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Cava’s stock nearly doubled in its public markets debut, the ECB raised rates by 25 bps, Microsoft shares hit a record high, the BOJ left rates unchanged, Squarespace purchased Google Domains, BlackRock filed for a bitcoin ETF, US retail sales rose once again in May, and oil had its biggest single-day jump in six weeks.

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Let’s dive in.

Before The Bell

Markets

• All three major US indexes rallied yesterday as investors digested economic data which suggested the Fed's aggressive rate hike campaign is nearing an end

  • The S&P and Nasdaq rose for a sixth-straight day to close at their highest levels in fourteen months

  • The S&P is riding its longest winning streak since November 2021

• MSCI's Asia-Pacific index rose to a near four-month high, on course for its biggest weekly gain since January

• Traders priced in a 67% chance of a 25 bps rate hike in July

• Oil had its biggest one-day jump in six weeks

• Dollar index hit a one-month low

• Yen tumbled to a fresh 15-year low against the euro on diverging BOJ and ECB monetary policy actions

Earnings

• What we're watching this week:

  • Today: Adobe, Kroger

• Full calendar here

Headline Roundup

• US retail sales rose for a second straight month in May (BBG)

• US import prices fell in May for their sharpest YoY decrease in three years (RT)

• ECB raised rates by 25 bps to 3.5%, with a July hike highly likely (CNBC)

• BOJ left rates unchanged to maintain ultra loose monetary policy (CNBC)

• CFO optimism/risk tolerance declined in Q2 (AX)

• Fund managers snap up UK bonds as yields soar (FT)

• China’s economic recovery is stalling (CNBC)

• China will embark on major stimulus to revive economy (WSJ)

• China’s VCs are looking to the Middle East for a US dollar lifeline (CNBC)

• Hedge fund Odey Asset Management is being dismantled (FT)

• Fed and SEC are investigating Goldman’s role in SVB’s final days (WSJ)

• Microsoft shares rose to record high as the company reached a ~$2.6T market cap (RT)

• Micron vowed a $600M China investment despite recent chip ban (BBG)

• Goldman Sachs is accelerating cost-cutting efforts (RT)

• Oracle cut hundreds of jobs and rescinded job offers in its health unit (RT)

• Uber will cease food delivery in Italy and exit Israel (RT)

• Disney CFO Christine McCarthy will step down (WSJ)

• Nissan COO Ashwani Gupta, once seen as CEO candidate, will depart (RT)

• Ex-head of FTX Ventures Amy Wu joined Menlo Ventures (AX)

• Ex-Barclays trader did better on insider trades than his day job (BBG)

A Message From Sam Adams

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Deal Flow

M&A / Investments

• First Quantum, a $17B miner, rebuffed an informal takeover approach from Barrick Gold, the world’s second-largest producer of the precious metal (BBG)

• Manchester United is negotiating granting exclusivity to the consortium led by Qatar's Sheikh Jassim in $6B+ sale talks (RT)

• Patterson-UTI Energy and NexTier Oilfield Solutions agreed to merge in an all-stock deal to create a $5.4B oilfield services firm (RT)

• SoftwareOne Holding rejected Bain Capital’s $3.2B offer to take the company private, saying the offer undervalued the company (BBG)

• Italian insurer Assicurazioni Generali is acquiring a group of European businesses from US insurer Liberty Mutual in a ~$2.5B cash deal (BBG)

• UK’s competition regulator is probing auto parts provider LKQ Corp's $2.1B acquisition of Uni-Select (RT)

• HarperCollins Publishers and KKR are bidding for Simon & Schuster after Paramount Global’s $2.2B sale of the book publisher to Penguin Random House fell apart last year due to antitrust (RT)

• Earthstone Energy is buying Novo Oil & Gas Holdings for $1.5B to boost Delaware Basin presence (RT)

• ITV is exploring a deal to purchase production group All3Media, which could be valued at over $1.3B, from joint owners Warner Bros Discovery and Liberty Global (RT)

• FDIC is seeking bids for SVB's $460M German assets (RT)

• Malaysian conglomerate Boustead Holdings is considering a sale of its gas stations, collectively known as Boustead Petroleum Marketing, for $432M (BBG)

• Web development firm Squarespace is purchasing Alphabet’s Google Domains business for ~$180M (BBG)

• European refiner and trader Varo Energy is acquiring biogas supplier Renewable Energy Services (RT)

• Oil and gas engineering firm Rosen Group is weighing a potential sale (BBG)

• DOJ will probe the PGA and LIV merger deal (WSJ)

VC

• Indian eyewear startup Lenskart received a $100M investment from ChrysCapital (TC)

• Primer Technologies, an AI and ML tech company, raised a $69M Series D led by Addition (FN)

