📈 IPO revival

Whistleblower testifies as Boeing faces scrutiny in Senate hearings, Wall Street wants answers on Tesla's Model 2 car, China warns west of 'survival of the fittest', TikTok divest-or-ban bill heads to fast-track in Congress, and bank leaders hail IPO market’s budding revival...

April 18, 2024

Good morning.

The Fast Five → Whistleblower testifies as Boeing faces scrutiny in Senate hearings, Wall Street wants answers on Tesla's Model 2 car, China warns west of 'survival of the fittest', TikTok divest-or-ban bill heads to fast-track in Congress, and bank leaders hail IPO market’s budding revival…

Calendar: (all times ET)

  • Today: Jobless claims, 8:30a

Your 5-minute briefing for Thursday, April 18:

BEFORE THE OPEN

PRE-MARKET

MARKETS

  • Major US indexes fell for a fourth-straight day yesterday as investors continued to reassess the path of US rate policy

  • The S&P suffered its longest slide since January

  • The VIX hit its highest level since October

  • Cboe 1-Month Implied Correlation Index hit a four-month high

  • Wheat prices are at a four-year low on cheap supplies from Black Sea / Europe

EARNINGS

  • ASML shares fell ~7% after reporting a Q1 earnings beat but missing on revenue with a 22% YoY sales decline and ~66% QoQ net bookings decline (link)

  • What we're watching this week:

    • Today: TSMC, Netflix, Blackstone

    • Friday: American Express, P&G

  • Full calendar here

NEWS BRIEFING

A Boeing whistleblower, who alleged that the manufacturer cut corners on its 787s and 777s, is testifying. Boeing has denied the whistleblower’s allegations, calling them “inaccurate.”

Elon Musk has kept investors hanging since he issued cryptic social posts following an April 5 Reuters report that Tesla had scrapped its plans for a $25K “Model 2” electric vehicle.

  • Wall Street bank leaders hail IPO market’s budding revival (link)

  • TikTok divest-or-ban bill heads to fast track in US Congress (link)

  • China warns west of 'survival of the fittest' as manufacturing boosts economy (link)

  • Morgan Stanley and HSBC cut Asia IB jobs on China deals slowdown (link)

  • UBS plans more layoffs across banking, markets and wealth (link)

  • Bankers hit with millions in breakup fees for ditching new jobs (link)

  • US may be entering new era of persistently high interest rates (link)

  • Air Canada staff are suspects in heist of 6.6k gold bars (link)

  • Vietnam mounts ‘unprecedented’ $24B rescue for bank where fraud led to a death sentence (link)

  • E&Fs and pensions seek to emulate hedge-fund 'pod' strategies (link)

  • US regional banks seen booking more CRE losses and loan sales (link)

  • IMF, World Bank cite significant progress in debt restructuring cases (link)

  • Telegram expects to hit 1B users by next year (link)

  • An NBA player was banned for life for betting on games (link)

CRYPTO

  • Crypto exchange Kraken developed its own wallet (link)

You Can Sponsor this Newsletter details here.​

BULLISH BITES

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DAILY SHARES

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