How to Train Your Traders (2024)

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• US stocks closed lower yesterday as the market rally showed signs of cooling

  • Nasdaq ended its seven-day win streak of record closing highs

  • Money markets are pricing in a 58% chance of a 25 bps rate cut in September

• Treasuries fell after almost erasing 2024 losses

• Dollar spot index soared to a YTD high

• Accenture rose ~7% after forecasting annual revenue growth above expectations on surging demand for AI integration services (RT)

• Kroger fell ~3% despite beating Q1 estimates after forecasting a Q2 earnings decline due to pressure in its pharmacies and increase in promotions (BBG)

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  Personal Finance 360 on LinkedIn: #citibanksavings #interestrates #highyieldsavingsaccount #mymetric360Citizens Access CD Rates for 2024 | The Motley FoolGolf | News – Sportsweek.orgConverting IRA to Roth IRA | Fidelity

• What we're watching this week:

  • Today: CarMax

• Full calendar here

• Hedge fund talent schools are looking for the perfect trader (YH)

• US labor market, housing data point to slowing economy (RT)

• BoE held rates steady but readies to cut soon (WSJ)

• Citi bets on Europe despite political uncertainty (RT)

• Sycamore CEO says persistent high rates are boosting public markets (BBG)

• Apollo's chief economist expects no rate cuts this year (RT)

• Investors say Labour could borrow more without UK bond market backlash (FT)

• Anthropic debuted its latest 'industry-beating' AI model (TC)

• Deutsche's private bank cuts consultant spending by 70% (FT)

• US big banks face growing spillover risks from non-banks (RT)

• US finds no dollar manipulation in 2023, but adds Japan to monitoring list (RT)

• Green bond issuance surges as investors hunt for yield (FT)

• Taiwan's central bank warns of systemic risks of rapid ETF growth (FT)

• SEC urged UK to pick date for stock market shake up (RT)

• SCOTUS held up tax on Americans' foreign earnings (RT)

• KPMG will cut another 200 UK jobs amid slowdown (FT)

• PayPal named Walmart exec Venkatesan as new CTO (RT)

• Booking's CEO slammed EU over 'dumb' regulations (FT)

• Birth rates in rich countries halved to hit a record low (FT)

Find your family’s match today.

• US casino operator Boyd Gaming expressed takeover interest in peer Penn Entertainment, which has a ~$9B market value, including debt (RT)

• UAE renewable energy company Masdar will acquire an initial 67% stake in Greece's Terna Energy at a ~$2.6B equity value and intends to buy the rest (RT)

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  Personal Finance 360 on LinkedIn: #retirementplanning #firstjob #ira #retirementcontributions #mymetric360

• Honeywell will acquire aerospace and defense technology firm CAES Systemsfor $1.9B from Advent Internationalin an all-cash deal (BBG)

• UK food supplier Tate & Lyle agreed to acquire US-based CP Kelco in a $1.8B deal (RT)

• BP agreed to buy out grain trader Bunge's50% stake in Brazilian sugar and ethanol JV BP Bunge Bioenergiafor $1.4B (RT)

• PE firm Apax Partners is considering a sale of Italian IT services firm Lutech for ~$1.1B (RT)

• Carlyle agreed to acquire Energean'sassets in Egypt, Italy and Croatia for up to $945M to form a new Mediterranean-focused O&G venture (RT)

• State-owned power company China Three Gorges is considering a bid for Brookfield-owned Spanish clean-energy producer Saeta Yield (BBG)

• European fintech giant Revolut is seeking to sell $500M worth of existing shares at an up to $40B valuation (BBG)

• UK supermarket giant Sainsbury's agreed to pay UK financial services company NatWest$159M to offload its banking business (BBG)

• AB CarVal Investors and Caius Capital, two top investors in Bank of Cyprus, are exploring a sale of their combined 15% stake in the bank (BBG)

• Everton FC entered exclusive sale talks with US-based Friedkin Group (FT)

