BlackRock has agreed to acquire HPS Investment Partners for $12 billion, enhancing its position in the private credit market. The deal includes $9.3 billion in stock and additional shares contingent on financial targets, aiming to merge HPS with BlackRock's private credit unit to better serve insurance clients. HPS, founded in 2007, has rapidly grown to manage $148 billion in assets, capitalizing on banks' retreat from riskier lending.
Google Cloud has launched its Veo AI video generator and Imagen 3 image generator on Vertex AI, enhancing its multimodal AI capabilities. Veo, currently in private preview, creates high-definition videos from text or image prompts, while Imagen 3, available next week, offers advanced image editing features. These tools aim to streamline content creation for marketing and advertising, with early adopters like Agoda and Mondelez International already benefiting from reduced production times.
AUD/USD is testing key support levels, hovering above November lows of $0.6441 to $0.6435, with potential focus on the $0.6400 region if these levels break. Meanwhile, EUR/JPY and USD/JPY are attempting to stabilize, with USD/JPY recovering from a low of ¥149.09 but facing resistance at ¥150.46 and the 200-day SMA at ¥151.94.
IG
22:32 03.12.2024
SiriusXM's CEO Jennifer Witz will present at the UBS Global Media and Communications Conference on December 10, 2024, at 2:15 PM ET. A live webcast of the presentation will be available on the company's Investor Relations website. SiriusXM is a leading audio entertainment provider in North America, reaching approximately 150 million listeners with a diverse range of content.
22:30 03.12.2024
The Nasdaq 100 rose 0.3%, while the Dow Jones fell 0.2%. The Russell 2000 has outperformed since the US presidential election, gaining over 10% in November. Analysts expect continued growth in US stocks, driven by solid economic conditions and advancements in AI, despite potential market corrections. Corporate highlights include Intel's search for a new CEO, AT&T's profit growth predictions, and BlackRock's acquisition of HPS Investment Partners. Key economic events this week include US factory orders and the jobs report.
Deutsche Bank forecasts Spain's GDP growth at 3% for 2024, significantly outpacing the eurozone average of 0.7%. This optimism is attributed to a strong labor market and rising real wages, while the ECB is expected to cut rates to 2% by 2025. Despite global uncertainties, investment opportunities in fixed income and equities are highlighted, with a cautious approach recommended for 2025.
Ruchir Sharma recently suggested that the US stock market is in a bubble, prompting a discussion on whether this is a reflection of irrational exuberance or a belief in America's exceptionalism. Katie Martin and Rob Armstrong explore the impressive performance of US stocks and its sustainability, alongside topics like Elon Musk's compensation and transatlantic issues.
Kaiser Permanente's subsidiary, Risant Health, has acquired Cone Health, enhancing its strategy to promote value-based care across regional health systems. This follows the earlier acquisition of Geisinger and aims to improve health outcomes while reducing costs through a tech-backed platform. Risant plans to invest up to $5 billion in its health systems, with Cone Health set to benefit from significant capital support and access to advanced care technologies.
Dylan Field, cofounder of Figma, expressed enthusiasm for the recent semi-parodic relaunch of Enron, noting the appeal of its iconic logo designed by Paul Rand. He believes that his generation may view the brand differently, potentially allowing for a fresh start. Field emphasized the importance of design in helping companies stand out, advocating for tools that elevate creativity rather than just democratizing access.
A bipartisan group of lawmakers has urged the DOJ to investigate pharmacy benefit managers (PBMs) for their potential role in the opioid crisis, citing evidence of collusion with Purdue Pharma to promote OxyContin in exchange for substantial rebates. They argue that PBMs, which control over 80% of the market, have prioritized profits over patient care by retaining rebates instead of passing them on to consumers. The lawmakers are calling for increased oversight and accountability in the pharmaceutical supply chain.
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