Rock Capital Management has been campaigning against Whitehaven’s bid for BHP’s coal assets. (AFR)

  • Deal makers have been pitching listed fund managers to Regal Funds Management. (The Australian)

  • Deutsche Bank could be making a comeback to the Australian M&A scene. (AFR)

  • Occidental Petroleum's $1.72bn purchase of a Canadian carbon capture pioneer is expected to provide BHP with an unexpected profit. (AFR)

  • Orora has been scanning the US market for acquisition opportunities. (The Australian)

  • Hanwha Energy Australia has begun an investor search via Azure Capital. (AFR)

  • Blackstone is selling some of Crown Resort’s Southbank properties and is expecting a windfall of more than $50m in deals. (SMH)

  • Bardoc Group has been gauging investor appetite to buy a stake in The New Zealand Breakers. (AFR)

Capital Markets:

  • None

VC:

  • None

Others:

  • Star Entertainment is due to report on Thursday and its debt position and asset sale plans will be keenly scrutinised. (The Australian)

  • Magellan reduced the carrying value of its Barrenjoey stake by 7%. (AFR | BNA)

  • Kerry Stokes’ Seven Group is keen on more acquisitions, but not in the green energy space. (SMH)

  • Commonwealth Bank (CBA) is facing accusations of unfair workplace practices from a former staffer. (SmartCompany)

  • Fast growing US fund manager Blue Owl Capital is targeting Australian super funds for investment. (AFR)

THE WATERCOOLER

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