US stock indexes closed slightly lower yesterday, weighed down by chip stocks, as traders digested major bank earnings 

Korea's KOSPI sunk 6% for its fifth-straight down day as the AI trade falters

Shanghai's STAR index is down 33% from its July high

India software stocks jumped 5.2% in their best day since May 2025 

Top 10 European luxury firms have lost $350B in market cap YTD

US-China 10Y spread hit a record 352 bps with China bonds set to rally further

European gas prices hit their highest in four years

JPMorgan posted a rare Q3 earnings miss as dealmaking and fixed-income trading lose momentum (RT)

Goldman Sachs smashed Q3 earnings and revenue estimates on the back of strong equities trading and IB fees growth despite a slowdown in M&A; CEO David Solomon denied reports that succession plans are in motion (RT)

Citigroup beat Q3 earnings and revenue estimates on strong IB, trading, and wealth management results (RT)

Wells Fargo beat Q3 earnings estimates but fell short on revenue and net interest income as inflationary pressure and rising rates bite despite strong consumer behavior (RT)

Domino's beat Q3 earnings and revenue estimates on growth due to higher order volumes, food basket pricing to stores, and global franchise royalties, though sales growth continued to slow (WSJ)

J&J beat Q3 earnings and revenue estimates and raised its FY guidance though shares fell due to softer growth in its medtech unit and litigation charges (WSJ)

What we're watching this week:  

Full calendar here

Jon Ossoff pledged to serve a full six-year Senate term and not run for president in 2028. There's no way the Democrats will actually run AOC. That would be more dramatic than 2016

Get a $25 bonus with code LIT on signup, only on the Polymarket US app

Wall Street banks see deals slow on market jitters but pipeline is strong (RT)

Wall Street plays down investor fears of faltering trading boom (FT)

Investors brave US Treasury rout to lock in highest yields in decades (FT)

Smaller PE firms begin hurting as higher rates arrive (WSJ)

Blackstone president says European fiscal strains outweigh US risk (BBG)

Asian investors are piling into hedge funds (RT)

Cracks grow across the AI trade as memory stocks tumble (BBG)

BofA shares ambitions and hiring plans to reassure staff after senior banker exodus (RT)

Barclays will reenter India ECM after a decade amid the IPO boom (BBG)

Space investment is set to top $100B this year after SpaceX IPO (BBG)

Biotech startups turn to reverse mergers to fast-track listings (FT)

China faces uphill battle to wean tech firms off Nvidia chips (FT)

FBI arrests Saudi OpenAI employee for spying on firm (CNBC)

Google finally released Gemini 4 Argon (TV)

Apple unveiled $299 HomeView Hub in new smart home push (WSJ)

F1 will return to Africa with Rwanda race in 2030s (ESPN)

Houthi terrorists attacked Saudi Aramco's HQ (FT)

Ex-gang leader sentenced to 40+ years for Tupac Shakur murder (RT)

Solve for a target return. With Reverse LBO, you can now simply specify a target IRR or MOIC and Mosaic solves for the corresponding entry multiple, purchase price, or premium required. Values automatically update as you adjust assumptions, so you always know what valuation your underwriting supports.

Frame the value. Users can now create comprehensive 'Football Field' valuation summaries to compare DCF, LBO, public comps, and precedent transactions side by side. Add valuation analyses to any completed model, and Mosaic automatically consolidates the results into a single view, making it easy to compare valuation ranges across methodologies.

Evaluate shareholder impact. Mosaic's popular Accretion/Dilution model now supports implied share price and breakeven synergies sensitivities, so you can test outcomes across any transaction assumption or operating line item you choose.

London Stock Exchange Group is in talks to acquire global credit platform Octus from PE firm Permira for $3.5B

Health insurer Humana will replace PE firm WCAS with BlackRock as its partner in a JV that ‌owns 150 senior primary care clinics in a $2.8B deal 

Grupo Televisa and Fintech Holdings agreed to buy AT&T Mexico in a $2B deal

Activist Ancora Holdings built a stake in $2B UK-listed self-storage company Big Yellow Group and is pushing the firm to explore a sale

Swiss skincare giant Galderma will buy medical-grade skincare company ZO Skin Health from Blackstone for $1.5B

Ithaca Holdings, a new investment firm transforming businesses with AI, agreed to LBO dating app Bumble for $1.3B at a 140% premium

Denmark's Zealand Pharma partnered with Generate Biomedicines to develop new obesity treatments using AI in a $1.2B deal

Swiss drugmaker Roche entered a licensing agreement ​worth $1.16B with ‌RNA-focused Rona Therapeutics

