Welcome to Read Sunday, your essential source for a concise and impactful weekly Business & Finance recap. Dive into the pivotal market highlights from the week, distilled for your convenience, and stay tuned for the thought-provoking editor's piece that rounds off your Sunday with insightful perspectives.

Market Recap

This Week’s Headlines

Public Markets

• Danish pharmaceutical company Novo Nordisk briefly surpassed French luxury goods conglomerate LVMH to claim the title of Europe's most valuable company. Novo Nordisk is renowned for its production of weight loss medications, Ozempic and Wegovy, which have gotten significant attention over the past year.

• China has instructed officials at central government agencies to refrain from bringing iPhones into their offices or using them for work purposes. China is a significant market for Apple, ranking as its third-largest market, contributing 18% of the company's total revenue last year.

• Apple has reached an agreement with Arm that extends through 2040 and beyond, as disclosed in an official filing with the U.S. Securities and Exchange Commission on Tuesday. This development signifies that Apple has secured continued access to the fundamental intellectual property of the Arm architecture, which is integral to the design of its iPhone and Mac chips, for the foreseeable future.

Economy

• On Tuesday, Saudi Arabia announced its decision to prolong the voluntary reduction of its oil production by 1 million barrels per day until the year's end. Riyadh initially implemented this 1 million barrel per day cutback in July and has subsequently extended it on a month-to-month basis. This reduction complements the existing 1.66 million barrels per day reduction in voluntary crude output implemented by certain OPEC members, which is set to continue until the conclusion of 2024.

• Secretary of State Antony Blinken pledged additional U.S. aid of more than $1 billion to Ukraine. This announcement came as Blinken met with Ukrainian President Volodymyr Zelensky, underscoring Washington's commitment to supporting Ukraine's ongoing struggle to repel Russian invaders. Secretary Blinken's trip to Kyiv served as a clear signal of long-term U.S. support for Ukraine's efforts in their challenging counteroffensive against well-entrenched enemy forces.

• On Thursday, Ryan Salame, a former executive at FTX, pleaded guilty to criminal charges related to the collapse of the cryptocurrency exchange. He is the fourth associate of FTX founder Sam Bankman-Fried to enter a guilty plea in connection with the case.

Mergers & Acquisitions

• According to the Financial Times, European private equity firm CVC Capital is on the brink of acquiring a controlling stake in Dutch infrastructure company DIF Capital Partners. This deal is estimated to be valued at approximately 1 billion euros ($1.08 billion) and is expected to involve a combination of cash and stock as part of the transaction.

• The Federal Deposit Insurance Corp. (FDIC) has initiated the process of finding purchasers for $33 billion worth of commercial property loans that were previously held by Signature Bank. This move represents the latest phase in a significant effort to unload debt from the bank, which experienced a collapse earlier this year.

• Canadian pipeline operator Enbridge Inc. is set to acquire three utilities from American power and energy company Dominion Energy, Inc. in a deal valued at $14 billion.

Read Sunday - Opinion

The Secret Powerhouses in Global Markets

The global economy thrives on the exchange of commodities, which serve as the lifeblood of industries and the foundation of everyday life. Whether it's the wheat in our bread, the fuel in our cars, or the metals in our electronic devices, commodities are integral to modern existence. In this essay, we will explore the indispensable role played by independent trading firms in the complex and interconnected world of commodities…

Read More

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