Hi there,

Here is a quick recap of this week in global markets and finance:

Fund managers posted the largest jump in equity allocation since 2001. Markets also turned more optimistic on China after the Trump-Xi meeting, driving large inflows into China ETFs and reviving interest in Hong Kong listings. In capital markets, Wall Street is preparing for a wave of tech IPOs following Cerebras’ success.

UK M&A volume surged toward a record year on foreign buyer interest, while oil and gas companies explored roughly $20B of transactions. Citi and HPS launched a $17.5B European private credit program. Meanwhile, JPMorgan revealed it plans to hire more AI experts and fewer traditional bankers.

Let's dive in.

Fund managers hit record equity allocation: BofA survey shows equity overweight surging from 13% to 50% in May (YF)

JPMorgan plans to hire more AI staff and fewer bankers: Automation is beginning to reshape hiring priorities across Wall Street (YF)

UK M&A heads for a record year: Foreign bidders pushed deal volume to $192B year-to-date, more than tripling from last year (PEW)

Citi and HPS launch $17.5B European private credit program: The five-year initiative targets sub-investment grade borrowers (BW)

SEC proposes easier IPO rules: Chair Atkins' "Make IPOs Great Again" push gives new public companies an exemption from stricter requirements (SEC)

Moody's warns most distressed debt deals end in default: Liability management exercises are failing to stabilize stressed borrowers (ACI)

SpaceX sets June 12 date for largest IPO in history: The targeted company valuation stands at over $2 trillion (TT)

Investors pile into China ETFs after Trump-Xi meeting: KWEB hit $754M in weekly inflows, its biggest since October 2024 (CNBC)

Oil and gas dealmaking heats up with $20B in play: Energy companies rush to monetize non-core assets as elevated oil prices boost valuations (EN)

Wall Street prepares for a boom in tech IPOs after Cerebras success: Igniting optimism about a pipeline of AI companies ready to go public (CNBC)

Foreign firms eye Hong Kong IPOs as market rebounds: International companies turn to Hong Kong listings following the Trump-Xi summit (TS)

AvalonBay Communities and Equity Residential agree to merge (CNBC)
Deal Value: $69B

NextEra Energy to buy Caliber Resource Partners and form shale JV (CNBC)
Deal Value: $67B

Global Healthcare Opportunities and CBC Group agreed to merge (PRN)
Deal Value: $21B

Arctos (KKR) buys 10% stake in NFL's Cleveland Browns (BZG)
Deal Value: $9B

KKR and ECP consider improved bid for UK energy provider DCC (PEW)
Potential Deal Value: $6.7B

Providence Equity prepares sale of ATG Entertainment (BWW)
Potential Deal Value: $5.4B

Consortium advance in bidding for Trafigura Brazil port (YF)
Potential Deal Value: $5B

NIKKON explores going private with Bain, Warburg and Blackstone (BZG)
Potential Deal Value: $4.6B

Warburg Pincus & Kayne Anderson explore sale of Wildfire Energy (EN)
Potential Deal Value: $4B+

Dhilmar to buy Anglo American's Australian steelmaking coal mines (OP)
Deal Value: $3.9B

Analog Devices to acquire Empower Semiconductor (PRN)
Deal Value: $1.5B

Medtronic will buy chronic pain medtech SPR Therapeutics (PRN)
Deal Value: $650M

Intesa Sanpaolo explores bid for Warburg Pincus' stake in Singular Bank (GBF)
Potential Deal Value: $350M

Germany to buy 40% stake in defence equipment group KNDS (YF)
Deal Value: Undisclosed

Tether bought out SoftBank's stake in Twenty One Capital (DC)
Deal Value: Undisclosed

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