Markets on High Alert

AI may make IB analysts redundant, Norway’s wealth fund will not invest in PE, credit card delinquency is the highest on record, China capital markets activity is at a multi-decade low, crypto dived on Iran-Israel tensions, and bank outlooks weighed as markets saw a major selloff.

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Good Morning,

AI may make IB analysts redundant, Norway’s wealth fund will not invest in PE, credit card delinquency is the highest on record, China capital markets activity is at a multi-decade low, crypto dived on Iran-Israel tensions, and bank outlooks weighed as markets saw a major selloff.

Let’s dive in.

Before The Bell

As of 04/12/2024 market close.


  • US stocks tumbled on Friday as investors reacted to tame bank outlooks, persistent inflation and escalating Middle East tensions

    • The S&P suffered its worst day since January and worst week since October

    • All three major US indexes notched weekly losses

  • UK's FTSE 100 rose to a near-record closing high as soaring commodity prices lifted mining and oil stocks

  • Gold fell after hitting another ATH

  • US dollar rose to its highest since November after posting its largest weekly gain since September 2022

  • Cryptos lost ~$500B in market value on news of Iran's attack on Israel (apparently there's a correlation)


  • JPMorgan slumped ~6% despite beating Q1 earnings estimates due to underwhelming 2024 NII guidance (CNBC

  • Citigroup beat Q1 estimates on better-than-expected results from IB and trading, while citing higher expenses, credit costs and overseas business sales for driving YoY declines (CNBC

  • Wells Fargo topped Q1 earnings and revenue estimates despite a decline in NII citing progress in diversification of financial performance (CNBC)

  • BlackRock reported a 15% YoY gain in AUM to hit $10.5T and a 36% jump in Q1 profit as rising global equity markets boosted its investment advisory and fees (RT

  • What we're watching this week:  

    • Today: Goldman Sachs, Charles Schwab 

    • Tuesday: Bank of America, Morgan Stanley, J&J, UnitedHealth Group, United Airlines

    • Wednesday: ASML

    • Thursday: TSMC, Netflix, Blackstone

    • Friday: American Express, P&G

  • Full calendar here

Headline Roundup

  • AI may make IB analyst roles redundant (NYT)

  • Credit card delinquency rates were the highest ever in Q4 (BBG)

  • More companies are defaulting over and over again (BBG)

  • Bull case fizzles for big banks to earn more on lending (BBG)

  • Norway's $1.3T wealth fund will not invest in PE (RT)

  • Banks are striking back against private credit (WSJ)

  • China capital markets activity is at a multi-decade low (FT)

  • US large caps see biggest weekly outflow in 16 months (RT)

  • US/global equity funds see second consecutive week of outflows (RT)

  • US Treasury auctions are getting weaker (WSJ)

  • Singapore’s Temasek plans to boost Europe investments (WSJ)

  • Private investors are piling into UK bonds (FT)

  • US and India stoke hopes of global growth in 2024 (FT)

  • Biden hits US oil drillers with first royalty rate increase in a century (FT)

  • SSGA cut European ETF listings to boost liquidity (FT)

  • Less than half of US banks ready to borrow from Fed in emergency (RT)

  • Sam Altman pitched ChatGPT Enterprise to hundreds of Fortune 500 execs (RT)

  • SCOTUS rules corporate silence not necessarily securities fraud (RT)

  • Hedge fund Ruffer to axe jobs after poor investment performance (FT)

  • China drafts rules on tighter stock trading, listing regulations (RT)

  • NYCB named Craig Gifford as CFO (RT)

  • Iran attacked Israel over the weekend (WSJ)

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Deal Flow

M&A / Investments

  • Salesforce is in advanced talks to acquire data-management software provider Informatica, which has an ~$11.4B market cap (WSJ

  • Investment firm Platinum Equity is considering a potential sale of Urbaser that could value the Spanish waste management company at over $6.4B, including debt (BBG

