FFA Newsletter - 1/12/25
Good Morning,
As we gear up for the first week of the second semester, the markets seem to be channeling that back-to-school energy—brimming with activity and a few surprises. From billion-dollar deals to natural gas prices on the rise, there’s plenty to cram before the bell rings. Even diamonds are hitting the books, trying to figure out how to stay relevant as lab-grown alternatives take the spotlight.
This week, we take a closer look at the stories shaping 2025—from Anthropic’s multi-billion-dollar funding to LA’s potential $150 billion recovery challenge. With the semester just kicking off, now’s the perfect time to get ahead on the latest market moves and industry insights.
Let’s dive in and start the year strong.
Markets
Overview: (data as of 1/11/25)
Dow (DJIA): $41,938.45
S&P 500 (SPX): $5,827.04
Crude Oil (CL): $76.57
Bitcoin (BTCUSD): $94,571
Gold (XAU): $2,689.34
Natural Gas (NG): $3.98
Mortgage Rates: 7.01% ↑
US Markets:
US 30Y yield hit 4.92%, its highest in over a year
US stock markets were closed on 1/8 in honor of Jimmy Carter
US 10Y yield hit its highest in eight months
US auction of 10Y bonds drew the highest yield since 2007
Foreign Markets:
China's CSI 300 is already down 4.1% YTD
Yuan slid to a 15-month low versus dollar
Canadian dollar gained 1.2% on Justin Trudeau's resignation
UK 30Y gilt yield topped 5.4%, the highest since 1998
Commodities:
Gold-EM currencies correlation turned the most negative in three years
Aussie dollar had its worst year since 2018
US natural gas prices are up 14% MoM amid imminent polar vortex
Used luxury watches index fell to a three-year low in 2024
Natural diamond prices are down 8% since 2020
Headlines
LA inferno could inflict a $150 billion economic wound, with a grueling 10-year recovery ahead (fortune)
A potential inferno in Los Angeles could cost the city $150 billion, with recovery predicted to take a grueling 10 years. The projection underscores the devastating economic toll of major natural disasters.
Americans Are Tipping Less Than They Have in Years (WSJ)
Tipping rates in the U.S. have declined significantly, reaching their lowest levels in years. The trend raises concerns about the financial well-being of service industry workers.
NYC debuted congestion pricing (BBG)
New York City launched its long-awaited congestion pricing system, charging drivers to enter certain areas. The program aims to reduce traffic and fund public transportation improvements.
Trader who made billions in 2008 returns to bet on market swings (BBG)
A trader who made billions during the 2008 financial crisis is back, betting big on market volatility. His return has sparked intrigue across Wall Street.
Hybrids help boost US new car sales to five-year high (RT)
Hybrid vehicles are contributing to the highest U.S. new car sales in five years. Their growing popularity highlights a shift in consumer preferences amid the EV transition.
Canada aims to become world's biggest uranium producer (FT)
Canada is aiming to become the world’s largest uranium producer, positioning itself as a key player in global nuclear energy markets.
US Surgeon General linked alcohol to cancer (NYT)
The U.S. Surgeon General issued a stark warning linking alcohol consumption to cancer, emphasizing the need for greater public awareness about the risks.
What would Donald Trump gain from seizing the Panama Canal? (econmoist)
A provocative question explores what Donald Trump would gain from seizing control of the Panama Canal, examining its geopolitical and economic implications.
US Steel CEO ripped Biden for blocking merger (US)
The CEO of U.S. Steel slammed President Biden for blocking a merger, calling the decision a setback for the industry. The move highlights tensions between corporate interests and regulatory policies.
Currency options trading skyrocketed as politics upend bets (BBG)
Trading in currency options has surged as political uncertainties disrupt traditional market strategies. The trend reflects growing volatility in global currency markets.
Hershey wants permission to buy more cocoa futures than allowed (BBG)
Hershey is lobbying for permission to purchase more cocoa futures than currently allowed, citing concerns over supply chain stability.
Diamond market faces turning point as lab-growns become too cheap (WSJ)
The diamond industry faces a turning point as lab-grown alternatives become increasingly affordable, forcing traditional diamond markets to adapt.
Deal Flow
M&A:
Constellation Energy Eyes $30B Calpine Acquisition: Constellation Energy is nearing a deal to acquire power company Calpine, backed by Energy Capital Partners, CPPIB, and Access Industries, at a potential $30 billion valuation, including debt.
