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Rallying into Fourth of July

Chinese bankers are flocking to the communist party, Salesforce shareholders rejected its CEO's pay plan, the SOFR hit a YTD high, traders are betting on a Trump re-election, and the S&P and Nasdaq hit fresh milestones heading into the long weekend.

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Chinese bankers are flocking to the communist party, Salesforce shareholders rejected its CEO's pay plan, the SOFR hit a YTD high, traders are betting on a Trump re-election, and the S&P and Nasdaq hit fresh milestones heading into the long weekend.

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Letā€™s dive in!

Before The Bell

As of 07/02/2024 market close.

Markets

  • US stocks rose yesterday on comments from J Pow noting progress on inflation 

    • S&P topped 5,500 and Nasdaq topped 18,000 for the first time ever to notch fresh ATHs at the close

    • Rate futures markets are pricing in a 70% chance of a Fed rate cut in September

  • SOFR hit 5.4%, a YTD high 

Earnings

  • What we're watching this week:  

    • Today: Constellation Brands (ticker: $STZ)

  • Full calendar here

Headline Roundup

  • J Pow says US is on a disinflationary path, but needs more data before rate cuts (RT)

  • ECB's Wunch says next rate cut is an easy decision, but hard thereafter (RT)

  • Eurozone inflation rose 2.5% YoY in June (WSJ)

  • Echoes of dotcom bubble haunt AI-driven US stock market (RT)

  • High-yield lenders are demanding legal protections from rate-related risks (BBG)

  • Traders bet on higher yields ahead of potential Trump re-election (BBG)

  • Bankers remain wary despite jump in US corporate fundraising (FT)

  • Appeals court reinstated a $10B antitrust lawsuit against ten banks (WSJ)

  • Chinese bankers are joining the CCP as morale and pay shrink (BBG)

  • China bonds seen settling into range with yield floor on PBOC (BBG)

  • Global investment banks cut jobs in China retreat (FT)

  • China ETF assets register 'explosive' growth (FT)

  • Hedge fund giants posted strong H1 gains, with Schonfeld leading (FT)

  • Chicken Soup ex-CEO hired defense lawyers, avoids bankruptcy questioning (RT)

  • Tesla beat delivery estimates, but posts second-straight QoQ drop (BBG)

  • New EY CEO leaves strategic questions unresolved (FT)

  • BlackRock to navigate climate proposals with a new voting policy (FT)

  • Hindenburg denies Indian regulator's allegations on Adani short bet (RT)

  • Apple will get an OpenAI board observer role as part of AI partnership (BBG)

  • Salesforce shareholders rejected pay plan for top execs (RT)

  • Revolut surged to record profit as it seeks $40B valuation (RT)

  • Lilly's Alzheimer's drug won FDA approval (BBG)

  • AI drove Google's emissions 48% higher over five year period (BBG)

  • Ken Griffin isn't convinced that AI will replace jobs in near future (CNBC)

  • Biden faces new pressure to quit presidential race (FT)

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Deal Flow

M&A / Investments

  • Skydance Media reached a preliminary agreement to buy Shari Redstoneā€™s National Amusements for $1.7B and merge with Paramount Global (WSJ)

  • FTC will sue to block mattress maker Tempur Sealy's $4B merger with retailer Mattress Firm (RT)

  • Chinese online retailer JD.com is exploring a potential bid for UK parcel delivery firm Evri, which could be valued at $2.5B, including debt (RT

  • North Asia-focused PE firm MBK Partners is nearing a deal to acquire Japanese supplement maker Alinamin Pharmaceutical from Blackstone for ~$2.2B (RT

  • Buyers including BET CEO Scott Mills and CC Capital founder Chinh Chu are in talks to acquire the BET network from Paramount Global for ~$1.6B (BBG

  • Norwegian supply shipping company DOF agreed to acquire offshore marine service provider Maersk Supply Service from Maersk for $1.1B in cash and stock (RT

  • Philippine fast food chain Jollibee will acquire a 70% stake in South Korea's Compose Coffee for $238M (RT

  • Miner Anglo American is exploring a sale of its coal business (BBG

  • Walmart held talks to sell its shuttered medical clinics (RT)

VC

  • AI coding startup Magic is in talks to raise over $200M at a $1.5B valuation from investors including Jane Street (RT)

  • Prodia, a distributed network of GPUs for AI inference solutions, raised a $15M seed round led by Dragonfly Capital (PRN)

  • Pieces, a developer productivity tech startup, raised a $13.5M Series A led by Drive Capital (FN)

  • Pi Squared, a universal ZK circuit, raised a $12.5M seed round led by Polychain Capital (FN)

  • Phaidra, an AI-powered control systems for data centers, raised a $12M round led by Index Ventures (TC)

  • Zedify, a UK-based cargo bike delivery network, raised $5.2M in funding from Mercia Ventures, Green Angel Syndicate, and others (FN)

  • BoldHue, a face scanning device that dispenses customized foundation formulas, raised a $3.4M round led by Lucas Venture Group (TC)

  • Senorita, a startup reducing construction waste from the construction industry, raised a $3.3M round led by Brick and Mortar Venture (TC)

IPO / Direct Listings / Issuances / Block Trades

  • Brazilian water utility Sabesp's privatization plans drew demand for over $5.3B worth of shares (BBG)

  • Hyundai Motor is seeking to raise up to $3.5B in the India IPO of its Indian unit (BBG

  • Firms including Japan's top four insurers will offload $3.1B worth of Honda shares (RT

  • Indian whiskey manufacturer Allied Blenders and Distillers' shares rose ~13% in its trading debut after its $180M IPO (RT

  • Crypto miner Genesis Digital Assets is considering a US IPO (BBG

Debt

  • Bain-owned data center operator Chindata Group secured a $490M syndicated loan (BBG

Bankruptcy / Restructuring / Distressed

  • Vista Equity Partners is in talks to hand control of software edtech Pluralsight to lenders including Blue Owl, Ares, Oaktree, and others (RT

  • Toy company Basic Fun filed for Chapter 11 bankruptcy with plans to restructure debt (WSJ

Fundraising

  • Industry Ventures raised $900M for its seventh hybrid fund to invest in startups and emerging VCs (TC)

  • Madrid investment firm Seaya raised ~$320M for Southern Europe's first climate-tech fund (EU)

  • VC The Westly Group closed a $100M seed fund to invest in energy, climate, and industrial startups (AX

Crypto Corner

  • Robinhood is considering offering crypto futures in US and Europe (BBG

  • Collapsed crypto Silvergate will pay $63M to settle probes (FT)

  • Crypto industry is taking its fight with SEC directly to Biden and Trump (CNBC)

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