📈 IPO revival

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

Whistleblower Testifies as Boeing Faces Scrutiny in Senate Hearings Over Safety and Quality

Wall Street Wants Answers from Elon Musk on Tesla's Model 2 Car

• 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)

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BULLISH BITES

🤷🏻‍♀️ Inside look: What went wrong with US inflation?

💼 Next level: The AI chatbot that could transform business school accreditation.

👨‍🦲 Double take: The lavish life of a professional Jeff Bezos lookalike.

🤖 What Humane AI Pin? This new pendant from Limitless is a $99 "AI wearable" that promises to record everything you say.

DAILY SHARES

Keep the curation going! Buy the team a coffee ☕️