Botswana may get a 25% stake in diamond monopoly De Beers as Global Diamond Consortium, a group led by the ex-CEO of De Beers, pursues a $1B acquisition from Anglo American

Hong Kong conglomerate Jardine Matheson took full control of UK's Gammon Construction by buying peer Balfour Beatty's 50% stake for $330M

Laboratory solutions giant Agilent Technologies will acquire pathology software ​maker Proscia for $240M cash

Vaaris Energy acquired Shell Nigeria Gas Group from Shell

Actress Reese Witherspoon will reacquire her production company Hello Sunshine from Candle Media in partnership with producer Pierre-Antoine Capton's Mediawan 

Nvidia acquired minority stakes in French tech startups Doctolib and Genesis ​AI

Mexico will approve the merger of low-cost carriers Volaris and Viva Aerobus

Quant trader Jump Trading acqui-hired Ito Markets, a prop trading startup making markets in compute

ICON, a global leader in advanced construction technology, raised a $200M Series D co-led by Baillie Gifford and BlackRock

Suki, a healthcare AI company specializing in ambient clinical intelligence, raised a $90M Series E led by Healthier Capital, Crosslink Capital, and Hercules Capital

Scuba, the shared context engine for teams and their agents, raised $34M across a pre-seed led by Accel and a seed co-led by IVP and Accel

Brellium, a behavioral health billing compliance software provider, raised $23M led by Left Lane Capital and First Round Capital

Causa Prima, an AI agent-to-agent AP/AR startup, raised a $20M seed round led by Base10 Partners

Switched Source, a developer of grid-enhancing distribution automation technologies, raised over $17M in funding led by Cubit Capital

Harbor, an enterprise AI agent risk platform provider, raised a $10M seed round led by Base10 Partners, Abstract, and 8VC

Aatmunn, an industrial intelligence company, raised an $8M growth investment led by Memento Growth Partners 

Cambridge Heavy Industries, a tabletop fusion startup, raised a $6.2M seed round led by Azolla Ventures

Lightsprint, a YC-backed startup that uses AI agents to turn plain-English requests into reviewable pull requests so non-engineers can propose code changes, raised a $6.1M seed round led by 645 Ventures

Blackstone-owned data center operator AirTrunk delayed its $1.5B REIT IPO in Singapore until next year 

Jio Platforms, the telecoms unit of Indian conglomerate Reliance Industries, drew $20B in demand for a record $3B-$4B India IPO which could fetch a $110B valuation

Czech defense company CSG acquired a 9.5% stake in Canadian space robotics and satellite systems maker MDA Space for $435M 

Chinese smartphone maker Transsion raised $390M in a Hong Kong listing priced near the top end of a marketed range

Johnson & Johnson may spin off, rather than sell, its orthopedics business

Mining giant Glencore began trading in Australia after a direct listing

Tech consulting and medical logistics firm Fortune Favor Technology will merge with Quantumsphere Acquisition in a $600M deal

Chinese tech giant Tencent raised $5.7B in dollar and offshore yuan bond sales

Creditors to indebted French telecoms group Altice International sued the firm for illegally moving assets worth billions out of the reach of lenders owed $9B 

Chatbot startup Character.AI filed for Chapter 11 bankruptcy and will ​sell some assets to Disney for $20M as it struggles with lawsuit costs 

Pickleball facility franchisor The Picklr filed for Chapter 11 to reorganize finances

IFC and impact firm BlueOrchard raised $300M for a targeted $2B evergreen EM private credit vehicle with an anchor investment from Japanese insurer Tokio Marine

Italian state-backed investor CDP Venture Capital committed to European deeptech VC Jolt Capital's $1.2B fifth flagship fund

Nuveen Real Estate raised $700M for its latest Australia CRE credit fund

Private markets investor Adams Street launched an evergreen VC and growth fund with $363M 

Restaurant-focused PE firm Savory Fund raised $202M for its third fund

Balerion Space Ventures raised $200M for its second fund

Climate investor Finance Earth is seeking to raise $100M for an African nature and carbon investment fund

PE FOF StepStone hit half its combined target for its sixth flagship and GP-led fund

CitSec and BNY completed a blockchain-based financing transaction using tokenized Treasuries as collateral

Binance scrapped crypto mining pool services

Tax season is a nightmare, and if you've got non-W2 income (K-1s, carry, a rental) you probably relate. If you're tired of a firm that only reacts, check out OLarry. They offer year-round advisory and filing all for one flat fee. With the tax extension deadline ending tomorrow, now's a good time to get a free consultation.

Bloomberg published a deep dive on the humanoid robot market and China's early lead in the $5T opportunity.

WSJ published a super interesting piece on how businesses should respond to positive online reviews.