Together with
Good Morning,
Blackstone's flagship private credit fund and McDonald's CEO came under fire yesterday as global markets continue to reel from the Iran situation.
Also, the Korea bubble popped…
BILL just released their controller toolkit, an essential reference guide for finance teams looking to increase efficiency, visibility, and control as they scale strategically.
Let's dive in.
Before The Bell
As of 3/3/2026 market close.
Learn more about the Litquidity portfolios and subscribe to the strategies on Autopilot.*
Markets
US stocks slumped yesterday as the US-Iran conflict stoked fresh inflation fears
Traders slashed Fed rate cut bets
Europe's Stoxx 600 sunk 3% in its biggest two-day drop since April
Traders are pricing in a 60% chance of an ECB rate hike by year-end
UK's FTSE 100 had its worst day since April
Korea's KOSPI entered a bear market after its worst two-day selloff since 2008
Japan's Nikkei 225 lost 8% in two days
UAE markets resumed trading today
10Y muni yields rose 11 bps to 2.63% in their worst day since April
Brent premium over Dubai Crude benchmark surged to the most since 2022
Earnings
Target beat Q4 earnings estimates but missed on revenue as traffic continued to decline; the firm announced a $6B turnaround plan under new CEO Michael Fiddelke (CNBC)
Best Buy beat Q4 earnings estimates but missed on revenue as holiday sales disappointed amid a 'mixed macro environment' (CNBC)
CrowdStrike beat Q4 estimates and gave a strong forecast as resilient demand for AI-powered cybersecurity calmed AI disruption fears (RT)
What we're watching this week:
Today: Abercrombie & Fitch, Broadcom, Cracker Barrel
Thursday: Costco, Kroger, JD.com, Victoria's Secret
Full calendar here
Prediction Markets
Traders are slashing Fed rate cut bets as the Iran conflict reignites inflation fears
Trade event contracts on Polymarket, the world's largest prediction market
Headline Roundup
Iran implements dead Khamenei's plan to spread regional war (FT)
US will escort and insure oil tankers through Hormuz if necessary (AX)
US banks are on high alert for cyberattacks as Iran war escalates (RT)
Bond market reopens with high-grade borrowers pricing deals (BBG)
Investors make a dash for cash as Iran crisis upends markets (RT)
Kevin Warsh's push to shrink Fed balance sheet would evolve slowly (FT)
US Treasury vows 'fresh look' at bank liquidity rules (RT)
Big lenders' risky loans are rattling Wall Street (NYT)
Apollo's Marc Rowan warned of shakeout coming for private markets (BBG)
Biggest energy traders are using windfall gains to tighten grip on market (FT)
Polymarket users won big with unusual Iran bets (FT)
Swiss lawmakers tell UBS to tone down lobbying in capital reforms row (FT)
Apollo's Marc Rowan says Epstein is 'wasting his time' from the grave (BBG)
Shareholders sued Apollo and co-founders for concealing Epstein ties (RT)
Congress asked ex-Goldman woman exec to testify on Epstein ties (CNBC)
Ex-Nomura wealth manager was sentenced to 18 years for violent home invasion, robbery, and attempted murder of a client (BBG)
A Message from BILL
From the hidden cost of manual processes to the nuances of data-based budgeting, we've gathered together top takeaways, resources, and actionable tools to help you tackle inefficiencies and turn them into time-saving best practices. So you can spend your energy on driving strategic growth.
Learn real-world strategies for key topics like:
Take control of cash flow
Craft AI prompts for more efficient processes
Scale without adding headcount
And much, much more
Download your toolkit today to learn new ways to take control of your company's financial operations.
