US stocks rose on Friday on optimistic inflation data and consumer sentiment 

US Treasuries had their worst week since April

Canada 5Y yield jumped to its highest since August as strong jobs data triggered rate hike bets

Canadian dollar rose by the most since May 

Korean won is near a 16-year low

Victoria's Secret issued a Q3 beat-and-raise as its turnaround strategy gains traction amid a move away from promotions and resilient US consumer demand (BBG)

What we're watching this week:  

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SpaceX is reportedly planning to IPO in H2 2026

Trade your prediction on their IPO timeline and performance on Polymarket

Fed-favorite PCE index rose 2.8% YoY (CNBC)

US consumer sentiment rose for the first time in five months (BBG)

Japan GDP fell 2.3% YoY in Q3 (BBG)

Global M&A volume topped $3.3T on track for its best year since 2021 (BBG)

Half of PE firms are relying on secondaries amid liquidity challenges (P&I)

Trump warned Netflix-WBD deal may pose antitrust 'problem' (BBG)

Netflix CEO Ted Sarandos personally lobbied Trump before WBD bid (BBG)

Netflix's $5.8B breakup fee for WBD is the largest ever (BBG)

Wells Fargo jumped to No. 4 in M&A league tables on Netflix-WBD deal (BBG)

Citigroup is worth sum of its parts for the first time in seven years (BBG)

Lawsuit highlights PE's secondaries conflict (AX)

EQT seeks to quell LP concerns over new fee strategy (BBG)

OpenAI goes from stock market savior to burden as AI risks mount (BBG)

Orlando Bravo says private market FOMO over AI will lead to mistakes (BBG)

Wall Street races to cut risk from AI debt (BBG)

Stock funds are up 13% YTD (WSJ)

Millennium and Jane Street anchor Hong Kong IPOs as market booms (BBG)

US regulators relax post-2008 leveraged lending rules for banks (RT)

Europe CEOs are downbeat on Europe and favor US investment (RT)

Europe continues with Big Tech crackdown in defiance of Trump (RT)

Korea regulators blame retail traders for won slide to 16-year low (BBG)

MSCI launched an index combining global stocks and PE (FT)

Sequoia doesn't want a 'king' to run its $9B hedge fund (WSJ)

Gold ETF inflows continue to break records (BBG)

Invesco fell short of votes to flip QQQ into an ETF (BBG)

Carvana joined S&P 500 in rebalancing (BBG)

UBS may cut another 10k jobs (RT)

SCOTUS will hear high-stakes birthright citizenship case (BBG)

Lando Norris won the 2025 F1 Drivers Championship (ESPN)

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Netflix will acquire Warner Bros. Discovery in an $82.7B cash and stock deal, including debt, at a 13% premium despite Paramount Skydance offering $2.4B more equity

Indian pharma firm Biocon agreed to buy out minority shareholders Serum Institute Life Sciences, Tata Capital Growth Fund, and Activ Pine in its biosimilars unit Biocon Biologics in a cash-and-stock deal at a $5.5B valuation

Industrial components manufacturer ITT agreed to acquire industrial equipment manufacturer SPX Flow from Lone Star Industrial components manufacturer ITT agreed to acquire heavy equipment manufacturer SPX Flow from PE firm Lone Star in a $48B cash-and-stock deal

UK lenders Barclays, NatWest, Lloyds and Canadian lender RBC are in talks to acquire UK wealth manager Evelyn Partners from PE firms Permira and Warburg Pincus; the firm was valued at $3.3B in July

Brookfield and Singapore's SWF GIC agreed to acquire Australia's National Storage REIT for $2.7B for a 26% premium

SoftBank is in talks to acquire $2.6B-listed data center investment firm DigitalBridge

EQT, PAI Partners, and Stone Point were shortlisted in the bidding for Castik Capital-backed German insurance brokerage Global Group in a deal that could fetch $2.3B

PE firm Advent's talks to acquire US home appliance giant Whirlpool's India unit for ~$1B collapsed over valuation concerns

UK utility group Telecom Plus is in talks to acquire the retail energy business of UK energy supplier Ovo in a $534M deal

India's National Investment and Infrastructure Fund is considering selling its 51% stake in power and gas digital solutions provider IntelliSmart Infrastructure at a $500M valuation

Alcoholic giant Anheuser-Busch agreed to acquire an 85% stake in beverage maker BeatBox for $490M

KKR will invest in portfolio assets of Brookfield-backed Compass Datacenters

Italian state-backed postal firm Poste Italiane is weighing a sale of its broadband unit to fund its stake in Telecom Italia

Z Capital is considering combining its casino operator Affinity Interactive with portfolio companies such as cookie chain Mrs. Fields, Apex Hospitality, or Mexican restaurant operator Xperience Restaurant Group to woo creditors 

Greek media firm Antenna is in talks to acquire the editorial assets of Italian media group Gedi Gruppo Editoriale

