M&A hasn't been so hot recently with dealmakers and companies getting nervous about a coming recession. Kohl's just called off its sale to Franchise Group following months of negotiations, while Walgreens Boots Alliance scrapped plans to sell U.K. pharmacy chain Boots. Rising borrowings haven't helped the situation by making financing more expensive, while a downturn in equity markets have hurt company valuations. Reports suggest that Merck is in advanced discussions to acquire Seagen and is hoping to finalize an agreement to buy the cancer-focused biotech in the next few weeks. A potential deal could be worth about $40B or more.
There’s growing recognition Chinese technological dominance in the transition to cleaner energy. The International Energy Agency was the latest to warn about the consequences in a special report on the solar sector, a key element in plans for the world to reach net zero emissions by 2050. In fact, China's share in all the manufacturing stages of solar panels currently exceeds 80%, and for key elements including polysilicon and wafers, it is set to rise to more than 95% in the coming years.
Initial filings for unemployment benefits totaled 235,000 for the week ended July 2, a gain of 4,000 from the previous period. Another report indicated that companies announced 32,517 layoffs in June, a 57% jump from a month ago and the highest total since February 2021.