Daily digest
The rest of the morning's newsletter run — business, economics, finance, politics and tech — kept separate from Risk Wire so that stays focused on commodity and cross-asset risk. Every item is summarised in our own words and linked to its source.
Shein finally prices its Hong Kong IPO near $27 billion, India's equity market heads for a record month, Trump doubles down on Canadian auto tariffs, and Anthropic moves to insulate its founders from outside shareholders.
Alibaba raises $10 billion for its AI build-out, Bitcoin extends a 20%-plus rally on revived debasement-trade bets, Canada readies dollar-for-dollar tariffs against Washington, and Anthropic's IPO could break SpaceX's record.
A surprise Treasury bond-buyback pledge revives dollar-debasement chatter and a gold rally, Anthropic lines up an IPO to rival SpaceX's record as Broadcom seeks $60 billion to help finance the AI buildout, and Beijing rolls out fresh fiscal support ahead of a pivotal Jackson Hole symposium.
America's debt load tops $40 trillion as Bessent leans harder into bond-market intervention, Anthropic lines up a SpaceX-beating IPO, and Evergrande's founder is sentenced to life for a $300 billion fraud.
Evergrande's founder gets life in prison as Walmart posts its weakest sales growth in six years, Washington's public debt formally clears $40 trillion, and Anthropic signals an IPO built to rival SpaceX's record.
Indian fintech raises a fresh wave of funding even as foreign investors shun the stock market, 30-year government bond yields hit multi-decade highs across three continents, and a chip-sector selloff tests the AI trade's borrowing costs.
An Oklahoma town votes down a Trump-backed aluminium smelter, Tata Sons confronts what comes after Chandrasekaran, Josh Kushner's early-stage fund has grown sevenfold on AI bets, and Anthropic's IPO pitch leans on a revenue forecast four times its public run-rate.
Fitch keeps America at AA+ while warning on the deficit, Washington puts a 100% tariff on imported drones without naming China, and Modi makes AI skilling for a crore of young Indians an Independence Day pledge.
American inflation cooled just enough to take a September rate rise off the table, Asia's hardware and internet giants reported on AI spending rather than AI earnings, and Databricks raised at a valuation that jumped $56bn in six months.
India's Monsoon Session closed with 12 bills passed and the Lok Sabha functioning barely a fifth of the time, while Tamil Nadu opened the fight over who gets how many seats in the next one.
Chinese commodity producers are refusing to do what the textbook says they should — shut down — and the result is a steady export of deflation.
Chinese factory-gate inflation cooled by more than expected, while Berkshire's new boss began spending the cash pile Warren Buffett spent years building.
