McCarthy flips to avoid shutdown

Market Overview
Read time 1.1 minutes

Year To Date Performances:

1. President Joe Biden averting a potential U.S. government shutdown by signing a temporary budget. While the deal saw a decrease in support for Ukraine, it marked a win for Biden with a $16 billion boost to the federal disaster relief fund. The budget stands until November 17th. In a surprising move, House Speaker Kevin McCarthy dropped his demands for significant budget cuts, leaning on Democratic support to pass the legislation, potentially risking his place in the Republican leadership.

2. Birkenstock, the German luxury shoe brand with roots dating back to 1774, is targeting a valuation of about $9.2 billion in its anticipated New York IPO. The company, along with its stakeholders, is set to offer around 32.26 million shares priced between $44 to $49 each. Through this IPO, they hope to raise approximately $1.58 billion, according to U.S. Securities and Exchange Commission filings.

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4. Headlines

   1. Bill Ackman’s Perishing Square has filled for a SPARC to take X public.

   2. US consumer spending continues to increase despite concerns of an economic downturn.

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