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Apollo is planning a trading desk for private credit, hedge funds remained steady amid August's turmoil, foreign investors are fleeing Asian tech stocks, and Goldman is projecting an economic boost from a Harris presidency.
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Good Morning,
Apollo is planning a trading desk for private credit, hedge funds remained steady amid August's turmoil, foreign investors are fleeing Asian tech stocks, and Goldman is projecting an economic boost from a Harris presidency.
Turbocharge and streamline your M&A deal processes like never before with DealCentre AI.
Let's dive in.
Before The Bell

As of 09/04/2024 market close.
Markets
US stocks slipped further yesterday as investors digested fresh jobs data
Rates markets now see a 1:1 odds of a 25 bps and 50 bps Fed rate cut this month
Europe's Stoxx 600 fell to a two-week low
US 2Y-10Y yield curve is close to dis-inverting
Oil turned negative for the year
Yen rallied 1% for a second-straight day
Bitcoin fell to a one-month low
Earnings
Dollar Tree plunged 22% after missing Q2 estimates and cutting its FY outlook due to increasing pressures on customers (CNBC)
Dick's Sporting Goods fell 5% despite blowing past Q2 earnings estimates due to cautious FY guidance on a slowdown in consumer spending (CNBC)
What we're watching this week:
Today: Broadcom, Docusign
Full calendar here
Headline Roundup
Canada cut rates for third-straight time to 4.25% (FT)
Fed's Beige Book shows declining economic activity (BBG)
US job openings dropped to a 3.5-year low (BBG)
Tuesday's record corporate bond sales well absorbed by markets (BBG)
Goldman sees biggest boost to US economy from Harris win (RT)
JPMorgan says reports of dollar's demise are greatly exaggerated (RT)
US O&G M&A is nearing its 2023 record (RT)
Foreign investors aggressively exited Asian tech stocks in August (RT)
Global hedge funds gained in August despite market turmoil (RT)
All of Citadel's strategies are up YTD (RT)
Apollo is building out a trading desk for private credit (BBG)
Nvidia denies receiving US antitrust subpoena (CNBC)
Trafigura extended employee notice periods to six-month minimum (RT)
Volvo scrapped plans to go full EV by 2030 (CNBC)
A Message From SS&C
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Deal Flow
M&A / Investments
$32.2B-listed pipeline company Targa Resources rebuffed informal takeover interest from larger rival Williams (BBG)
Blackstone will acquire Australian data center group AirTrunk at a $16.1B EV (RT)
Verizon is in advanced talks to acquire $9.6B-listed rival Frontier Communications (BBG)
The Nordstrom family is seeking to take its namesake retailer private for $3.8B (BBG)
UK warehouse owner Segro will acquire European warehouse firm Tritax EuroBox in a ~$1.4B all-stock deal, including debt (RT)
$1.4B-listed Sandy Spring Bancorp received takeover interest (BBG)
Malaysia's IHH Healthcare will acquire hospital chain Island Hospital for $901M (RT)
Starwood Capital will acquire UK-based Balanced Commercial Property Trust for $885M (FT)
Irish classifieds group Distilled is exploring a sale at a $663M valuation (RT)
TPG acquired emissions solutions firm Miratech from PE firm BP Energy Partners (WSJ)
Abu Dhabi's ADNOC will acquire a 35% stake in Exxon's planned Texas hydrogen plant (RT)
Centerbridge Partners will acquire Italian specialty finance bank Banca Progetto from Oaktree (RT)
Germany plans to sell an up to 5% stake in $17.2B German lender Commerzbank, which it bailed out in 2008 (BBG)
VC
OpenAI-rival Safe Superintelligence raised $1B at a $5B valuation from NFDG, a16z, Sequoia, and others (TC)
Payroll and HR platform Oyster raised a $59M Series D at a $1.2B valuation led by Silver Lake Waterman (TC)
AI search and productivity platform You.com raised a $50M Series B led by Georgian (TC)
Ghanaian digital lender Fido raised a $30M Series B led by BlueOrchard and FMO (TC)
Revefi, a SaaS platform that automatically troubleshoots data-related issues, raised a $20M Series A led by Icon Ventures (TC)
Re-Leased, a NZ-based CRE management software company, raised $12.5M in funding led by Movac (PRN)
Cognitive Credit, a data and analytics software for corporate credit markets, raised a $10M Series B led by ETFS Capital (BW)
DubClub, a sports betting platform for amateurs, raised a $7.5M Series A led by Renegade Partners (TC)
Palm, a cash management startup for treasuries, raised a $6.1M seed round led by Speedinvest and Target Global (TC)
IPO / Direct Listings / Issuances / Block Trades
Debt
Bankruptcy / Restructuring / Distressed
Fundraising
Crypto Corner
Exec’s Picks
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Adam Grossman shared some great insights on why you likely don't need to focus on dividend paying stocks.
Ted Seides of Capital Allocators shared a short excerpt from his forthcoming book…seeking to defend private equity.
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