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Sunset Over the Renaissance

Covid-era job switchers are less satisfied now, the closing of Trump Media’s auditor may cause IPO delays, US wants to ban certain event derivatives, Fed's Logan thinks monetary policy is not tight enough, and quant fund legend Jim Simons passed way…RIP to the best to ever do it.

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Covid-era job switchers are less satisfied now, the closing of Trump Media’s auditor may cause IPO delays, US wants to ban certain event derivatives, Fed's Logan thinks monetary policy is not tight enough, and quant fund legend Jim Simons passed way…RIP to the best to ever do it.

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Let’s dive in.

Before The Bell

As of 05/10/2024 market close.

Markets

  • US stocks ended mostly flat on Friday as investors digested consumer inflation expectations data

    • The S&P and Nasdaq posted a third-straight winning week

    • The Dow rose for an eighth-straight day, fourth-straight week and best week YTD

  • The pan-European Stoxx 600 had its best week since late-January

  • UK's FTSE 100 hit yet another record high

Earnings

  • What we're watching this week:  

    • Tuesday: Home Depot, Alibaba

    • Wednesday: Cisco Systems 

    • Thursday: Walmart, JD.com

  • Full calendar here

Headline Roundup

  • Fed's Logan said US monetary policy may not be tight enough (RT)

  • CFTC wants to ban derivatives tied to sports and elections (WSJ)

  • Consulting firms’ grip on Saudi economy sparks local grievance (FT)

  • Europe sees two-speed IPO recovery as smaller deals lag (RT)

  • Covid-era jobs switchers are less satisfied now (BBG)

  • Chinese VCs warn IPO freeze will hit innovation (RT)

  • Chinese e-commerce giants face delicate balance between discounts, profit (RT)

  • US consumer sentiment at six-month low as inflation expectations rise (RT)

  • US equity funds see first weekly inflows in six weeks (RT)

  • Global equity funds see biggest inflows since March (RT)

  • Closure of Trump Media auditor to delay nine IPOs (FT)

  • BP and Shell focus on basics to boost shareholder returns (FT)

  • Investors with links to China are now funding US defense startups (WSJ)

  • Electricity supply is failing to satisfy US tech growth (WSJ)

  • Household demand for Italian debt slumps (FT)

  • France secures jobs and investments from Amazon, Pfizer and Morgan Stanley (RT)

  • US judge halts rule capping credit card late fees at $8 (RT)

  • Food startup boom is seemingly over (BBG)

  • Chicken wings are the new inflation hedge (WSJ)

  • Caitlin Clark is already the GOAT of TV ratings (WSJ)

  • Hedge fund legend Jim Simons died at 86 (CNBC)

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Deal Flow

M&A / Investments

  • Czech billionaire Daniel Křetínský deepened discussions to acquire UK's Royal Mail from International Distributions Services after rejection of his initial $4.9B takeover proposal (FT

  • Abu Dhabi SWF Mubadala Capital's $3B bid for New York-based Fortress Investment Group cleared a significant US regulatory hurdle after major concessions (FT

  • European cocoa supplier Natra is in talks to LBO German chocolate business Gubor Schokoladen and Italian hazelnut-spread producer Nutkao (BBG

  • SoftBank is in talks with South Korea's Naver over control of LY, which operates messaging app Line (RT

VC

  • Dendra Systems, a startup focusing on AI-powered ecological restoration, raised a $15.7M Series B led by Zouk Capital (FN)

  • Fundcraft, a digital infrastructure for asset management, raised a $5.5M Series A led by Aperture Capital (EU)

  • Glacis, a firewall and router protocol for simplifying cross-chain operations, raised a $2M seed round from Arrington Capital and Paper Ventures (FN)

  • Hexis, an AI-powered developer of fuelling plans for athletes, raised a $2M pre-seed round from APEX and Sport Republic (FN)

IPO / Direct Listings / Issuances / Block Trades

  • CVC Capital Partners is seeking a valuation of $2B-$3B in a local IPO of Japanese personal-care business FineToday (BBG

  • Shares of EV maker Zeekr rose 35% in its trading debut after its $441M IPO (BBG

  • Saudi Arabian fintech Rasan Information Technology is seeking to raise $224M in its local IPO (BBG

  • Shein is preparing for a London listing after its US IPO plans faced regulatory hurdles (RT

Debt

  • China will meet to discuss a $138B ultra-long debt sale (BBG)

  • ICBC will issue $4.15B of TLAC bonds in first such issuance by a Chinese bank (RT0

  • A group of private credit lenders led by Oak Hill is in discussions to provide $1B of debt to support Vista Equity Partners' acquisition of software company Model N (BBG

  • Bakery chain Nothing Bundt Cakes is marketing a $240M WBS bond (BBG

Fundraising

  • Canadian PE firm Onex raised $735M for a new short-term buyout fund (BBG

  • European PE firm PAI Partners is in talks with investors for a new continuation fund to hold its 50% stake in its $10B Froneri ice cream JV with Nestle (BBG

Crypto Corner

  • Crypto VCs are turning back to crypto startups founded by professors (BBG

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