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US credit spreads widened amid political uncertainty, Asian L/S strategies are beating out global peers, emerging market currencies are struggling, Carlyle is betting on a slow energy transition, and American tourists are driving Europe's economic engine.
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US credit spreads widened amid political uncertainty, Asian L/S strategies are beating out global peers, emerging market currencies are struggling, Carlyle is betting on a slow energy transition, and American tourists are driving Europe's economic engine.
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Before The Bell

As of 06/21/2024 market close.
Markets
US stocks indexes closed marginally lower weighed by a decline in tech stocks
The Dow had its best week since May
The S&P has avoided a 2% sell-off or rally for the longest stretch since 2008
US 10Y yields posted its first weekly climb in three
Ghana dollar bonds rallied to their highest since 2022 on restructuring talks
Chinese yuan fell to seven-month lows on investment outflows
Earnings
Headline Roundup
US business activity rose to a two-year high (RT)
US corporate credit spreads jumped to a three-month high (RT)
US borrowing binge is risking market strains (FT)
Asian L/S hedge funds are leading global gains this year (RT)
Emerging market currencies are seeing their worst H1 since 2020 (FT)
Emerging market duration bets are back in fashion (BBG)
Equity funds saw a second-straight week of outflows (RT)
European companies cut jobs as economy sputters (RT)
Japan inflation growth fuels hopes for BOJ rate hike (WSJ)
​​JPMorgan wealth CEO sees China economic outlook improving (RT)
Investors wary on Mexico following peso rout (FT)
PE roll-ups bet energy transition will go slow (FT)
Fed chides bulge brackets for flawed 'living wills' (RT)
Apple to delay AI launch in Europe due to regulations (RT)
Invesco bucks trend with European China-focused ETF (FT)
Nvidia launched its first large-scale operation in the Mideast (RT)
Apple and Meta discussed an AI partnership (WSJ)
Yaccarino shakes up X amid pressure from Musk (FT)
US tourism boom is lifting Europe (WSJ)
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Deal Flow
M&A / Investments
Airbus is nearing a deal to acquire some of aerospace supplier Spirit AeroSystems' projects, paving way for Boeing's $3.9B purchase of Spirit (FT)
UK soft drinks maker Britvic rejected a $3.9B takeover proposal from Danish brewer Carlsberg (RT)
KKR agreed to acquire European music festivals owner Superstruct Entertainment in a $1.4B deal (FT)
Sony Music is reportedly acquiring Queen's music catalog for ~$1.3B (YH)
Logistics service provider RXO will acquire UPS’ asset-light freight brokerage business Coyote Logistics for over $1B (BBG)
Media-focused investment firm RedBird IMI began the auction of UK's Telegraph newspaper and Spectator magazine to recoup $760M spent in earlier acquisition efforts (FT)
State Street, BNP Paribas, and Caceis are potential bidders for HSBC Germany's fund administration unit INKA and custody business, which could be valued at over $751M (RT)
Healthcare-focused PE firm Altaris will acquire digital health company Sharecare for $518M (MW)
American Express will acquire Squarespace-owned restaurant booking platform Tock for $400M (RT)
Carlyle is seeking to sell Italian fashion brand Twinset for up to $375M (RT)
OpenAI acquired enterprise search and analytics startup Rockset in a nine-figure stock deal (RT)
Germany-based chemical manufacturer OQ Chemicals will kick of a sales process (BBG)
French telecom Orange is weighing a sale of its 40% stake in Mauritius Telecom (BBG)
Dutch bank ABN Amro is nearing a deal to acquire HSBC's Germany wealth business (RT)
Italian insurance firm Generali is seeking to sell its Turkey and Philippines units (BBG)
Healthcare giant Kaiser Permanente plans to acquire North Carolina hospital system Cone Health (WSJ)
VC
Zepto, an Indian 10-minute delivery app, raised a $665M Series F at a $3.6B valuation led by Glade Brook, Nexus and others (TC)
Molecular diagnostics company BillionToOne raised a $130M Series D led by Premji Invest (PRN)
HeyGen, an AI video generation platform for businesses, raised a $60M Series A at a $500M valuation led by Benchmark (FN)
AI powered language learning app Speak raised a $20M Series B extension led by Buckley Ventures (TC)
Amplify Life Insurance, a permanent life insurance platform for wealth-building, raised a $20M Series B led by Crosslink Capital and Anthemis (FN)
Verituity, an intelligent verified payouts solutions, raised an $18.8M round led by Sandbox Industries and Forgepoint Capital (BW)
Zing Coach, a German health tech startup, raised a $10M Series A led by Zubr Capital and Triple Point Capital (FN)
Material science startup Maxterial raised an $8M Series A led by Helios Climate Ventures (FN)
QpiAI, an Indian quantum computing and GenAI startup, raised a $6.5M pre-Series A led by Yournest and SVCL (BW)
Classroom well-being and behavioral risk detection startup MEandMine raised a $4.5M round led by K5 Global (FN)
OmniAI, a platform to extract value from data, raised a $3.2M seed round at a $30M valuation led by FundersClub (TC)
IPO / Direct Listings / Issuances / Block Trades
Latam's biggest water utility Sabesp launched a $3B share sale as part of a privatization effort (BBG)
Asian digital payments provider Pine Labs is considering a $1B India IPO (BBG)
Indian real estate developer Prestige Estates Projects will raise $599M in a share issuance (RT)
Indian education loan financier Avanse Financial Services filed for a local IPO to raise $419M (RT)
Hospital operator Ardent Health Partners filed for an IPO after abandoning a previous attempt four years ago (BBG)
Bankruptcy / Restructuring / Distressed
Ghana reached an agreement in principle to restructure $13B worth of international debt (RT)
American Lease, a NYC car lessor, is in talks to acquire bankrupt EV startup Fisker's entire fleet of ~4.3k cars (WSJ)
Rocca Group and Auchan Retail France agreed to acquire French grocery store operator Casino's Corsica unit as part of a debt restructuring (BBG)
Chinese developer Road King Infrastructure warned of default risk if maturities are not extended (BBG)
Fundraising
Investment firm Hamilton Lane raised $5.6B for its sixth secondaries fund (RT)
Crypto Corner
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