🚢 Ports Index Grows 15%. $215M+ VC Funding.

Namaskār 🏔️

📈 Today's Global Economic Update: Canada's unemployment rate increased to 6.2% in May 2024, the highest since October 2021, with the unemployed population increasing by 28,000. Despite this, net employment grew by 26,700, surpassing market estimates, and hourly wage growth accelerated to 5.2%, indicating a resilient labor market.

🌡️ Deal of the Day: Amber Therapeutics, a UK-based developer of bioelectrical therapies, raised a $100M Series A to advance breakthroughs in their medical therapies.

What's New?

🚢 Ports. Ports index grows 15%
💰 Funding. Bioelectrical therapies, biotech, payment management + more
💼 M&A. Robinhood acquires Bitstamp
📅 Economics. Fed rate decision, BoJ interest rate, inflation, + more

🚢 Ports Index Grows 15%

HolonIQ's ports index has seen a notable 15% increase over the past year, marking a positive trend that gained momentum in 4Q 2023. This upswing reflects a global rebound in port activity as pandemic-related disruptions diminish. Government initiatives aimed at boosting foreign direct investments, coupled with revenue growth from increased port tariffs and volume, have further buoyed stock performance. This was mirrored in the performance of key stocks in the index, like Qingdao Port International Co ($7B MCap) and Westports Holdings Bhd ($3B MCap), which gained 15% and 9% over the past year.

However, challenges persist, notably in the form of ongoing trade tensions and operational risks. Uncertainties surrounding international trade policies pose threats to port operations and logistics, potentially impacting stock performance. Despite these challenges, strategies for sustainable growth include strategic partnerships to expand market reach and investments in green technologies for environmental sustainability.

💰 Funding

🌡️ Amber Therapeutics, a UK-based developer of bioelectrical therapies, raised a $100M Series A from New Enterprise Associates to advance breakthroughs in their medical therapies.

🧪 Prolific Machines, a California-based biotech company, raised a $55M Series B from Ki Tua Fund to expand its team.

🤖 Continuity, a French AI company, raised a $10.9M Series A from 115K to enhance enterprise insurance with AI-driven risk detection.

💳 Torpago, a California-based payment management company, raised a $10M Series B from Priority Tech Ventures to expand its product line.

🧬 EvodiaBio, a Danish biotech company, raised a $7.2M Series A from The March Group and Export and Investment Fund to commercialize its products and expand its markets.

💼 M&A

💰 Robinhood, a California-based financial services company, acquired Bitstamp for $200M, a UK-based global cryptocurrency exchange.

📅 Economic Calendar

Fed Rate Decision, BoJ Interest Rate, Inflation, + More

Monday, June 10th 2024

🇦🇺 NAB Business Confidence, May

Tuesday, June 11th 2024

🇬🇧 UK Employment Data, April
🇨🇳 China Inflation Data, May

Wednesday, June 12th 2024

🇬🇧 UK GDP, April
🇺🇸 US Core Inflation Data, May
🇺🇸 US Inflation Data, May
🇺🇸 US Fed Interest Rate Decision
🇺🇸 US FOMC Economic Projections
🇺🇸 US Fed Press Conference

Thursday, June 13th 2024

🇺🇸 US PPI, May

Friday, June 14th 2024

🇯🇵 Japan BoJ Interest Rate Decision
🇺🇸 Michigan Consumer Sentiment (Preliminary), June

Tuesday, June 18th 2024

🇦🇺 Australia RBA Interest Rate Decision
🇩🇪 Germany ZEW Economic Sentiment Index, June
🇺🇸 US Retail Sales Data, May
🇯🇵 Japan Balance of Trade, May

Wednesday, June 19th 2024

🇬🇧 UK Inflation Data, May

Thursday, June 20th 2024

🇬🇧 UK BoE Interest Rate Decision
🇺🇸 US Building Permits (Preliminary), May
🇯🇵 Japan Inflation Data, May

Friday, June 21st 2024

🇬🇧 UK Retail Sales Data, May
🇩🇪 Germany HCOB Manufacturing PMI (Flash), June

Like getting this newsletter? For unlimited access to more deals and economic updates, request a demo.

Thank you for reading. Have a great week ahead!
Have some feedback or want to sponsor this newsletter? Let us know at hello@holoniq.com