Next Week At A Glance – 14-17 Oct 2024

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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:

-Bull markets climb a wall of worry, or so the saying goes. This week’s positive market action managed to shrug off rising oil prices from Middle East concerns, a miss on the expected stimulus package from China, higher yields on global bonds as expectations for US interest rate cuts were tempered; all as uncertainty around a major US election looms ever closer.

-The ASX200 advanced over the week but remains below the 52-week high, although it did reach highs during the week. Volatility remained with traders rotating out of resource, energy and real estate sectors and into technology, financials, health care, consumer staples and discretionary stocks.

-Australia’s unemployment rate remained steady at 4.2% and the Reserve Bank of NZ surprised the market with a -50bps cut in rates to 4.75%.

-Rio Tinto ((RIO)) lobbed a US$6.7bn takeover bid at Arcadium Lithium ((LTM)) with a bullish longer-term view on the commodity. Pro Medicus ((PME)) renewed a major contract for $98m at very favourable terms. While Netwealth Group ((NWL)) and GQG Partners ((GQG)) released strong quarterly results.

-US reporting season kicks off again with the big banks setting the tone for earnings growth. Domestically, we move closer into AGM season with more updates in the offing.

-Expectations of further China stimulus this weekend.

Have a great weekend, from your FNArena Team!

Corporate news in the week that was:

-EMR Capital has hired Bank of America and Macquarie Capital ((MQG)) to sell its $3bn Kestrel coal mine.

-IGO Ltd ((IGO)) believed to be the frontrunner to acquire Rio Tinto’s ((RIO)) Winu Project, a copper-gold deposit, with South32 ((S32)) also showing interest

-Bowen Coking Coal ((BCB)) is looking to raise $70m through an entitlement offer and has secured $40.5m in commitments from key investors

-DroneShield ((DRO)) received a $13.5m repeat order from a US government customer for its counterdrone systems, to be delivered this quarter

-Clarity Pharmaceuticals ((CU6)) partnered with SpectronRx to produce its prostate cancer diagnostic product for phase III trials, ensuring broad US distribution

-Rio Tinto ((RIO)) to become the world’s number three lithium producer now Arcadium Lithium ((LTM)) has accepted its take-over offer

-EQT Holdings ((EQT)) and Quadrant reportedly interested in acquiring Apiam Animal Health ((AHX))

-Newmont Corp ((NEM)) is selling Ghana’s Akyem mine to Zijin Mining for up to US$1bn

-Treasurer Jim Chalmers is reforming competition laws, requiring mandatory reviews for supermarket mergers and greater scrutiny on private market transactions

-De Grey Mining ((DEG)) to secure a 50% JV interest in Novo Resources’ ((NVO)) Egina gold project

-Companies owned by private equity firms are landing in default more frequently than other speculative-grade borrowers, according to a report from Moody’s Ratings.

Next week at a glance

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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