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US inflation expectations hit lowest level since April 2021, India overtook Hong Kong as the world’s 7th largest stock market, Goldman is reshuffling its private credit unit, Boeing picked a frontrunner to be its new CEO, Google and Epic Games are facing off in an antitrust trial, and Netflix is showing live tennis.

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Let’s dive in.

Before The Bell

Markets

• US stocks rose ahead of today’s November CPI report

  • The Dow led indices with a 0.43% gain

• Oil futures remained steady after glut concerns spurred the longest price drop in five years (BBG)

Earnings

• Oracle shares plunged 8% after missing Q2 revenue expectations; it slightly beat on adjusted earnings (MW) 

• What we're watching this week:  

  • Wednesday: Adobe 

  • Thursday: Costco

  • Friday: Darden Restaurants

• Full calendar here

Headline Roundup

• US year-ahead inflation views drop to lowest since April 2021 (BBG)

• India overtakes Hong Kong to become the world’s seventh largest stock market (CNBC)

• Muni market’s mega rally ‘likely unsustainable,’ BlackRock says (BBG)

• British firms in China wary to invest over slowdown (BBG)

• Australian dollar marks 40 years of local resilience, China reliance (BBG)

• Goldman reshuffles private credit in bid to double assets (BBG)

• At COP28, hopes dim for fossil fuel phaseout (WSJ)

• Apple plans big overhaul to iPad family to make it less confusing (CNBC)

• Real estate titans battle DeSantis over China property crackdown (BBG)

• Air Force disciplines 15 officers for massive leak (WSJ)

• Regulators caught Wells Fargo, other banks in probe over mortgage pricing discrimination (CNBC)

• Michael Milken says the Fed won’t move too early and risk massive inflation like the 1970s (CNBC)

• China’s Xi visits Vietnam after Biden, seeks ‘shared future’ with Hanoi (RT)

• Harvard’s deepening disunity pits alumni against faculty (BBG)

• Boeing picks a frontrunner to be its next CEO (WSJ)

• Google, Epic Games face off as app antitrust trial nears end (RT)

• Bill Gates warns the world is likely to smash through a critical warming threshold (CNBC)

• The US could remove 1B tons of carbon from the air - for $130B (BBG)

• Obamas score a hit with Netflix film ‘Leave the world behind’ (BBG)

• Netflix to serve up live tennis, featuring Nadal and Alcaraz (WSJ)

• Court allows New York to prohibit guns in sensitive places (WSJ)

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Deal Flow

M&A / Investments

• Occidental Petroleum will acquire closely-held US shale oil producer CrownRock in a $10.8B cash-and-stock deal (BBG) 

• Investcorp, the Middle East’s biggest alternative asset manager, acquired a 50% stake in NY PE firm Corsair Capital’s $4.8B infrastructure business (WSJ) 

• Global shipping company Star Bulk Carriers, which is focused on transporting dry bulk cargoes, will merge with midsize dry bulk vessel company Eagle Bulk Shipping in a $2.1B all-stock deal (GNW) 

• Hong Kong private investment firm Ascendent Capital Partners will acquire Hollysys Automation Technologies in a $1.7B all-cash transaction (PRNW)

• TPG and Investcorp are nearing a $1B deal to acquire UK special educational needs provider Outcomes First Group (BBG) 

• Waste management firm Secure Energy Services will divest $847M worth of assets in West Canada to satisfy Canada’s Competition Tribunal’s conditions for its merger with Tervita (RT)  

• Tinius Trust, the main owner of Norway's Schibsted, will acquire Schibsted’s news media operations for $568M (RT)

• EQT will acquire a majority position in industrial waste management solutions provider Heritage Environmental Services (BBG) 

• Saudi Telecom is among suitors studying a potential acquisition of the Portuguese operations of billionaire Patrick Drahi’s Altice empire (BBG)

VC

• Mistral AI, a Paris-based competitor to OpenAI, raised a $415M Series A led by a16z (TC)

• SumUp, a payments and services startup for SMBs in Europe, the Americas, and Australia, raised a $306.8M funding round led by Sixth Street Growth (TC)

• Armada, an edge computing startup, raised $55M in funding led by Founders Fund, Lux Capital, Shield Capital, and 8090 Industries (BW)

• GFO-X, a regulated and centrally cleared trading venue for digital asset derivatives, raised a $30M Series B led by M&G Investments (BW)

• Hoba Therapeutics, a biotech company focused on the development of novel therapeutic proteins for patients with chronic neuropathic pain and hearing loss, raised a $24.8M Series A led by Indaco Venture Partners and Medical Incubator Japan (FN)

• Zafrens, a multi-modality drug discovery company, raised $23M in financing led by Prime Movers Lab (BW)

• Nonco, an institutional digital asset brokerage firm, raised a $10M seed round led by Valor Capital Group and Hack VC (BW)

• Medefy Health, a mobile-first healthcare benefits navigation platform, raised a $10M Series A led by Mercury Fund (BW)

• Geo-Solutions, a provider of geotechnical and environmental remediation services, received a $5M investment from Blue Sage Capital (BW)

• Citrusx, a startup building software to help companies stay in compliance with regulations, raised a $4.5M seed round led by Awz Ventures (TC)

• French medtech startup Carthera raised a $4.1M Series B led by Unorthodox Ventures (FN)

• Curvance, a remote provider of a DeFi platform, raised a $3.6M seed round from Offchain Labs, Wormhole, Sandeep Nailwal, and others (FN)

• Digital Wildcatters, a community platform for energy professionals, raised a $2.5M seed round led by Chuck Yates (PRN)

• Leav, a mobile self-checkout startup, raised a $2.3M seed round led by Exo10.vc (FN)

IPO / Direct Listings / Issuances / Block Trades

• Syensqo, a chemicals maker carved out from Solvay, started trading with a $10.8B equity valuation, one of Europe’s largest spinoffs this year (BBG) 

• Australian pharmacy chain Chemist Warehouse will go public at a $5.8B valuation through a reverse merger with smaller rival Sigma Healthcare (BBG) 

• General Atlantic, an investment firm known for its bets in Facebook and Airbnb, confidentially filed for a US IPO (BBG) 

• Canada's BlackBerry canceled plans to spin off its Internet of Things business (RT)

Debt

• An Adani Green Energy consortium plans to raise ~$410M through a bond issuance to refinance a dollar note maturing in about a year (BBG) 

Bankruptcy / Restructuring

• PE firm GPB Capital Holdings will be liquidated by a court-appointed receiver after facing $1.7B in fraud charges from the SEC in 2021 (WSJ) 

• Mall owner Pennsylvania Real Estate Investment Trust filed for bankruptcy protection for the second time since 2020, aiming to cut $880M of debt and become a privately owned company (RT)  

• WeWork resolved landlords' objections to its bankruptcy financing agreement, which allows SoftBank to redirect up to $683M into new credit facilities (RT)

Fundraising

• KKR is seeking to raise $7B for its first global climate fund, which will invest in energy transition opportunities (RT) 

• Harpoon Ventures, an early-stage VC, launched its third fund at $125M, which will invest in the next wave of enterprise startups (FN)

Crypto Corner

• Bitcoin halving is poised to unleash Darwinism on miners (CD)

• Binance’s BNB token missed out on the recent $180B crypto rally, a sign of the challenging outlook for the crypto exchange (BBG)

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• The US is quietly having an oil boom that no one is talking about, per Axios.

• The Information covered Morgan Stanley’s OpenAI push in the aftermath of OpenAI’s power struggle.

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