Weekend roundup

Here’s what you missed while you were living your best life:

• 🤝 BlackRock agreed to buy UK data group Preqin for $3.2 billion. The deal marks the asset manager’s expansion into private markets data. BlackRock already owns Aladdin, which allows investors to view and manage daily investments.

• 🇨🇳 China factory activity fell again in June. The country’s manufacturing PMI reading was 49.5 in June, unchanged from May. Anything below 50 signals a contraction.

• 📈 The S&P 500 ended H1 up almost 15%. US stocks are up solidly this year on rate cut expectations, strong corporate earnings, and AI optimism.

Featured weekend story

Boeing agreed to buy Spirit AeroSystems

Planemaker Boeing is buying its supplier and former subsidiary Spirit AeroSystems for $4.7 billion, in a bid to overhaul its safety reputation. Spirit manufactured the door plug that blew out on an Alaska Airways 737 Max in January, leaving a large hole in the side of the aircraft. It also makes major parts of several other Boeing models.

In an unsual move, Airbus is buying Spirit’s loss-making Europe-focused activities that supply key parts for its A220 and A350 passenger jets. It’ll pay a nominal fee of $1 and be compensated $559 million for taking on the units.

The deals come amid legal wrangling over the two fatal 737 MAX crashes. A lawyer for the victims’ families said the US Justice Department is offering Boeing a plea deal that will allow it to avoid a trial.

What to watch this week

Stocks started the week higher in Europe on speculation that the French far-right would struggle to win an outright majority in the country’s elections. In Asia, Japan’s Topix reached a 34-year high.

Indices at 12:00 AM (ET)

Here are your upcoming market events:

• 📃 Fed and ECB minutes. Accounts of the latest Fed and ECB meetings are published on Wednesday and Thursday respectively. The heads of both central banks speak at the ECB’s annual forum in Sintra, Portugal on Tuesday.

• 🌴 Market holiday. Markets close early on Wednesday and remain closed Thursday for the Independence Day holiday.

• 🔨 Jobs data. Economists are expecting Friday’s reading to show the US added 189,000 jobs in June. A larger than forecast gain of 272,000 the previous month highlighted the strength of the labor market.

Off-balance sheet items

Here’s what we’re reading this week:

• 🧑‍🦱 The hair-raising world of homebrew pomade (MEL). Punks, backyard chemists, and craft-beer geeks unite in a thriving new DIY scene.

• ⏰ Six ways I’m changing my life after having a professional time audit (Stylist). I spoke to a time management coach to find out how to make better use of my time. This is what I learned.

• 🏠️ Costco’s bold new plan for the California housing crisis (SFGate). The American retail giant is starting to think even bigger.

Chart of the week

The bottom line

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