- Letter of Intent
- Posts
- ☕️ Biden's exit
☕️ Biden's exit
Wall Street preps for political twists after Biden drops out
![](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/07a1b070-fc36-4cfa-9810-b081f9b87888/LOI_header_-_with_sponsor__6_AGL__1_.png?t=1721569525)
Good morning.
US President Joe Biden’s historical exit from the 2024 US election race has investors bracing for a storm of uncertainty. Biden endorsed VP Kamala Harris but the Democratic ticket remains very much up for grabs.
Market watchers are split: some expect increased market volatility and a “risk-off” move away from risky investments, while others see potential in the situation for a more stable or optimistic outlook.
The real question on Wall Street is how this shake-up will impact economic policies and the balance of power in Congress. As the race heats up, expect a rollercoaster ride with potential for significant market recalibrations.
![](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/ed401444-be3b-406f-8bee-35ff4734af41/Lead_data_table__4_.png?t=1721584533)
ASX as at market close. Commodities and crypto in USD.
🏆 LOI Subscriber #TBD
Market movers
![](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/4f2f8298-8593-47e9-8693-752f8d293257/Market_movers_-_single_stock__35_.png?t=1721595591)
Block’s shares took a dive last week, dropping 4% on Friday after announcing its Cash App is packing up its bags and leaving the UK.
The app, which made its debut across the pond six years ago, will close shop on 15 September, as Block prioritises the US, leaving global expansion dreams on the side.
The retreat comes amid reports US financial regulators are probing Cash App after whistleblowers alleged it had conducted inadequate due diligence on customers.
The quick sync
Building materials giant CSR could be forced to hand over internal documents amid customer claims it used its dominance to gouge suppliers with ‘‘extraordinary’’ price increases. (AFR)
Meet Nick Bell Australia’s number one advocate of longevity ventures and the founder spending $2.4m a year to live longer. (Capital Brief)
Coalition overtakes Labor in popular vote for the first time since the federal election, according to an AFR poll. (AFR)
Qantas eyes new non-stop international destinations to boost market share. (The Australian)
Aussie executive Mike Sentonas in midst of Crowdstrike chaos. (The Australian)
Trading floor
M&A
Permira is preparing to sell its stake in I-MED for $4bn. (AFR)
Private equity firm Anchorage Capital Partners is selling GBST through Jefferies. (The Australian)
Adamantem Capital Partners is considering a buyout of The Warehouse Group, a major New Zealand company. (The Australian)
Perennial Partners, an investor in carbon trading platform Xpansiv, is reducing its stake in the company. (AFR)
Bain Capital might wait for Bapcor's full-year results in August before making another bid. (The Australian)
Vicinity Centres is seen as the frontrunner to acquire Lendlease's retail fund management business due to minimal investor conflict and strong financials. (The Australian)
Capital Markets
Global IT outage caused by a CrowdStrike update may take weeks to fully recover from, impacting various sectors. (SMH)
VC
None
People moves
☝️ Know about a deal or people move we don’t? Hit reply.
Together with AGL
Accelerate your change to driving electric with an EV subscription
AGL is on a mission to make it easier for everyone to drive electric. Their EV subscription offers everything you need to get on the road - without the need for a longer-term commitment.
Pick from a range of flexible contract options and electric cars – including models from Tesla, BYD, BMW and Mercedes. And with all-inclusive subscriptions that include registration, insurance and standard maintenance, your EV’s ready to drive.
Find out how to make your next car electric with AGL’s EV subscriptions.