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Good Morning,

Biden doesn't think we are in a recession, Russia is reducing gas flows to Europe, Walmart is lowering prices, SPACs are failing to find merger targets, Evergrande is expected to announce a new restructuring plan, and all eyes are on the Fed this week.

Let's dive in.

Before The Bell

Markets

• Stocks had a mixed day to begin a crucial week for global markets as investors await a slew of corporate earnings reports and the Fed’s next interest rate decision

  • The dollar fell for a third straight session as investors weigh the implications of another rate increase and a potential recession

• The Fed’s two-day meeting begins today, and they are expected to increase interest rates by another 75 bps

Earning

• Whirlpool rose 2% after hours after exceeding profit expectations for Q2 and recording a total revenue of $5.1B (PRN)

• What we’re watching this week:

  • Today: UPS, Coca-Cola, General Motors, McDonalds, Alphabet, Microsoft, Visa, Chipotle

  • Wednesday: Shopify, Boeing, Spotify, Meta, Ford, Qualcomm

  • Thursday: Pfizer, Southwest, Apple, Amazon, Intel

  • Friday: ExxonMobil, Chevron

• Full calendar here 

Headline Roundup

• President Biden does not think the US will experience a recession (AX)

• Russia will reduce gas flow into Europe via the Nord Stream pipeline to ~20% of its total capacity (WSJ)

• Investors are shrugging off poor earnings reports as companies’ shares are falling less in the immediate aftermath of a bad earnings report when compared to the five-year average (WSJ)

• Walmart will lower prices amid lowered consumer demand (WSJ)

• Shell will proceed with its Jackdaw natural-gas development in the North Sea, which has been opposed by environmental groups (WSJ)

• Redwood Materials announced plans to build a $3.5B battery-materials factory in northwest Nevada (WSJ)

• The US Energy Department will lend $2.5B to a GM joint venture to fund the construction of three battery-cell factories (WSJ)

• Barclays' debt-market blunder was larger than previously thought, revealing an additional $2.4B of unregistered notes to its original $15.2B (WSJ)

• Investors looking to sell stakes in Shein are evaluating bids at discounts of ~30% to its $100B April valuation before the company IPOs (BBG)

• Former US Congressman Stephen Buyer was charged with insider trading over share purchases in telecommunications company Sprint before it merged with T-Mobile US (RT)

• NFL's new streaming service NFL+ launched at $4.99 per month (CNBC)

• Redbox shares surged over 80% amid short squeeze speculation after the company agreed to be acquired by Chicken Soup for the Soul Entertainment (YHOO)

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Deal Flow

M&A / Investments

• Carlyle Group will buy UK's Metis Wealth and Metis Asset Management to take its total funds under administration and management to ~$9.6B (BBG)

• A consortium of French bank Credit Agricole and investment firm Vauban Infrastructure Partners will buy a 45% stake in Spanish telecommunications company Telefonica's rural fiber network in Spain for ~$1B (RT)

• Genetic engineering platform Ginkgo Bioworks agreed to acquire biotechnology company Zymergen in a ~$300M all-stock deal (YHOO)

• PE firms Skip Essential Infrastructure Fund and Stonepeak Partners proposed an unsolicited takeover bid for Australian renewable energy developer Genex Power for $220M (RT)

• HarbourView Equity Partners purchased country icon Brad Paisley’s song catalog for $25M (BBG)

• French private hospital group Vivalto Sante agreed to buy healthcare company Centene's Spanish and Central European businesses for an undisclosed amount (RT)

• Technology giant Meta is considering an acquisition of AdHawk Microsystems, a Canadian eye-tracking technology developer for AR and VR (BBG)

VC

• Everside Health, a national direct primary care provider, raised $164M in growth equity funding led by New Enterprise Associates (PRN)

• Replay, a genome writing company reprogramming biology by writing and delivering big DNA, raised a $55M seed round led by KKR and OMX Ventures (GNW)

• European social investing platform Shares raised a $40M Series A led by Valar Ventures (BBG)

• Altruistiq, a London-based carbon reporting company, raised an ~$18.1M seed round led by Molten Ventures (FNS)

• Rush ReCommerce, a recommerce software and service provider, raised a $12.9M Series A led by Beringea (PRN)

• Egyptian B2B e-commerce platform Cartona raised a $12M Series A led by Silicon Badia (TC)

• allwhere, a startup that helps companies facilitate remote working, raised a $9.5M seed round led by DESCOvery (PRN)

• DSCVR, a Web3 social network built on a blockchain, raised a $9M seed round led by Polychain Capital (PRN)

• Sotero, a data security provider, raised an $8M extension to its seed round led by OurCrowd (PRN)

• Pediatric telehealth startup Summer Health raised a $7.5M seed round led by Chelsea Clinton and Sequoia’s Alfred Lin (FR)

• SpinTech MRI, a developer of an improved MRI platform, raised a $6.5M Series A led by Level 8 Ventures and Cultivate Capital Fund (FNSMS)

• Workshop, a platform for distributing and measuring internal email and communications, raised a $5.2M seed round led by McCarthy Capital (PRN)

• Ubenwa, a medical diagnosis platform for infants, raised a $2.5M pre-seed led by Radical Ventures (TC)

• HR automation startup Omni raised a $2.4M pre-seed round co-led by Alpha JWC Ventures and Picus Capital (TC)

• ChefKart, an Indian at-home cooking services platform, raised a $2M seed round led by Pravega Ventures and Blume Ventures (ET)

• Bandit (previously Conscious Cultures), a leading maker of plant-based foods, raised a $1.5M seed round led by Prime Movers Lab (PRN)

IPO / Direct Listings / Issuances / Block Trades

• Bangkok-based insurance firm Thai Life Insurance raised ~$1B and ended the trading day 0.6% below its IPO price in Thailand's biggest 2022 listing debut (BBG)

• Data risk software maker Exterro is eyeing a 2023 IPO after hitting a $1B+ valuation (WSJ)

• Indian food delivery platform Zomato plunged 11% to a record low as its IPO lock-up period ended (BBG)

SPAC

• Biotechnology company NewAmsterdam Pharma agreed to merge with Frazier Lifesciences Acquisition Corp. in a $326M deal (MW)

• IT security company AnyTech365 agreed to go public through a SPAC-merger with DUET Acquisition Corp. in a $287M deal (MW)

• Cannabis SPAC Choice Consolidation Corp will return ~$172M it raised in its 2021 IPO after failing to find a suitable acquisition (MW)

• Richard Branson's Virgin Group Acquisition Corp. III will withdraw its registration statement for the sale of shares after it failed find a suitable acquisition (MW)

Debt

• China's Evergrande Group, the world's most indebted developer, is expected to announce this week a restructuring plan for its $300B+ debt that may determine the company's future (RT)

Crypto Corner

• Elite boutique investment bank Moelis is starting a group to focus on global blockchain deals after a spate of transactions among crypto firms (BBG)

• Crypto platform Voyager Digital called crypto firms FTX and Alameda's joint offer a 'low-ball bid' that disrupts the bankruptcy process (BBG)

• Fast-food chain Chipotle is giving away $200k in cryptocurrency to Coinbase customers in a week-long promo this week (DC)

Exec's Picks

• You may recall the story of James Howells, the guy who accidentally threw away a hard drive with 8,000 bitcoins on it in 2013. Well that hard drive is now worth $175M, and its former owner is hiring robotic dogs to search for it in a landfill. Check out the full story here.

The Hiring Block 💼

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