Next Week At A Glance – 26-30 Oct 2026

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A brief look at important company events and economic data releases next week

For a more comprehensive preview of next week’s events, please refer to “The Monday Report”, published each Monday morning. For all economic data release dates, ex-div dates and times and other relevant information, please refer to the FNArena Calendar.

The week that was in Australian finance:

-Markets are nothing, if not volatile, and keeping up with the narrative du jour and the next rotation trade, if you are hence inclined, is not for the faint-hearted.

-The overarching global talking point remains AI. Is it a bubble? Is the bubble bursting? Or are equity and credit markets functioning correctly and putting the brakes on the more speculative, financially questionable proposed capex and raisings?

-Arguably, the latter seems to be playing out, which could transpire into a positive for the sector, removing some of the bubble and froth and keeping the AI buildout on a more sustainable footing.

-However, there are two most observable impacts. One, the concentration of highly leveraged hedge funds is washing out, causing deleveraging across many sectors and most profoundly in the Nasdaq, as well as other AI-winning markets, like Korea and Taiwan.

-Secondly, the slowdown in AI spend, also think proposed US data centre moratoriums in some states as proposed in the run-up to the US midterms on November 3, removes one of the biggest growth levers for not only the US but other economies.

-So, unwinding the AI trade, which could last a few more weeks, means it’s defensive positioning, buying US Treasuries and moving risk-off.

-Even down under, the ASX200 has displayed the same characteristics this week, despite a very hawkish Deputy Reserve Bank Governor pointing to another RBA rate hike on November 3.

-In the week that was, the ASX200 slipped slightly, but remains flat year-to-date. Investors were furiously rotating out of Materials, down -6.6% or so, and Energy, down over -3%, even though oil prices remained elevated. Are markets pointing to a growth scare?

-Conversely, Industrials, Staples, Healthcare, Telecommunications, Utilities, even Financials and REITs rallied. Investors have been moving risk-off and scooping up the laggards.

-The AGM trading updates and quarterlies have, by and large, been disappointing. It’s almost a conga line of companies pointing to 2H earnings skews, which doesn’t fill one with a lot of hope, given the RBA still has a tightening bias and the war in the Middle East is not going anywhere.

-There were some big guidance downgrades and misses, including from Nick Scali ((NCK)) and Zip ((ZIP)), and share prices were thumped.

-NextDC ((NXT)) shares also received a big shellacking following a sizeable earnings downgrade, with power supply issues to its M3 expansion and lots of debt concerns, wrapped up with AI bubble concerns.

-With the US midterms and Australia’s September quarter 2026 CPI print next week, don’t count on narratives and volatility disappearing.

The team at FNArena wishes you a great weekend.

Corporate news in the week that was:

• Cleanaway Waste Management ((CWY)) shares fall -5.8% as EQT considers proceeding with its proposed $9.4bn takeover
• Anthropic secures a 15-year contract at DigiCo Infrastructure REIT’s ((DGT)) Sydney data centre, replacing Datasection as the expected customer
• Gold Fields presses Northern Star Resources ((NST)) to engage over its proposed $38.7bn takeover following meetings with shareholders
• Ingenia Communities ((INA)) planned acquisition of Peet ((PPC)) faces uncertainty as Brown-Neaves reconsiders its Flagstone City stake transaction amid Warburg Pincus’s takeover pursuit
• Brookfield’s $4.1bn takeover of Reliance Worldwide ((RWC)) clears the go-shop period, with shareholder approval the next hurdle
• Ares joins KKR and Global Infrastructure Partners in the $7bn auction for Rio Tinto’s ((RIO)) Australian and Canadian power assets
• XRG establishes Australian entities ahead of potential energy acquisitions, with North West Shelf negotiations ongoing and no renewed bid for Santos ((STO)) confirmed
• DAZN reviews Foxtel’s future following its $3.4bn acquisition, with preliminary discussions involving Tabcorp Holdings ((TAH))
• Microsoft cancels a major Nscale data centre agreement, raising uncertainty over Australian entrepreneur Joshua Payne’s planned multibillion-dollar listing
• Firmus canvasses shareholders for a capital raising of up to US$3bn ($4.3bn), with a Nasdaq listing now targeted for late 2027
• Fund managers reassess Firmus’s valuation and early investors’ paper gains following the collapse of its proposed ASX IPO
• Australian-backed Margaux Platforms leads a EUR200m equity and debt financing package for Astor to develop data centres across Europe
• Deep Yellow ((DYL)) delays its Tumas project investment decision beyond 4Q 2026 amid weak equity markets and funding constraints
• Overwatch Technologies ((OWL)) raises $8m through an ASX IPO to fund growth in maritime security and naval data intelligence
• Blackstone-owned Crown Resorts reports higher revenue but flags ongoing debt and regulatory risks
• Daniel Petre backs Sydney-based Savana Active ETFs at a $20m valuation as existing investors increase their stakes
• FitzWalter Capital secures a worldwide asset-freezing order against Vietjet over US$250m in unpaid aircraft leases, complicating the airline’s Australian expansion plans
• TAL Dai-ichi launches a bid for Challenger ((CGF))’s remaining 79.5% stake, lifting shares 16.9% as the board assesses the conditional proposal
• SG Fleet secures a $1.13bn agreement to acquire FleetPartners ((FPR)) for $5.30ps following a competitive bidding process
• New Hope ((NHC)) agrees to a $6.3bn share-based merger with Malabar Resources, targeting completion in March 2027, subject to approvals
• Arena REIT ((ARF)) raises FY27 distribution guidance following Goodstart’s proposed acquisition of 31 Edge childcare centres and $16.6m in property divestments
• Reliance Worldwide ((RWC)) maintains support for Brookfield’s $4bn takeover proposal after the go-shop period closes without a rival bid
• Cleanaway Waste Management ((CWY)) agrees to a $9.3bn takeover by EQT at $3.05ps, subject to regulatory and shareholder approval
• Metcash ((MTS)) moves to acquire Peries Group for -$80m–$85m, adding 15 Queensland IGA supermarkets
• Pro Medicus ((PME)) secures a $24m, seven-year medical imaging contract with US healthcare network Billings Clinic
• ASIC scrutinises Sequoia Financial Group ((SEQ))’s sale of Interprac to former CEO Scott Beeton’s Bellbird Australia and its attempt to terminate cross-guarantee liabilities
• Greenwich Capital Partners acquires a majority stake in Melbourne HVAC business Auscool Group, expanding into building services
• Federation Asset Management explores the circa $200m sale of Kennedy Energy Park to help fund $8bn in planned renewable energy equity investments over five years
• Ingenia Communities ((INA)) shares rise 7% amid speculation it may abandon the Peet ((PPC)) acquisition while considering Warburg Pincus’s $2.14bn takeover proposal
• DAZN rules out selling Foxtel for now following reported discussions with Tabcorp Holdings ((TAH)) over a potential transaction
• NextDC ((NXT)) enters a trading halt ahead of an announcement on Melbourne M3 data centre power delays and potential impacts on FY27 guidance
• Squadron Energy and Windlab seek $5bn in debt and equity funding, including $1.5bn in equity, for Queensland’s Bungaban wind and battery project
• Ingenia Communities ((INA)) advances takeover talks with Warburg Pincus, targeting a process deed by 23 October, while its proposed Peet ((PPC)) acquisition creates a potential conflict and -$10m break fee risk
• Christian Brothers offers its heritage-listed Parkville headquarters for sale with a $25m price guide amid $774m in liabilities and compensation claims
• Challenger ((CGF)) expected to reject Dai-ichi Life’s $7.8bn takeover bid, while FIRB chair Bruce Miller recuses himself from the review due to his board role at Dai-ichi Life
• Pacific Equity Partners defeats Orix and Sumitomo to acquire FleetPartners ((FPR)) for around $1.12bn
• Pacific Equity Partners and Bain Capital target undervalued ASX-listed industrials as AI investment diverts capital from traditional sectors, creating private equity opportunities
• Morgan Stanley prepares $2bn-plus sale of EDL Energy, attracting EQT, Igneo, Stonepeak, GIP and other infrastructure investors
