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.

Together with

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.

RAREMINTS offers free, daily insights to keep you up-to-date with the latest on crypto markets. Check 'em out and subscribe today.

Let’s dive in.

Before The Bell

As of 07/01/2024 market close

Markets

  • 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

Earnings

  • 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)

A Message From RAREMINTS

There's a reason we all love crypto… the returns 😍 

In a bull market? No other asset can compete.

The problem? There’s literally tens of thousands of coins.

That's why we read RAREMINTS.

  • Keeps you up to date with daily insights and news ✅

  • Gives you access to exclusive airdrops for FREE 🪂

  • Hand picks tokens with most potential 🚀

Click here to join 30,000+ investors / builders from Coinbase, Binance, KuCoin and more discovering their next 10x crypto opportunity today🤑

Your portfolio will thank you❤️

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)

VC

  • 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

SPAC

  • 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)

Fundraising

  • 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)

Exec’s Picks

Litney Partners - Financial Recruiting 💼

If you're currently a junior banker looking to break into the buy side, lateral to another investment bank, or explore new paths amid changing market dynamics, it's time you check out Litney Partners, a partnership between Litquidity and Whitney Partners (the oldest purely financial services executive search and consulting firm).

We aim to place strong candidates across private equity, hedge funds, venture capital, growth equity, debt funds, and investment banking.

To get started, simply head over to Litney Partners and create your profile by dropping your resume / filling out the form:

Meme Cleanser

Reply

or to participate.