Finance, in brief

Anthropic, the US company that makes the Claude AI models, made its share-sale papers public on Monday. [1][6] A company must publish these papers before it sells shares to the public for the first time. [6] Its shares will trade on the Nasdaq, a New York stock exchange, under the name ANT. [1][13]

The papers confirm figures reported before they were published: $16.3 billion of sales and an $80.7 billion loss from January to June. [1][13] About $72 billion of that loss was an accounting charge on loans that can turn into shares, not money spent. [13] Its sales were $386 million in all of 2024 and $4.585 billion in 2025. [6]

What the public papers add: from April to June it made $974 million of operating profit, the profit from running the business, on $11.6 billion of sales. [5] That is about 8 cents on each dollar of sales. [5]

In the same three months it took in $2.08 of sales for each dollar it spent on computing, up from 40 cents in early 2025. [5]

More than 11,900 customers paid it at least $100,000 in the year to September, against about 950 a year earlier. [5][13] No single customer brought in more than 10% of its sales. [5]

Most of its sales come from customers who pay for what they use and can cut back at little notice. [4] Much of the rent it pays for computers is owed whatever happens. [4] Customer spending fell about 20% in the two weeks to 2 January, then recovered. [4]

It had $112.4 billion in cash at the end of June. [4][13] Banks and Blackstone, an investment firm, are lining up $63 billion to buy computing gear from Broadcom, a chip designer, and rent it to Anthropic. [2]

The papers do not say how many shares it will sell, or how much it will ask for each one. [1] The Wall Street Journal reported it may set out those terms in about two weeks and start trading in the week of 16 November. [13]

Goldman Sachs and Morgan Stanley lead the 22 banks selling the shares. [1] Morgan Stanley will also oversee the shares' first days of trading, to keep the price steady. [1]

On Wall Street the S&P 500, an index of 500 big US companies, rose 0.7% on Monday, and the Nasdaq index rose 0.8%. [10] Broadcom, AMD and Nvidia, which make the chips AI runs on, each rose more than 2% in morning trading. [9]

In Asia on Tuesday, South Korea's Kospi index jumped more than 4% and SK Hynix, a memory-chip maker, rose 7%. [11] Japan's Nikkei index rose 2.2%, and Advantest, which makes chip-testing machines, jumped more than 10%. [11]

SpaceX, the last share sale this size, sold its shares at $135 in June. [8] They closed their first day at $160.95 and stood at $147.49 last Friday. [12]

Why it matters. The banks' price range for the shares is due next, in about two weeks, the Wall Street Journal reported. It will show whether buyers still talk of a value near $1.5 trillion, the figure some investors discussed this month, or nearer $2 trillion. [13][1]

Brazil's main share index, the Ibovespa, fell about 17% on Monday, its first trading day since Lula won Sunday's presidential run-off. [14][16] Trading stopped for 30 minutes after a 10% fall, under a rule that pauses the market when prices drop too fast. [15] The US dollar rose more than 12% against Brazil's real, to 5.6055. [14] Markets had expected Flavio Bolsonaro to win and cut government spending, and prediction markets gave him a more than 75% chance on Friday. [15] Brazil's Treasury cancelled its bond sales for 27 and 29 October. [15]

Why it matters. Brazil's government debt is above 82% of its economy, so lenders asking higher rates add to that debt. [17][15] Investors now wait for Lula's choice of finance minister. [15]

In New York, shares of Nu Holdings, a Brazilian online bank, fell 21%, and MercadoLibre, an online shopping company, fell 10%. [14] About $6 billion of company share sales planned for after the election were derailed. [17] Before the run-off, Brazilian shares had closed Friday almost 7% above where they stood before the first round. [15]

Why it matters. Much of the fall was investors undoing bets they had made on a Bolsonaro win, an analyst at eToro, a trading app, said. [14]