• Five V Capital agrees terms to acquire a majority stake in First AML, potentially providing an exit for Blackbird and other early investors, alongside an $80m secondary share transaction
• Blackstone and IFM Investors bid for Rio Tinto’s ((RIO)) energy infrastructure assets in WA and Canada, valued at approximately $7bn
• Morgan Stanley markets Melbourne-based SMSF administrator Esuperfund for more than $500m amid growing demand for self-managed super funds
• Firmus signs multi-year AI infrastructure agreement with Thinking Machines Lab to train and host next-generation AI models across Asian data centres following its withdrawn IPO
• PLS Group ((PLS)) proposes US$700m senior unsecured notes offering to fund capital expenditure, corporate requirements and growth
• ASIC makes routine inquiries into Firmus’s withdrawn ASX IPO regarding disclosure concerns, confirming no formal investigation has commenced
• NextDC ((NXT)) faces scrutiny after the Jinks family reportedly sells $100m in shares ahead of a data centre sector sell-off, while the company is in a trading halt over power supply issues at its Melbourne facility
• IFM Investors acquires a 64% stake in UK ports operator Associated British Ports in a GBP10bn deal, reportedly beating KKR and Apollo
• SpaceX and Tesla establish special committees to explore a potential US$3.5trn merger, with Australian investors estimating over US$200bn in potential passive fund inflows
• Genesis Capital acquires New Zealand oncology provider Harbour Cancer & Wellness, expanding its healthcare portfolio
• Genesis Minerals ((GMD)) prepares a circa $1bn divestment of Vault Minerals’ ((VAU)) Sugar Zone, Deflector and Mount Monger assets following its proposed $5.6bn acquisition
• Blackstone’s proposed sale of Australian clinical trials provider Nucleus Network for over $1bn faces uncertainty as bidders fall short on valuation
• Seek ((SEK)) restructures its Growth Fund arrangements to target $840m in investor liquidity over five years, with potential near-term investment sales of circa $1bn
• Guzman y Gomez ((GYG)) sees an $89.5m block trade at $25.55 per share, a -4.3% discount, potentially marking TDM Growth Partners’ exit following chairman Guy Russo’s $35m share sale
• Austal ((ASB)) secures $245m in National Reconstruction Fund debt financing for infrastructure supporting its $4bn Landing Craft Heavy contract, with financing costs covered by the Commonwealth
• MA Financial ((MAF)) suspends redemptions from its $2.1bn wholesale property credit fund until at least March 2027 and winds up its $100m retail property income fund
• Koda Capital founders seek a new private capital backer to potentially acquire Emigrant Partners’ minority stake, fund growth and facilitate partner selldowns amid staff unrest
• Aware Super attributes Firmus Technologies’ withdrawn IPO to greater investor selectivity towards AI investments following insufficient US institutional demand
• Firmus Technologies reportedly needs to raise billions urgently to complete its Malaysian data centre campus, with OpenAI potentially able to terminate its lease agreement over material delays
• AGL Energy ((AGL)) nears a funding agreement with an Australian investment partner for its renewable energy pipeline, while a potential equity investment or acquisition of Mike Cannon-Brookes’ circa 10% stake remains speculative
• Stockland ((SGP)) acquires a prime western Sydney industrial site from entities linked to the Bathla family following borrowing defaults and the developer’s financial collapse
• Stockland ((SGP)), Brookfield and MA Financial Group ((MAF)) progress to the second round of bidding for Cerberus-owned Lincoln Place in a potential $1bn transaction, with Stockland considering a binding offer by early December
• WeAre8 founder seeks to assemble a rescue consortium to acquire the struggling Australian social media platform
• Perpetual ((PPT)) could attract a $2bn-plus takeover proposal from a Janus Henderson and KKR consortium, while EQT considers a revised offer and Bain Capital assesses options for the wealth management and corporate trust businesses
• Northern Star Resources ((NST)) CEO Suresh Vadnagra remains open to renewed takeover discussions with Gold Fields if its previously rejected proposal improves, without specifying a minimum acceptable price
• Commonwealth Bank ((CBA)) reportedly considers repurchasing KKR’s stake in Colonial First State after a sale process targeting more than $5bn stalls
• Wildcat Infrastructure agrees to acquire Fraser Shipyards and invest US$350m, strengthening its position as a potential acquirer of Austal ((ASB))’s US operations
• ASX ((ASX)) faces mounting pressure from a shrinking IPO pipeline, Firmus considering a Nasdaq listing and potential private equity-driven delistings, prompting management to pledge a more active competitive response
• Wiluna Mining ((WMC)) shares decline -13.85% on their ASX debut following a $180m raising, with hedge fund selling and volatile equity markets raising concerns over a potential freeze in Australian IPO activity for the remainder of 2026

For a calendar of earnings result releases and a summary of earnings results to date, refer to FNArena’s Corporate Results Monitor (https://www.fnarena.com/index.php/reporting_season/)

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