5 Things You Need to Know to Start Your Day

US budget talks are planned for Tuesday, gold miner Newmont will buy Australia’s Newcrest for $19 billion, and Tiger Global looks to offload [View in browser]( [Bloomberg]( US budget talks are planned for Tuesday, gold miner Newmont will buy Australia’s Newcrest for $19 billion, and Tiger Global looks to offload into the secondary market. — [Liza Tetley]( Budget talks President Joe Biden, House Speaker Kevin McCarthy and other congressional leaders are planning a[meeting Tuesday for talks on spending as a potential US debt default looms](— though plans could still change. Biden has been tight-lipped about terms of the negotiation but said he believed a deal could be reached, adding he’s a “congenital optimist.” The [debate is bad for markets either way, according to Morgan Stanley’s Michael Wilson](bbg://news/stories/RUOR3HT1UM0W). He says many are framing the event as “a lose-lose” given the volatility it’s likely to cause, even though most expect the situation will be resolved. He predicts sharp swings in equity markets. Newmont deal Gold mining giant [Newmont will pay $19.2 billion to buy Australian rival Newcrest Mining](, consolidating its position as the world’s biggest bullion producer and also boosting its copper resources. The Denver-based miner will aim to increase cash flows by $2 billion in the two years after the deal closes through portfolio optimization. The transaction is the largest in the gold mining sector to date, and is just awaiting regulatory approval to go ahead. Newcrest’s shares rose 1.9% in Sydney on Monday after the deal implied a 30% premium to the company’s closing price of A$22.45 per share on Feb. 3. Tiger offloads Venture capital giant [Tiger Global is looking to the secondary market to offload large swathes of its investments in private companies](, according to people familiar with the matter. Chase Coleman’s firm, which predominantly invests in startups, managed $51 billion at the beginning of the year and has hired an advisor to explore selling options. Last year’s tech rout hit its investments hard, resulting in a $23 billion markdown in value. With fewer companies going public, investors are looking to the secondary market either to fund further investment in their portfolio companies, or ditch companies they don’t believe have the same recovery hopes. Risk-on market Nasdaq and S&P 500 futures are rising as investors grow more confident on robust corporate earnings and signs that the economy still has momentum. Contracts on the indexes are up 0.2% and 0.3% respectively as of 6:14 a.m. in New York. Treasury yields meanwhile are ticking slightly higher as appetite shifts to riskier instruments. A measure of the dollar is weakening slightly, while oil prices are fairly flat, doing little to rebound from the past four weeks of losses. Gold is edging higher this morning, while iron ore and copper also gain. Coming up… We have a few Fed speakers today: Bostic will speak at 7:30 a.m., 8:45 a.m. and 2:00 p.m.; Goolsbee will speak at 8:30 a.m., Kashkari at 9:15 a.m. and Cook at 5:00 p.m. We also have US Empire State Manufacturing data at 8:30 a.m. and the US will sell $57 billion 13-week and $51 billion 26-week bills at 11:30 a.m. OpenAI’s CEO Sam Altman will also testify before Senate panel today. Earnings today include Constellation Software, Premium Brands, TPG, and Catalent. Microsoft's takeover of Activision Blizzard is set for EC approval. What we’ve been reading Here’s what caught our eye over the past 24 hours: - [Turkey could head to a runoff vote]( in an election that’s testing Turkish President Erdogan’s two decades in power - So-called[‘accelerated approvals’ on drugs means people are often taking medicines that haven’t met the FDA’s typical standard]( - Troves of [Epstein records show a wide cast of executives and firms](were still willing to work with the man long after his 2008 conviction - The [European Commission raised its euro-zone inflation outlook]( and warned of “persistent challenges” - Global investors seeking to trade [China’s reopening will have a new strategic tool from Monday](: onshore interest-rate swaps - UK Prime Minister [Rishi Sunak meets with Ukrainian President Volodymyr Zelenskiy]( - Russian customs data shows that [millions of dollars of aircraft parts made by Boeing, Airbus and others were sent to Russia last yearÂ](bbg://news/stories/RUOZRSTVI5MO) And finally, here’s what Joe’s interested in this morning Last week, [Tracy Alloway]( and I went to Chicago for a pair of interviews that we did for the Odd Lots podcast. At the ISDA Annual General Meeting we interviewed CFTC Chair Rostin Behnam, for a live episode that will be released later this week. In that conversation, we talked a lot about crypto regulation and some of the tension between the CFTC and the SEC. We also interviewed Terry Duffy, CEO of the CME, in an episode that [is out this morning.]( We covered a wide range of topics with Duffy, and the whole thing is worth checking out. Among the things he said is that if he thought it was necessary, [the CME is prepared to leave Chicago](, if it deems the political and safety situation to be untenable. As Duffy told us, the company no longer owns any real estate in the city, and all of its office leases have language in them that allows the leases to be broken under certain political conditions. The comments come as new progressive mayor Brandon Johnson is set to take office, with an agenda that has included some increase in taxes, on large employers and hotels. Duffy isn't saying the CME will leave (a la Citadel) but that the option is there and prepared for. Among the other things we discussed: debt ceiling risks, bank hedging, commercial real estate, and the history of why onion futures are illegal in the United States. Find the whole episode on [Apple,]( [Spotify]( or elsewhere. Follow Bloomberg's Joe Weisenthal on Twitter @TheStalwart. Follow Us Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. Before it’s here, it’s on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can’t find anywhere else. [Learn more](. Want to sponsor this newsletter? [Get in touch here](. You received this message because you are subscribed to Bloomberg's Five Things to Start Your Day: Americas Edition newsletter. If a friend forwarded you this message, [sign up here]( to get it in your inbox. 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