Meta, which owns Facebook, Instagram and WhatsApp, said on Monday it plans to raise up to $95 billion by selling new shares, to pay for AI data centres. [18][19] About $35 billion will be sold now, and Nvidia, AMD and Broadcom may buy up to $5 billion of that. [18][11] The other $60 billion will be sold over time as new shares with no votes, so Mark Zuckerberg keeps control. [18] It is Meta's first new stock since 2013, and bigger than Google's $85 billion sale this year. [19]

Why it matters. The no-vote shares let Meta raise money without weakening Zuckerberg's control. [18] Its own chip suppliers could become its shareholders. [18]

SpaceX, Elon Musk's rocket and satellite company, will pay up to 8.75% a year on the most expensive part of its new $40 billion loan, Semafor reported. [20] It paid 6.65% on its first company bonds four months ago. [20] The loan is with a group run by Apollo, an investment firm, and pays to rent chips for its data centres. [21][11] Semafor puts at least 0.25 points of the gap down to the US central bank's rate rises, and the rest to doubts about AI. [20]

Why it matters. Semafor says the gap adds hundreds of millions of dollars to SpaceX's interest bill. [20] Musk says lenders have almost stopped lending to AI firms with no other income. [20]

South Korea's Kospi index jumped more than 4% on Tuesday morning. [11] SK Hynix rose 7% and Samsung Electronics 4.8%, after Anthropic's papers lifted chip shares in New York. [11] The day before, Goldman Sachs, a US bank, cut its 12-month target for the Kospi from 12,000 to 9,000. [36] The index has fallen more than 35% from its June peak, after rising about 120% earlier in the year. [36]

Why it matters. SK Hynix and Samsung led Korea's rise this year, so the index swings with news about AI. [36] Goldman's new target still sits more than 60% above where the index was. [36]

HSBC, Europe's biggest bank, made $9.63 billion before tax in July to September, up 32% from a year earlier. [22][23] Analysts had expected $9.69 billion. [22] A year ago it set aside $1.4 billion for legal costs, which it did not need to repeat. [22] It will buy back up to $1 billion of its own shares. [22] Its shares fell 4.3% in Hong Kong to HK$136.10, the lowest since 11 June. [23]

Why it matters. Standard Chartered and DBS of Singapore, two other banks that lend across Asia, report on Wednesday and next week. [24] Analysts say rising long-term rates cut the value of the bonds these banks hold. [24]

DoorDash, a US food-delivery app, is in exclusive talks to buy Instacart, a grocery-delivery app, Semafor reported. [25] Dow Jones, a US news agency, reported the deal could come this week and value Instacart at about $17 billion. [2] Instacart's shares were worth about $12 billion, and DoorDash's about $75 billion. [25] DoorDash's last attempt, in 2021, failed over price and fears of a competition review. [25] Instacart also said it will close its smart shopping-cart business, at a cost of $55 million to $80 million. [26]

Why it matters. One company would then deliver both restaurant meals and groceries, against Amazon and Walmart. [25] Dealmakers expect US competition checks to get tougher if Democrats win next month's midterm elections. [25]

EQT, a US natural gas producer, agreed on Monday to buy Range Resources, another gas producer, in a deal worth more than $50 billion including debt. [27] Range's owners will get 0.987 EQT shares for each share, about 20.6% more than Range's shares were worth on Friday. [27] The joined company will produce more than 9 billion cubic feet of gas a day from the Appalachian Basin. [27] EQT expects $325 million of yearly savings within two years. [27]

Why it matters. US gas producers are growing to sell to power-hungry data centres. [27] Range's shares rose about 10% before trading opened, while EQT's fell 4.6%. [27]

Apollo, a big US investment firm, is buying nearly 10% of Mubadala Capital, CNBC reported. [28] Mubadala Capital is the fund-management arm of Mubadala, a state investment fund of Abu Dhabi. [28] Apollo will also put $5 billion into its funds. [29] Its core business manages about $60 billion. [29]

Why it matters. Wall Street firms want closer ties to Abu Dhabi's funds, which control about $1.8 trillion, even during the Iran war. [29] Mubadala Capital gets a wider pool of outside money. [29]

