Major headlines drawing global financial media attention overnight and this morning include: Brazil's stock market plummeted, the real weakened, and Lula's election victory rattled Brazilian markets; Lula pulled off an unexpected come-from-behind win, and Trump said Brazil's presidential election appeared to be "rigged"; shortly after the iPhone Duo went on sale, reports emerged of cracks in its inner screen, and Apple acknowledged that a small number of devices were affected; Anthropic publicly filed for an IPO and is expected to become the first listed frontier AI lab; Microsoft plans to offer voluntary departure packages to about 60,000 employees, with acceptance expected to be far lower than the previous round; the U.S. average gasoline price rose above the average level during Biden's term, increasing pressure on Republicans before the midterm elections.
Brazil's stock market plunged, the real weakened, and Lula's election victory rattled Brazilian markets
Brazil's incumbent President Lula won the election, sending the country's stocks, currency, and debt tumbling. The real fell 8%, on track for its largest single-day drop since the 1990s, and hit its weakest level since January. The Ibovespa index fell 13.9%, its worst single-day performance since early 2020. The country's dollar bonds across maturities ranked among the worst performers in the developing world. Brazil's B3 exchange on Monday relaxed trading restrictions in several key markets, allowing larger-than-usual swings in currency, interest rate, and stock index futures.
Lula pulled off an unexpected comeback, and Trump said Brazil's presidential election appeared to be "rigged"
After Brazilian President Lula defeated challenger Flavio Bolsonaro in a stunning comeback, U.S. President Trump claimed the second-round election result looked "rigged." "It looks like another rigged election," Trump told reporters on Monday when asked about the result. He referenced a judicial ruling that extended voting time in Brazil. "I just think it looks very bad, this election, the way it was counted," Trump added. "Extending the time is very strange."
Shortly after the iPhone Duo went on sale, reports emerged of cracks in its inner screen, and Apple acknowledged that a small number of devices were affected
The iPhone Duo, seen as one of Apple's most important new products in years, is facing growing complaints from users, with some buyers saying the foldable phone's screen developed cracks after only a few hours or days of use. These users said they heard a sound similar to cracking when unfolding the phone, followed by a large crack appearing along the center crease. Some users also encountered white spots or other display glitches on the right side of the screen. The issue first appeared on Reddit and other social media sites. Since then, media outlets independently verified the problem with more than six users, who provided photos of damaged devices or records of communications with Apple customer service. Apple said in a statement that the company "has become aware of an issue affecting the inner display of a small number of iPhone Duo devices, and if users experience a problem with their iPhone Duo display, they should contact AppleCare for a replacement."
Anthropic publicly filed for an IPO and is expected to become the first listed frontier AI lab
Anthropic publicly filed for an initial public offering (IPO), moving one step closer to becoming the first publicly listed company whose main business is developing the most advanced artificial intelligence models. According to a filing submitted to the U.S. Securities and Exchange Commission (SEC) on Monday, the developer of the Claude model is expected to list on the Nasdaq Global Select Market under the ticker symbol ANT. Anthropic had already confidentially submitted a draft IPO registration statement in June. The filing shows that Goldman Sachs and Morgan Stanley are leading the IPO underwriting, with 20 other banks participating.
Microsoft plans to offer voluntary departure packages to about 60,000 employees, with acceptance expected to be far lower than the previous round
In order to adjust its workforce for the AI era and further cut costs, Microsoft will offer voluntary separation packages to about 60,000 employees. A Microsoft spokesperson said employees at the vice president level and below in some teams in the United States, Canada, India, and the United Kingdom will be eligible. Employees in some business units are not included in the plan, including some working in data centers, sales, and marketing.
The U.S. average gasoline price rose above the average level during Biden's term, increasing pressure on Republicans before the midterm elections
The average U.S. gasoline price under the Trump administration has exceeded the average level during the Biden administration, highlighting the political pressure Republicans face before the midterm elections. Trump had promised to lower gasoline prices to below $2 per gallon, but according to daily data released by AAA, nearly two years into his presidency, the average retail gasoline price was $3.472 per gallon, nearly one cent higher than the average price of $3.471 per gallon during former President Biden's term.
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