Good evening, Bull Sheeters. This is Fortune finance reporter Rey Mashayekhi, filling in for Bernhard with a special PM edition of the newsletter.

Tuesday saw the global markets rebound from Monday’s tepid performance, with U.S. exchanges in a more bullish mood after a much-needed dose of upbeat economic data. Meanwhile, Europeans are now facing even more expensive energy prices, and Asian hedge funds are seeking to capitalize on the Evergrande debt crisis.

Markets update

U.S.

• The markets in New York were up across the board Tuesday, on the back of positive consumer spending data as we enter the holiday season. The Dow rose nearly 0.2%, the S&P gained 0.4% and the Nasdaq climbed 0.8%.
  
• Tesla got its market cap back over $1 trillion after gaining 4% on the day, even as CEO Elon Musk sold another $930 million worth of company stock. But the electric automaker is now facing a lawsuit from JPMorgan Chase, which is seeking more than $162 million in damages due to an alleged breach of contract over Tesla stock warrants.
  
• In other EV news on Wall Street, Lucid saw its market valuation surpass Ford’s on the strength of a bullish earnings report, while Rivian is now the third-most valuable carmaker in the world after eclipsing Volkswagen.
  
• Peloton is planning to raise $1 billion through a new stock offering, just weeks after the exercise equipment company claimed it didn’t need more capital.

Europe

• The European bourses mostly climbed on the day. While London’s FTSE slipped 0.3%, Frankfurt’s DAX gained 0.6%, the CAC 40 in Paris rose 0.3%, and the pan-European STOXX 600 picked up. 0.2%.
  
• The Eurozone’s GDP grew 2.2% in the third quarter.
  
• European natural gas prices soared after German regulators suspended the certification process for the controversial Nord Stream 2 pipeline from Russia.
  
• Private equity giant Carlyle Group is reportedly nearing a $2 billion deal to acquire Swiss industrial software provider AutoForm Engineering.

Asia

• Asian markets were mixed. Tokyo’s Nikkei notched up 0.1% and Hong Kong’s Hang Seng spiked 1.3%, while on mainland China, Shanghai’s SSE Composite fell 0.3% and Shenzhen’s SZSE Component slipped nearly 0.2%. South Korea’s KOSPI ticked down less than 0.1%.
  
• Gaming hardware firm Razer’s shares climbed 11% after reports that a consortium is looking to take the company private in a deal valuing it at $4.5 billion.
  
• The Industrial and Commercial Bank of China, the world’s largest bank by assets, has been ordered by the Federal Reserve to fix risk management deficiencies in its U.S. operations.
  
• One of Asia’s oldest hedge funds, Hong Kong-based LIM Advisors, is snapping up distressed Chinese debt amid the fallout from the Evergrande debt crisis.

Elsewhere

• Gold dipped slightly, to around $1,850/ounce.
  
• The dollar continued to rally.
  
• Crude oil notched upward, with Brent settling north of $82/barrel.
  
• Crypto slid sharply, with Bitcoin plunging below $60,000 at one point.

***

That’s all for now; please be sure to check out today’s reads below. Have a wonderful evening and see you tomorrow.

Rey Mashayekhi
@reym12
rey.mashayekhi@fortune.com

As always, you can write to bullsheet@fortune.com or reply to this email with suggestions and feedback.

Today's reads

Biden bounce: The stock market is up 40% since the 2020 election by Declan Harty

Casper turns painful even for some of its earliest startup investors by Lucinda Shen

Smartphone supplier Qualcomm muscles in on Nvidia’s turf with BMW self-driving chip deal by Christiaan Hetzner

Activision CEO hid allegations of employee misconduct—including rape—from board, says report by Chris Morris

Shell’s decision to leave the Netherlands is about keeping investors on its side in difficult times by Katherine Dunn

GM’s heated seats and steering wheels are the latest casualty of the chip shortage by Chris Morris

JPMorgan CEO Jamie Dimon gets the ‘Nicole Kidman’ quarantine exemption in Hong Kong—and locals aren’t happy by Yvonne Lau

The Great Resignation is hitting these industries hardest by Megan Leonhardt

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Market candy

“We [would] have to change our investment policy and choose to own assets that are more volatile.”

That’s Twitter CFO Ned Segal, explaining why the social media company won’t be investing its balance sheet in crypto anytime soon—despite company co-founder and CEO Jack Dorsey being a diehard believer in the asset class. Segal told the Wall Street Journal that investing in crypto “doesn’t make sense right now” for Twitter, putting it at odds with Square, the Dorsey-led payments firm that currently holds Bitcoin on its balance sheet. But that doesn’t mean Twitter isn’t engaging with crypto in other ways; last week, the company announced that it is launching an in-house team dedicated to developing crypto and blockchain capabilities on its platform.