US stocks continued to fall yesterday on rising yields and expectations of a Fed rate hike

EM stocks and FX fell for a fourth-straight day

Average G7 10Y yield hit the highest since mid-2008

Asia junk dollar bonds are up 4.3% YTD as a rare bond market bright spot

Yuan crude futures in China rallied to the highest level ever

Dollar trimmed its biggest daily gain since June to end up 0.4%

What we're watching this week:  

Full calendar here

A Fed rate hike today is all but priced in. The bright spot: a new wave of creative name-calling insults from Trump

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Jensen Huang calls battle over AI innovation and safety 'false choice' (FT)

Bessent blames "global issues" for rising yields (RT)

Bond yields could come down as fast as they've climbed (WSJ)

Hedge funds are wild card in turbulent bond markets (WSJ)

BoE plans to stop long-dated bond sales (BBG)

Foreign investors prefer US stocks to Treasuries as debt worries grow (FT)

JPMorgan expects Q3 IB and trading to shine (RT)

BofA expects at least 10% drop in Q3 IB fees (RT)

L/S and multi-manager hedge funds are raising more than planned (RT)

Carlyle exec says AI financing echoes pre-2008 mortgages (BBG)

Blackstone president says flows will return to private credit (BBG)

KKR private high-grade debt deals surge to $80B this year (BBG)

States are suddenly canceling billions in data centers tax breaks (WSJ)

China AI listings glut drags Hong Kong stocks lower (FT)

Brazil's depressed valuations drive wave of delistings (BBG)

L'Oreal surpassed LVMH as France's most valuable company (RT)

Sullivan & Cromwell poached four Kirkland partners in PE push (FT)

Radiant World and Sapphire Minmetals sued Glencore for $2B (BBG)

Judge called SIG insider trading case into doubt (BBG)

Vitol paid out $75M to trader convicted of corruption (BBG)

Accenture will pay $25M to settle US DEI allegations (RT)

US House panel held Leon Black in contempt over Epstein subpoena (FT)

Musk teased the idea of a $3.5T SpaceX and Tesla merger

EQT and Norway's SWF NBIM launched a joint bid ‌for Spanish infrastructure and energy firm Acciona Energia, which is valued at $13.7B, including debt; French PE firm Ardian is also exploring a bid

Brookfield is nearing a recapitalization of UK holiday park operator Center Parcs from Australian Retirement Trust and Mercer Super at a $6B valuation

$5B-listed healthcare RCM firm Waystar is exploring a sale

Swedish hygiene and health company Essity is preparing to launch a potential $3B sale of its consumer tissue business after activist Cevian Capital took a minority stake

Kenya's High Court invalidated Kenya's $1.9B sale of a 15% stake in Safaricom to Vodacom 

Southeast Asia biggest ride-hailing group Grab Holdings agreed to buy a 60% stake in Singapore-based BNPL platform Atome Financial from Advance Intelligence Group for $1.5B

Italian sports safety gear maker Alpinestars is attracting takeover interest from Asian PE firms FountainVest and HSG and could fetch a $1.2B valuation

UK pharma group GSK will buy a TCE cancer drug from Chinese biotech Chimagen Biosciences in a $750M deal

A family vehicle of Aby Lijtszain Chernizky, the executive president of $370M-listed Mexican logistics company Grupo Traxion, plans to launch a tender offer for 100% of shares at a 20% premium 

Ukraine-focused robot drone firm Swarmer will acquire UGV maker Ratel Robotics in a $225M cash-and-stock deal 

Italian luxury group Prada is not considering ‌a bid for rival Armani, whose late founder's estate is preparing for a 15% stake sale

Moody's acquired a minority stake in Philippine Rating Services Corp.

OpenAI is in early talks to raise a pre-IPO round at $1.2T valuation 

Saudi fintech barq raised a $330M Series A at a $1.85B valuation 

Dutch chip startup Euclyd raised a $230M Series A co-led by Samsung Electronics, Somerset Capital Partners, EU's Scaleup Europe Fund, and Innovation Industries

AI agentic coding startup Factory raised a $200M round at a $5B valuation from Blackstone, Khosla ​Ventures, Sequoia, Insight Partners, Sound Ventures, and others

Delos Data, a chip startup founded by ex-Intel execs, raised $100M from Matrix, Playground, Socratic Partners, IAG, and others

Profound, an AEO/GEO marketing software startup, raised a $180M Series D at a $1.8B valuation led by Sequoia and Kleiner Perkins

Wonder, a chain of ghost kitchen food halls, raised $125M as part of its $650M Series D from DoorDash

CADDi, a manufacturing AI software startup, raised a $114M Series D at a $1.2B valuation from Moore Strategic Ventures, Coreline Ventures, and others

Samson Sky, maker of the Switchblade flying car, raised an $80M investment from Dubai-based Matin Group

Evvy, a women's health company focused on vaginal microbiome testing, raised a $40M Series B led by Catalio Capital Management

Artificial Intelligence Underwriting Company, an AI safety startup, raised a $40M Series A led by Ribbit Capital

Jack & Jill, a career-focused AI agent startup, raised a $40M Series A led by Air Street Capital

TeRAM, a custom 3D SRAM memory startup for AI, raised a $37M seed round co-led by Primary Venture Partners, B Capital, Hyperion, and SemiAnalysis Capital

Liquid Compute, an AI compute marketplace and regulated financial infrastructure startup, raised a $15M seed round co-led by FirstMark and Chemistry

G5 Labs, an AI-native software development startup, raised a $14M seed round co-led by Pillar VC and Battery Ventures

Chinese state-backed Swiss seeds and agri-chemicals giant Syngenta confidentially filed for a potential $5B Hong Kong IPO

Silver Lake and Intel-backed chipmaker Altera confidentially filed for a potential $2B IPO

Chinese AI chip darling Biren Technology is weighing another $1B share sale 

SoftBank-backed data center firm SB Energy is aiming to raise $500M in the Japanese portion of its planned US IPO

Indian healthcare RCM firm Eclat Health Solutions is considering a $300M India IPO

Regional lender Truist will sell $5.5B of auto loans as its exits near-prime auto lending 

World Bank's International Development Association priced a $3B ​bond from an $8B order book

IT services firm CDW is selling $1.5B of senior notes

African Development Bank and the Development Bank of Southern Africa plan to market $2B of SRTs next year

Vietnam ​is considering its first sovereign dollar bond sale since 2014 to raise potentially $1B

Platinum Equity-backed Biscuit International's $800M worth of term loans are trading at distressed 66¢ just three months after a debt restructuring

Goldman Sachs Alternatives raised $11.7B across its ninth flagship PE fund and first flagship Asia-focused PE fund

Real estate investors Hines and Rialto Capital raised $1.1B for an office credit fund

Radical Ventures raised $1B for a new late-stage growth fund, making it Canada's biggest VC fund ever

Global real estate firm Brightshore Capital (fka GTIS Partners) launched a debut real estate credit fund with $250M

Industrial tech-focused PE firm Artemis Capital Partners raised $254M for its fourth fund

Optical networks firm Ciena launched a $200M VC fund to back next-gen networking startups

Clarity Act failed in the Senate

AMC-Robinhood feud tests who gets to put stocks on blockchains

Debasement trade splits as gold and Bitcoin bets diverge

DOJ charged two ex-Robinhood employees for using nonpublic information to trade crypto-linked perps on a DeFi exchange

DOJ says customers used Binance to funnel Iran oil money

CoinEx, a crypto exchange that was a hub for illicit Iran cash, closed suddenly

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