Now that October is officially over we can close the deal books and do the math: according to Dealogic, it was a record month for dealmaking, smashing all previously records with just over half a trillion dollars, or $500.1 billion, of mergers and acquisitions announced globally.
General Electric agreed to merge its oil and gas business with Baker Hughes, Inc., creating a publicly traded energy powerhouse that will have over $32 billion in revenue and would give GE a cost-effective way to play an energy industry rebound as the companies seek to bolster their operations amid a global slump in crude prices.
Global stocks jumped around the globe, with Europe's Stoxx 600 and US equity futures rising more than 0.5% on a surge in merger announcements over the weekend including the $85 billion mega takeout of AT&T for Time Warner, the $6.4 billion acquisition of B/E Aerospace by Rockwell Collins, the $2.7 billion deal targeting Genworth by China Oceanwide and the just announced $4 billion purchase of Scotttrade by Ameritrade.
Asian stocks and S&P futures fall modestly and European shares are little changed as traders digested the surprising reticence from yesterday's ECB meeting. The dollar jumped to 7 month highs, pressuring EM currencies and pushing the euro to its weakest level since March and below the Brexit lows, after Mario Draghi shut down talk of tapering, while the Yuan dropped to the lowest since 2010.
"If Everybody's Watching, You Know, All Of The Back Room Discussions And The Deals, You Know, Then People Get A Little Nervous, To Say The Least. So, You Need Both A Public And A Private Position" - Hillary Clinton
The mere fact that the Saudis are so connected and can spend so much money to persuade politicians to affect U.S. policy is outrageous and should be illegal. How can the American public compete with that kind of bribery? Look all around you. We can’t.
"The Clinton Foundation appears to be a rogue charity that has neither been organized nor operated lawfully from inception to date-as you will grow to realize, it is a case study in international charity fraud, of mammoth proportions... Foundation entities are part of a network that has defrauded donors and created illegal private gains of approximately $100 billion in combined magnitude since 1997."