> ## Content Index > Fetch the complete content index at: https://www.sharespective.com/llms.txt > Use this file to discover other available public pages before exploring further. # Paperwork and Panic - URL: https://www.sharespective.com/sharespective-2026-10-27/ - Published: 2026-10-26T21:15:00.000Z - Updated: 2026-10-26T21:14:59.000Z - Description: Brazilian shares in New York lost a fifth of their value after Lula won a fourth term. - Author: Shaun Botha - Tags: Daily | ![](https://storage.ghost.io/c/02/71/0271df32-cec6-421f-9f13-b06ab90e54c1/content/images/2026/08/mark-light-3.png) | SharespectiveWall Street, before morning tea | Daily newsletterTue 27 Oct 2026 | | ------------------------------------------------------------------------------------------------------------------ | -------------------------------------------- | ------------------------------- | | ![Today's edition](https://storage.ghost.io/c/02/71/0271df32-cec6-421f-9f13-b06ab90e54c1/content/images/2026/08/kicker-1.png)Paperwork and Panic**Plus:** Brazilian shares in New York lost a fifth of their value after Lula won a fourth term. | | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | **Good morning.** US shares rose on Monday, and the chipmakers led the way. The S&P 500 gained 0.70% and the NASDAQ Composite 0.82%, after Anthropic, the company behind the Claude chatbot, made its listing papers public. Brazil went the other way. The real fell as much as 12% against the US dollar after Sunday's presidential runoff, its steepest drop in more than two decades. Anyone who bet on the first-round result had a long Monday. In other company news, Tesla rose 5.21% after Barclays upgraded the shares and pointed to a possible merger with SpaceX. Elsewhere, Instacart jumped 7.87% because The Wall Street Journal reported that DoorDash is in advanced talks to buy it. Finally, Dollar General fell 3.22% after the Federal Trade Commission and 20 states sued, alleging shoppers paid more than advertised prices. Depends where you were standing. ### Market snapshot | S&P 5007,676.77**▲ 0.70%** | ​ | NASDAQ26,169.38**▲ 0.82%** | ​ | NZX 5013,733.93**▼ 0.09%** | | -------------------------- | - | -------------------------- | - | -------------------------- | | ​ | | | | | | ASX 2008,809.90**▲ 0.17%** | ​ | RangeUS$53.56**▲ 17.66%** | ​ | XPUS$15.71**▼ 48.36%** | US index levels are Monday 26 October's closes in New York. The ASX 200 is Monday's local close. The NZX 50 is Friday's close, because the NZX was shut on Monday for Labour Day. Range Resources and XP show Monday's closing price and that session's move. | ​ | TECHNOLOGY | | - | ---------- | ## Anthropic filed to list on the Nasdaq, and chip stocks rallied on its numbers Anthropic filed its prospectus with the US Securities and Exchange Commission on Monday. It plans to list on the Nasdaq under the ticker ANT, with Goldman Sachs and Morgan Stanley leading the offering. **The revenue is what got the market's attention.** Anthropic took in US$16.3 billion in the six months to June, up from US$1.2 billion a year earlier. In the whole of 2025 it made US$4.6 billion. The June quarter was its first with an operating profit, of US$974 million. The headline loss looks alarming. Anthropic lost US$80.7 billion in the half, but about US$72 billion of that is an accounting charge with no cash attached. It comes from the rising value of the instruments it used to raise money. Chip investors cared about the spending. Anthropic put about US$9 billion into computing infrastructure in the first half, and much of that ends up with chipmakers. Nvidia rose 2.39% to US$216.00, and Micron gained 2.98% to US$903.70. | Our readthe prospectus is the first time outsiders can check Anthropic's revenue against its costs. One profitable quarter is a start. I'd want to see a few more before treating Monday's chip rally as anything other than relief. | | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | | ​ | EMERGING MARKETS | | - | ---------------- | ## Brazilian shares in New York lost a fifth of their value after Lula won a fourth term Luiz Inácio Lula da Silva won Sunday's presidential runoff with 51.8% of the vote. Senator Flávio Bolsonaro took 48.2%, has refused to concede, and says he will seek to have the result annulled. **Investors had bet on the other result.** Bolsonaro won the first round three weeks ago, and Brazilian assets rallied on hopes he would rein in government spending. Lula's win brought the worries about Brazil's budget and debt straight back. In São Paulo, the Ibovespa index fell as much as 17% during the day. A 10% drop triggered the exchange's circuit breaker, a trading halt it had not needed since the COVID sell-off of 2020. New York took its own hit. The iShares MSCI Brazil fund, which holds the country's biggest listed companies, fell 19.82% to US$34.15\. Nu Holdings, the digital bank, lost 16.95%. XP had the worst of it. The Brazilian investment platform closed down 48.36% at US$15.71, nearly halving in a single session. Its income comes from Brazilians trading and investing, which ties it closely to the local market. | What to watchXP had the same customers and accounts on Monday as on Friday. What changed is the price investors demand for holding Brazilian risk. The next clue is who Lula picks for his economic team, and whether they bring a plan for the budget. | | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | ​ | ENERGY | | - | ------ | ## EQT agreed to buy Range Resources, creating America's biggest natural gas producer EQT agreed on Monday to buy Range Resources in an all-stock deal. The combined company would be worth more than US$50 billion including debt, and both say it will be the largest natural gas producer in the US. Range shareholders get 0.987 of an EQT share for each Range share. Range jumped 17.66% to US$53.56, while EQT slipped 1.40% to US$54.85. **The price is set in EQT shares, so it moves every day.