Crunch week

Crunch week puts rate-cut expectations to the test, Goldman reshuffles private credit in bid to double assets, why CZ, Dalio and Lisin are flocking to Abu Dhabi, Wells Fargo, other banks caught in probe over mortgage pricing discrimination, and TikTok becomes first non-game app to reach $10B in consumer spending…

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Market Briefing
December 12, 2023

☕️ Good Morning.

The Fast Five →  Crunch week for central banks puts rate-cut expectations to the test, Goldman reshuffles private credit in bid to double assets, why CZ, Dalio and Lisin are flocking to Abu Dhabi, Wells Fargo, other banks caught in probe over mortgage pricing discrimination, and TikTok becomes first non-game app to reach $10B in consumer spending…

Here’s your 5-min briefing for Tuesday:

BEFORE THE OPEN

As of market close 12/11/2023.

MARKETS:

  • S&P 500 and Dow climbed, reaching highest closing levels in months.

  • Nasdaq saw a modest gain as tech stocks Apple and Nvidia dipped.

  • Macy's surged over 19% following a $5.8 billion buyout offer.

  • Key inflation data and a Federal Reserve meeting are in focus for the week.

  • Federal Reserve expected to maintain interest rates, with a chance of a rate cut in March.

EARNINGS

What we’re watching this week:

  • Wednesday:

    • Adobe (ADBE) - expected: $4.14 per share (+15% YoY) on $5.0 billion revenue (+11.2% YoY)

  • Thursday: Lennar (LEN)

    • Costco Wholesale (COST) - expected: $3.41 per share (+11.1% YoY) on $57.7 billion revenue (+8.1% YoY)

  • Friday:

    • Darden Restaurants (DRI) - expected: $1.73 per share (+13.8% YoY) on $2.7 billion revenue (+8.0% YoY)

Full earnings calendar here

NEWS BRIEFING

The U.S. Federal Reserve on Wednesday will kick off what is poised to be a pivotal week, followed by a “Super Thursday” when the European Central Bank, Bank of England and others will meet.

More than 5,000 SPVs are said to have been set up in Abu Dhabi including by CZ, Lisin and Dalio

  • Rate cuts can’t come fast enough for debt-strapped companies (more)

    • Goldman Sachs projects two Fed rate cuts next year with first in Q3 (more)

    • Goldman says ‘buy the dip’ if stocks drop after repricing Fed cuts (more)

  • House panel subpoenas Vanguard, Arjuna in ESG ‘collusion’ probe (more)

  • Regulators caught Wells Fargo, other banks in probe over mortgage pricing discrimination (more)

  • Gold, silver down amid bearish daily outside markets (more)

  • Asian stocks edge higher ahead of US inflation data (more)

  • Bank of France sees economy dodging recession due to services (more)

  • Goldman reshuffles private credit in bid to double assets (more)

  • Shein holds talks with LSE on possible listing (more)

  • Apple plans big overhaul to iPad family to make it less confusing (more)

  • Microsoft and labor unions form ‘historic’ alliance on AI (more)

  • Hasbro laying off 1,100 workers as weak toy sales persist into holiday season (more)

  • Ford cuts planned 2024 production of electric F-150 Lightning in half (more)

  • Walgreens cut to junk by Moody’s on healthcare strategy push (more)

  • TikTok becomes first non-game app to reach $10B in consumer spending (more)

  • Billionaire Steve Cohen pushes Point72 deeper into macro trading (more)

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DEALFLOW

M & A | INVESTMENTS:

  • Altice USA in talks to sell Cheddar News to private equity firm Regent (more)

  • Occidental Petroleum to buy Permian producer CrownRock for $12 billion, raise dividend (more)

  • Infroneer to buy Japan Wind Development from Bain Capital for $1.37 billion (more)

  • IDG weighs $976 million for Chery Auto’s parent stake (more)

  • Fountain Life, an advanced diagnostics and preventative health company, acquired LifeOmic, an Indianapolis, IN-based health data technology company (more)

  • ACI Learning, an audit, cybersecurity and IT training company, acquired Infosec Learning, a provider of a digital skills learning platform for cybersecurity (more)

  • PE-backed Formstack purchases Formsite (more)

  • Investcorp invests in Corsair’s infrastructure business (more)

  • Fortress Investment Group buys Multi-Manager Platform (more)

  • Partners Group acquires Velvet Care (more)

  • BlackBerry cancels spinoff of Internet-of-Things Unit (more)

VC

  • Armada, a provider of a mobile edge computing platform that delivers internet connectivity, computing and AI anywhere on the planet, raised over $55M in funding (more)

  • Medefy Health, a provider of a mobile-first healthcare benefits navigation platform, raised $10M in Series A funding (more)

  • Nonco, an institutional digital asset brokerage firm, closed its seed funding round, received a total of $10M of aggregate new capital (more)

  • Jiant, a ready-to-drink alcohol brand for modern consumers, closed a $6M Series A capital raise (more)

  • Helicity Space, a commercial space company, raised $5M in Seed funding (more)

  • Digital Wildcatters, a provider of a community platform for energy professionals, raised $2.5M in funding (more)

  • Harpoon Ventures, an early-stage venture capital firm, is announcing its third $125M institutional fund (more)

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CRYPTO

  • Crypto policy takes center stage in U.S. Presidential candidate forum (more)

  • Crypto market eyes interest rates and expected bitcoin ETFs in 2024 (more)

  • Cathie Wood's ARK Invest sells most Coinbase shares since July as price rises (more)

BULLISH BITES

🛒 Dark horse: See the low-profile shopping app coming for Amazon and Alibaba.

🛟 SOS: Startups are doing fine, but scale-ups and unicorns are in deep water.

🦾 Right hand: How to create a custom ChatGPT.

💫 Heavenly: The most stunning photos from space in 2023.

🧠 Brain hack: Get unstuck in your business with this powerful 1-minute mindset optimization hack.

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