Weekly Reports | 12:06 PM
This story features WESTPAC BANKING CORPORATION, and other companies.
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The company is included in ASX20, ASX50, ASX100, ASX200, ASX300 and ALL-ORDS
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:
-RBA Deputy Governor Hauser noted Australia’s reliance on imported oil despite being a net energy exporter, with ANZ Bank highlighting the highest per capita diesel use globally –one word, “ouch”– with higher fuel prices triggering a potential “real income shock”.
-Goldman Sachs now expects back-to-back 25bp RBA rate hikes in May and June to 4.6%, with no rate cuts until 1H27, while downgrading GDP growth to 1.3% y/y and lifting inflation to 3.9% y/y post Iran war.
-The domestic economy faces a double whammy of rising rates and fuel costs, with Citi downgrading discretionary retailers.
-The ASX200 is down around -0.6% over five days and is circa -3% below its 52-week high, with a clear rotation under the surface.
-Technology rallied some 13% while financials fell around -3% following Westpac’s ((WBC)) update, with analysts questioning the bank’s earnings durability.
-US markets staged a sharp “V”-shaped recovery post Iran ceasefire, led by Nasdaq on short covering and buying in sold-off technology and software stocks.
-The Nasdaq has now posted 12 consecutive gains, its longest streak since 2009.
-Israel-Lebanon ceasefire has begun, with pressure on Iran via the US blockade of the Strait of Hormuz expected to drive negotiations. Well, that is the hope, anyway.
-The focus now shifts to the ongoing US quarterly earnings season, and Australian earnings, with outlook statements and guidance critical to earnings forecasts.
-Early downgrades have emerged, particularly in energy-exposed names like Qantas Airways ((QAN)), no doubt more will be forthcoming. The longer the energy crisis, the higher the risk to current earnings estimates.
-Markets appear to be looking through the Strait of Hormuz impasse, taking a glass half full view, at least for now.
The team at FNArena wishes everyone a great weekend.
Corporate news in the week that was:
-Alisa and Lysandra Fraser put al.ive skincare brand up for sale
-Hugh van Cuylenburg explores sale of Resilience Project
-Zen Energy in exclusive sale talks with Swiss buyer
-Ramsay Health Care ((RHC)) considers UK divestment
-Radiology Partners linked to potential I-MED bid ahead of IPO
-Dexus ((DXS)) faces legal dispute over Melbourne Airport stake information
-Cannon-Brookes backs Atlassian after -$37b valuation fall
-Qantas Airways ((QAN)) nears Project Sunrise A350 testing and plans celestial themed aircraft names
-General Atlantic weighs $1b plus IPO for Mable, an aged and disability care platform
-Brambles ((BXB)) faces potential $100m plus shareholder payout
-Ventia Services Group ((VNT)) under pressure from telco exposure
A2 Milk ((A2M)) downgrades earnings outlook on supply chain issues
-Pro Medicus ((PME)) announces a $37m renewal contract with Northwestern Medecine.
-Private equity firms targeting Green Cross Health GP clinics as healthcare deal activity lifts
-Corrs Chambers Westgarth dealing with fallout from Cosette–Mayne Pharma deal collapse affecting client relationships
-Strong capital inflows targeting Australian energy assets as Rio Tinto ((RIO)) explores power asset sales
-Altered Capital linked to potential transaction involving Fletcher Building ((FBU)) residential division amid subdued investor demand
-Horizon Nexus expanding nationally through acquisitions of Perth and Brisbane accounting firms
-Amtek Corporation being readied for sale with interest from strategic and private equity buyers
-David Jones delaying supplier payments as part of cost reduction and turnaround strategy
-Bruce McWilliam builds 5.3% stake in Southern Cross Media ((SXL)) with $14m investment
-Carmakers shifting towards range-extended EVs to improve range and compete with Chinese manufacturers
-Australia faces heightened cybersecurity risk due to delayed access to Anthropic AI model
-WA Premier considering expansion of Perth Mint into rare earths processing to strengthen supply chains
-Used EV sales rise 138% as higher fuel prices linked to Middle East tensions drive demand
-Yancoal ((YAL)) will buy 80% of private equity-owned Kestrel coal mine for US$1.8bn
-Angus Aitken lifts stake in ARN Media ((A1N)) amid Kyle Sandilands legal dispute
-Potentia Capital’s Storypark acquires Xap to expand edtech and childcare software platform
-Ashurst and Perkins Coie approve merger to form $3.9b global law firm
-BlinkLab raises funds to support clinical trials for smartphone diagnostics
-Cuscal ((CCL)) launches equity raise to fund Paymark acquisition in New Zealand
-Neurizon Therapeutics ((NUZ)) launches $11.3m shortfall raise after weak rights issue uptake
-Dual-track IPO and sale strategies return as ASX conditions improve
-SiteMinder ((SDR)) rolls out AI tools amid share price decline and tech recovery
-Armaguard delays regulator submission of pricing model due to cost concerns
-Kelly+Partners CEO faces margin calls after share-backed borrowing
-Domain launches drone-powered 3D property listings to boost competitiveness
-Westpac ((WBC)) lifts bad debt buffers as fuel costs and volatility pressure earnings
-Chinese steel mills ease restrictions on BHP Group’s ((BHP)) iron ore purchases after dispute
-Pay.com.au delays IPO and raises $20m privately amid market volatility
-EQT plans dual ASX/NZX IPO of Metlifecare amid strong retirement sector demand
–Explosions at Viva Energy’s ((VEA)) Geelong refinery has firefighters battling a large blaze
-Tanarra Capital takes control of Landchecker to support expansion in proptech
-CleanPeak Energy, backed by KKR, to grow via acquisition of Sustainable Energy Infrastructure
-RadPartners emerges as bidder for I-MED ahead of potential $3b deal or IPO
-InterContinental Energy seeks new funding for $100b WA hydrogen project
-CommBank ((CBA)) exposed to risk after lenders reject Accolade Wines refinancing proposal
-Uber investing more than $10b in autonomous vehicles to compete in robotaxi market
-Virgin Australia ((VGN)) maintains FY26 outlook, hedging supports profits but fuel cost risks expected to rise after June
-Australian defense spending is being boosted by $53bn over the next decade
-Private equity manager Axight is buying a stake in La Trobe Financial from Brookfield’s private equity arm, in a deal valuing the non-bank lender at $3bn.
-Grant Thornton Australia sale nearing completion with US-led bidders
-Gresham Partners prepares sale of One Investment Group amid buyer interest
-Macquarie Group ((MQG)) conference to feature 123 companies and major energy CEOs
-Blackmores invests in BiomeBank to expand into gut microbiome therapies
-PEP refinances Modern Star with $500m deal to reduce costs and return capital
-PwC Australia lifts partner pay supported by AI-driven efficiencies
-ANZ Bank ((ANZ)) offers incentives including cash and rate cuts to retain mortgage customers
-Calls increase for ACCC probe into Woolworths Group ((WOW)) and Coles Group ((COL)) over salmon sourcing practices
-Coal financing in Australia rebounds as lenders return and borrowing costs fall
Next week’s Corporate Calendar
For a calendar of upcoming events, see FNArena’s Corporate Calendar:
https://fnarena.com/index.php/financial-news/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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