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Good Morning,

Liz Truss is the UK's newest Prime Minister, the euro keeps crashing, ocean shipping rates are down 60% YTD, Israel is banning Boeing 747s, Ireland fined Instagram $400M, Germany is fighting rising energy prices with new stimmy checks, and home prices are dropping in the US.

Hopefully everyone had a good Labor Day weekend! Four-day work week ahead 🙏🏼

Let's dive in.

Before The Bell

Markets

• US markets fell Friday despite a solid August jobs report, with all three major averages having their third negative week in a row

  • The US added 315k jobs (vs 318k expected)

• We’ll be watching to see if the market returns to its June lows, as the Fed has signaled that rate hikes are here to stay and September is a notoriously tough month for equities

• The ECB will announce its latest monetary-policy decision on Thursday

Earnings

• What we're watching this week:

  • Wednesday: GitLab, GameStop, Dave & Buster's, G-III Apparel 

  • Thursday: Smith & Wesson 

  • Friday: Kroger

• Full calendar here 

Headline Roundup

• Liz Truss is UK's new prime minister (AX)

• US added 315k jobs in August, with unemployment rate ticking up to 3.7% (AX)

• The median home listing price dropped to $435k from $449k MoM in August (CNBC)

• Euro slid below $0.99 to a 20-year low amid Russia gas supply halts (CNBC)

• Eurozone business activity fell to an 18-month low in August amid sinking demand (RT)

• OPEC+ agreed to a small output cut to bolster prices (RT)

• Ocean shipping rates have plunged 60% YTD (WSJ)

• Germany announced a $65B plan to combat rising energy prices (AJZ)

• Sweden and Finland guaranteed power for Nordic derivatives market to support orderly trading (RT)

• Ireland fined Instagram $402M for mishandling children’s data (WSJ)

• Credit Suisse expands in Qatar via launch of technology and engineering hub (RT)

• Credit Suisse aims to launch China wealth business next year (RT)

• Citigroup cut its mortgage workforce by up to 100 employees (RT)

• Amazon is reportedly scrapping plans for 42 new buildings (YHOO)

• Bed Bath & Beyond CFO Gustavo Arnal died by suicide on Friday (CNBC)

• NYC sued Starbucks for firing a union organizer (CNBC)

• Israel will ban Boeing 747s among other 4-engine planes amid environmental concerns (RT)

• Verstappen won his home Dutch GP as he cruises towards a second world title (F1)

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Deal Flow

M&A / Investments

• CVS Health is in advanced talks to buy home-healthcare company Signify Health for ~$8B (RT)

• Spanish renewable energy company Capital Energy is considering seeking $2B+ in a sale (BBG)

• PE firm Oak Street made a ~$2B offer to buy real estate from US retailer Kohl's (RT)

• Veritas Capital agreed to buy aircraft parts manufacturer Chromalloy Gas Turbine for $1.6B+ (RT)

• Singapore-based energy producer Oman’s Tanweer Infrastructure agreed to buy Sembcorp Industries’ India coal power business for $1.5B (BBG)

• UK home builder Vistry agreed to buy rival Countryside in a ~$1.4B deal (BBG)

• UBS abandoned its $1.4B plans to buy US robo-adviser Wealthfront (RT)

• PE firms Fountainvest, TPG, and Warburg Pincus are among final-round bidders for Carlyle's stake in AmbioPharm, which is targeting a $1B valuation (RT)

• A unit of Mexican mining company Grupo Mexico agreed to buy Mexican shopping mall company Planigrupo Latam for ~$236M (RT)

• KKR is evaluating a potential sale of Australian pub and entertainment venue owner Australian Venue (BBG)

• Self-driving company Aurora Innovation laid out a range of strategic options, including a possible sale to Apple or Microsoft (BBG)

VC

• Neukio Biotherapeutics, a cell therapy startup, raised a $50M Series A-1 led by CD Capital (PRN)

• Docquity, a community for healthcare professionals, raised a $44M Series C led by Itochu Corporation (TC)

• Go-to-market intelligence platform Falkon raised $16M in financing led by OMERS Ventures (BW)

• Metaverse Magna, a gaming DAO, raised a $3.2M seed round at a $30M valuation led by OldFashionResearch (TC)

IPO / Direct Listings / Issuances / Block Trades

• Aston Martin is raising $660M in a rights issue (RT)

• Welkin China PE is planning to raise up to $300M in a London IPO (BBG)

• Greek yogurt company Chobani withdrew its plans for an IPO (BBG)

Crypto Corner

• Russia will legalize use of cryptocurrency in international trade (BM)

• Australia set up a dedicated police unit to trace and seize cryptocurrency linked to criminal activity (DC)

• UK will force crypto exchanges to report suspected sanction breaches (GU)

• ISIS turns to NFTs to spread terror message (WSJ)

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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.

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