ASX LIVE: ASX to fall; Perpetual rejects Regal, Barings takeover bid

Commonwealth Bank sold $1.77 billion of ASX-listed tier one hybrid securities last week. The same week, the bank sold a record $2 billion tier two bonds. Tier two securities have a 10-year maturity and a five- year call date.

The Fed lifted its benchmark interest rate by 0.75 percentage points early Thursday morning. The S&P/ASX 200 Index opened 1.9 per cent lower on Thursday. New Hope Corporation's board approved a share buyback worth up to $300 million.

Perpetual has rejected a $30 a share cash offer from Regal Partners and BPEA Private Equity. The offer is highly conditional and valuing the company at $1.74 billion. Bravura has plunged 55% in early trade after a downgrade. S&P/ASX 200 Index is down 1.9%. The tech sector has tumbled 3.6%, materials off 3,2%.

MA Financial sticks to guidance for underlying earnings per share growth between 30 and 40 per cent in financial 2022. The group formerly known as Moelis has total funds under management of $7.6 billion as at November 1, 2022 and expects to grow its earnings by up to 40%.

Woolworths Group posted a 1.8% rise in first quarter sales. The growth was dragged down by its Australian Food businesses. However, average prices surged 7.3% due to double-digit inflation in fresh fruit and vegetables.

AUSTRAC has launched a new probe into suspected dirty cash flowing through one of Australia's largest bookmakers, Sportsbet, and its smaller rival Bet365. The watchdog appointed two external auditors to rake over the foreign-owned betting shops’ activities and report their findings within 180 days.

TD Securities revises its US rate forecast and sees 2023 recession. Jerome Powell's comments about the Federal Reserve lifting interest rates higher than previously expected have prompted the change. The Fed will probably cut the Fed Funds rate by 25 bps by December 2022. ASX is down.

Perpetual has rejected an unsolicited takeover offer from BPEA Private Equity Fund VIII and Regal Partners Ltd. Regals includes Regall Funds Management and VGI Partners. Perpetually is committed to progressing its acquisition of Pendal Group.