—— Millennium Loses Money on Failed China Deal; 800mn Youth Could Be Jobless in Next Decade; US Consumer Sentiment Rises to 6-Month High; Waymo Raises $5.6bn From Alphabet and Others; Apple Tested Blood Sugar App on Staff; Boeing Seeking to Sell Space Operations; More Registered Republican Voters Casted Ballots
1. Millennium Loses Money on Failed China Deal
Millennium Management and Athos Capital Ltd. are among the hedge funds that experienced losses after an unexpected collapse in a deal involving two Chinese drugmakers, according to sources familiar with the matter.
Millennium, led by Izzy Englander, held a 5.1% stake in China Traditional Chinese Medicine Holdings Co., whose shares dropped 35% on Monday following regulators’ decision to reject a take-private offer from China National Pharmaceutical Group Co. Earlier this week, Athos had increased its stake to as much as 5.3%. Both funds have since reduced their holdings.
Ed Cooper, a London-based senior portfolio manager at Millennium focused on trades tied to corporate events, was reportedly impacted by the selloff. Representatives from Millennium, Cooper, and Athos declined to comment on portfolio specifics.
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2. 800mn Youth Could Be Jobless in Next Decade
The World Bank has issued a warning that the global economy may leave 800 million young people without jobs over the next decade, a scenario that could destabilize societies and entrench poverty.
Current projections show that countries will create 420 million jobs—far short of the amount needed to support the 1.2 billion young people entering the workforce, World Bank President Ajay Banga stated Friday in remarks for the bank’s annual meetings in Washington.
In response, the bank is launching an initiative aimed at job creation, bringing together leaders from business, civil society, and academia. Singapore’s President Tharman Shanmugaratnam and former Chilean President Michelle Bachelet are leading this effort and held their first meeting this week.
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3. US Consumer Sentiment Rises to 6-Month High
U.S. consumer sentiment rose in October to its highest level in six months, as households became more optimistic about buying conditions, partly due to lower financing costs.
The University of Michigan’s final October sentiment index increased to 70.5 from 70.1 in September, surpassing the preliminary reading of 68.9. Data released Friday also showed that consumers expect prices to rise at an annual rate of 2.7% over the next year, consistent with the prior month, and anticipate an average increase of 3% over the next five to ten years, slightly down from 3.1% previously.
The University’s measure of buying conditions for durable goods rose to a four-month high, with over half of consumers expecting further interest rate relief in the coming year. This optimism suggests that consumer spending may stay strong, helping to support the economy.
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4. Waymo Raises $5.6bn From Alphabet and Others
Waymo, Alphabet Inc.’s autonomous driving subsidiary, secured $5.6 billion in its largest funding round to date.
Led by Google’s parent company Alphabet, the round included investors such as venture capital firm Andreessen Horowitz and financial giants Fidelity Investments and T. Rowe Price Group, according to Waymo’s Friday announcement.
Waymo is among several companies vying for a share in the U.S. robotaxi market, operating a commercial ride-hailing service in San Francisco, Phoenix, and Los Angeles, where it offers self-driving rides for a fee. It recently teamed up with Uber to expand rides through its app in Austin and Atlanta, with launches expected next year.
Earlier in the year, Alphabet committed up to $5 billion over several years to support Waymo’s autonomous driving technology development, though Waymo did not disclose how much Alphabet contributed in this round or its current valuation.
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5. Apple Tested Blood Sugar App on Staff
Apple Inc. has been exploring ways to expand into healthcare by testing an app aimed at helping individuals with prediabetes manage their diet and adopt lifestyle changes, according to sources familiar with the initiative.
Earlier this year, Apple conducted a trial with select employees as part of a larger effort to develop blood-sugar monitoring features, sources said, requesting anonymity due to the project’s confidential nature. While there are no current plans to release the app, Apple might integrate this technology into future health offerings, including a noninvasive glucose monitor it has been developing for over a decade.
Employees participating in the test had to confirm their prediabetic status through a blood test, indicating they were at risk of developing Type 2 diabetes. Throughout the trial, they used various available devices to track blood sugar and logged changes in glucose levels in response to food intake.
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6. Boeing Seeking to Sell Space Operations
Boeing Co. is considering selling its space division as the company’s new CEO, Kelly Ortberg, aims to streamline operations and refocus on core areas, according to the Wall Street Journal.
The potential sale, still in early stages, would include Boeing’s Starliner space capsule and support services for the International Space Station, sources familiar with the matter told the paper. However, Boeing is expected to maintain its involvement with the Space Launch System—a massive rocket designed to carry American astronauts to the moon for NASA.
Ortberg has indicated that Boeing may reduce its extensive portfolio to concentrate on its core businesses in commercial aircraft and defense. He has initiated a company-wide review, which he plans to complete by the end of the year.
“We’re better off doing less and doing it better than doing more and not doing it well,” Ortberg said during Boeing’s Oct. 23 earnings call.
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7. More Registered Republican Voters Casted Ballots
In the lead-up to Election Day, Republican voters have cast more early ballots than Democrats in three key swing states—Arizona, Nevada, and North Carolina—offering potential encouragement for the GOP with less than two weeks to go.
According to state data, more registered Republicans than Democrats have voted early in these states. However, since party affiliation doesn’t guarantee a vote for that party’s candidate, it remains uncertain how these voters actually cast their ballots. Polls indicate a highly competitive race between Democrat Kamala Harris and Republican Donald Trump. Although early voting data isn’t predictive, it helps guide party strategies as they intensify get-out-the-vote efforts for the Nov. 5 election.
Despite Trump’s past criticisms of early and mail-in voting, Republicans have recently ramped up efforts to build confidence in these practices to encourage turnout and compete with Democrats.
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本文内容来自《Financial Times》、《Bloomberg》，以及《The Real Deal》等多家财经新闻媒体。