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Good Morning,

Credit Suisse's CDS spreads keep climbing and their CEO issued statements over the weekend saying they're in a good position, Europe reported double digit inflation, M&A activity is down YoY, Russia banned SoundCloud, Gazprom suspended gas flows to Italy, Brazil's presidential race is going to a runoff at the end of this month, and fintech startups are still hiring despite the funding slowdown.

Are you simply built different? Did your dentist give you some mouth guards because you grind hard in your sleep? Check out today's sponsor, Remi, for custom night guards so you can continue to stack that paper.

By the way, if you're a startup founder, angel investor, VC, or lender and like to network, come through to NYC Tech Week next week. On Tuesday, 10/11, Litquidity will be co-hosting a networking event alongside Republic and Carta at the Standard Biergarten in Meatpacking. To sign up, click here, scroll down to the event, and select the "Founders & Funders" event.

Let's dive in.

Before The Bell

Markets

• Stocks fell Friday to close out September, a historically rough month for markets, with the S&P 500 hitting a new 2022 low

  • The Dow and Nasdaq also dropped 1.71% and 1.51%, respectively

• The core PCE price index showed hotter-than-expected inflation at 4.9% YoY, alongside increased consumer spending

• On Tuesday, we'll receive August's job data and on Friday, September's labor market report

Earnings

• What we're watching this week:

  • Thursday: Constellation Brands, Levi Strauss

• Full calendar here

Headline Roundup

• Eurozone inflation hit a record 10% in September amid energy crunch (WSJ)

• Global M&A volume was $642B in Q3, down 42% from Q2 and the lowest Q3 figure in 10 years (AX)

• China's central bank warned against placing bets on the yuan (CNBC)

• EV and self-driving stocks fell nearly 15% in September, in their second-worst month on record (CNBC)

• Credit Suisse executives spent the weekend reassuring investors about their financial strength after a sharp spike in CDS spreads (FT)

• Fintech startups are continuing to hire despite venture slowdown (TC)

• Moderna refused China's request to share vaccine technology (RT)

• Russia blocked SoundCloud, citing 'false information' (RT)

• OPEC+ will consider output cut of 1M+ bpd to bolster oil prices (RT)

• Putin claimed 15% of Ukraine is now part of Russia (AX)

• Russia’s Gazprom suspended gas flow to Italy (WSJ)

• Monkeypox eradication is unlikely in the US: CDC (CNBC)

• Brazil presidential race goes to runoff as the leftist challenger Lula da Silva fell just short of a simple majority to win outright (BBG)

• Sergio Perez won the Singapore GP as Verstappen missed on chance to clinch 2022 F1 championship (F1)

A Message From Remi

Does the bear market have you so stressed that you’re grinding your teeth in your sleep?

Remi is here to help (with the grinding your teeth part, not so much with the stock market)

Remi is a sleep and wellness company providing remedies that are high quality, convenient and affordable.

Their main product are the Custom Night Guards. Hustle culture might tell you it’s good to “grind” in your sleep, but grinding your teeth causes poor sleep, jaw pain, and headaches. Remi’s Custom Night Guards are custom-fitted to your teeth to protect your teeth from grinding and clenching.

Unlike getting a custom night guard from the dentist, Remi’s night guards won’t set you back $500+ with time-consuming trips to the dentist. Remi’s team of dental professionals make your night guards in their dental lab based in San Francisco, and ship them directly to your door. You take your impressions from home.

So what are you waiting for? Protect your teeth and improve your sleep with Remi’s Custom Night Guards today!

Deal Flow

M&A / Investments

• German utility company RWE agreed to buy Con Edison’s renewable energy assets in a $6.8B deal (BBG)

• EnCap Investments is planning a sale of two bundles of oil and gas assets in Texas that could fetch $6B (BBG)

• Defense contractor L3Harris Technologies is nearing a deal to buy a military-communications business from satellite specialist Viasat for ~$2B (WSJ)

• Warburg Pincus is exploring a sale of Wencor Group, which designs, repairs, and distributes after-market replacement components for airlines, for ~$1.5B (BBG)

• Italy’s biggest insurer, Assicurazioni Generali, is exploring a deal with US investment firm Guggenheim Partners, with options ranging from a full acquisition of Guggenheim’s asset management business to a partnership or strategic investment (BBG)

• Elliott Investment Management increased its stake in Swedish smokeless tobacco company Swedish Management to 7.25%, further threatening the takeover bid from Philip Morris International (BBG)

• Chinese automaker Geely agreed to buy a 7.6% stake in British luxury carmaker Aston Martin (BBG)

VC

• Carrier Air India is considering raising $1B at a ~$5B valuation in a potential funding round (BBG)

• Uniswap Labs, the largest decentralized exchange, is in talks with investors such as Polychain and one of Singapore’s sovereign funds to raise a $100-$200M round at a valuation of ~$1B (TC)

• CXL Ophthalmics, company developing a minimally invasive treatment for keratoconus, raised a $32M Series A led by AXA IM Alts (BW)

• Web3 banking startup Juno raised an $18M Series A led by ParaFi (TC)

• Shopify aggregator Everstores raised $17.5M: $7.8M in equity led by Earlybird Venture Capital and $9.7M in debt led by Viola Credit (TC)

• Toragen, a biotechnology startup focused on developing drugs targeting cancers caused by HPV, raised a $5.4M seed round led by Paul Engler (BW)

• Bekonix, a startup building a no-code platform for building IoT and smart devices, raised a $1.3M seed round led by Moneta Ventures (PRN)

• Pet adoption marketplace PetPair raised a $1.2M pre-seed round led by Bling Capital (PRN)

IPO / Direct Listings / Issuances / Block Trades

• Mobileye Global, Intel’s self-driving technology business, filed for an IPO (BBG)

Fundraising

• Chamath Palihapitiya's VC firm Social Capital is looking to raise up to $3B in outside capital and will avoid investments in digital assets (BW)

• Leah Solivan, founder of TaskRabbit and GP at Fuel Capital, is launching her own fund called Precedent Collective to back startup investors from underrepresented groups (TI)

Crypto Corner

• Following FTX's move, CME Group submitted paperwork to register as a futures commission merchant (basically a brokerage to allow investors to buy/sell on it's marketplace) (WSJ)

• Crypto lender Celsius's founder Alex Mashinsky withdrew $10M weeks before account freezings and bankruptcy (FT)

• Crypto exchange Coinbase temporarily halted transactions from US bank accounts amid technical issue (CD)

• Ken Griffin believes investors leaving Bitcoin, NFTs and meme stocks is good for the economy (DC)

Exec's Picks

• Super Bowl champs LA Rams are underdogs against the 49ers tonight. Afraid of a back door cover or a late TD to ruin your Under bet?! Not anymore! With the Sporttrade app you no longer have to worry about the final score of the game. Trade the game just like you trade stocks or crypto. Check out America’s first and only dynamic sports trading exchange where you can trade in and out of your sports bets at any time. Just like trading stocks. Download anywhere on iOS today. Trade in NJ. Gambling problem? Call 1-800-GAMBLER (NJ) 21+

• If you're in town for NYC Tech Week next week, come check out the event that I'm co-hosting with Republic and Carta on Tuesday night by clicking here! Full week's event schedule is found here. Come mingle, try to guess who I am, and put back some German beer in celebration of Oktoberfest, too!

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:

Meme Cleanser

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