☕️WeBull(y) Brokers

Good morning.

Local WeBull chief executive Rob Talevski revealed to Capital Brief that the US finserv provider is just weeks away from launching a white label broker product in Australia to help advisers trade financial markets more cheaply, hoping to disrupt what it says has been a cosy oligopoly in the intermediary space.

Financial advisers oversee an estimated $1.94 trillion worth of assets in Australia according to data from IBISWorld. The wholesale broking industry servicing them is currently dominated by just a handful of players – the biggest of which is AUSIEX with a third of the market.

WeBull wants to take them “head on” and expects to make immediate inroads into the market, having already received significant interest in its dedicated portal from independent broker dealer groups with ready client books.

🏆 LOI Subscriber #TBD

Market movers

Shares in building products group James Hardie tumbled on Thursday, closing nearly 13% lower after a sharp early selloff triggered a temporary trading halt.

The fall followed a Bloomberg report that noted the company will be removed from the MSCI Australia Index later this month and came amid a wave of downbeat updates from US housing peers, including Trex and Owens Corning, that stoked fears of softening demand.

The quick sync

• Liberals to decide net zero stance next week as Ley pushes for unity and a Coalition deal. (Capital Brief)

• Labor’s FOI bill faces Senate roadblock as Coalition pushes AI fix. (Capital Brief)

• Westpac and NAB lead differently but face the same underperformance, job cuts and pressure to catch CBA. (Capital Brief)

• Seven chair Kerry Stokes faces a shareholder revolt over pay and performance in what is likely his final AGM. (Capital Brief)

• US homebuilders are offering mortgage rates as low as 1% to draw wary buyers back in. (Bloomberg)

Trading floor

M&A

• Abercrombie Group dropped its takeover bid for Humm after backlash over conflicts. (Capital Brief)

• PEP pauses FleetPartners buyout plans until results; Bain also interested, Mitsubishi aims to deepen partnership. (The Australian)

• Anchorage buys 70% of tech services firm ENTAG to boost ICT presence. (AFR)

• TA Associates joins expanded $1.65b Iress takeover race. (The Australian)

• Mayne Pharma seeks FIRB extension and Chalmers’ input to salvage its troubled takeover by Cosette. (Capital Brief)

• IDT Australia bids for Mayne Pharma’s Salisbury plant amid Cosette takeover dispute. (AFR)

• Warburg Pincus joins EQT, PEP in $1b Aidacare takeover race. (The Australian)

• Device Technologies makes bolt-on deal as $1.5b sale process continues. (AFR)

• SpaceX adds USD2.6b in spectrum licences to its USD17b EchoStar deal amid regulatory pressure. (Capital Brief)

• Aurizon rethinks $3bn rail asset sale after investor retreat over coal links. (The Australian)

• Zen Energy, backed by Ross Garnaut, up for sale with $400m renewables portfolio. (AFR)

Capital Markets

• NAB’s annual profit missed forecasts, causing shares to fall, as higher costs and impairments offset gains in its business banking unit. (Capital Brief)

• NAB CEO Andrew Irvine says he won’t change his leadership style despite criticism. (Capital Brief)

• Advanced Energy Minerals begins $307m ASX IPO bookbuild. (AFR)

• Light & Wonder’s Q3 profit jumped 78%, supported by gaming growth and its shift to an ASX-only listing. (Capital Brief)

• Vicinity Centres kept FY26 guidance after strong Q1 sales and steady occupancy. (Capital Brief)

• BrainChip launches $30m discounted share placement to fund operations. (AFR)

• Neuren’s royalties rose 24% on strong US sales and wider adoption of its Rett syndrome drug Daybue. (Capital Brief)

• Zimmermann sales soar to $645.7m after Advent-led global expansion. (AFR)

• Amcor’s Q1 profit jumped 92% after Berry Global acquisition, lifting shares and guidance. (Capital Brief)

• Hedge funds short Domino’s amid losses, weak growth, and Bain takeover speculation. (AFR)

• Seven West Media faces pay strike after 35% of shareholders reject remuneration report. (Capital Brief)

• Best & Less profit doubles, delivering $29m to owners Blundy and Itaoui. (AFR)

• Breville shares rose on solid Q1 results and progress in moving production outside China. (Capital Brief)

• Microsoft swamped by refund claims after misleading AI Copilot subscription sales. (AFR)

• DroneShield shares fell as the counterdrone sector’s rally lost momentum. (Capital Brief)

• Google plans AI data centre on Christmas Island under Defence deal, boosting strategic presence. (Capital Brief)

• Cuts to ACCC’s digital platforms unit spark warnings over big tech oversight. (AFR)

• Australia’s NRF invested $54m in Synchron’s $305m round to support trials and bring operations back home. (Capital Brief)

• Lilly and Novo cut weight-loss drug prices under Trump deal for tariff relief and fast-track reviews. (Capital Brief)

• Point72 gears up to raise at least USD1 billion for private credit. (Bloomberg)

VC 

• Banking tech start-up Constantinople seeks new funding as losses double despite customer growth. (AFR)

• Understanding Zoe raises $770k to grow its AI app for neurodivergent kids. (Smart Company)

People moves

• IGO names Vanessa Guthrie as next chair in board succession plan. (Capital Brief)

• Jarden hires three small-cap analysts from UBS and Barrenjoey. (AFR)

• Bell Financial Group has appointed a new chief investment officer, hiring Riggall from Clime Investment Management, where he held the same role for 3½ years. (AFR)

• IPH CEO Andrew Blattman to retire in 2026; successor search underway. (Capital Brief)

• John Mullen may leave Treasury Wine board to cut workload. (AFR)

• Broker Nick Burmester joins InvestHouse as head of capital markets. (AFR)

• Nancy Pelosi to retire from Congress after nearly 40 years in office. (Capital Brief)

The watercooler