TLDR

MARKET RECAP → The S&P 500 (VOO) edged up Tuesday, setting yet another record high.

TRUMP VOWS TO BLOCK NIPPON STEEL'S BID FOR U.S. STEEL → 🛠️ Trump reaffirmed plans to block Nippon Steel’s $14 billion bid for U.S. Steel (X), citing national security concerns and pledging to protect American jobs amid bipartisan and union opposition.

BLACKROCK’S $12 BILLION PRIVATE CREDIT MOVE → BlackRock acquired HPS for $12B to expand private credit, boosting assets to $220B and private market fees by 35% amid booming demand. 💼

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TODAY’S TOP NEWS

Trump Vows to Block Nippon Steel's Bid for U.S. Steel

Presidential Opposition: President-elect Donald Trump reiterated his commitment to block Nippon Steel's proposed $14 billion acquisition of U.S. Steel, citing concerns over foreign control and its potential impact on American workers.

Political and Union Resistance: The acquisition faced bipartisan opposition, including from the Biden administration, and was under review by the Committee on Foreign Investment in the United States (CFIUS) for national security implications. The United Steelworkers union also opposed the deal, fearing job losses under Japanese ownership.

International Diplomatic Efforts: Japanese Prime Minister Shigeru Ishiba urged President Biden to approve the deal, emphasizing its importance for U.S.-Japan economic relations. Despite Nippon Steel's commitments to invest $2.7 billion in U.S. Steel's facilities and safeguard union jobs, the transaction's future remained uncertain amid political and labor union resistance.

TODAY’S TOP NEWS

BlackRock’s $12 Billion Private Credit Move

🖋️ BlackRock acquired HPS Investment Partners for $12 billion in stock, expanding its private credit footprint. The deal, closing mid-2025, forms an integrated private credit franchise with $220 billion in assets, aligning with the sector's rapid growth.

📈 HPS initially explored going public, catching BlackRock's eye as it bolsters its alternative assets portfolio. This follows BlackRock's acquisitions of Global Infrastructure Partners and Preqin, highlighting its commitment to expanding beyond traditional asset management.

💰 The transaction is projected to boost BlackRock’s private market AUM by 40% and management fees by 35%. With private credit outperforming public markets, the move positions BlackRock to meet surging client demand for alternative investments.

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