SoftBank Explores Ampere Computing Acquisition: SoftBank and Arm are in talks to acquire semiconductor designer Ampere Computing, last valued at $8 billion in 2021.
Cintas Makes $5.1B Takeover Offer for UniFirst: Cintas offered $5.1 billion in cash to acquire smaller uniform supplier UniFirst, though the offer has been rebuffed multiple times.
Getty Images and Shutterstock Consider $3.7B Merger: Getty Images and Shutterstock agreed to merge in a cash-and-stock deal to create a $3.7 billion stock-photo powerhouse.
VC:
Anthropic in Talks to Raise $2B: OpenAI rival Anthropic is nearing a $2 billion funding round at a $60 billion valuation led by Lightspeed Venture Partners.
Infinite Reality Raises $3B at $12.25B Valuation: The immersive tech and XR startup closed a $3 billion round, positioning itself as a leader in virtual reality innovation.
Inari Secures $144M for Sustainable Seeds: Startup Inari raised $144 million to develop seeds aimed at creating a sustainable food system, led by ADIA.
IPO:
Prysmian Plans US Dual Listing: $20B-listed Italian cable infrastructure firm Prysmian will seek a US dual listing.
Medtech Brainlab Prepares $2.1B Frankfurt IPO: Brainlab, a medical technology leader, is gearing up for a Frankfurt IPO at a $2.1 billion valuation.
Cinven and CPPIB-Backed HBX Plans $1B IPO: Spanish travel tech firm HBX will launch a $1 billion IPO at a $5.2 billion valuation next week.
Debt:
Saudi Arabia Issues $12B Bonds: Saudi Arabia raised $12 billion in a record-breaking bond issuance, while PIF secured a $7 billion Islamic loan.
India's Bank for Infrastructure to Raise $4.7B: The National Bank for Financing Infrastructure & Development will issue $4.7 billion in debt for local projects.
Bankruptcy / Restructuring:
Ligado Networks Files Chapter 11 with $7.8B Debt Cut: Wireless network firm Ligado Networks filed for Chapter 11 bankruptcy, proposing to slash $7.8 billion in debt.
Joann Crafts Seeks Financial Stability Post-Bankruptcy: Joann is working with advisors to shore up liquidity less than a year after exiting bankruptcy.
Events & Applications
Guggenheim, Securities Investment Banking Sophomore Networking reception
Thursday January 23rd, 5-7 PM CST - In Person off campus
Open to all Sophomores
Join Guggenheim Securities for a networking reception to explore internship opportunities and connect with the WashU team. Open to second-year students interested in investment banking.
Investment Banking Mock SuperDay
Friday January 24th, 9am-noon CST
Sophomores will have the opportunity to conduct virtual technical interviews with alumni or employers to practice and enhance their skills in investment banking.
Plan to meet with a Business Peer or Career Coach if you have not already begun technical interview prep to develop a plan. It is important to be prepared.
Apply through the NYC IB Bear Trek application for Mock SuperDay.
Guggenheim Securities Investment Banking Sophomore FOCUS Program
Thursday February 6th & Friday February 7th
Sophomore program
Applications open January 3rd and are due January 8th @5pm EST
The Guggenheim Sophomore FOCUS Program offers career insights, networking, and mentorship in investment banking. Participants are guaranteed an interview for the 2026 Summer Analyst Program on February 13.
Spring 2025 WashU Career Expo: All Industries
Tuesday February 11th 3-6pm CST
The Center for Career Engagement hosts local and national organizations for who are recruiting from various industries and job functions.
Open to all WashU undergraduate and graduate students.
Resources
Navigating finance recruiting can feel like solving a puzzle—but with the right resources, the pieces fall into place. Here are a few tools to guide you:
Join the FFA GroupMe: Stay informed and connected with peers, as well as real-time updates on on-campus events.
Check Handshake: Explore regularly updated events, workshops, and job opportunities tailored to your career goals.
Microsoft Teams | Business Career Community | General Tab: Find study materials and interview prep under the “Finance” tab—your go-to spot for structured support.
Visit the Center for Career Engagement Webpage: A reliable resource for career advice, opportunities, and professional development.
If you have any questions or need assistance, feel free to contact the FFA Team at findingfinanceassociation@gmail.com. We're here to support your success—one step at a time!