  • South Korea’s CJ CheilJedang is considering reviving a sale of its $2B animal feed business CJ Feed&Care (BBG

  • Mitsubishi UFJ is in talks to acquire a ~20% stake HDFC Bank's consumer lending unit for ~$1.7B (BBG

  • PE firm TA Associates is exploring a sale of French software company Orisha that may value the business at over $1.1B (BBG)

  • Thai retailer Central Group acquired the landmark KaDeWe property in Berlin from insolvent Austrian real estate group Signa for roughly ~$1.1B as it moves closer to acquiring the entire KaDeWe Group (RT

  • A newly formed JV acquired a majority stake of five Utah hospitals from hospital REIT Medical Properties Trust for $886M (RT

  • BNP Paribas agreed to acquire Fosun Group’s ~9% stake in Belgian insurer Ageas for $777M (RT

  • Cloud computing company Akamai Technologies is in advanced talks to acquire cybersecurity startup Noname Security for $500M (TC

  • UAE-backed RedBird IMI is in talks with the UK regarding the possibility of a separate sale of The Telegraph and Spectator titles (BBG


  • Spiber, a Japanese biomanufacturing startup, raised $86.5M in funding from existing shareholders (BW)

  • Captura, a direct ocean capture company, raised a $5.3M Series A extension from National Grid Partners and Japan Airlines Innovation Fund (FN)

  • Sustainable insulation startup CleanFiber raised a $28M Series B led by Spring Lane Capital (TC)

  • Onum, a Spanish control data and performance company, raised a $28M Series A led by Dawn Capital (FN)

  • Akad Seguros, a digital insurance company, raised a $22.5M Series A led by Valor Capital Group (FN)

  • Bored Slot, a real live slots gaming venture, raised a $10M round from Plutus VC and LD Capital (FN)

  • Knostic, a startup providing 'need to know' access controls for Gen AI, raised a $3.3M pre-seed round from Shield Capital, Pitango First, DNX Ventures, and more (FN)

IPO / Direct Listings / Issuances / Block Trades

  • CVC Capital Partners will revive plans for an Amsterdam IPO that could raise $1.1B-$1.6B at a $16B valuation (BBG

  • Carlyle chose JPMorgan and Kotak Mahindra Bank for a local IPO of Indian IT firm Hexaware Technologies, which could be valued at up to $6B (BBG

  • Safety firm UL Solutions’ shares jumped ~25% in its trading debut after its $946M IPO (BBG

  • Investment firm GQG Partners and SBI Mutual Fund are considering investing up to $800M in a $2.16B share offering of Indian telecom firm Vodafone Idea (RT)

  • Indian telecom service provider Bharti Hexacom shares jumped ~43% in its Mumbai trading debut after its $511M IPO (BBG

  • OMERS is exploring an IPO of Kenan Advantage Group, one of North America’s biggest tank truck transporter and logistics providers, that may raise ~$400M (BBG

  • Nepalese conglomerate Chaudhary Group plans to list its India food unit by 2026 (BBG)


  • Lionsgate Studio raised its PIPE amount to $225M ahead of its merger with Screaming Eagle Acquisition (RT)


  • Blackstone led a ~$2B private loan to data center firm Park Place Technologies, which will be used to refinance debt and pay a dividend recap (BBG

  • Organic food provider United Natural Foods is seeking to refinance upcoming debt maturities with over ~$600M in new debt (BBG

  • Investment firm 777 Partners held talks with lender Blue Owl Capital for a $452M loan to help fund its takeover of Premier League team Everton FC (BBG

Bankruptcy / Restructuring

  • Brazilian utility Light reached an agreement with creditors that includes a $200M equity injection, moving a step closer to leaving bankruptcy protection (BBG


  • Growth-oriented PE firm Lone View Capital raised $815M for its inaugural fund (FN)

Crypto Corner

  • Hong Kong may approve Bitcoin and Ether ETFs as soon as today (BBG

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