☕️ Golden Bouquet

Good morning.

A little financial reprieve could do wonders for young love.

As the cost-of-living squeeze continues to pinch, lovestruck Australians are set to spend $465 million on flowers this Valentine’s Day, down 4.1% (or $20 million) from last year. Romantically-inclined young people between 18-34 years old are expected to purchase the bulk of these bouquets, spending $145 million. This is a whopping 32% decrease on the amount spent in 2023.

While we’re all for Miley’s advice to buy ourselves flowers, unless we’re in the same tax bracket as Nick O’Kane, even that purchase could break the bank.  

🏆 LOI Subscriber #TBD

Market movers

Shares in investment manager Challenger climbed over 8% during trading on Tuesday, closing at $7.13, after posting an 80% jump in statutory net profit for the first half. The results were boosted by record new business annuity sales of $1.9 billion, as total sales in its annuities provider, Life, reached $5.3 billion. UBS analysts said normalised net profit before tax was 1% ahead of consensus.

The quick sync

• Block staff expect Square to be next in line for layoffs after the company slashed 1,000 jobs across the Cash App and Afterpay divisions. (Capital Brief)

• US core CPI data came in hotter than expected for January, casting doubt on hopes for a Federal Reserve rate cut in May. (Bloomberg)

• Gas shortage looms after Origin Energy decides against underwriting an LNG import terminal in SA. (The Australian)

• Bank of America survey finds global fund managers are “all-in” on US tech stocks and are at their most bullish in two years. (AFR)

• Australian law firms are sharpening their tech offering for in-house ‘alternative legal services’ to future-fit their business. (Capital Brief)

• KPMG, PwC and Accenture have renewed large leases at Lendlease’s Barangaroo office towers. (AFR)

• Insiders fear that China critic, the Australian Strategy Policy Institute think tank, could be targeted by the government’s review into funding of non-government bodies advising on national security. (Capital Brief)

Trading floor

M&A

• Senex Energy poised as backup for Incitec's fertiliser deal. (AFR)

• Ansarada Group is set to be acquired by its Minnesota-based rival Datasite for $263.3m. (BNA)

• How former Carlyle operator Jay Sammons teamed up with Kim Kardashian to launch PE firm, SKKY Partners. (AFR)

• UBS bankers assess sale of $700m Perth Airport stake. (The Australian)

• Tim Gurner is in talks with Roberts Co for a potential merger. (AFR)

• SSP is making moves to acquire its esteemed Australian counterpart Airport Retail Enterprises. (AFR)

• Holman Industries' Wally Edwards accepts a $160m buyout by Reliance Worldwide. (BNA)

Capital Markets

• Marqo relocates HQ to San Francisco after a $19m funding round. (AFR)

• 333 Capital secures role in WICET's major refinancing. (AFR)

• Temple & Webster achieves record revenue, driven by customer growth. (BNA)

VC

• Sydney's Diraq raises $15m in Series A-2 led by Quantonation. (Smart Company)

People moves

• ANZ plans to lay off approximately 170 employees from its business banking teams as it transitions lower-tier and simpler business banking clients to a fully digital platform. (Capital Brief)

• Canaccord Genuity poaches partner from Azure Capital, John Toll. (AFR)

Together with Wilsons Advisory

At Wilsons Advisory, our purpose is to protect, manage and grow the wealth of our private clients, including HNWs, super funds, family offices and not-for-profits with over 125 years of distinguished history in financial services.

To discuss tailored investment advice for individuals, SMSFs and trusts, please get in touch with Gagan Johal, Investment Advisor in Private Wealth, at [email protected], call +61 7 3212 1951, or click here to schedule a call.

The watercooler