Slow Start to Q3

ML will make decisions at Bridgewater's newest fund, Millennium returned 6.9% in H1 (nice), DEA called Citigroup money launderers' favorite bank, the Boston Celtics is for sale, and the average S&P stock is up barely 4% this year.

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Good Morning,

ML will make decisions at Bridgewater's newest fund, Millennium returned 6.9% in H1 (nice), DEA called Citigroup money launderers' favorite bank, the Boston Celtics is for sale, and the average S&P stock is up barely 4% this year.

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Let’s dive in.

Before The Bell

As of 07/01/2024 market close


  • US stocks inched higher yesterday led by tech stocks in light pre-holiday trading

    • Nasdaq closed at a new ATH

  • US 10Y yield jumped to its highest in a month

  • The 2Y-10Y yield curve is the least inverted since May

  • Oil jumped to a two-month high


  • What we're watching this week:  

    • Wednesday: Constellation Brands

  • Full calendar here

Headline Roundup

  • Average S&P 500 stock is lagging the index by most since 1990 (WSJ)

  • Five stocks accounted for ~60% of S&P's H1 gain (FT)

  • US manufacturing contracted for a third-straight month (RT)

  • ECB not in a hurry to cut rates further (RT)

  • China's central bank plans to intervene in bond market rally (FT)

  • Hedge funds dumped tech stocks at fastest pace since 2016 (RT)

  • Morgan Stanley to join Goldman and JPMorgan in scrapping UK bonus cap (FT)

  • Hedge fund Millennium returned 6.9% in H1 (FT)

  • Global investors prefer Korean stocks over bonds for first time in two decades (BBG)

  • DEA called Citigroup money launderers' favorite bank (FT)

  • Dash for last orders on stock markets stirs concentration fears (FT)

  • UK startups turn to Silicon Valley to fill void left by pensions (FT)

  • Activists mounted record high campaigns in H1, but won fewer board seats (RT)

  • AI-focused tech firms saw big jumps in market cap in June (RT)

  • Indian regulators approached Hindenburg over Adani short bet (RT)

  • China says US targeting of AI not helpful to healthy development (RT)

  • EU charged Meta with anti-competition violations (WSJ)

  • France is set to charge Nvidia with antitrust violations (RT)

  • Chewy execs sound alarm over 'Roaring Kitty's' 6.6% stake (RT)

  • Moelis banker involved in Brooklyn altercation was charged with assault (FT)

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Deal Flow

M&A / Investments

  • The owners of Boston Celtics are planning the sell the team; the Celtics were valued at $4.7B in October (FT

  • Italian oil major Eni plans to raise over $4.3B from the sale of global upstream assets (BBG

  • Billionaire Xavier Niel offered to buy out other shareholders of Millicom International Cellular in a deal that values the LatAm telecom at ~$4.1B (BBG

  • EQT is nearing a deal to acquire a 30% stake in German transit operator Flix at $3.2B valuation (BBG

  • Events engineering firm TAIT is exploring a sale at a potential $1.3B valuation (BBG

  • PE firms including EQT, BC Partners, and General Atlantic are interested in a stake in Europe's top basketball league EuroLeague, whose owner is seeking a ~$1.1B valuation (RT

  • Infrastructure company Metro Pacific Tollways and Singapore SWF GIC will acquire a ~$1B, 35% stake in Jasamarga Transjawa Tol, a unit of Indonesian toll-road operator Jasa Marga (RT

  • French PE firm PAI Partners is teaming up with Spanish peer Inveready to bid for Spain’s fifth largest telecom Avatel, worth ~$592M (RT

  • Interpublic Group is in talks to sell digital marketing agency R/GA to India’s Tata Consultancy Services for ~$300M (WSJ)

  • PE firm Altor agreed to acquire a majority stake in business resilience software provider F24 from PE firm Hg (BBG

  • Robinhood agreed to acquire AI research platform Pluto Capital (BBG

  • Paramount Global is holding talks to merge its Paramount+ streaming service with an existing platform (CNBC)

  • Google acquired a stake in BlackRock-owned Taiwanese solar developer New Green Power (RT

  • Danish transport group DSV and CVC Capital Partners are among lead bidders for Deutsche Bahn's logistics unit (BBG

  • Hollywood production company Imagine Entertainment  is exploring a sale (WSJ)


  • SmartHR, a cloud-based HR software startup, raised a $140M Series E led by KKR and OTPP (TC)

  • Eve Air Mobility, an eVTOL aircraft manufacturer, raised $94M from Embraer, Nidec and others (PRN)

  • K Health, an AI primary care platform, raised a $50M round led by Claure Group (BW)

  • Reusable packing company Vytal raised a $6.6M round led by Emerald Technology (EU)

  • Vaire Computing, a startup building energy efficient chips, raised a $4.5M seed round led by 7percent Ventures and Jude Gomila (TC)

IPO / Direct Listings / Issuances / Block Trades

  • Northern Data is weighing an IPO of its AI data center and cloud unit that could fetch an up to $16B valuation (BBG

  • Indian health insurer Niva Bupa filed for an IPO to raise up to $360M (RT

  • Colombian airline Avianca Group confidentially filed for a US IPO (RT


  • Battery metals supplier American Resources will merge with AI Transportation Acquisition Corp. in a $170M deal (YH)

Bankruptcy / Restructuring

  • Delta Apparel, the owner of brands Salt Life and Soffe, filed for Chapter 11 bankruptcy and plans to sell its brands (BBG

  • Furniture retailer Conn’s is considering filing for Chapter 11 bankruptcy (BBG)


  • New Mountain Capital closed its seventh PE control-focused fund at $15.4B (BW

  • Bridgewater Associates launched a $2B fund run by ML (BBG

  • MM PE firm Lee Equity Partners closed its fourth fund at $1.3B (FN)

Crypto Corner

  • SEC accused Silvergate Bank of inadequately monitor $1T in crypto transactions (TV)

  • Stablecoin issuer Circle secured license to offer euro / dollar-pegged crypto in EU (CD

  • Sony will restart Japanese crypto exchange Whalefin (CD)

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