Private Equity

Frontrunning: July 27

  • Healthcare showdown (Reuters)
  • Tax Overhaul in Doubt With House Stuck on Budget Disagreements (BBG)
  • Dollar steadies after Fed skid, shares hit new highs (Reuters)
  • Samsung Is Closing In on Apple as World’s Most Profitable Tech Firm (WSJ)
  • Sweden's PM Refuses to Resign After Cyber-Security Scandal (BBG)

Global Stocks Hit New All Time High As Dollar Rebounds; Europe Volatile On Earnings Deluge

The levitation continues with S&P futures pointing to - what else - another higher open while European stocks swung between gains and losses on the busiest earnings days of the year (85 of the Stoxx 600 report) which has seen European pharma giant AstraZeneca plunge 15%, the most on record, after its flagship lung cancer trial Mystic failed to show benefits, while Deutsche Bank slumped 4% on a 12% plunge in FICC revenue.

Frontrunning: July 26

  • Oil bounce, results keep stocks on high (Reuters)
  • Healthcare brawl returns to Senate floor (Reuters); Senate Sets Up Health Votes for Chaotic Obamacare Debate (BBG); Health Debate Rolls On After First Option Fails (WSJ)
  • Who Will Blink First in the Sessions Standoff? (BBG)
  • Iran Says ‘Hostile’ U.S. Sanctions Vote Undermines Nuclear Deal (BBG)
  • Russia Warns of ‘Painful’ Response If Trump Backs U.S. Sanctions (BBG)

The Elites Are Privately Warning About A Crash

"...demand for secure vaulting space in major financial centers like London and Frankfurt is soaring. There are plenty of bank safe deposit boxes in those cities, but investors are insisting on non-bank vaults because investors understand that the banks cannot be trusted in a panic"

Frontrunning: July 25

  • Dollar slumps to 13-month lows before Fed; euro up (Reuters)
  • Overwhelming approval likely for Russia bill (Reuters)
  • Trump to study tougher Russia sanctions bill: White House (Reuters)
  • Unrest bubbles among Trump's key foreign policy aides (Reuters)
  • Abe Overtaken by Rival as Top Choice for Japan Premier in Poll (BBG)

Frontrunning: July 24

  • Kushner, Russian Ambassador Had Undisclosed Contact (WSJ)
  • Democrats take aim at big companies in economic blueprint (Reuters)
  • Trump open to signing Russia sanctions legislation (Reuters)
  • Senate GOP Unsure of What Health-Care Measure They Will Vote On (WSJ)
  • Japan PM Abe denies favors for friend amid falling support (Reuters)

Frontrunning: July 20

  • Futures flat as investors await earnings deluge (Reuters)
  • Investors Brace for Clues on ECB’s Tapering Plans (WSJ)
  • When Will the ECB Pull Its Trillions From the Markets? (BBG)
  • Citing Recusal, Trump Says He Wouldn’t Have Hired Sessions (NYT)
  • Trump Urges GOP to Seek Agreement on Health Measure (WSJ)

Frontrunning: July 18

  • U.S. Republicans left scrambling after health bill sinks again (Reuters); Republicans Give Up on Health-Care Reform, Now Seek Straight Repeal (BBG)
  • Trump Blames Democrats and a ‘Few Republicans’ for Health-Bill Wreck (BBG)
  • House Republicans Set Out Plan to Rewrite Tax Code (WSJ)
  • House GOP Budget Ignores Trump’s Cuts to Domestic Agencies (BBG)
  • House Republicans unveil 2018 budget with tax reform instructions (Reuters)

KKR Names Successors To Co-Founders Henry Kravis, George Roberts

Iconic Private Equity firm Kohlberg Kravis Roberts i.e., KKR, has appointed two executives to succeed co-founders Henry Kravis and George Roberts, in what the FT dubs is a "rare move for an industry where succession plans have not been set out publicly."

Sleepy Overnight Session Interrupted By Chinese Market Turmoil

While it was indeed a generally quiet session (with Japan markets closed), US equity futures continued their run into record territory (ES up 0.1% to 2,458.50), and Europe fractionally lower, the early Monday focus was on the previously discussed turmoil for Chinese markets where despite a solid set of Chinese data small caps tumbled, selling off into the close after further warnings of regulatory scrutiny and deleveraging,