Galp, a Portuguese oil company, said on Monday it could not agree to join its refineries and fuel stations with those of Moeve. [30] Moeve is a Spanish company owned by Mubadala of Abu Dhabi and Carlyle, a US investment firm. [30] The talks had run for several months. [30] ECO, a Portuguese news site, reported that Galp's chair, Paula Amorim, did not accept Moeve's demands. [30]

Why it matters. Both companies say they will carry on alone. [30] Galp's fuel business rests on its network of stations in Portugal. [30]

Applied Materials, a US maker of chip-making machines, will raise its stake in BESI, a Dutch chip-equipment company, to about 20% from 9%. [31] The two have worked together since 2020 on hybrid bonding, a way of joining chips closely together that is used in the fastest chips. [31] The purchase still needs a US competition review. [31] Applied says it will not go above 20% or seek a board seat. [31]

Why it matters. Hybrid bonding is used in the fastest chips, so the stake ties Applied more closely to a key AI technology. [31]

IDG Capital, an investment firm, is the leading bidder for a unit of ASMPT, a Hong Kong-listed maker of chip equipment, three people told Reuters. [32] The unit makes machines that place parts on circuit boards, sold for AI servers and electric cars. [32] It could be valued at more than $1 billion, while ASMPT wants $1.5 billion. [32] FountainVest and Triton, two other investment firms, also looked at it. [32]

Why it matters. ASMPT wants to focus on equipment for making chips themselves. [32] A deal could come in the coming weeks, but its terms are not settled. [32]

The State Bank of Pakistan, the country's central bank, raised its main interest rate by half a percentage point to 12% on Monday. [33] A group for foreign investors said the rise was needed to hold down prices while energy costs are high. [33] The FPCCI, Pakistan's biggest business lobby, called 12% uncompetitive for factories already paying high power bills. [33] Large factories grew 1.9% in July and August. [33]

Why it matters. Higher rates make loans dearer for Pakistan's factories and exporters, the FPCCI says. [33] Its members want the rate cut below 10%. [33]

Profits at China's big industrial firms rose 14.4% in September from a year earlier, the fastest since June, official data showed on Tuesday. [34] For January to September they rose 15.5%. [34] AI and chip firms did best, while makers of clothes, cars and furniture did worse. [34] Yet the STAR 50 index of Shanghai tech shares has fallen 40% since June. [35] About $2.4 trillion has been wiped off China's stock markets since May, Bloomberg counts. [35]

Why it matters. Shoppers in China still spend little, so profits are rising mainly in a few industries. [34] AI firms make up over 40% of the value of shares in China and Hong Kong, Goldman Sachs says. [35]

Brent oil, the main world price, fell $1 to $114.81 a barrel early on Tuesday, Reuters reported. [37] Saudi Arabia, Turkey and Pakistan held talks with Iran's officials in Tehran on Monday, and agreed to keep talking. [37] US President Donald Trump said he was close to deciding whether to make a deal with Iran or strike again. [38] Houthi attacks on Saudi Arabia went on. [37]

Why it matters. Brent was above $117 last week, its highest since April. [37] Hopes of a deal pulled the price down, while the Houthi attacks kept it from falling far. [37][38]

Two law firms, Harcus Parker and Hausfeld, asked the UK's Competition Appeal Tribunal, a court for competition cases, to let them sue Visa and Mastercard for UK businesses. [39] They say the card companies' fees have been too high since October 2020. [39] People close to the claim put it at about 5 billion pounds. [39] Mastercard called it speculative. [39]

Why it matters. If the court agrees, about a million UK firms with sales under 100 million pounds would be included unless they opt out. [39] Shops pay these fees every time a customer pays by card. [39]

JetBlue, a US airline, lost $257 million in July to September, against $143 million a year earlier. [40] Its fuel bill rose 61% to $868 million. [40] Its average fare rose 19% to $245.11. [40] Its shares had fallen more than 40% this month, and rose about 11% after hours on Monday. [40] It has $8.4 billion of debt and $2.2 billion of cash and credit to hand. [40]