• Huntress, a startup specializing in cybersecurity for SMEs, raised a $150M Series D led by Kleiner Perkins, Meritech Capital, andSapphire Ventures (FN)

• EOS-X Space, a Spanish space exploration company, raised a $123M Series D led byFTI Capital Advisors (PRN)

• Daydream, an AI-powered search engine for e-commerce, raised a $50M seed round led by Forerunner VenturesandIndex Ventures (TC)

• Virtual care startup Pomelo Care raised a $46M Series B led by First Round Capitalanda16z (PRN)

• GrayMatterRobotics, a startup focused on warehouse and logistics, raised a $45M Series B led by Wellington Management (TC)

• Ronovo Surgical, a Chinese medtech innovator, raised a $44M Series B led by Guolian CapitalandINCE Capital (FN)

• Post-quantum cryptography startup PQShield raised a $37M Series B led by Addition (TC)

• Kinetic, an automotive infrastructure company, raised a $21M Series B led by Menlo Ventures (BW)

• Gynger, a startup lending capital to firms for technology purchases, raised a $20M Series A led by PayPal Ventures (TC)

• DeepJudge, an AI-driven legal search startup, raised a $10.7M seed round led by Coatue (FN)

• Data center-as-a-service startup ECL raised a $10M round led by Hyperwise Ventures (BW)

• Avaneidi, an Italian startup specializing in security enterprise storage systems, raised an $8.7M Series A from United Ventures (FN)

• SubstrateLabs, an AI infrastructure startup, raised an $8M seed round led by Lightspeed Venture Partners (BW)

• EM payroll services provider for global hiring platforms Cadana raised a $7M seed round led by Costanoa Ventures (TC)

• Materia, a startup using AI to make accountants more efficient, raised a $6.3M round led by Spark Capital (TC)

• Scottish legal tech startup Wordsmith raised a $5M seed round led by Index Ventures (TC)

• Butterflies AI, a social media platform for humans and AIs to coexist, raised a $4.8M seed round led by Coatue (FN)

• Aikido Technologies, a floating wind startup, raised a $4M seed round led by Azolla Ventures (BW)

• Australia-based Mexican fast-food chain Guzman y Gomez jumped 36% in its trading debut after its upsized $223M Sydney IPO (BBG)

• Investing app Acorns is eyeing an IPO within the next few years (BBG)

• Green energy company United Hydrogen Group will merge with Aimei Health Technology Co. at a $1.6B valuation (RT)

• Carlyle and KKR emerged among final bidders for US credit card issuer Discover Financial's$10B US student loan portfolio (FT)

• The owners of AirTrunk, an Australian data center operator, lined up $4.6B of financing from four banks to help fund potential bids for the company (BBG)

• KKR is nearing a deal to acquire ~$2B of loans from Orange Bank, a unit of French telecom Orange (BBG)

• Brazil sold $2B in sustainable eurobonds (BBG)

• Private credit firm Castlelake will acquire up to $1.2B in consumer installment loans from fintech Upstart (RT)

• Indian conglomerate Hinduja is planning to raise $873M via two rupee bond offerings to partly fund its acquisition of financial services firm Reliance Capital (BBG)

• Car rental firm Hertz is seeking to raise $750M in a two-part junk bond offering (BBG)

• Indian miner Vedanta will raise up to $120M via non-convertible debentures in a private placement (RT)

• Invesco lost a bid to regain control of bankrupt electronics component manufacturerRobertshaw (BBG)

• Investment firmAquarian Holdingsraised ~$1.5B from SWF Mubadala Capitaland other investors to deploy capital in private credit, insurance, real estate, and others (BBG)

• Charlesbank Capital Partnersclosed its second technology fund at $1.3B (WSJ)

• Stablecoin issuers are now the 18th largest holder of US debt (CD)

• Montenegro's PM invested in Terraform Labs before its collapse, explaining Do Kwon's escape to Montenegro (BBG)

• Michael Saylor's Microstrategyacquired $786M worth of more Bitcoin (CD)

• FT reporter Lee Harris published her take on what the family office explosion means for the world.

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