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Here's your weekly recap of global markets and finance:

Global M&A hit $2.8 trillion in H1, as mega-deals drove activity despite deal count falling to a six-year low. Activists also leaned harder into M&A, with 136 campaigns launched in H1. UK assets remain a key target for foreign buyers, while South Korea attracted more attention from global financial firms.

More than half of listed BDCs posted Q1 losses, Blue Owl kept withdrawal caps in place, and PIMCO warned that weaker funds could be exposed by valuation stress. Elsewhere, the SEC opened a review of novel ETFs, central banks signaled plans to cut dollar holdings, and SpaceX short interest rose to around 30%.

Let's dive in.

Global M&A hit $2.8 trillion in H1: Mega-deals above $10B drove a 48% YoY jump, even as total deal count fell to a six-year low (ET)

Activist investors launched 136 campaigns in H1: M&A became the top demand, with 21% of campaigns pushing firms toward sales or deals (WEN)

Private credit stress widened: 28 of 53 publicly traded BDCs posted Q1 losses as asset values fell and borrowing costs rose (AIN)

Blue Owl kept withdrawal caps on private credit funds: Investors requested $4.7B of redemptions in Q2, still above normal despite easing from Q1 (YF)

SpaceX short interest jumped to around 30%: Short sellers boosted bets against the private space company despite its rising valuation (YF)

Foreign buyers target UK firms at a record pace: Depressed valuations and sterling dynamics are making UK assets attractive to overseas acquirers (TIM)

PIMCO says private credit’s confidence gap will expose weaker funds: Stress will separate stronger managers from those relying on loose marks (FA)

CEO of BlackRock’s troubled private credit fund will resign: The exit adds pressure to one of the most visible managers in retail-facing private credit (PEW)

SEC opened review of “novel” ETFs: The regulator sought public feedback as leveraged, crypto-linked and event-based ETF products proliferate (ETFGI)

More central banks plan to cut dollar holdings: Reserve managers are increasingly looking beyond the US dollar over the next decade (CNN)

Borrowed money behind the US stock rally gets costlier: Equity financing pressure rises as leveraged ETFs, options & hedge funds increase exposure (YF)

Global financial firms are pivoting to South Korea: Rising expansion interest in Korea while firms grow more cautious on China and India (AOL)

Australia weighed breaking up Big Four accounting firms: Following scandals and conflict-of-interest concerns in the audit and consulting sector (YF)

Japan IPOs fell to a 15-year low: Listings slowed sharply as market conditions and investor appetite weakened (SED)

Martin Marietta Materials will acquire Lhoist North America (YF)
Deal Value: $13.5B

Carlisle made unsolicited offers for Owens Corning (HP)
Potential Deal Value: >$10B

Rocket Lab to acquire Iridium Communications (RL)
Deal Value: $8.0B

KKR will secure EDF’s North America renewables business (ESGD)
Deal Value: $4.2B

Alcoa to takeover South32’s bauxite, alumina and aluminum assets (ALC)
Deal Value: Up to $4.1B

Coles Group eyes takeover of iconic Aussie pet brand (YF)
Potential Deal Value: $4B

JPMorgan leads race to purchase Idex from Antin (NYP)
Potential Deal Value: $3.5B

Schneider Electric to buy AI software company Cognite (CNT)
Deal Value: $3.1B

Ipsen will acquire Kartos Therapeutics (ISN)
Deal Value: Up to $1.75B

National Grid to invest in Joulent for a 35% stake (PRN)
Deal Value: $1.75B

Talos & Ridgewood Energy to buy Shell’s Na Kika platform interests (YF)
Deal Value: $1.7B

Kroger will acquire Midwest grocery chain Giant Eagle (YF)
Deal Value: $1.65B

Metis TechBio grants Boulevard Bio global rights to autoimmune drug (YF)
Deal Value: $1.6B

CMA CGM will acquire FedEx Supply Chain (YF)
Deal Value: $1.4B

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