Bloomberg - Evening Briefing - Blackstone’s big deal

Bloomberg Evening Briefing

Blackstone struck a roughly $10 billion deal for an apartment landlord— the latest sign that the giant real estate investor sees this as a ripe moment to pour money into the property market. Blackstone agreed to acquire Apartment Income REIT—known as AIR Communities—in an all-cash deal for $39.12 a share—a 25% premium from the company’s closing share price on Friday. Blackstone says it plans to invest more than $400 million to maintain and bolster the company’s apartment portfolio. The apartment market has come under pressure in recent months as owners confront higher borrowing costs and falling valuations. But the deal may signal that the landscape is about to change

Here are today’s top stories

Wells Fargo Securities’ Christopher Harvey just put Wall Street’s highest target on the S&P 500 Index for 2024 based on his expectation that the US equity rally will continue through the year. Harvey, the firm’s head of equity strategy, lifted his year-end forecast on the benchmark to 5,535 from 4,625 previously, making him the biggest bull among strategists tracked by Bloomberg. The growth potential from artificial intelligence technology and an improved earnings outlook are among the upside catalysts he sees, along with longer time horizons and higher valuation thresholds from investors.

The US plans to award Taiwan Semiconductor Manufacturing $6.6 billion in grants and as much as $5 billion in loans to help the world’s top chipmaker build factories in Arizona, expanding President Joe Biden’s effort to boost domestic production of critical technology. Companies have announced more than $200 billion in US investments since Biden took office, with the biggest clusters emerging in Arizona, Texas and New York.

US Treasury Secretary Janet Yellen implored Beijing’s top leaders to fundamentally rethink their economic growth strategy. China’s economic imbalances and massive government subsidies for certain sectors will “lead to significant risk to workers and businesses in the United States and the rest of the world,” she said in Beijing on Monday. Through four days of meetings in China, Yellen repeatedly framed the nation’s strategy of boosting its already huge manufacturing capacity as a widespread global concern.

Former President Donald Trump, whose three US Supreme Court appointees were instrumental in eliminating the federal right of women to have an abortion, said the states should decide who can. The statement, a retreat from his previously reported support for a national abortion ban, is seen in part as an effort to deprive Democrats of a potent weapon in the 2024 election. However, it also means Biden can tie Trump directly to severe abortion bans passed in many GOP-controlled states. Polls consistently show widespread support for reproductive rights, and every ballot initiative protecting abortion access since the Supreme Court ruling has won.

Demonstrators outside the US Supreme Court last month during arguments over abortion pill access. Photographer: Valerie Plesch/Bloomberg

Senior Israeli officials said progress has been made in negotiations for a cease-fire in Gaza that would include the release of Israeli hostages and imprisoned Palestinians, a move that drew criticism from far-right ministers who threatened to bring down the government. Global pressure has intensified after Israel killed seven international aid workers delivering food to displaced Palestinians a week ago, spurring Biden to warn Israel Prime Minister Benjamin Netanyahu that ongoing US support depends on improved steps to protect civilians.

The last two years have witnessed ramped-up Iranian drone production in countries from South America to Central Asia. Most recently, Russia has started making Iranian drones for its war on Ukraine, bringing the number of countries using Iranian technology, assistance or parts to at least a dozen. Iran’s mastery of relatively low-tech drone warfare poses urgent new risks to Middle East stability, especially as its leaders threatened to retaliate against Israel for an airstrike on its embassy in Syria.

The sticker price to attend an Ivy League school next year is rising to more than $90,000. At the University of Pennsylvania, for example, the annual cost of attendance is well above the median US household income, with tuition, fees, housing and other expenses totaling an estimated $92,288. How much does it cost to atttend the other Ivy League schools? Here’s the full list.

What you’ll need to know tomorrow

Michelin Picks the 24 Top Hotels in France 

The Michelin guide awarded its first honors for hotels, giving just 24 establishments in France its highest rating. At an event in Paris, the eponymous publication owned by the French tiremaker unveiled its selection of the 189 best places to stay in the nation, awarding them one, two or three key emblems. Here’s the full list

A room at the Cheval Blanc Paris  Photographer: Alexandre Tabaste

Older messages

Higher for longer

Saturday, April 6, 2024

Bloomberg Weekend Reading View in browser Bloomberg Looks like it's still going to be higher for longer. That was the consensus after jobs data released Friday showed nonfarm payrolls rose 303000

Jobs report blowout

Friday, April 5, 2024

Bloomberg Evening Briefing View in browser Bloomberg If anyone is worried about a bubble on Wall Street, it was hard to tell on Friday as a blowout US jobs report convinced investors of America's

Maybe no rate cuts

Thursday, April 4, 2024

Bloomberg Evening Briefing View in browser Bloomberg Perhaps the last thing impatient investors want to hear but music to the ears of savers, US Federal Reserve Bank of Minneapolis President Neel

Fed protects Wall Street

Wednesday, April 3, 2024

Bloomberg Evening Briefing View in browser Bloomberg US regulators led by the Federal Reserve are said to have thwarted a push to make climate risk a focus of global financial rules. European central

Musk’s brand problem

Tuesday, April 2, 2024

Bloomberg Evening Briefing View in browser Bloomberg Wall Street analysts were second-guessing their models just as Tesla's first quarter came to a close. One after another reduced their estimate

You Might Also Like

Almost a done deal

Thursday, July 18, 2024

Bloomberg Evening Briefing View in browser Bloomberg For more than two years, inflation has eclipsed everything else at the US Federal Reserve. In a shift eagerly awaited by global markets, that's

🤖 A $600 billion bet

Thursday, July 18, 2024

The globe-spanning troubles that could push prices up, TSMC's on an AI roll, and CO2 butters up Bill Gates | Finimize TOGETHER WITH Hi Reader, here's what you need to know for July 19th in 3:10

Emerging Fintech Frontier - Issue #477

Thursday, July 18, 2024

How fintech is transforming emerging markets globally July 18, 2024 FinTech Weekly dives into the latest innovations driving fintech growth in emerging markets. Discover how Nigeria leads in fintech

👀 Really, is a financial planner worth it?

Thursday, July 18, 2024

Read our honest answers — and what women like you have to say about it. ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌

URGENT: Trump warned you about this

Thursday, July 18, 2024

Take action now ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

😬 New trade tremors

Wednesday, July 17, 2024

The US spoils the ASML party, small-caps get a win, and headlong into the eye of the storm | Finimize TOGETHER WITH Hi Reader, here's what you need to know for July 18th in 3:12 minutes. From

Summer correction

Wednesday, July 17, 2024

Bloomberg Evening Briefing View in browser Bloomberg The S&P 500 Index has nowhere to go but down. So says Goldman Sachs tactical strategist Scott Rubner, who cautions “I am not buying the dip.”

I reserved you a spot… want it?

Wednesday, July 17, 2024

Just announced... ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

College dreams on a budget? SoFi has you covered

Wednesday, July 17, 2024

Explore our affordable college list and SoFi's no-fee student loans ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

A dramatic blog post from 17-year-old me

Wednesday, July 17, 2024

plus Strava art + double ice cream ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