US stocks slid yesterday as rising oil prices and bond yields continued to weigh

US 10Y yield climbed to the highest since early 2025

Germany sold 30Y bonds at a 3.783% yield, the highest since 2011

China 10Y yield fell to 1.67% to its lowest in one year

Oil rose for a fourth day 

Klarna beat Q2 earnings and revenue estimates but cut its outlook on persistent consumer spending weakness, particularly in Germany; the firm is overhauling leadership as it targets a US banking license (WSJ)

The Home Depot beat Q2 earnings and revenue estimates and reaffirmed its FY guidance amid 'frozen housing market conditions' (CNBC)

What we're watching this week:  

Full calendar here

Bond markets are pricing in rate hikes but recent economic data is making it all look like a toss up

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US paused Canada tariffs for three days subject to a deal (BBG)

UAE suspended trade with Iran (FT)

Global bond selloff sees no end in sight (WSJ)

Bond markets put governments on notice over fiscal, inflation risks (RT)

Bond traders are now hedging for rate cuts in 2027 (BBG)

PE megafunds have made zero deals in China this year (FT)

Korean traders are now buying ADRs of Korean stocks in US (CNBC)

Texas Stock Exchange lured two ETFs in first primary listings (BBG)

Port of LA had its second-busiest July ever (BBG)

OpenAI revenue grew only 18% in Q2 while Anthropic doubled (WSJ)

Anthropic is preparing supervoting power for founders ahead of IPO (RT)

OpenAI unveiled ChatGPT for Teens (RT)

Pennsylvania became latest state to regulate data center construction (WSJ)

Congress threatened Apollo co-founder Leon Black with contempt (BBG)

Penn State frat brothers busted for running cocaine trafficking ring (BBG)

Ex-wife of Two Sigma's co-founder was barred from testifying in their $6B divorce case after hacking his email (NYP)

Micro-dramas boom in Hollywood as studios chase TikTok audience (RT)

AC becomes 'must-have' for overheated London office workers (FT)

KKR offered to takeover natural gas and electricity distributor UGI Corp for $9B at a 20% premium

Second-hand car retailer Copart is competing with PE firms GTCR and Veritas Capital to acquire $4.2B-listed car insurance software provider CCC Intelligent Solutions

French PE firm Ardian is weighing a multi-billion dollar sale of electronic industrial's firm Swissbit

Canada's McEwen Copper is in talks with mining giant Rio Tinto and other investors for $4B in funding, including $1.2B in equity, to build a mine in Argentina

TPG Global made an unsolicited $467M bid for Australian investment manager EQT Holdings

Denmark-based Leo Pharma agreed to buy rights to a rare genetic skin disease drug from Japan's Tanabe Pharma in a $435M deal ahead of an IPO

Goldman Sachs will buy CRE investor LCN Capital Partners in a $410M deal

Inspire Brands Asia is considering a sale of gym operator Anytime Fitness Asia at a $400M valuation, including debt 

Amancio Ortega's family office Pontegadea Inversiones paid $203M for a residential rental building at 219 Baker St. in Marylebone, London 

Drone firm Ondas will acquire Aran Defense for $33M

Market maker Optiver will buy Dutch energy trader Northpool

State oil giant Saudi Aramco and Saudi mining ​company Maaden will form ‌a mineral exploration JV in Saudi Arabia

AI chip startup Etched raised a $700M Series D at a $21B valuation led by Jane Street

EliseAI, a property management automation platform, is in talks to raise $300M a funding round at a $3.7B valuation led by a16z and Bessemer  

Velaura AI, a semiconductor company commercializing ultra-low-power computing for AI, raised a $110M Series A at a $1B valuation led by Seligman Ventures 

Smack Technologies, a national security AI lab, raised a $61M Series B led by Costanoa Ventures and First In 

NeoGeo, an Indian geospatial technology startup, raised a $20M Series A led by Neev II Fund and Aavishkaar Capital 

Synthefy, a structured data foundation-model company, raised a $6.5M seed round led by Wing Venture Capital

National Stock Exchange of India is seeking a $55B valuation in a record India IPO

Warburg Pincus-backed UK AI data company Quantexa is considering a multibillion-dollar US or UK IPO

UK retailer Frasers Group raised its stake in $3B-listed Hugo Boss to 48% 

Investors committed $400M to a planned $2B IPO of Africa's Dangote Petroleum Refinery & Petrochemicals

Zambia's stock exchange expects to bring a record $1B of IPOs after this month's election

Alibaba-backed Chinese AI video platform ShengShu Technology is considering a $500M Hong Kong IPO

Resilient Asset Management, the family office of Paytm founder Vijay Shekhar, sold a 3% stake in Indian fintech Paytm for $310M with proceeds to flow to Ant Group 

Alibaba-backed Chinese robot maker LimX is planning a $300M Hong Kong IPO

Investment firm Mavik built a 5.4% stake in KKR Real Estate Finance Trust, which invests in commercial mortgages, as it explores a sale

Mark Cuban-backed physical AI firm Fort Robotics will merge with Newbury Street II Acquisition Corp. at a $557M enterprise valuation

Dulles International Airport, which serves DC, is planning a $14B munis sale

Anthropic's revolving credit facility is set to rise above its $10B target ahead of an IPO

Guggenheim CEO Mark Walter held talks with Apollo about a multibillion-dollar loan against his now-sold Lakers stake

India's ICICI Bank accepted bids worth $750M for a new dollar bond to take its total dollar bond raise to $2.05B this month

Boeing and Lockheed Martin's rocket JV United Launch Alliance raise $1.5B in a private placement of bonds

Flexential, a provider of secure and flexible data center solutions, secured an $800M credit facility from eleven banks and supported by equity sponsors GI Partners and MSIP

Hedge fund TCI has invested $636M in loans to ultra-luxury hotels in Italy

Starwood Property Trust and real assets investors Realterm provided a $672M loan for a portfolio of Stonemont Financial and Cerberus-backed industrial outdoor storage lots

The prime brokerage arm of crypto firm Ripple raised $275M in private placement of bonds

‌Braskem Idesa, the Mexican petrochemical JV of Brazil's Braskem and Mexico's Grupo Idesa, filed for Chapter 11 bankruptcy in US after reaching ​agreements with stakeholders to cut debt by ~$1B

Google will acquire Spirit Airlines' business data for $10M

Creditors swapped debt for equity in real estate advisory firm Avison Young (Canada)

Credit investor Balbec raised $1.5B for its fifth credit fund 

PE FOF HarbourVest Partners acquired $1B of PE LP stakes from University of California 

Lower MM Texas PE firm Broadwing Capital raised $440M for its debut fund

Investment firm Ninety One raised $404M for its third Africa Credit Opportunities fund 

CVC filed for a private secondaries fund to target mid to late-stage tech startups through primary and secondary investments 

Visa is seeking new a stablecoin partner to expand settlements globally

White House agencies will set crypto policy as Clarity Act stalled

SEC proposed exempting certain crypto offerings from securities registration statements

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Bloomberg published an interesting deep dive on the booming tax maneuver for ultra-rich people that's spooking even Schwab and Fidelity.