Shared Lunch

↑ WHAT'S UP — The S&P 500 rose 1.2% for the week and the Nasdaq gained 0.6%, both hitting record highs early in the week. Chipmakers gave AI stocks an early lift: Marvell raised its long-term revenue outlook, and AMD said it will lift chip output next year. Closer to home, the ASX 200 edged up 0.4% and the NZX 50 gained 0.5%. ↓ WHAT’S DOWN — The University of Michigan's consumer sentiment survey fell, and Americans' view of current conditions hit its weakest since 1951. In Australia, Westpac's consumer sentiment index fell almost 5%. US telcos T-Mobile, AT&T and Verizon fell sharply as SpaceX agreed to buy a block of nationwide spectrum, a step towards turning Starlink into a mobile carrier. ! BIGGEST SURPRISES — US 10-year and 30-year Treasury yields both hit their highest levels since 2002, with heavy government borrowing, fiscal worries, and growing AI-related debt. Fed minutes added pressure: all 19 officials backed September's hike, and most saw another needed by year-end. Fed Governor Christopher Waller said more hikes are likely but don't have to come back-to-back. ◎ WHAT TO WATCH — Analysts expect S&P 500 earnings to grow almost 30% for the September quarter, according to FactSet. JPMorgan, Goldman Sachs, Wells Fargo and Citi report on Tuesday US time, followed by Bank of America and Morgan Stanley on Wednesday. On the economic calendar, the RBA releases its September minutes and NAB business confidence on Tuesday, China and the US release September inflation on Wednesday, Australia's September labour force data lands on Thursday, and eurozone September inflation closes out the week on Friday. ◈ BIGGER PICTURE — Investors are paying closer attention to how AI growth gets funded. SpaceX is reportedly looking to raise $40 billion in debt, and the Financial Times reported OpenAI's annualised revenue was closer to $50 billion than the $70 billion widely reported earlier. In Australia, AI infrastructure company Firmus withdrew its planned ASX listing after reportedly failing to attract enough demand amid valuation concerns. Add rising bond yields, a Fed leaning towards more hikes, and Brent crude around US$104 a barrel on Middle East tensions, and the cost of capital is back in focus. Disclaimer: Sharesies Market Movements is brought to you by Sharesies Australia Limited (ABN 94 648 811 830; AFSL 529893) in Australia and Sharesies Limited (NZ) in New Zealand. This video is general market commentary and educational in nature. It is not financial advice and does not take into account your personal objectives, financial situation or needs. Information is current at the time of recording and may be subject to change. We do not provide recommendations and nothing in this video should be taken as a recommendation to buy or sell any financial product. Investing involves risk. You might lose the money you start with. Past performance is not indicative of future performance. If you require personal financial advice, you should consider speaking with a qualified financial adviser. Our disclosure documents and terms and conditions, including a Target Market Determination and IDPS Guide for Sharesies Australian customers, are available on our relevant Australian or NZ website.See omnystudio.com/listener for privacy information.

Around 40 million Americans travel long-haul each year, but fewer than 1% choose New Zealand. Air New Zealand CEO Nikhil Ravishankar wants to change that. In this Shared Lunch Quick Bite, Nikhil explains why New Zealand remains a bucket-list destination for many Americans, and how Air NZ plans to turn that interest into bookings. From its new SkyNest sleeping pods to AI-powered marketing, hear how the airline is tackling the distance barrier and trying to attract more international visitors. This is a highlight from our full Shared Lunch conversation with Air New Zealand CEO Nikhil Ravishankar. For more places to follow Shared Lunch—check out http://linktr.ee/sharedlunch Shared Lunch is brought to you by Sharesies Australia Limited (ABN 94 648 811 830; AFSL 529893) in Australia and Sharesies Limited (NZ) in New Zealand. Information is current at the time it’s provided. Any advice provided is general advice only and does not take into account your objectives, financial situation and needs. We do not provide recommendations and you should always read the disclosure documents available from the product issuer before making a financial decision. Our disclosure documents and terms and conditions—including a Target Market Determination and IDPS Guide for Sharesies Australian customers—can be found on our relevant Australian or NZ website. Investing involves risk. You might lose the money you start with. If you require financial advice, you should consider speaking with a qualified financial advisor. Past performance is not a guarantee of future performance. Appearance on Shared Lunch is not an endorsement by Sharesies of the views of the presenters, guests, or the entities they represent. Their views are their own. Sharesies has a commercial relationship with Air New Zealand.See omnystudio.com/listener for privacy information.

