Macquarie-Qube deal, BlueScope plans

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Good morning from Melbourne. Earnings season is officially in full swing — and it's already delivering some drama. Yesterday, Treasury Wine Estates missed analyst expectations in its half-year results, sending its shares sliding. On the brighter side, things looked a little rosier for infant formula maker a2 Milk, with the CEO saying the business is performing well in China. Up next: BHP reports its half-year earnings this morning, so keep an eye out for that. - Keira Wright, Australian Energy Reporter What's happening now The A$11.7 billion acquisition of Qube Holdings by a Macquarie-led group has given dealmakers in Australia a much-needed lift after a tricky 2025 and at least one big missed opportunity early this year. The consortium will pay A$5.20 per Qube share. Treasury Wine Estates' new chief executive officer said he is making progress to restore the fortunes of the Australian vintner, after the company posted its biggest half-yearly loss since going public in 2011. New Zealand's new central bank Governor Anna Breman takes center stage this week and is expected to keep interest rates unchanged, with attention turning to her assessment of the economic outlook as she grapples with stubbornly strong inflation. Anna Breman, governor of the Reserve Bank of New Zealand. Photographer: Mark Coote/Bloomberg BlueScope Steel, which rejected a takeover bid from Steel Dynamics and SGH last month, plans to push for growth in the US through an expansion of its North Star operations and premium products. Infant formula distributor a2 Milk's Chief Executive Officer David Bortolussi said the market has underestimated the resilience of the industry after strengthening sales in China boosted earnings. What happened overnight Here's what my colleague, market strategist Mike "Willo" Wilson says happened while we were sleeping… Oil gained as Iran conducted naval drills near the Strait of Hormuz ahead of talks between Washington and Tehran Tuesday. Gold hovered below $5,000 an ounce in light trading, with the US and China closed for holidays. Aussie and kiwi dollars were little changed, while the yen slipped. A gauge of European stocks edged higher. Australia has minutes from the RBA's February meeting to consider while New Zealand has food prices to digest. ASX futures point to a firm start for local equities. And Goldman Sachs launched a new long/short basket of software stocks. Elon Musk's SpaceX and wholly owned subsidiary xAI are competing in a secretive new Pentagon contest to produce voice-controlled, autonomous drone swarming technology, according to people familiar with the matter. Anthropic's talks about extending a contract with the Pentagon are being held up over additional protections the artificial intelligence company wants to put on its Claude tool, a person familiar with the matter said. Malaysia's king said the country's anti-corruption commission is one of the institutions that's on his 'radar' as he urged governing authorities to step up the fight against graft. What to watch... • RBA Minutes of February Policy Meeting at 11:30 a.m. in Sydney One more thing... Emerging and developed Asian markets saw the largest net-buying by hedge funds last week since Goldman Sachs Group Inc. Prime Services trading desk began tracking the data in 2016, as the region benefits from the optimism for AI infrastructure firms. Goldman Sachs Prime Bloomberg Enjoying Australia Briefing? You might also like: Markets Daily for what's moving in stocks, bonds, FX and commodities Next China for dispatches from within the world's second-largest economy on where China stands now — and where it's going next Markets Daily India for key news and movers in this fast-growing market before the trading day starts Get weekly updates on these industries with our new Retail Monitor, Auto Monitor, Defense Monitor, Real Estate Monitor, Banking Monitor newsletters Explore all Bloomberg newsletters at Bloomberg.com. We're improving your newsletter experience and we'd love your feedback. If something looks off, help us fine-tune your experience by reporting it here. Follow us You received this message because you are subscribed to Bloomberg's Australia Briefing newsletter. If a friend forwarded you this message, sign up here to get it in your inbox. Unsubscribe Bloomberg.com Contact Us Bloomberg L.P. 731 Lexington Avenue New York, NY 10022 |