Deal Flow
M&A / Strategic
Activist Elliott is set to make $500M after Toyota group raised its take-private bid for Toyota Industries for a second time to $40B
Lin Bin, the co-founder of Chinese consumer electronics giant Xiaomi, will buy a 1% stake in NFL team Miami Dolphins at a $12.5B valuation, which also includes assets like F1 Miami Grand Prix and Hard Rock Stadium
Thoma Bravo is in advanced talks to buy third-party logistics provider WWEX at a $5B valuation and combine it with e-commerce shipping software provider Auctane to create a $12B entity
Swiss insurer Zurich Insurance agreed to acquire UK specialty insurer Beazley at an $11B valuation
Norway's $2.2T SWF NBIM, Canada's BCI, and Brookfield each acquired a 33.3% stake in a portfolio of US renewable energy assets at a $2.6B valuation, including debt
Infrastructure investors Stonepeak and Bernhard Capital are in advanced talks to acquire power producer Cleco Power from Australia's Macquarie at an over $5B valuation
UK PE firm Rosebank Industries agreed to acquire US-based industrial businesses MW Components and CPM in a $3.1B deal
Tinicum and Blackstone submitted a takeover bid for $1.7B-listed UK aerospace supplier Senior
IT consultant Accenture agreed to acquire Ziff Davis' connectivity division for $1.2B cash
Activist Elliott made a $1B strategic investment in $12.5B-listed social media platform Pinterest
European asset manager Allianz Global Investors agreed to acquire a 50% stake in French energy giant TotalEnergies' German battery project portfolio
French media group Banijay will merge its TV production business with rival All3Media
Calorie tracking app MyFitnessPal successfully acquired rival Cal AI
VC
Palmer Luckey's defense tech startup Anduril is reportedly raising an $8B round at a $60B valuation led by Thrive Capital and a16z
Co-packaged optics startup Ayar Labs raised a $500M Series E at $3.75B valuation led by Neuberger Berman
European industrial heat decarbonization startup RIFT raised a $96M Series B led by PGGM
Flink Food, a European quick-commerce grocery delivery startup, raised a $100M growth round led by Prosus
Autonomous cargo-eVTOL startup MightyFly raised a $10M round from Draper Associates, At One Ventures, and 500 Global
Get real-time updates on any startup, VC, or sector on Fundable
IPO / Direct Listings / Issuances / Block Trades
$70B-listed mining giant Vale is seeking to list its nickel and copper business in Q2
Belgian auto parts supplier D'Ieteren Group is exploring an IPO of its controlling stake in CD&R, H&F, GIC, and BlackRock-backed global glass repair business Belron at a $30B-$40B valuation
Shareholders of medical supplies firm Medline including Blackstone, Carlyle, H&F, and SWF ADIA are offering 75M shares worth $3.4B following the post-IPO rally
LS Power is seeking to raise $2.1B in a stake sale in NRG Energy at a 6.9% discount
UK online travel agency Loveholidays will delay its London IPO that aims to fetch a $1.3B valuation
The National Highways Authority of India's infrastructure investment trust is preparing to list its units in a $656M India IPO
Korean chip startup Rebellions named JPMorgan as global lead underwriter for its Korea IPO
Debt
JPMorgan and Wells Fargo provided a $1B debt package to support a $3.9B MBO of hospital operator Select Medical
Bankruptcy / Restructuring / Distressed
Brazilian supermarket chain GPA hired Munhoz Advogados to advise on a debt restructuring
World-renowned makeup artist Pat McGrath will cede control of her company Pat McGrath Labs to GDA Luma Capital Management by giving them a 65% common equity stake in exchange for forgiving debt
Funds / Secondaries
Blackstone's flagship $82B private credit fund BCRED is seeing record redemption, with BCRED meeting all requests after employees invested $400M
Crypto Sum Snapshot
CFTC plans to approve crypto perpetual futures within the next month
Trump urged Congress to pass crypto market legislation ASAP
Crypto Sum compiles the most important stories on everything crypto. Read it here.
Exec’s Picks
Become AI-proficient in 8 weeks. The AI for Business & Finance program teaches practical, everyday AI for nontechnical professionals – and earns you a certificate from Columbia Business School Exec Ed. Starts March 16.
FT published some charts to make sense of gas markets amid the Iran conflict.
Financial Services Recruiting 💼
If you're a junior banker looking for your next career move, check out Litney Partners, a recruiting firm established by Litquidity and Whitney Partners (the oldest purely financial services executive search and consulting firm).
We aim to place strong candidates across private equity, hedge funds, venture capital, growth equity, credit, and investment banking.
We're currently seeking talent for some incredible roles. Head over to Litney Partners to drop your resume / create your profile and we'd love to get in touch!
Meme Cleanser
🛒 Merch Store: Visit our merch store to shop our latest apparel, shoes, bags, accessories and more.
💵 Litquidity Ventures: Accredited investors & qualified purchasers within the Litquidity community can gain access to alternative investments such as venture, late-stage growth, and private equity through Litquidity Ventures. Interested? Fill out this form.
☎️ Book a call with Lit: Want to pick Litquidity's brain on business advice, insights, or just chat to say what's up? Buy his time here.
📧 Launch your own newsletter: Have great content ideas and looking to launch your own publication? We highly recommend beehiiv to get started.
*DISCLAIMER: Investment advice provided by Autopilot Advisers, LLC ("Autopilot"), an SEC-registered investment adviser. Past performance does not guarantee future results. Investing carries risks, including loss of principal. As always, be smart out there. Litquidity is compensated to promote AutoPilot. Compensation details available upon request.