Why it matters. Higher fares are passing part of the fuel cost on to passengers. [40] A group of its biggest lenders is working with a debt adviser, the Wall Street Journal reported. [40]

Foreign investors sold Indian shares worth 1,462 crore rupees, about $154 million, on Monday. [41] They have sold $4.75 billion in October and a record $32.56 billion this year. [41] On Tuesday India's index of IT company shares fell 2.3%, with TCS and Infosys, two of India's biggest IT firms, down as much as 3%. [42] Investors fear AI tools will take work from India's IT outsourcing firms. [42]

Why it matters. India has few large AI companies, which is one reason funds are moving to other markets. [41] The IT index is still down 12% over the past year. [42]

Indian brokers' loans to clients for buying shares fell by almost 3,000 crore rupees on Friday, data published late Monday show. [43] That is the biggest one-day drop since the figures began in January 2017. [43] Brokers sold clients' shares when oil prices rose and share prices fell. [43] The Nifty 50 index swung 415 points that day. [43]

Why it matters. When shares are bought with borrowed money, a fall can force sales, which push prices down further. [43] Big Indian funds bought shares that day and took up the selling. [43]

UTI, one of India's largest fund firms, will list a fund in Singapore on 12 November that holds India's 50 biggest shares. [44] It invests through a fund in India rather than buying shares directly. [44] Its papers say this lets buyers avoid India's taxes on gains, of 12.5% on long holdings and 20% on short ones, under a tax treaty between India and Singapore. [44]

Why it matters. High taxes on gains are one reason foreign money has left India this year. [44] India's main share index is heading for its first yearly fall in 11 years. [44]

The share sale in Nigeria's Dangote oil refinery closes on Tuesday, after 44 days, Semafor reported. [45] It is Africa's largest first share sale and is expected to raise more than $2 billion. [45] It was extended once by two weeks, and the company says it will not extend it again. [45] Investors in Botswana, Ethiopia and Kenya can buy in through certificates traded abroad. [45]

Why it matters. The head of the Lagos stock exchange says it could make Nigeria's number of share owners five times bigger. [45] African governments want more of their own savings to fund their companies. [45]

Sembcorp Industries, a Singapore power company, is meeting investors about a share sale in India of its renewable energy unit, Bloomberg reported. [46] It could raise up to 3,750 crore rupees as early as December. [46] All the money would be new shares, used to repay loans. [46] The unit runs 3.6 gigawatts of renewable power plants in India. [46]

Why it matters. The timing and size of the sale can still change, the report said. [46] Temasek, Singapore's state investor, backs the company. [46]

Senegal's revised 2026 budget, about $13 billion, goes before parliament on Tuesday after its finance committee rejected it. [47] It cuts public building plans and spends more on energy subsidies as oil stays high. [47] Ousmane Sonko, the parliament speaker and former prime minister, says it cuts too much investment. [47] Senegal owed about $44 billion at the end of 2025, roughly its whole yearly economy. [47]

Why it matters. A new $2.2 billion loan from the IMF, the lender to governments in trouble, still needs final approval. [47] The IMF stopped its last loan after hidden debts came to light in 2024. [47]

Jamieson Greer, the US trade chief, warned on Monday that a 3 billion euro loan to Airbus could put the US-EU tariff truce at risk. [48] The European Investment Bank, the EU's lending bank, agreed the loan in June for research. [48] Greer said his office had been given no details. [48] The two sides fought for 17 years over government help to Airbus and Boeing. [48]

Why it matters. Greer said the loan brings great uncertainty to trade in planes between the US and Europe. [48] Airbus, a European plane maker, competes with Boeing of the US. [48]

Canada's prime minister, Mark Carney, said on Monday that trade talks with the US had sped up slightly, because the US was moving closer to Canada's position. [49] Kevin Hassett, a White House economic adviser, had said a deal was very close. [49][50] A person close to the talks told Semafor that was overstated. [50] The US has put 50% tariffs on about $20 billion of Canadian goods. [49]

Why it matters. Trump told a rally a deal would be settled pretty soon. [49] Carney said he did not know whether Trump would keep to a deal this time. [49]