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The Soft Landing Is Here
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Good Morning,
Chinese equity inflows shattered records, EY delayed start dates for graduates, Trump is gaining in on Harris, JPMorgan declared a 'soft landing' for the US economy, and Elon Musk had a weekend.
Automate your complicated business spend and expense allocation process with one of the fastest growing fintech softwares in the alternative asset management space, StavPay.
Let's dive in.
Before The Bell
As of 10/11/2024 market close.
Markets
US stocks rallied on Friday as strong bank earnings sparked optimism for earnings season
S&P and Dow closed at fresh ATHs
US 10Y yield rose for a fourth-straight week
US corporate credit spreads hit their lowest since 2005
Earnings
JPMorgan rose 4% after beating Q3 earnings estimates on a 31% jump in IB fees and better-than-expected interest income (CNBC)
Wells Fargo jumped 6% after reporting better-than-expected Q3 earnings despite a sizeable decline in net interest income (CNBC)
BlackRock rose 4% after beating Q3 earnings estimates and recording $221B of net inflows to reach $11.5T AUM (BBG)
What we're watching this week:
Tuesday: BofA, Citigroup, Goldman, UnitedHealth, Walgreens
Wednesday: Morgan Stanley, ASML
Thursday: TSMC, Netflix, Blackstone
Friday: P&G
Full calendar here
🇺🇸 Election Forecast
Trump's lead continues to grow on Kalshi. Get $20 to trade the election when you deposit $100 or more. See live odds and bet now!
Headline Roundup
JPMorgan says 'soft landing' is here (WSJ)
US PPI came in flat and below expectations (CNBC)
Big US banks say consumers still strong despite economy fears (RT)
Debt investors are reluctant to back PE dividend recaps (FT)
China's Saturday stimulus announcement big on intent but low on detail (RT)
China stocks saw record inflows, Japan saw biggest outflow in 20 years (RT)
Mutual fund to ETF conversions is posing difficulties (FT)
Small E&Fs are racing to outsource investment management (FT)
EY delays start dates for graduates amid M&A slowdown (FT)
Boeing will slash 10% of its global workforce amid strikes (RT)
Polestar announced a strategic review of operations (CNBC)
Bain valuation for binned Kioxia IPO was double than investors' preference (RT)
Musk reveals robots and robotaxis at Tesla event (TC)
Musk's SpaceX Starship rocket achieves record-breaking feat (TC)
Ken Griffin has not supported Trump, torn on 2024 elections (RT)
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Deal Flow
M&A / Investments
Nordic Capital is exploring a sale or IPO for Swedish fintech Trustly at a ~$10B valuation
Bain Capital made a $4.3B binding bid for Japanese software firm Fuji Soft, 7% higher than KKR's offer
Australia's Macquarie and telecoms group Vocus will acquire various assets from TPG Telecom including broadband provider Vision Network for $3.5B
$3.4B-listed software tools maker JFrog attracted takeover interest from PE firms including Permira and Hellman & Friedman
Odyssey Investment Partners is in advanced talks to acquire Honeywell International’s PPE unit at a ~$1.5B valuation
Asset managers including Sixth Street, Bridgepoint, and First Eagle are vying to acquire secondaries firm Kline Hill Partners for ~$500M
Real estate PE firm Henderson Park is in advanced talks to acquire is PGA National Resort in Florida from Brookfield for $425M
Italian brake maker Brembo agreed to acquire suspension manufacturer Ohlins Racing from Apollo-backed Tenneco for $405M
Oaktree will acquire struggling B. Riley Financial's appraisal unit Great American for ~$400M in cash and stock
UK retail group Frasers made a revised $145M bid to acquire whole of luxury brand Mulberry
Investment group Tetragon is exploring a sale of UK infrastructure investor Equitix
US accounting firm RSM is in advanced talks to merge with RSM UK
VC
Brazilian financial automation startup Asaas raised a $160M Series C led by BOND
Medical-robotics startup Mendaera raised a $73 Series B led by Threshold Ventures
SPRY Therapeutics, an Indian SaaS platform for physical therapy professionals, raised $15M in funding led by Flourish Ventures
Imaging platform Muybridge raised an $8.7M round led by Fairpoint Capital
Multifamily rental software startup 100 raised a $5.2M pre-seed round from MetaProp, Freestyle Capital, and more
AI deployment startup ThinkLabs raised a $5M seed round led by Powerhouse Ventures, Active Impact Investments, and more
IPO / Direct Listings / Issuances / Block Trades
Qatar SWF QIA sold a $351M, 4.1% stake in UK supermarket giant Sainsbury's
Debt
India's state-owned Chennai Petroleum is in talks for a $3.3B bank loan to fund a major oil refinery
AI cloud-computing startup CoreWeave raised a $650M credit facility led by JPMorgan, Goldman, and Morgan Stanley
K2 Insurance Services sold a bigger-than-planned $535M leveraged loan
Vista-backed Alegeus Technologies is nearing a private credit deal after Bank of America shelved a $525M loan package
Blackstone sold $379M of Canadian warehouse-backed mortgage bonds
Bankruptcy / Restructuring / Distressed
Swedish EV battery maker Northvolt is in talks to raise $218M in short-term funding
Spanish state-owned shipbuilder Navantia is nearing a deal to buy UK's Harland & Wolff out of administration
EV startup Fisker received court approval of its bankruptcy liquidation plan
Fundraising
Mitsubishi UFJ Trust bank plans to launch three funds totalling $670M to provide loans to companies
Crypto Corner
Trump's World Liberty Financial token will launch on Tuesday (CD)
Exec’s Picks
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Having just topped $50T, the S&P 500 is now worth 50 times its value since the bull market began in 1982. Read about some highlights here.
Citadel veteran and hedge fund founder Dan Morillo sat down with Bloomberg Odd Lots to discuss the math behind multi-strategy hedge funds.
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