Brazil's Ibovespa closes down 13.9% after Lula wins; in dollars it's closer to 24%
Brazil's Ibovespa closed down 13.9% today, its worst day since March 2020, after Lula narrowly won a fourth term in Sunday's runoff.
The real also fell about 12%. Stack the two and a dollar based investor lost roughly 24% in one session (0.861 x 0.88).
Sources: @MarioNawfal: Brazil voted for Lula. The markets had bet on Bolsonaro. And the reaction is BRUTAL. · @RossGivens_: Ibovespa hit a 10% circuit breaker, the real fell about 12% and Treasury canceled two bond auctions
Not financial advice. For informational and educational purposes only.
$693M. That's Anthropic's first-half operating loss, and it's the number I'd anchor on, much more than the $80.7B net loss leading every…
$693M. That's Anthropic's first-half operating loss, and it's the number I'd anchor on, much more than the $80.7B net loss leading every headline. The S-1, filed October 26, shows H1 2026 revenue of $16.29B, up from $1.16B a year earlier. Operating…
The number I keep coming back to is $4 billion.
The number I keep coming back to is $4 billion. Reuters says DoorDash is in talks to buy Instacart for roughly $17B, and Instacart was worth about $13B as of Friday's close. DASH holders reacted on October 26 like they're the ones paying that gap.
End-of-day recap
Lula's runoff win sparked a Brazil selloff, with XP Inc falling 48.36% to $15.71 as markets headed toward the Fed decision.
Brazil's runoff result drove the session's largest single-stock move. A natural gas deal and tech gains set the pace elsewhere as markets headed toward Wednesday's Federal Reserve decision. XP Inc fell 48.36% to $15.71, the session's biggest single-stock move. President Luiz Inacio Lula da Silva won Sunday's runoff with 51.8% over Flavio Bolsonaro, a result markets had not priced in.
Oil Shocks of the 1970s — CPI Then vs Now
Crude oil near $101.58 a barrel and CPI at 3.7% year-over-year still look tame next to the 1970s.
Crude oil near $101.58 a barrel and CPI at 3.7% year-over-year still look tame next to the 1970s. But September's inflation print is moving the wrong way, and energy is a big reason why. The latest CPI, for September, came in at 3.7% year-over-year, up from 3.4% in August, with prices up 0.6% on the…