☕️Bullock's Big Day

Good morning.

We’ve seen the US and UK hold rates steady, and all signs are pointing to a similar outcome when RBA governor Michele Bullock delivers the central bank’s first cash rate decision for 2024. Bullock will undoubtedly face a grilling during today’s press conference, and as Capital Brief reports, her responses on everything from Albanese’s Stage 3 cuts to inflation are likely to be put directly to Treasurer Jim Chalmers, as Parliament is sitting this week.

If you’re feeling confident about what’s coming at this afternoon’s 2:30pm announcement, cast your vote on the LOI LinkedIn poll to make it official.

🏆 LOI Subscriber #TBD

Market movers

Silver Lake Resources was the ASX 200’s worst performer on Monday, falling over 11% to $1.12 after announcing its merger with Red 5. The deal will see Red 5 acquire 100% of its fellow gold miner’s shares, to create a mid-tier operation valued at around $1.5 billion, and estimated to produce 445,000 ounces per year. Silver Lake’s current managing director, Luke Tonkin, will become CEO of the merged company, with Red 5's Russell Clark as chair. The deal is expected to be completed by June this year.

The quick sync

• The Coalition and Greens look set to wave through Albanese’s Stage 3 tax cuts reversal in Parliament this week. (Capital Brief)

• Equinix strikes $3b deal with Golden Plains Wind Farm to power the US data centre giant’s 17 Australian facilities by 2030. (AFR)

• China tightened some trading restrictions for domestic and offshore investors to slow its deepening stock rout. (Bloomberg)

• The EV industry supports the Albanese government’s new fuel efficiency standards. (Capital Brief)

• The US Federal Reserve expects to make three rate cuts this year, according to a 60 Minutes interview with Fed chair Jerome Powell. (Financial Times)

• Rival bidders are emerging as Incitec Pivot struggles to divest its fertiliser division to Indonesian group, Pupuk Kaltim. (AFR)

• Pro Medicus sees the upside in designing medical apps for Apple’s Vision Pro headset. (Capital Brief)

• Funding for Australian startups has fallen two-thirds from its peak as investors cap financing. (AFR)

Trading floor

M&A

• Bankers explore options for Oporto owner Craveable Brands. (The Australian)

• Ventura Group is poised to finalise a deal with Singapore-listed Keppel Infrastructure Trust. (AFR)

• MA Financial Group to seed a new hotel fund after its Four Points by Sheraton acquisition. (BNA)

• Boral considered Adbri acquisition, but owner Kerry Stokes opposed. (The Australian)

• Metcash to transform foodservice distribution with Superior Food acquisition. (Capital Brief)

• TA Associates eyes exit from Fisher Funds, Macquarie Capital leads sale process. (AFR)

• Fat Zebra acquires Adatree in a strategic move for consumer data rights. (AFR)

• Lynas has confirmed discussions for a potential merger with US-based rival MP Materials Corp. (Capital Brief)

Capital Markets

• UBS's Chifley Tower bankers disappointed with bonus day amid global deal slump. (AFR)

VC

• None

People moves

• Investment analyst Chris Tynan departs DNR Capital after five years. (AFR)

• UBS appoints Michael Aked as director, senior investment manager to its discretionary portfolio management team. (The Australian)

• Ryan Kolln, Appen’s US-based chief operating officer, has replaced Armughan Ahmad as new CEO, effective immediately. (BNA)

• Collins Foods CEO Drew O'Malley takes leave; former CEO Kevin Perkins steps in. (Capital Brief)

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