Given a market largely bereft of major deals for the past few years, a Canadian offer for Warrnambool Cheese and Butter has sent investors into a lather. For most scribes, the value of the deal means it will be manna from heaven for shareholders, but given the extent of foreign interest in our food sector, is it another sign we undervalue our agricultural industry? In a few years’ time we may know the answer to that.
More pressing however, is the answer to the question of whether America will lift the debt ceiling before the October 17 deadline. Markets are getting restless, but one commentator finds a signal to buy on the uncertainty.