Singapore-state owned development company Sembcorp is in talks to acquire Australian utility Alinta Energy

KKR is in talks to acquire a majority stake in sports PE firm Arctos Partners

Meta acquired AI-wearables startup Limitless

Brazilian delivery service iFood is seeking to acquire Ticket, the local unit of French employee benefits company Edenred

Musk's SpaceX is in talks to sell secondary shares at an $800B valuation

Cristiano Ronaldo invested in AI search startup Perplexity in his most high-profile investment to date

Castelion, a hypersonic weapons manufacturer, raised a $350M Series B led by Altimeter Capital and Lightspeed Venture Partners 

ICEYE, a European defense-focused SAR micro-satellite operator, raised a $233M Series E at a $2.8B valuation led by General Catalyst

Legal AI startup Harvey raised a $160M Series F at an $8B valuation led by a16z

Blockchain bank N3XT raised $72M across three funding rounds from Paradigm, HACK VC, Winklevoss Capital, and others

Digital Asset, a blockchain infrastructure provider, raised a $50M strategic round from BNY Mellon, iCapital, Nasdaq, and S&P Global

Electrification intelligence startup Modo Energy raised a $33M Series B led by Molten Ventures   

SpaceX plans to IPO in H2 2026; the firm is in talks for an $800B valuation

Warner Bros. Discovery will spinoff cable networks CNN and TNT into a separate company Discovery Global before concluding the sale of its studio and HBO streaming assets to Netflix

Indian asset management JV ICICI Prudential Asset Management is seeking to raise $1.2B at a $12B valuation in its India IPO this week

Crypto treasury underwriter Clear Street plans to IPO at a $10B-$12B valuation

Kunlunxin, the AI chip unit of Chinese tech giant Baidu, is planning a Hong Kong IPO; the unit was recently valued at $3B

Moore Threads, a Chinese chipmaker founded by an ex-Nvidia exec, surged 425% in its debut after raising $1.1B in China's second-biggest IPO this year

Bain Capital-backed sustainable fuel producer EcoCeres is considering a Hong Kong IPO over London that could raise $500M-$1B

Activist hedge fund HoldCo Asset Management took a $140M stake in $20B-listed regional bank KeyCorp and is pushing to oust its CEO

Algeria is seeking to IPO three more companies next year including IT company Ayrade, INSAG Education Group, and a pharma lab

Netflix secured a $59B bridge loan from Wells Fargo, BNP Paribas, and HSBC to support its $72B acquisition of Warner Bros. Discovery; Wells Fargo's $29.5B portion is the biggest-ever investment grade bridge facility by a single bank

Argentina plans to sell a local law bond in dollars after receiving $7B in offers

South Africa raised $3.5B in a dollar-bond sale

Banks including Goldman Sachs and Morgan Stanley raised the yield on a $1.25B junk bond offering for healthcare services firm Sevita Whole Health to 11% after struggling to offload the debt

PIMCO is in advanced talk to buy a Spanish mortgage portfolio worth $525M from CaixaBank

Ukrainian agricultural firm MHP is gauging investor interest for what could be Ukraine's first corporate bond sale since the 2022 Russia invasion

Auto parts supplier First Brands' bankruptcy hit a snag as customers struggle to identify who should receive their payments; $3.3B of debt second to DIP was quoted at 20¢ while their first-lien term loan was quoted at just 5¢ 

Struggling Chinese developer Vanke proposed delaying repayment of another local bond

Canadian gas producer Canacol Energy is looking to negotiate a short-term loan from creditors as it works to restructure debt amid a cash crunch

American Airlines filed a notice of appearance in Spirit's bankruptcy proceedings and requested to receive all notices and papers served moving forward

Telecoms giant Altice International asked secured creditors for a copy of their cooperation agreement before any restructuring talks

Ethiopia plans to conclude its debt restructuring process by mid-2026

UK infrastructure investor Igneo is seeking to raise $4.7B for its fourth European MM infrastructure fund

Igneo raised $6.1B for its third European MM infrastructure fund

Allianz Global Investors, the investment arm of financial services giant Allianz, raised $1.4B for its second credit secondaries fund 

MM PE firm Truelink Capital is seeking to raise $1.5B for its second fund

Lulu Cheng Meservey, a well-known PR advisor to tech startups, raised a $40M VC fund 

Hedge fund giant Millennium and subsidiary WorldQuant are considering setting up a hedge fund that would allow clients regular access to their money

PE firm Energy & Minerals Group halted its $800M continuation fund transfer of gas driller Ascent Resources after SWF Mubadala sued alleging conflicts of interest and undervaluation

BlackRock's Bitcoin ETF posted its longest streak of weekly outflows since debuting in January 2024

Bitcoin is on track for its first yearly split from stocks since 2014

Shares of 'crypto treasury' firms are down 43% YTD

Has AI reduced the workload in M&A – or just moved it around? Read UpSlide's 'The AI Paradox in M&A' report to discover the truth from M&A professionals across the US and UK.