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PRE-MARKET AUSTRALIAN AND SOUTH KOREAN STOCKS NEWS: Perpetual (PPT AT) rejected EQT AB’s revised best-and-final proposal of AUD 22.50/shr, Telix Pharmaceuticals (TLX AT) agreed to acquire Germany's ITM Isotope Technologies for approximately USD 1.65bln

Two of the three lead items sit in familiar Australian M&A territory: boards rejecting private equity approaches as undervaluing, and a domestic strategic buyer reaching offshore for assets.

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USTR Greer says implemented board of trade, while US and Chinese teams continue working on board of trade agreement, adds board of trade from Chinese side likely to include consumer goods and low-tech items

US Treasury Secretary Bessent says had a very successful engagement with Chinese on trade and AI, while they agreed to hold another meeting on al dialogue

PRE-MARKET AUSTRALIAN AND SOUTH KOREAN STOCKS NEWS: Perpetual (PPT AT) rejected EQT AB’s revised best-and-final proposal of AUD 22.50/shr, Telix Pharmaceuticals (TLX AT) agreed to acquire Germany's ITM Isotope Technologies for approximately USD 1.65bln

China's top trade negotiator Li says trade talks are not bad and that talks will be continued on Monday among the working group, while confirms that both sides discuss AI along with trade and investment

UK Rightmove House Prices MM (Sep) 0.7% (Prev. -2.0%)

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AUSTRALIA

Ingenia Communities Group (INA AT) - Co. rejected Warburg Pincus’ improved AUD 5.05/security cash takeover proposal, up from AUD 4.75/security, saying the revised indicative proposal substantially undervalues the Co. (Dow Jones Newswires)

Netwealth Group (NWL AT) - Co. acknowledged a potential class action alleging breaches of duties relating to certain First Guardian investment options, noting no proceeding has been filed and it is reviewing the proposed claim. (Dow Jones Newswires)

Perpetual (PPT AT) - Co. rejected EQT AB’s revised best-and-final proposal of AUD 22.50/shr, unadjusted for a dividend of up to AUD 0.60/shr, saying it undervalues the Co. and that engagement with EQT has concluded. (Dow Jones Newswires)

PEXA Group (PXA AT) - A draft NSW parliamentary inquiry report is expected to conclude that the Co. and major Australian banks deliberately hindered efforts to increase competition in the property title transfer market, including attempts by ASX-backed rival Sympli to access PEXA’s systems. (AFR)

Ramelius Resources (RMS AT) - Co. expects FY27 gold output of 205k-225k oz at AISC of AUD 2,150-2,350/oz, forecasts FY30 output of 560k-610k oz at AISC of AUD 2,100-2,400/oz, with FY30 production 11% above its October 2025 plan, while FY27 growth capex is expected at AUD 480mln-570mln and the Mt. Magnet plant is expected to cost AUD 280mln (prev. AUD 223mln). (Dow Jones Newswires)

Ramsay Health Care (RHC AT) - Co. warned that lower margins are making it more difficult to invest in hospital upgrades and modernisation as it pushes the Australian government to reconsider how insurers and providers negotiate funding. (AFR)

Resolute Mining (RSG AT) - Co. now expects 2026 Syama gold output of 150k-160k oz and group gold output of 205k-225k oz after Syama output remained below plan due to challenging conditions impacting underground and open-pit mining and sulfide processing, while operational activities across the rest of the business remain on track. (Dow Jones Newswires)

Telix Pharmaceuticals (TLX AT) - Co. agreed to acquire Germany's ITM Isotope Technologies for approximately USD 1.65bln. (Newswires)

Property

Australia’s real estate market remained subdued, with auction clearance rates declining last week amid rate hike concerns. (Newswires)

Retail

David Jones is fighting to retain its position as a luxury shopping destination as major high-end brands including Christian Dior, Gucci and Chanel exit key categories at the retailer. (AFR)

Other News

Australian Treasurer Chalmers warned that Australia’s economy faces serious risks as the population ages and grows more slowly, while also flagging fresh tax cuts and warning of “confronting” findings in the economic outlook. (Newswires/SMH)

ASX (ASX AT) is set to launch the Secured Overnight Funding Index Australia (SOFIA) at the end of September, a new bond-market benchmark measuring the cost of borrowing secured against government bonds. (AFR)

SOUTH KOREA

Hyundai Motor (005380 KS) - Co. will launch the all-new Tucson SUV in South Korea next month as it expands its hybrid lineup. (Yonhap)

Kia (000270 KS) - Co. said cumulative domestic EV sales have surpassed 100k units so far this year. (Yonhap)

Korea Electric Power (015760 KS) - Co. will leave Q4 electricity rates unchanged. (Newswires)

Samsung Electronics (005930 KS) - Co. held its eighth annual technology forum in the US to share its AI technologies and business strategies with global developers. (Yonhap)

Tech

Global semiconductor market is projected to exceed USD 1.6trln in 2026, more than 1.5 times the forecast made earlier this year, driven by increased investment in AI infrastructure. (Yonhap)

Financials

South Korea’s three internet-only banks saw lending to small-business owners rise more than 50% in H1 amid tighter household lending rules. (Yonhap)

Context

Perpetual's rebuff of a 'best-and-final' revised bid, paired with Ingenia rejecting an improved Warburg Pincus proposal, fits the established pattern in Australian take-privates where initial rejections have often been the opening move in a prolonged process rather than the end of one, though the stated conclusion of engagement with EQT is a harder close than the usual 'remains open to engagement' language. The distinction worth drawing is between deals that die on price and return later at a premium, and those where the target's standalone plan or competing suitors fill the gap. Telix's acquisition of ITM follows the radiopharmaceutical sector's consolidation sequence, in which vertical integration of isotope supply and manufacturing has been the recurring strategic logic, and deals of this size relative to the buyer tend to hinge on funding structure and integration of regulated production assets. The supporting items carry their own precedents: gold miners guiding output lower on processing difficulties is a well-worn sequence in that sector, and the reported PEXA inquiry findings echo prior Australian episodes where dominant market infrastructure drew regulatory pressure to open access. The calendar follow-ons are any EQT response, the formal release of the NSW inquiry report, and detail on Telix financing.

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