Every morning the Street of Walls team puts out an update on market levels, today’s top stories, and active M&A deals.
Today’s Top Stories:
- EU Leaders Summit Takeaways: The deal looks a bit better than investors were thinking at 4pmET Thurs. 23 of the 27 EU Leaders have agreed to adopt a new “fiscal pact” that “significantly coordinates” economic policies (the UK is a big holdout although it wasn’t expected that all 27 would get on board w/this type of a deal)
- CS on EU Summit: “We still believe that the ECB will intervene more forcefully – we hope this will happen because improvement on the “fiscal compact” materialize more clearly through the implementation of yesterday’s accord” (Credit Suisse)
- GOP Trying to Limit U.S. Funds to IMF: some GOP lawmakers are trying to rescind a $100B line of credit the US approved for a special IMF fund authorized back in ’09 (Reuters)
- French Banks Downgraded: Moody’s downgrades BNP, SocGen, and Agricole
- U.S. Housing: US housing prices may start to creep higher in ’12 but most economists don’t think the rate of increase will outpace inflation until ’16 (WSJ)
- Number of Hedge Funds: 265 new launches in Q3 2011 vs 280 in Q2; 213 funds went out of business in Q3 2011 (Reuters)
- Hedge Fund Losses: HF’s are setup for the worst year since 2008, the average fund has lost 4.37% through November (FT)http://on.ft.com/uoyP8i
- EU Banks: “The European Banking Authority (EBA) has published its final figures relating to European banks’ recapitalisation needs– Overall, the system wide shortfall has increased slightly (+8%) to EUR114bn. The note/spreadsheet shows bank by bank thoughts” (Barcalys Research)
- Sun Capital Raising 6th Fund: Private equity firm Sun Capital Partners has been said to have initiated talks with potential investors about plans for its 6th fund http://bit.ly/t9F29W
- Friday: Trade Balance, U. of Mich Confidence
- Strong week in M&A: Announced M&A volumes declined by 38% to $26.2 billion. 4Q11 volumes are averaging 13% below the 3Q11 average weekly volume http://bit.ly/s8Khcn
- BCSI getting taken out by private equity co (Thoma Bravo) for ~$1.3B cash deal
Disclosure: I do not have a position in any stocks mentioned in this article, do not have a plan to initiate a position within the next 72 hours.
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Tags: morning updates