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Good Morning,

Investors are pulling out of UK property funds, China's central bank extended $44B of currency swaps with the ECB, Cathie Wood criticized the Fed's rate hikes in a recent letter, Jamie Dimon said a recession is coming in 6-9 months (lol), the IRS is waiving penalties for some inherited retirement accounts until 2023, Portugal will start taxing crypto gains, and the NFL desperately needs to fix its terrible referee calls.

Let's dive in.

Before The Bell

Markets

• US stocks fell on Monday as prospects for policy tightening weighed on investor sentiment

• Nasdaq dipped 1.04% to hit its lowest close since July 2020

• Chinese chip stocks also tumbled amid new US curbs on chip-related Chinese exports

• A big week on the information front, with September's PPI releasing Wednesday, September's CPI releasing Thursday, and major bank earnings kicking off on Friday

Earnings

• What we're watching this week:

  • Wednesday: PepsiCo

  • Thursday: Delta Air Lines, BlackRock, Taiwan Semiconductor

  • Friday: JPMorgan Chase, Wells Fargo, Morgan Stanley, Citigroup

• Full calendar here

Headline Roundup

• Russia unleashed biggest barrage of strikes on Ukraine since invasion (WSJ)

• US banks are expected to set aside $4B for potential losses from bad loans (FT)

• Bank of England will strengthen emergency stimulus to help ease market turmoil (CNBC)

• Investors are rapidly pulling out of UK property funds after bond market shock (FT)

• China's central bank extended currency swaps with ECB worth ~$44B (RT)

• Ark’s Cathie Wood penned an open letter to the Fed criticizing recent rate hikes; her ARKK fund is down 78% from its peak (CNBC)

• US banks are cutting donations to federal candidates and upping Democrat support ahead of midterms (RT)

• A UK court permitted Elliot and Jane Street to sue the London Metal Exchange for canceling nickel trades in March (RT)

• Jamie Dimon believes US will likely fall into recession in 6 to 9 months (CNBC)

• Ex-Fed chair Ben Bernanke and two others won the Nobel economics prize for work on banks and financial crises (FT)

• IRS is waiving penalties for some inherited retirement accounts until 2023 (CNBC)

• Amazon will invest ~$1B in European EV van and truck fleet (RT)

• Cloud software firm Five9 fell ~25% after CEO announced resignation (CNBC)

• Nissan is in talks to invest in Renault's new EV unit (WSJ)

• Sequoia Capital and Binance stand by equity funding for Musk's twitter takeover (TI)

• PayPal said it never intended to fine users $2.5k for each misinformation violation on their platform and said it was a mistake in its new user policy (BBG)

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Deal Flow

M&A / Investments

• Bio-Rad Laboratories is in talks to combine with peer life-sciences company Qiagen in a potential $10B+ deal (WSJ)

• Insight Partners is nearing a deal to buy a minority stake in software company Aptean at a ~$3.55B valuation (BBG)

• Indian conglomerate Adani Group is in advanced talks to buy India's Jaiprakash Associates' cement business for $606M (RT)

• Qatar Sports Investments agreed to buy an almost 22% stake in Portuguese soccer club SC Braga at an ~$88M valuation (BBG)

• Exxon Mobil is considering buying Denbury, an oil-recovery specialist with the largest carbon dioxide pipeline network in the US (BBG)

• Brookfield Asset Management and DigitalBridge have expressed joint interest in buying a stake in telecom company Vodafone’s wireless towers unit (BBG)

• Turkish fast delivery startup Getir is in advanced talks to buy Berlin-based rival Gorillas Technologies (BBG)

VC

• Singapore-based language learning startup LingoAce is seeking to raise $200M at a ~$1B valuation (BBG)

• Connex One, a cloud-based customer engagement platform, raised a $103M Series C from investors including GP Bullhound (CNX)

• Payment platform startup Airwallex raised a $100M Series E extension at a $5.5B valuation from investors including HostPlus and Tencent (BBG)

• Colombian cloud kitchen and virtual restaurant startup Foodology raised $50M: $30M in debt from TriplePoint Capital and $20M in equity from a16z, Wollef, Kayyak and more (TC)

• Ochre Bio, a startup looking to develop RNA therapies for chronic liver diseases, raised a $30M Series A led by Khosla Ventures, Hermes Epitek and others (BW)

• Endor, a startup working to secure the software supply chain, emerged from stealth with $25M from Lightspeed Venture Partners, Dell Technologies Capital, Sierra Ventures and angels (TC)

• Trendsi, a startup helping sellers and manufacturers predict demand, raised a $25M Series A led by Lightspeed Venture Partners (TC)

• Search-as-a-Service startup Meilisearch raised a $15M Series A led by Felicis (TC)

• Nigerian data and insights firm Stears raised a $3.3M seed round led by MaC Venture Capital with participation from Serena Williams' VC firm Serena Ventures (BBG)

• Psychedelic specialist and clinical research organization Clerkenwell Health raised a $2.3M seed round led by Lionheart Ventures, Convergence Partners and ExceptionalVentures (TC)

SPAC

• Flexjet, which offers a subscription-based private jet service, is in talks to merge with Horizon Acquisition Corp II in a potential $3.1B deal (BBG)

Bankruptcy

• Vital Pharmaceuticals, Bang Energy Drink's parent company, filed for Chapter 11 in Florida with plans to revamp its distribution model. The company listed assets & liabilities of as much as $1B and claims to have $100M of new financing lined up from lenders (BBG)

Fundraising

• Matrix Partners, a VC firm primarily focused on early-stage software infrastructure startups, closed an $800M fund (TC)

Crypto Corner

• An EU Parliament committee approved the Markets in Crypto-Assets framework following a vote from the European Council (CD)

• OECD released a new global tax reporting framework for crypto assets (CD)

• Portugal will start taxing crypto gains in next year’s budget plan (BBG)

• Coinbase secured a Singapore crypto license (BBG)

Exec's Picks

• The Wall Street Journal published an entire piece about the worst two words in finance, "pls fix". Check it out here. It also featured Litquidity's best-selling "pls fix, thx" mug, which you can cop here.

• Brent Toderian wrote a super interesting thread about the transition to EVs and the need for better urban planning here.

• Are you not a fan of the whole ESG investing movement and are you all-in on investing in betting, alcohol, and drugs? Well then we've got the perfect t-shirt for you right here.

The Hiring Block 💼

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