News

QBE delivers a stellar result and soars; Manchester United’s bidding war gets serious, and more.

Tourism Holdings reports, Manchester United bidding war heats up, and unemployment in Australia rises.

The S&P 500 ended the session flat, as while inflation may has peaked it is remaining stubbornly high putting the brakes on the market’s anticipation of a slow down inflation.

Fletcher Building weighs the NZX down, Star Entertainment sinks, Palantir posts profit, and Contact Energy posts a solid result.

Happy monday, let’s get cracking – a lot to cover today. M&A over in the UK; ChatGPT’s (not so) existential threat to Alphabet, Dan Loeb jumps into Salesforce, entrenched inflation over in Norway & the US, and Mainfreight signals slowing growth.

Elders’ shares rise, Manchester United jumps +8.78% amid takeover talk, Disney fends of Nelson Peltz, and Mainfreight starts to show signs of slown-down.

US markets (S&P 500 Index –1.1%) were lower overnight, as investors digested mostly weaker earnings as well as the Fed reiterating their hawkish stance, which has been mostly ignored by the market recently. 

The Australian market (ASX200 Index, -0.5%) after the Reserve Bank of Australia increased it increased interest rates for the ninth time in a row.