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Good Morning,

Boris Johnson pulled out of the UK PM race, retail investors are down bad in 2022, Xi Jinping is back for another term in China, Japan is buying $30B more yen, Goldman is doubling down on wealth management, and Facebook threatened to block news content in Canada.

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Let's dive in.

Before The Bell

If you want to learn more about crypto trading strategies and the world of DeFi, check out our Foot Guns newsletter.

Markets

• Mixed corporate earnings led stocks to end Friday on a high note with all three major averages closing positive in their best week since June

• Treasury yields fell from their highs after a report that some Fed officials are concerned about over tightening with large rate hikes

• The pound rallied on news that Rishi Sunak may become UK PM as soon as today

• On Thursday, the Commerce Department will release US Q3 GDP numbers, and the ECB will announce its latest monetary-policy decision

  • Bank of Canada and Bank of Japan will also announce their latest monetary policy decisions on Wednesday and Thursday respectively

Earnings

• What we're watching this week: 

  • Today: Philips 

  • Tuesday: Alphabet, Visa, Spotify, UPS

  • Wednesday: Boeing, Meta, Hilton

  • Thursday: Credit Suisse, Apple, Amazon, Shopify, McDonald's

  • Friday: ExxonMobil

• Full calendar here

Headline Roundup

• Boris Johnson drops out of UK Prime Minister race (NYT)

• US budget deficit was cut in half in its biggest drop ever in FY 2022 (CNBC)

• Retail investor portfolios are down 44% YTD (FT)

• Xi Jinping will serve a third term as China's leader (WSJ)

• Nasdaq halted IPOs of small Chinese firms as it probes stock rallies (RT)

• US firms are seeing a mass CFO exodus amid economic uncertainty (WSJ)

• Japan spent $30B to buy yen for second time in a month after yen hit a 32-year low against the dollar (FT)

• South Korea will expand its corporate bond-buying program among other liquidity measures amid credit crunch (RT)

• Saudi Arabia launched a bid to attract $10B in supply chain investment (RT)

• UK's financial regulator is inquiring with PE firms over knock-on effects of market turmoil (FT)

• Goldman Sachs will double down on wealth management after ditching retail banking plans (FT)

• Goldman executives clashed over consumer bank before retail retreat (FT)

• Facebook threatened to block news content over Canada's revenue-sharing bill (RT)

• PE firm Siris Capital will close its Bay Area office amid lack of deals (BBG)

• Credit Suisse's Chief Compliance Officer is leaving the firm (BBG)

• Formula One and Walt Disney extended their ESPN streaming deal until 2025 (RT)

• Formula One will create a new all-female championship with a potential 2023 debut (CNBC)

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Deal Flow

M&A / Investments

• Saudi PIF-owned Agricultural and Livestock Investment Company and Brazilian meat packer Minerva acquired Australian Lamb Company for $258M (RT)

• Shipping giant Mediterranean Shipping agreed to buy Italian international towage operator Rimorchiatori Mediterranei (BBG)

• Shell agreed to buy a 9.375% stake in North Field South, Qatar’s latest liquified natural gas development (BBG)

• US food giant Hormel Foods Corp. is in advanced talks to buy a minority stake in Indonesia’s top snack-food maker GarudaFood, that could be worth 'a few hundred million dollars' (BBG)

• PE firm American Securities is considering a sale of food equipment maker CPM Holdings (BBG)

• NBA legend Magic Johnson is pursuing ownership stake in NFL's Las Vegas Raiders, at a potential record valuation for the team (AX)

• Financial media brand Litquidity acquired a meme account on twitter with 500k+ followers, according to sources close to the matter. Deal terms were not disclosed. Give it a follow here.

VC

• Odyssey Interactive, an independent game development studio, raised a $19M Series A led by Makers Fund (BW)

• Sun Metalon, a startup developing an ultra-fast metal 3D printer, raised a $5.6M pre-Series A led by Globis Capital Partners (PRN)

• Cloud networking startup Netmaker raised $2.3M in funding led by Lytical Ventures, Uncorrelated Ventures and SaxeCap (PRN)

IPO / Direct Listings / Issuances / Block Trades

• Indian conglomerate Reliance Industries will create Jio Financial Services, a financial services unit to feed its consumer business, and list it in India (BBG)

• Food delivery company Instacart is putting off its IPO plans until at least next year amid turbulent market conditions (BBG)

• Dubai is planning to sell a 10% stake in Emirates Central Cooling Systems Corp. The company is currently 70% owned by Dubai Electricity. Emirates NBD Capital and EFG Hermes are joint lead managers of the IPO (BBG)

SPAC

• Jewelry distributor Quality Gold will merge with Tastemaker Acquisition Corp. in a $989M deal (RT)

Debt

• Morgan Stanley, Bank of America, Barclays and other banks that are providing $13B in financing for Elon Musk's acquisition of Twitter abandoned plans to sell the debt to investors (RT)

Fundraising

• Trinity Hunt Partners, a growth oriented PE firm, closed a $618M first Continuation Fund to support the acquisitions of tech services companies Argano and Improving from Trinity Hunt Partners V (PRN)

Crypto Corner

• Ethereum NFT creators have earned $1.8B in royalties to date (DC)

• Japan is losing its place as world's gaming capital because of crypto hostility (CD)

Exec's Picks

• Watching Justin Fields play in another prime-time game tonight might be brutal, but you can have a lot more fun watching the game by trading it! Sporttrade has created a platform that treats sports betting like stock trading for real money. So, now you can trade in and out of outcomes (like Bears to Win or Under 46.5 total points scored), just like you trade options, stocks, or crypto. Check out America’s first and only dynamic sports trading exchange. Download anywhere on iOS today. Trade in NJ.

• Andrew Oddo wrote an informative thread on the current state of early-stage startups and VC funding.

• Nicole Casperson wrote an interesting thread on OnlyFans future outside of just explicit content.

The Hiring Block 💼

If you're looking to break into finance, lateral, or move out, check out our job board on Pallet, where we curate highly relevant roles for you. We aim to curate jobs across IB, S&T, VC, tech, private equity, DeFi, crypto, CorpDev and more. We'll sift through all the noise on LinkedIn, Indeed, Monster, etc. so you don't have to.

If you're a company looking to hire candidates and want to list a job opening on our board and feature on Exec Sum, click the button below:

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