** At Monday's close, 0.987 EQT shares were worth about US$54.14\. Range finished a little below that, and the gap is the market's allowance for the small chance the deal falls over. Range's owners will hold about 27% of the combined company and EQT's the other 73%. Two Range directors, including chief executive Dennis Degner, will join EQT's board, and EQT's Toby Rice will run the business. Together they will produce more than 9 billion cubic feet of gas equivalent a day, with over 30 years of drilling left. EQT expects US$325 million of annual savings within two years, and more than US$600 million eventually. The deal should close in the March quarter of 2027. | The testEQT says the combined business covers its costs and generates cash with gas below US$2 per million British thermal units, the unit US gas is priced in. That low cost base is the point of the deal. A full year of combined results will show whether the savings are real. | | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ### Newsworthy numbers | ​ | ​ | ​ | | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | 200the minimum number of "neoclouds", companies that rent out AI computing power, that Elon Musk expects to face "guppy-level death and consolidation". He says debt markets have all but shut on them. | ​ | 49%the premium HealthSpan Partners, linked to the Catholic hospital group Bon Secours Mercy Health, is paying to take Surgery Partners private for US$5.7 billion. The shares jumped 47.62%. | | ​ | | | | ​ | ​ | ​ | | US$2 billionthe minimum value of Verizon's new deal to support Amazon Web Services' AI infrastructure. Verizon shares still fell 3.49% after quarterly revenue missed forecasts. | ​ | 24 hourshow long Western Sydney International can operate each day, with no curfew, after opening on Sunday. Air New Zealand flew in its first international passenger service on Monday morning. | ### Worth a read | ​ | | | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | | 01 | **[Why don't we pay for our own pension? Ask Susan](https://www.rnz.co.nz/news/business/2149067/why-dont-we-pay-for-our-own-pension-ask-susan?ref=sharespective.com)** — Susan Edmunds on why NZ Super comes out of today's taxes rather than a pot saved for each of us, and why switching would mean paying for two generations at once. | | ​ | | | 02 | **[The AI boom is making the world's cheapest smartphones disappear](https://restofworld.org/2026/ai-data-center-memory-chip-shortage-cheap-smartphones-digital-divide/?ref=sharespective.com)** — Kinling Lo on how data centres' hunger for memory chips has pushed up phone prices. Shipments of phones under US$100 fell almost 60% in the June quarter. | | ​ | | | 03 | **[Who's paying whom? The circular money machine behind the AI boom (or bubble)](https://theconversation.com/whos-paying-whom-the-circular-money-machine-behind-the-ai-boom-or-bubble-293938?ref=sharespective.com)** — Ruipeng Liu and Sagarika Mishra of Deakin University on chipmakers acting as investor, supplier and customer all at once. | | ​ | | | 04 | **[Archaeologists May Have Just Found the World's Oldest Shipwreck](https://www.sciencedaily.com/releases/2026/10/261025073036.htm?ref=sharespective.com)** — Pottery off Turkey's Kekova coast points to a wreck from Egypt's pyramid age. Macquarie University's Karin Sowada helped date it, and the paper is not yet peer-reviewed. | | ​ | | | 05 | **[You Finally Got a Wikipedia Page. Then It Vanished](https://longreads.com/2026/10/26/wikipedia-deletion/?ref=sharespective.com)** — Duncan Fyfe, writing for Wired, on the volunteer editors who decide who is notable enough to keep a page, and how blunt their verdicts can be. | ### Wrapping up The Conference Board's October reading of US consumer confidence lands at 3​am Wednesday in Auckland. The Bank of Canada sets rates at 2.45​am on Thursday. Boeing and PayPal report before Tuesday's open in New York. For Boeing, the line to watch is free cash flow, which management guided to the low hundreds of millions of dollars. PayPal expects branded checkout, its own payment button, to grow between 1% and 2%. The NZX reopens this morning. USD/NZD held at 1.76 and USD/AUD at 1.42, both little changed on Monday. Back to work, New Zealand. See you tomorrow. ​ General information and commentary only, not financial advice. It does not take account of your objectives, financial situation or needs, and reflects the author's own reading of public information at the time of writing, which may be wrong. Sharespective, its people and its clients may hold positions in the companies covered. Do your own research and talk to a licensed adviser.