• Behavioral health care startup Octave raised a $52M Series C led by Cigna Ventures, Novo Holdings, and Avidity Partners (PRN)

• Australian clean energy technology startup Hysata is working with Morgan Stanley to raise a $68M Series B (BBG)

• Autonomous and electric truck startup Fernride raised a $31M Series A led by 10x Founders, Promus Ventures, Fly Ventures, and others (TC)

• AI-powered software for risk intelligence startup Blackbird AI raised a $20M Series B led by Ten Eleven Ventures (TC)

• Cybersecurity startup Elastio raised an $18M Series A led by Venture Guides, Capri Ventures, and Alumni Ventures (PRN)

• Nelly, a Berlin-based health tech startup, raised a $16.4M Series A led by Lakestar, arc investors, b2venture, and Motive Ventures (FN)

• Ten63 Therapeutics, a startup combining generative AI and physics-based models to develop therapeutics, raised a $15.9M Series A led by Hatteras Venture Partners (FN)

• Australian energy startup Sicona Battery Technologies raised a $15.2M Series A led by Himadri Speciality Chemical Ltd and Artesian (PRN)

• Internet safety company Trust Lab raised a $15M Series A led by U.S. Venture Partners and Foundation Capital (PRN)

• ML quality-checking startup Deepchecks raised a $14M seed round led by Alpha Wave Ventures (TC)

• Beekeeper Naturals, a health and wellness brand creating clean, effective products powered by propolis, raised a $14M round led by Devonshire Investors and CAVU Consumer Partners (PRN)

• Unspun, a robotics and apparel startup, raised a $14M Series A led by Lowercarbon (FN)

• Metagen Therapeutics, a company focused on drug discovery and development based on the intestinal microbiome, raised a $12.1M Series A from Sparx Asset Management, Nippon Venture Capital, and more (PRN)

• Magrathea, a startup developing tech for the production of carbon-neutral metal from seawater and brines, raised a $10M seed round led by VoLo Earth and Capricorn Investment Group (FN)

• Precedent, a digital demand handling technology company, raised a $9M seed round led by Adir Ventures (FN)

• French game development studio Million Victories raised a $6.6M Series A led by Eurazeo and Griffin Gaming Partners (FN)

IPO / Direct Listings / Issuances / Block Trades

• Mediterranean restaurant chain operator Cava surged ~99% in its trading debut, reaching a ~$4.9B market cap (BBG)

SPAC

• All-in-one wealth management fintech New Quantum Holdings will merge with Canna-Global Acquisition Corp at an $800M EV (GNW)

Debt

• India’s Reliance Industries is in talks with foreign lenders to raise up to $2B to fund expansion (RT)

• India's National Bank for Financing Infrastructure and Development sold ~$1.2B in 10-year bonds (ET)

• Indian financial services firm Kotak Mahindra Bank plans to raise ~$850M in a bond sale (MS)

Bankruptcy / Restructuring

• France hosted talks to restructure $7B debt owed by French retailer Casino to creditors (RT)

• Bed Bath & Beyond's lender Sixth Street Partners is considering a bid for some of the bankrupt retailer’s assets using the $500M debt it’s owed (RT)

• All-female formula racing series W Series entered administration amid financial difficulties (RT)

Fundraising

• PE firm TA Associates raised $16.5B for its latest flagship fund (FT)

• VC firm TCV raised 50-75% less than planned for its targeted $5.5B flagship fund (TI)

• VC firm Recharge Capital raised $200M to invest in women’s health/fertility care ecosystems in SE Asia, LATAM, Europe and the Middle East (TC)

• India's Vivriti Asset Management raised $106M for a $250M debut India ABS private debt fund (BBG)

• Zambia-focused PE firm Monter Capital Partners raised $40M for its flagship $100M fund (AB)

• PopSugar founders Lisa and Brian Sugar raised $33M for their second VC fund (BI)

Crypto Corner

• Asset manager BlackRock filed for a bitcoin ETF that would use Coinbase as custodian (RT)

• Binance.US fired ~50 staff after SEC charges (RT)

• Crypto investors are stepping up risk management after last year's meltdowns (RT)

• DeFi platform MakerDAO is breaking up with crypto exchange Gemini (AX)

• Crypto exchange giant OKX is seeking regulatory approval to operate in Dubai (RT)

• Crypto exchange CoinEx will pay $1.8M and be banned from operating in New York due to its failure to register with the state (RT)

Exec’s Picks

• The Verge interviewed Reddit CEO Steve Huffman about API pricing changes and user protests.

• Charles Schwab’s Liz Ann Sonders and Kevin Gordon published a detailed 2023 mid-year outlook for stocks and the economy.

Litney Partners - Financial Recruiting 💼💼

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