AU Weekly Wrap | Australia Inflation Expectations Rise; NextDC Raising $1.32 Billion
Macro News
The minutes of the RBA's March policy meeting revealed that the board has now dropped its tightening bias.
Consumer confidence fell for a second week in a row last week, according to ANZ Roy Morgan, down 0.9 points to 81.9 points, with the overall reading consistent with recession conditions far more severe than that of the highly destructive economic contraction in the early 1990s.
Inflation expectations in Australia rose in April, further dampening hopes for a policy easing by the central bank. The expected inflation rate grew 0.3 percentage points to 4.6% in April, according to the latest report by the Melbourne Institute of Applied Economic and Social Research.
Company News
$Ansell Ltd (ANN.AU)$, an Australian company, has finalized an agreement to purchase the personal protective equipment (PPE) division of $Kimberly-Clark (KMB.US)$ for US$640 million in cash. The CEO of Ansell mentioned that this acquisition has been in consideration for several years.
$Beach Energy Ltd (BPT.AU)$ said the Waitsia Stage 2 natural-gas project in Western Australia would cost more to complete and first production would be delayed, the latest setback to its flagship development.
The copper industry is about to get a new leader as $BHP Group Ltd (BHP.AU)$ overtakes Codelco in the global producer rankings, according to Bloomberg Intelligence estimates.
Australian data-center operator $Nextdc Ltd (NXT.AU)$ is raising 1.32 billion Australian dollars (US$860.4 million) of equity to accelerate several developments as the global shift to cloud computing drives record demand for its services.
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Source: Investing.com, MarketWatch
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