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Good Morning,

The US added 263k jobs in September, Hurricane Ian may have caused $67B in insured losses, Biden signed off on a new data transfer framework between the US and Europe, Tesla sold a record number of China-made vehicles, Rivian recalled almost all of its vehicles, Chinese holiday home sales are down bad, and Twitter locked Kanye West's account.

Let's dive in.

Before The Bell

Markets

• Major averages fell across the board on Friday as investors anticipate September's strong jobs report to spark further Fed rate hikes

• The pan-European Stoxx 600 index fell 1.1%, with all major bourses and the majority of sectors trading in the red

  • Tech stocks led the slide, falling 4.2%, while oil and gas stocks were the sole outlier to the upside, closing 1.1% higher

• The US bond market is closed today for Columbus Day

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

• US added 263k jobs in September and unemployment fell from 3.7% to 3.5% on a decline in labor force participation (RT)

• Hedge funds were down 6.18% YTD in September (RT)

• Strong US dollar is threatening to undermine US manufacturing rebound (WSJ)

• OPEC+'s oil cuts is bad for the global economy: Yellen (FT)

• Hurricane Ian may have caused ~$67B in insured losses, making it a top 5 US storm (AX)

• Taiwan plans to comply with US's China-related chip rules (RT)

• Biden signed an executive order to implement new framework to protect data transfers between US and EU (CNBC)

• Tesla sold a record China-made vehicles in September following Shanghai factory upgrade (RT)

• Rivian recalled nearly all of its vehicles to address a problem that could affect steering control (WSJ)

• China's holiday home sales fell 37.7% YoY (RT)

• Chinese ambassador to the US thanked Musk for his proposal on Taiwan (RT)

• A Florida buyer bought a rare 11.15ct pink diamond for $49.9M in a record-setting Hong Kong auction (WSJ)

• Twitter locked Kanye West’s account one day after his first post on the platform in nearly two years (BBG)

• RBI, the parent co of Burger King, has earmarked $400M to boost advertising and do a brand revamp as it has slipped to the fourth largest burger chain in the US (WSJ)

• Max Verstappen secured his second F1 world title after winning a chaotic Japanese GP (F1)

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Deal Flow

M&A / Investments

• CVS Health Corp. is in exclusive talks to buy health-care provider Cano Health; it has a current market value of ~$4.6B (BBG)

• India has invited bids to sell a 60.72% stake in state-backed IDBI Bank, which has a current market value of ~$5.6B, as it seeks to ramp up its privatization drive (BBG)

• Hong Kong-based fund manager About Capital acquired a 60% stake in top Chinese crypto exchange Huobi Global at a supposed ~$3B valuation (TC)

• MidOcean Energy agreed will buy Tokyo Gas’ portfolio of four Australian liquefied natural gas projects for $2.15B (RT)

• Providence Equity Partners agreed to buy French automotive data firm A2Mac1 for ~$1.36B (RT)

• A consortium led by KKR and Oslo Pensjonsforsikring agreed to buy a 30% stake in Telenor’s Norwegian fiber network for ~$1B (BBG)

• Senior-living community operator Brookdale Senior Living is exploring options including a potential sale (BBG)

• Biotech firm PureTech Health is in talks with US-based drug developer Nektar Therapeutics about a possible offer (RT)

• Brazilian conglomerate Cosan agreed to buy a 4.9% stake in mining company Vale (RT)

VC

• WorkSpan, a cloud-based co-sell management platform, raised a $30M Series C led by Insight Partners (PRN)

• Purple Elephant Ventures, a Kenyan tourism-focused startup studio, raised a $1M pre-seed round led by Klister CreditCorp, The Untours Foundation, and angel investors (TC)

IPO / Direct Listings / Issuances / Block Trades

• Marafiq, a Saudi utility company backed in part by Aramco and PIF, secured enough investor demand for its ~$897M IPO within hours of opening order books. The company would have a market value of $3.1B at the top end of the price range (BBG)

Fundraising

• Convective Capital raised a $35M first fund to invest in early stage startups creating technology to prevent and contain wildfires (TC)

Crypto Corner

• Crypto exchange FTX and Visa will launch a crypto debit card in 40 countries (YH)

• A Binance-linked blockchain was hit by a $570M crypto hack (RT)

• OpenSea CFO departs after 10 months (TI)

Exec's Picks

• Yesterday, The New York Times published an interest piece on how the LA - San Francisco high-speed rail project fell apart. Check it out here.

• Val Katayev wrote a detailed thread breaking down Mr. Beast's growing business/media empire here.

The Hiring Block 💼

If you're looking to break into finance, lateral, or move out, check out our job board on Pallet, where we curate highly relevant roles for you. We aim to curate jobs across IB, S&T, VC, tech, private equity, DeFi, crypto, CorpDev and more. We'll sift through all the noise on LinkedIn, Indeed, Monster, etc. so you don't have to.

If you're a company looking to hire candidates and want to list a job opening on our board and feature on Exec Sum, click the button below:

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