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Chinese business leaders keep disappearing, markets are pricing in an end to interest rate hikes, the IRS announced new income tax brackets, former Apple designers launched a $700 Humane AI pin, a German startup is racing Google to make a universal translator, and WeWork’s stock doubled as the latest bankruptcy meme stock.

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Let’s dive in.

Before The Bell

Markets

• US stocks snapped an 8-day winning streak due to a sharp jump in yields 

  • The Nasdaq led indices with a 0.94% loss

• European stocks rose thanks to robust corporate earnings

Earnings

• The Trade Desk shares plunged 30% despite the ad-tech company beating Q3 adjusted earnings and revenue due to Q4 revenue guidance that fell well short of analyst estimates (CNBC)

• Unity Software shares fell as much as 15% in extended trading yesterday after the video-game engine reported a Q3 revenue miss and refrained from issuing guidance (CNBC)

• Full calendar here

Headline Roundup

• Markets price an end to interest rate hikes across the world (BBG)

• IRS announces new income tax brackets for 2024 (CNBC)

• Meta lets Amazon shoppers buy products on Facebook and Instagram without leaving the apps (CNBC)

• Former Apple designers launch $700 Humane AI pin as smartphone replacement (CNBC)

• Netflix, Warner’s Max team up with Verizon to offer discounted streaming bundle (WSJ)

• A German startup is racing Google to develop a universal translator (BBG)

• WeWork stock doubles in latest perplexing bet on a bankrupt company (BBG)

• More executives vanish in China, casting chill over business climate (WSJ)

• Fed Repo facility sinks below $1T as bills stand out (BBG)

• New York surgeons reveal world’s first eye transplant (WSJ)

• Flights get longer as airlines are forced to skirt war zones (BBG)

• Australia’s housing crunch is luring more private credit lenders (BBG)

• SirusXM is targeting younger customers with new app and streaming plan (CNBC)

• ICBC tells clients to reroute some trades after cyber issue (BBG)

• Washington Post removes Hamas cartoon after backlash from staff and readers (WSJ)

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Deal Flow

M&A / Investments

• Germany is on the cusp of announcing a deal to acquire its largest power grid from state-owned Dutch operator Tennet Holding for ~$23.6B (BBG)

• A consortium led by Blackstone and Permira is in advanced talks with European online classified company Adevinta and hope to reach an agreement as soon as next week; a deal could value Adevinta at over $12B (BBG)

• Abu Dhabi National Oil offered $2.1B to acquire most of a 38.3% stake in Latin America’s leading petrochemicals company Braskem (BBG)

• Software services provider Bill Holdings denied a report that it was pursuing a $2B acquisition of Melio Payments (RT)

• Aerospace manufacturing company TransDigm Group will acquire the Electron Device Business of Communications & Power Industries, a portfolio company of TJC, for $1.4B cash (PRNW)

• Dubai port operator DP World is in talks to acquire Cargo Services Far East from Hong Kong tycoon John Lau in a transaction that could value the cargo company at ~$800M (BBG)

• Mizuho Financial Group will invest $576M in Rakuten Group’s online securities arm and raise its stake in the company to 49% (BBG)

VC

• Elucid, a medtech startup providing physicians with AI-powered imaging analysis software to assess cardiovascular disease, raised an $80M Series C led by Elevage Medical Technologies (BW)

• RNA editing startup Ascidian Therapeutics raised a $40M Series A extension from Apple Tree Partners (FN)

• Arch, a private investment management platform, raised a $20M Series A led by Menlo Ventures (BW)

• Architectural and construction design platform Snaptrude raised a $14M Series A led by Foundamental and Accel (TC)

• Evolv AI, the maker of the world's leading intelligent digital experience optimization and personalization platform, raised $13.3M in funding led by Horizons Ventures (PRN)

• UK-based Ooodles, which services small businesses and enterprises with device leasing, raised a $12M round led by Smart Lenders Asset Management (TC)

• Aigen, an AI-driven robotics company, raised a $12M Series A led by ReGen Ventures (PRN)

• LXA, a Singapore-based fintech startup helping in Asia’s mortgage ecosystem, raised a $10M seed round led by New Enterprise Associates (FN)

• Default, a startup providing a platform for inbound sales, raised a $6.6M seed round led by Craft Ventures (FN)

• Lunar.dev, a startup helping developers monitor and manage API costs, raised a $6M seed round led by Uncork Capital (TC)

• Performativ, a fintech startup helping the financial industry fight legacy systems, raised a $5.9M seed round led by FinTech Collective (EU)

• Cromatic, a full-stack digital platform for outsourced life sciences research, raised a $5.3M seed round led by LifeX Ventures and AgFunder (BW)

• Fora, an NYC-based marketplace for peer support groups, raised a $5.3M seed round led by NextView Ventures (FN)

• Tidal Cyber, a threat-informed defense company, raised a $5M seed round led by Squadra Ventures (PRN)

IPO / Direct Listings / Issuances / Block Trades

• India's Tata Technologies, which is part of conglomerate Tata Group, is in talks with Morgan Stanley Investment Management, BlackRock, and US hedge funds to invest in its IPO at a $2.5B valuation (RT)

• FanDuel owner Flutter Entertainment plans to list on the NYSE in Q1 2024 and delist from Euronext Dublin around the same time (BBG)

• Chinese-owned seed giant Syngenta postponed its IPO until the end of 2024 due to market volatility (BBG)

Debt

• Canada’s federal housing agency CMHC is preparing an up to $6.2B bond sale as soon as next week (BBG)

Bankruptcy / Restructuring

• Failed crypto lender Celsius Network won bankruptcy court approval to transform into a creditor-owned Bitcoin mining firm (BBG)

Fundraising

• Blockchain-focused VC Faction Ventures launched its inaugural $285M fund (TC)

Crypto Corner

• The CFTC is crafting a proposal to ensure that more exchanges keep client funds separate from cash (BBG)

• BlackRock is seeking to create an ETF that holds Ethereum's ether, sending the price of the token up over 10% (CD)

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• Matt Levine wrote an excellent piece on just how well Adam Neumann swindled Softbank.

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