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📊 Weekly Summary
Hi there,
Here's your weekly recap of global markets and finance:
All 32 major US banks lenders passed the Fed stress test, clearing the path for higher buybacks and dividends. At the same time, regulators kept pressure on private markets, with the SEC probing continuation vehicles and the Fed flagging hedge fund basis trades as a key source of Treasury market risk. ETFs also crossed $1T in inflows year to date at the fastest pace ever, while oil fell back below pre-Iran war levels.
In private markets, stalled exits pushed PE executives toward carried interest loans, while SpaceX launched a $25B bond offering and Hong Kong explored direct IPO access for mainland investors. Elsewhere, Portugal announced its first sovereign wealth fund, and the debasement trade unwound as gold and Bitcoin sold off.
Let's dive in.
👔 A practical toolkit for elite IB and PE professionals:
📈 Recent Finance News
All 32 US banks passed the Fed stress test: Absorbing $708B in hypothetical losses while clearing the way for buybacks and dividend hikes (CBR)
SEC probes PE continuation vehicles: Investigators examine conflicts of interest, valuations and disclosures as CVs hit $106B in volume last year (BZG)
Oil fell to its lowest since before the Iran war as Hormuz reopens: Brent crude dropped below $74 and WTI below $70 (CNBC)
ETFs crossed $1T in inflows YTD before summer, the fastest ever: Hit the milestone with Vanguard's VOO alone pulling in $124B (ETFDB)
The debasement trade unravels under Warsh's Fed: Gold fell below $4,000, Bitcoin below $60,000 as Warsh's pivot kills the inflation hedge thesis (YF)
Fed flagged the basis trade as the key driver of hedge fund Treasury exposure: Positions hit $830B raising systemic risk concerns (HW)
New hedge funds use AI bots to rival industry giants: Boutique firms compress research from weeks to days using LLMs (BM)
SPACs emerge as the key public markets route for AI data center firms: AI infrastructure startups prefer blank-check vehicles over traditional IPOs (IJ)
Hong Kong in talks with China to let mainland investors access IPOs directly: Aim to lower entry thresholds, raise southbound quotas (TS)
Portugal announced its first-ever sovereign wealth fund: The Fundo Soberano will take strategic stakes in energy, banking, telecoms, and infrastructure (XNH)
PE executives turn to carried interest loans as exit payouts stall: Senior partners borrow against future carry as LP distributions hit multi-year lows (EAM)
SpaceX launched a $25B bond offering disclosing $100.8B in cash: Refinances the bridge loan used to acquire Cursor for $60B (CNBC)
Alphabet replaced Verizon in the Dow Jones: Giving the index greater AI, cloud, and digital advertising exposure as tech dominates the US economy (YF)
Wendy's soared 40% after a viral Reddit "Save Wendy's" post: Volume hit 202M shares vs a 10M daily average with short interest at 34% of float (YF)
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🔍 Newly Released Reports
Sustainable Economic Growth in Island Economies (KPMG)
Resilient Returns: Investing in Defense (A&O Shearman)
Credit Secondaries: Stepping into the Spotlight (Carlyle)
Global Tech Report 2026: Consumer & Retail (KMPG)
UK Investment in a Changing ISA Landscape (Theia)
Managing Transaction Risk in 2026 (Freshfields)
Understanding Fair Value in Private Credit (HL)
Inside China’s Industrial Transformation (WEF)
Unlocking Value with Agentic AI (Capgemini)
The AI Playbook for Financial Services (WEF)
Insights on AI Forward Investing (BNY)
Private Credit Mid-year Outlook (LA)
Global Market Outlook (BNY)
The go-to resources trusted by top finance professionals:
🤝 M&A Activity
AbbVie will acquire anti-inflammatory-focused Apogee Therapeutics (ABV)
Deal Value: $10.9B
CRH will acquire US infrastructure products group Arcosa (CRH)
Deal Value: $8.5B
STADA is in talks to acquire Cooper Consumer Health from CVC (PEW)
Potential Deal Value: $6.8B
Ari Emanuel's MARI is in advanced talks to buy ATG Entertainment (THR)
Potential Deal Value: $6B
Platinum Equity is the last bidder for stake in Nestle's water business (PEW)
Potential Deal Value: $5.8B
Qualcomm in advanced talks to buy AI inference firm Modular (CNBC)
Potential Deal Value: ~$4B
Energy Fuels to secure Germany's Vacuumschmelze (MMX)
Deal Value: $1.9B
Reverence Capital Partners will take a majority stake in Eide Bailly (PEW)
Deal Value: $1.8B
Walmart agreed to acquire TV ads software firm Vibe.co (INVD)
Deal Value: $1.4B
Danone will purchase Made Group from TPG Capital (YF)
Deal Value: $1.4B
Bristow Group agreed to buy Berry Aviation from Acorn Capital Management (YF)
Deal Value: $105M
IFM Investors passed threshold in Atlas Arteria, extended takeover bid (TMFA)
Deal Value: Undisclosed
Cybersecurity company Varonis Systems exploring a sale (YF)
Deal Value: Undisclosed
Dubai Holding is exploring an investment in Hscale (DCD)
Deal Value: Undisclosed
That wraps up this week’s insights. More coming your way next week.
PE Bro
