Weekly Market Recap | July 22 – July 28

IPO’s in the week

• NIP Group Inc. announced its IPO on NASDAQ, operating Ninjas in Pyjamas and eStar Gaming, with businesses in esports team management, talent management, event production, and advertising, with an IPO price of $9.00, 2,250,000 shares, and a listing date of July 26, 2024, aiming to raise $20,250,000.
• LINE Lineage, Inc. announced its IPO on NASDAQ Global Select, priced at $78.00, with 56,882,051 shares listed on July 25, 2024, aiming to raise $4,436,799,978. The company operates a global temperature-controlled warehouse network, serving over 13,000 customers
• Concentra Group Holdings Parent, Inc. announced its IPO on NYSE, priced at $23.50, with 22,500,000 shares, on July 25, 2024. The company provides occupational health services in the US, offering workers’ compensation injury care, urgent care, and wellness programs through health centers and onsite clinics.
• DT Cloud Star Acquisition Corporation announced its IPO on Nasdaq, priced at $10.00, with 6,000,000 shares, on July 25, 2024. The company is a blank check company seeking to acquire or merge with an unspecified business or entity.

Markets this week

• Inflation slows down: The Fed’s preferred inflation gauge shows prices rose at the slowest pace since March 2021, with a 2.5% increase in June from last year
• Kamala Harris Gets $200 Million Boost, Shaking Up 2024 Fundraising Landscape
• The US economy grew at a faster-than-expected 2.8% last quarter, driven by strong consumer and business demand, while core PCE inflation rose more than forecast but still slowed from the previous quarter.
• The IPO market is heating up this summer with $5.5 billion in deals expected, led by Lineage’s offering, marking the busiest week since September, although the market still lacks sustained momentum.
• Baosteel and Saudi Partners Boost Investment to $1 Billion, Maintaining Stake Balance Amidst China’s Sluggish Domestic Demand.
• China’s increased oil purchases from the Middle East are bringing some relief to the Asian physical market, but concerns about the country’s long-term demand outlook persist
• KKR has agreed to acquire software firm Structure in a $4.8 billion deal, with Thoma Bravo exiting its holding and Dragoneer Investment Group participating as a co-investor alongside KKR
• Goldman Sachs Asset Management launches four new municipal bond ETFs, including one targeted at New York investors, as it expands its presence in the $129 billion muni ETF market.
• Short sellers reap $978 million windfall after CrowdStrike outage, with bets against the company surging by $12 billion this year, according to S3.

 

Picture: REUTERS

Politics weekly

• The USA, Japan, and South Korea have formed an alliance to enhance their defense capabilities and protect each other from potential threats.
• World leaders are building relationships with Kamala Harris, preparing for a potential presidency, and seeking to understand her US foreign policy stance.
• Netanyahu will meet Trump after Harris spoke out against the Gaza conflict, seeking to bolster US support for Israel’s military actions.
• China is targeting Kamala Harris’ perceived weaknesses, criticizing her record, and predicting continuity in US foreign policy under her potential presidency.
• The US Federal Trade Commission (FTC) is investigating Mastercard, JPMorgan Chase, and six other firms for “surveillance pricing”, using consumer data to tailor product prices.
• The US House Committee has requested CrowdStrike CEO George Kurtz to testify about a faulty software update that caused global outages.

• US detects joint Russian-Chinese bomber flights near Alaska for the first time, sparking concerns.
• Australia joins the US in imposing sanctions on Israeli settlers in the West Bank, citing human rights abuses.
• China tells Ukraine that the time is not yet right for peace talks to end the war, despite Ukraine’s foreign minister visiting China.
• Finland accuses Russia of territorial breach as the Russian ship enters Finnish waters.
• G-20 finance leaders have put the billionaire tax on the backburner, agreeing to continue talks at future summits.
• Crypto industry breaks records with unprecedented political donations in 2024.
• Elon Musk confirms making “lower level” donations to pro-Trump super PAC, contradicting reports of a $45 million monthly pledge.

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• Microsoft’s AI-powered Copilot assistants are poised to revolutionize the office, but early adopters face challenges in preparing, including data cleanup and extensive employee training, as the company bets on AI to breathe new life into its iconic Office software.
• OpenAI takes on Google with new AI search features, launching a limited prototype of SearchGPT to select users.
• FTC Chair Lina Khan expresses support for open AI models to prevent monopolies, speaking at a San Francisco event, as the agency investigates Microsoft and OpenAI for potential antitrust violations.
• Elon Musk’s AI company is building a massive supercomputer in South Memphis, sparking both optimism and skepticism among locals about its potential benefits and impact.
• Mark Zuckerberg plans to challenge OpenAI and Google with Meta’s new Llama AI model, while defending his approach of open-sourcing the technology and making significant investments in artificial intelligence.
• SMC, a partner of Nvidia, is raising $950 million to capitalize on the growing demand for AI servers, offering data center capacity and access to Nvidia’s AI chips and advanced cooling technology to clients.
• Cohere, a Canadian AI startup, reaches a $5.5 billion valuation in its latest funding round, thanks to its success in securing hundreds of corporate clients, despite not having a high-profile chatbot like some of its competitors.
• Italy’s antitrust regulator launches investigation into Google and parent company Alphabet Inc. for alleged unfair business practices and failure to provide adequate transparency to users of its services.
• China’s secretive Cyberspace Administration (CAC) reverses course on stringent policies after a $1 trillion market downturn, easing its stance on data, AI, and overseas listings, in a move crucial to China’s economic recovery and business environment.

 

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