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Hi there,

A quick look at the week’s most important developments in global finance:

Wall Street repriced policy risk after Trump nominated Kevin Warsh as Fed chair, while Australia raised rates for the first time since 2023. Volatility also exposed crowded positioning, with popular trades buckling together, even as global bond issuance surged to $1T at the fastest pace on record as issuers rushed to lock in funding.

In private markets, PE exits improved but returns still lagged, while private credit BDCs sold off on software exposure fears. Hong Kong posted its strongest expansion since 2021 on trade and IPOs. AI supply chain stayed in focus as OpenAI explores alternatives to Nvidia chips, with Blackstone flagging AI disruption as a key portfolio risk.

Let’s dive in.

Global bond sales hit $1T at the fastest pace ever: Issuers rushed to lock in funding as volatility spread from equities into credit (BT)

Bank of England held rates steady at 3.75%: Policymakers signaled caution as growth slows but inflation risks persist (BBC)

Trump nominated Kevin Warsh for new Fed chair: Wall Street scrambled to reassess rate expectations after Trump’s surprise pick (AP)

PE exits rose last year but returns fell: Data showed that the total value of those deals declined 21.2% year over year to $412.1B (CNBC)

Vanguard poached senior directors from BlackRock and Goldman Sachs: Talent moves highlight intensifying competition among top asset managers (MSN)

Walmart hit a $1T market cap: It put the world’s largest retailer into a category typically occupied by Big Tech firms such as Nvidia and Alphabet Inc. (YF)

Private credit BDCs sank on software exposure concerns: Investors dumped vehicles tied to stressed SaaS borrowers amid AI disruption fears (ACI)

Global watchdog flags risks in $16T government-backed repo market: FSB identified vulnerabilities that could pose risks to the financial system (FSB)

European Central Bank held rates steady at 2%: The ECB reinforced a wait-and-see stance as disinflation continues but growth remains fragile (CNBC)

China is running a record budget deficit as welfare spending soars: Beijing leaned further into fiscal stimulus to stabilize growth (ET)

Hong Kong economy grew by the most since 2021 on trade and IPOs: Renewed listings activity helped drive the rebound (CDA)

Blackstone said AI disruption risk is “top of the page”: The firm flagged technology driven volatility as a key threat to portfolios (YF)

Ken Griffin said the US dollar has lost some shine: The Citadel founder pointed to rising competition from alternative reserve currencies (RT)

Australia raised rates for the first time since 2023: The move jolted Asia-Pacific markets and reinforced the global divergence in monetary policy paths (TE)

OpenAI is dissatisfied with Nvidia chips and is seeking alternatives: The shift highlights growing strain in AI infrastructure supply chains (YF)

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Santander acquires US regional bank Webster Financial (Santander)
Deal Value: $12.2B

Zurich Insurance buys UK cyber insurer Beazley in sweetened offer (Guardian)
Deal Value: $10.8B

Texas Instruments buys Silicon Labs in semiconductor consolidation (Axios)
Deal Value: $7.5B

KKR and Singtel to take full ownership of data center firm STT GDC (YF)
Deal Value: $5.2B

Germany to buy strategic stake in TenneT Germany power grid unit (FP)
Deal Value: $3.9B

Henkel expands adhesives business with acquisition of Stahl (Inv.)
Deal Value: $2.5B

Copenhagen Infrastructure Partners buys Ørsted’s European onshore unit (SPP)
Deal Value: $1.7B

KKR to acquire sports-focused private equity firm Arctos Partners (PEI)
Deal Value: $1.4B

Heidelberg Materials buys Maas Group construction materials division (YF)
Deal Value: $1.2B

Activist Donerail launches take-private bid for MarineMax (YF)
Potential Deal Value: $1.1B

Castleforge in talks to buy Brookfield’s CityPoint office tower in London (PEI)
Potential Deal Value: $618M

Medtronic to acquire CathWorks, bolstering cardiac diagnostics (CT)
Deal Value: $585M

Advent takes strategic minority stake in Aditya Birla Housing Finance (PEW)
Deal Value: $304M

Musk confirms merger of SpaceX and xAI, valuing entity at $1.25T (CNBC)
Deal Value: Undisclosed

CPPIB and OMERS explore sale of stake in UK ports operator ABP (Inv.)
Deal Value: Undisclosed