Next Week At A Glance -23-27 Dec 2024

This story features KOGAN.COM LIMITED, and other companies. For more info SHARE ANALYSIS: KGN

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:

-So much for the Santa rally, thus far! Jerome Powell popped the momentum and exuberance trade with a “hawkish” -25bps cut in the Fed Funds Rate on Wednesday.

-The sell off in US markets was driven by a change in the mysterious “dot plot”. Not a predication by Fed members, rather an educated throw of the dart to -50bps in 2025 from -100bps. Powell laid the blame at the feet of the recently more robust inflation readings.

-Australian shares fell in sympathy, hey why not, as that’s what overseas markets do. 

-The Australian dollar has continued to take a mighty shellacking, but in fairness the USD Index is at a 52-week high and has rallied almost 9% since September

-Materials and Energy sectors were the most adversely impacted as technology rallied into the Fed meeting only to follow the Nasdaq down on Thursday.

-Corporate news is slowing, but Morgan Stanley pointed to our Superfunds’ voracious appetite for bank shares and the funds now own nearly 30% of the listed shares. Hardly astounding the financial sector is up 28% in the last 12 months.

-Going into Christmas, it looks like the US Government Shutdown remains in flux, and Friday’s US PCE reading might alleviate some inflation concerns.

The FNArena team wishes readers a Very Happy Holiday, Merry Christmas. Your FNArena service will be back on January 13 for a bright start to 2025.

Until then stay safe. We look forward to you joining us for another year of leading-edge quality research.

Corporate news in the week that was:

-ASIC is investigating Kogan ((KGN)) over a potentially lucrative options deal involving its CEO and CFO

-Star Entertainment’s ((SGR)) second Gold Coast CEO in seven months has resigned

-ASIC has launched a legal action against HSBC Australia for allegedly failing to respond swiftly to almost 1000 reports of suspicious activity in bank accounts, resulting on to some customers reportedly  losing $90,000 to scammers

-IGO Ltd ((IGO)) acquires majority stake in Yeneena copper project

-Australia’s largest IPO of 2024, DigiCo REIT ((DGT)) ($2 bn IPO) has seen its shares drop by -14% to $4.30 in the first two days of trading

-Brookfield is reportedly reconsidering Healthscope investment as debt covenant breach looms in March

-Investors sue Arcadium Lithium’s ((LTM)) board over undervaluation in $6.7bn sale to Rio Tinto ((RIO))

-ASIC is reportedly considering enforcement action against ANZ Bank ((ANZ)) for charging fees to dead customers’ accounts, reigniting scrutiny over the bank’s compliance failures and governance woes

-Market speculation suggests Ingenia Communities ((INA)) is interested in buying Lifestyle Communities ((LIC))

-Southern Cross Media ((SXL)) will sell regional TV licenses to Network 10, with completion expected by February 2025

-Novonix ((NVX)) receives US$1.2bn US loan commitment for EV battery graphite plant

-Qantas Airways ((QAN)) to pay -$120m to workers illegally sacked in 2020

-News Corp ((NWS) reportedly close to announcing Foxtel deal with DAZN

-Woodside Energy ((WDS)) to swap Australian operating assets with Chevron

-Champion Iron ((CIA)) has partnered with Nippon Steel and Sojitz to jointly develop its Kamistiatusset iron ore mine in Canada

-Paladin Energy ((PDN)) gains approval for Fission Uranium acquisition, secures TSX listing

-Transurban ((TCL)) may face significant financial penalties following a Supreme Court of Victoria ruling related to a legal dispute with ConnectEast

Coporate Calendar

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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