Air NZ CEO Nikhil Ravishankar joins Shared Lunch one year into the top job.  After six years of crises, including ongoing oil shocks, he’s upbeat about the next chapter as almost all aircraft are back flying.   We learn how AI is making a huge impact on operations, what’s different about the airline’s strategy reset, and the vexed question of affordability for domestic passengers.  Nikhil says 40 million Americans fly long-haul and for many NZ is on their bucket list, but fewer than 1%  come here. He’s determined to change that with Air NZ’s sleep products including the new SkyNest or ‘bunk bed in the sky’.  For more places to follow Shared Lunch—check out http://linktr.ee/sharedlunch Shared Lunch is brought to you by Sharesies Australia Limited (ABN 94 648 811 830; AFSL 529893) in Australia and Sharesies Limited (NZ) in New Zealand. Information is current at the time it’s provided. Any advice provided is general advice only and does not take into account your objectives, financial situation and needs. We do not provide recommendations and you should always read the disclosure documents available from the product issuer before making a financial decision. Our disclosure documents and terms and conditions—including a Target Market Determination and IDPS Guide for Sharesies Australian customers—can be found on our relevant Australian or NZ website. Investing involves risk. You might lose the money you start with. If you require financial advice, you should consider speaking with a qualified financial advisor. Past performance is not a guarantee of future performance. Appearance on Shared Lunch is not an endorsement by Sharesies of the views of the presenters, guests, or the entities they represent. Their views are their own. Sharesies has a commercial relationship with Air New Zealand.See omnystudio.com/listener for privacy information.

What do nitrogen explosives and dog food have in common? Adam Hall left the explosives industry to run EBOS, one of Australia and New Zealand's largest healthcare distributors, with A$13.5b annual revenue across medicines, a pharmacy network, and pet brands like Black Hawk and VitaPet. Adam explains his expectations for GLP-1 growth, how the COVID pet boom is shaping demand, and why he believes in-store care is the future of pharmacy. Hear why Adam says the company’s profit line doesn’t tell the full story, and how he’s approaching the deals EBOS wants to do next. For more places to follow Shared Lunch—check out http://linktr.ee/sharedlunch Shared Lunch is brought to you by Sharesies Australia Limited (ABN 94 648 811 830; AFSL 529893) in Australia and Sharesies Limited (NZ) in New Zealand. It is not financial advice. Information provided is general only and current at the time it’s provided, and does not take into account your objectives, financial situation and needs. We do not provide recommendations and you should always read the disclosure documents available from the product issuer before making a financial decision. Our disclosure documents and terms and conditions—including a Target Market Determination and IDPS Guide for Sharesies Australian customers—can be found on our relevant Australian or NZ website.Investing involves risk. You might lose the money you start with. If you require financial advice, you should consider speaking with a qualified financial advisor. Past performance is not a guarantee of future performance.See omnystudio.com/listener for privacy information.

SHARESIES · MARKET UPDATE · Week of 28 September 2026Jacki Neumann, Head of Capital Markets ↑ WHAT'S UP — The S&P 500 rose 1.2% for the week and the Nasdaq gained 2.1%, hitting a record high. Meta jumped almost 13% after its AI agent, Muse, topped US App Store downloads. Microsoft added 4.5% on reports of Copilot discounts for business customers.  ↓ WHAT’S DOWN — The ASX 200 fell 0.8%, its fourth straight weekly loss, and closed at its lowest since mid-June. It’s down around 4.5% for September, with utilities the weakest sector last week at around −5.2%. Oracle fell over 7% after invoking force majeure on its New Mexico data centre, citing power and permit delays. ! BIGGEST SURPRISES — The US 10-year Treasury yield topped 5.2% on Thursday, driven by strong business data, weak Treasury auctions, and hawkish Fed comments. Markets now see a 66% chance of an October Fed hike. In Australia, unemployment rose to 4.6%, the highest since late 2021, though employment grew more than expected. ◎ WHAT TO WATCH — The RBA’s latest decision comes on Tuesday afternoon, with a hike to 4.60% around 90% priced in. August household spending is also out Tuesday. Wednesday brings Australian inflation, building approvals and private sector credit, plus China's manufacturing PMI and US core PCE. US non-farm payrolls land Friday. ◈ BIGGER PICTURE — The Fed, RBA, and RBNZ all have hikes on the table. RBNZ Governor Anna Breman warned inflation will run higher if oil prices persist, and markets price a 70% chance of an October hike. Brent briefly fell below $100 a barrel on US-Iran hopes, then swung with news on the Strait of Hormuz. The US and China extended their trade truce to January, due to meet again at APEC in November. Disclaimer: Sharesies Market Movements is brought to you by Sharesies Australia Limited (ABN 94 648 811 830; AFSL 529893) in Australia and Sharesies Limited (NZ) in New Zealand. This video is general market commentary and educational in nature. It is not financial advice and does not take into account your personal objectives, financial situation or needs. Information is current at the time of recording and may be subject to change. We do not provide recommendations and nothing in this video should be taken as a recommendation to buy or sell any financial product. Investing involves risk. You might lose the money you start with. Past performance is not indicative of future performance. If you require personal financial advice, you should consider speaking with a qualified financial adviser. Our disclosure documents and terms and conditions, including a Target Market Determination and IDPS Guide for Sharesies Australian customers, are available on our relevant Australian or NZ website.See omnystudio.com/listener for privacy information.