Merry Christmas Eve!

We're keeping today's newsletter short as the Exec Sum team signs off for the long weekend. Merry Christmas from ours to yours and we hope you enjoy a joy-filled holidays (even if you're busy on live deals)🎄🎁☃️🎅

Let's dive in.

Before The Bell

As of 12/23/2025 market close.

Learn more about the Litquidity portfolios and subscribe to the strategies on Autopilot.*

Markets

  • US stocks rose yesterday as traders digested a stellar GDP report

    • S&P closed at a fresh ATH after rising for a fourth-straight day

  • Europe's Stoxx 600 hit a fresh ATH

  • UK's FTSE 100 rose close to its ATH

  • Canada's TSX index hit a fresh ATH

  • Gold, silver, platinum, and copper hit ATHs 

  • Dollar is down 9% for its worst year since 2017 with traders hedging against further declines

Prediction Markets

  • Traders across all markets further slashed odds of a January Fed rate cut after GDP numbers came in hot

  • Track and trade your Fed predictions on Polymarket

Headline Roundup

  • Wall Street is making markets for tariff refund rights (RT)

  • Trump says 'anybody that disagrees with him will never be Fed chair' (RT)

  • US economy grew 4.3% YoY in Q3 at fastest pace in two years (CNBC)

  • US consumer confidence fell for a fifth-straight month (BBG)

  • US accused China of unfair chip trade practices (FT)

  • Major central banks delivered biggest easing since 2008 crisis this year (RT)

  • Bessent wants to revamp Fed's hard 2% inflation target (BBG)

  • US investment grade bond sales teased record with $1.7T year (FT)

  • Global tech bond sales surged to a record $430B on AI frenzy (RT)

  • US-listed ETF inflows hit a record $1.4T this year (BBG)

  • Ares is looking to acquire a big PE firm amid mega fund competition (FT)

  • Private credit firms pile into consumer debt as risk-taking mounts (FT)

  • DoubleLine warned of 'brewing collision' for developed economies (BBG)

  • CIOs see Australia private credit getting riskier amid property bets (BBG)

  • Foreigners bought most India stocks in two months as rupee recovers (BBG)

  • JPMorgan took top spot in India ECM for first time since Covid (BBG)

  • Jane Street hired DC lobbyists (BBG)

  • UK's richest person James Dyson is revamping his family office (BBG)

  • 25k people expressed interest in joining new US 'Tech Force' (RT)

  • Luxury apartments are bringing down rent (BBG)

  • Epstein named ex-Barclays CEO Jes Staley and and ex-Harvard president Larry Summers as executors of his will (FT)

Deal Flow

M&A / Investments

  • Enterprise tech giant ServiceNow agreed to acquire cybersecurity startup Armis in a $7.75B cash deal

  • Samsung-owned audio electrons giant Harman International agreed to acquire German manufacturer ZF's driver-assistance business for $1.8B

  • Taiwan's Cathay Life Insurance and affiliate Cathay Power will acquire a 55% stake in a Taiwan offshore wind farm from Danish energy giant Orsted for $790M

  • Pension Australian Retirement Trust will acquire a 20% stake in Australian retail real estate firm Scentre's Westfield Sydney shopping mall for $575M

  • A consortium led by Pakistani conglomerate Arif Habib Corporation offered to take a 75% stake in state-backed Pakistan International Airlines for $482M

  • Spanish food company Casa Tarradellas acquired the remaining 40% stake in packaged meat JV Herta Foods from Nestle

VC

  • Lucidean, an AI interconnect startup developing coherent optical links, raised an $18M seed round co-led by Entrada Ventures and Koch Disruptive Technologies

Access the complete VC deal flow on Fundable

IPO / Direct Listings / Issuances / Block Trades

  • Hg Capital-backed Norwegian enterprise software firm Visma added eleven more banks to its IPO for what could be Europe's largest listing this decade

  • China's leading rocket firm LandSpace completed an IPO 'tutoring' process with state-backed bank CICC ahead of a China IPO

  • Koos Bekker, the ex-CEO of media group Naspers, sold $150M of Naspers shares to finance construction of hotels in South Africa, UK, and Italy

SPAC

  • OneIM Acquisition Corp., a SPAC linked to ex-SoftBank execs, filed for a US IPO

Debt

  • Senegal pushed back the closing date for a $720M local sovereign bond

Bankruptcy / Restructuring / Distressed

  • Creditors of distressed Chinese developer Vanke's $1.3B dollar bonds are growing concerned amid a looming default or restructuring

  • PE firm Onyx Partners' deal to acquire over 100 stores from retailer JCPenney for $950M as part of its 2020 bankruptcy fell through

  • The Cheng family put London's Rosewood Hotel for sale amid liquidity struggles at Hong Kong developer New World Development 

Funds / Secondaries

  • Hedge fund Citadel will return $5B of 2025 profits to LPs to lower AUM to $67B 

Crypto Sum Snapshot

  • Top DOJ official Todd Blanche shut down enforcement against crypto firms while holding over $150k in crypto 

Crypto Sum compiles the most important stories on everything crypto. Read it here

Exec’s Picks

Meme Cleanser

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*DISCLAIMER: Investment advice provided by Autopilot Advisers, LLC ("Autopilot"), an SEC-registered investment adviser. Past performance does not guarantee future results. Investing carries risks, including loss of principal. As always, be smart out there. Litquidity is compensated to promote AutoPilot. Compensation details available upon request.

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