Market updates, written for the people on each side of the deal.

Consumer operators, marketplace sellers and anyone funding working capital in Brazil Brazil, between a slowdown and rising prices Brazil's central bank has stopped cutting at 13.75%. Growth is fading and prices are firming at the same time, so money in Brazil stays expensive for longer than most plans assumed. 2026-11-07 Investors and operators with yen exposure, and anyone pricing Japanese assets Japan has its 2% The Bank of Japan now says underlying inflation is where it wants it. Rates are still well below neutral, so the next year is about how fast money in Japan stops being cheap, not whether it does. 2026-11-07 Allocators and lenders sizing the AI capital-spending chain The whole rack The largest chip company no longer sells chips. It sells the rack, and now the network and the processor inside it. For anyone financing data centres, the bill of materials has quietly become one invoice. 2026-11-05 Investors and operators with Brazilian exposure Brazil: four decisions before February The vote is counted. What moves Brazilian assets from here is a short list of appointments and votes, each with a date attached. This is the list. 2026-11-05 Private credit managers and family offices offered data-centre paper Who carries the compute risk The chip vendor says its outlook is limited by supply, not demand. To keep it that way it has built a financing layer around its own customers. The question for anyone lending into that layer is who is really on the hook. 2026-11-05 Consumer operators, marketplace sellers and receivables lenders in Brazil Brazil's households have run out of room Household debt and the share of income going to service it are both at record highs. New lending to families is shrinking in real terms. For anyone selling to Brazilian consumers, the instalment plan is now the business model, and it is getting more expensive to run. 2026-11-05 Holders of SpaceX paper, credit investors and anyone pricing the listing One rocket, borrowed money The largest plan ever put in front of public investors rests on one engineering question and one financing question. Reusing a rocket's upper stage quickly and cheaply, and borrowing against a connectivity business that already makes money. Everything else follows from those two. 2026-10-28 Holders of pre-IPO positions, founders and GPs planning a listing The index buys the IPO A large new listing can be added to five major US indices within three weeks of its first trade. The passive demand that follows is now part of the pricing of every mega-cap IPO, and of every pre-IPO secondary that precedes it. 2026-10-27 Operators and investors with Brazilian exposure Brazil: continuity, at a price Lula won a fourth term against the polls and the prediction markets. The policy outlook barely changes. The price of Brazilian assets does, and anyone importing into the country should plan for a weaker real. 2026-10-26 Credit investors and counterparties financing Brazilian trade Brazil's fiscal arithmetic The campaign added spending commitments on both sides. The debt structure passes higher rates through to the budget faster than almost anywhere else. The December budget vote is the first test of whether the new government intends to do anything about it. 2026-10-26 Growth investors, infrastructure and private credit managers The gigawatt is the new unit of account One company reported quarterly revenue up 161% and said it intends to add ten gigawatts of compute next year. Its numbers are the clearest statement yet of how AI capacity is priced, built and financed. 2026-10-21 Corporate development teams, cross-border investors Ring-fencing China A possible merger of two of the largest companies in the world would run into the same wall every cross-border deal hits: who controls the China business. The structures that solve it are the ones Asia has used for years. 2026-10-20 Allocators, private credit managers and family offices Who pays for the gigawatts The six largest builders of AI infrastructure will spend around one and a half trillion dollars next year and most of them will burn cash to do it. The financing of that build is the largest capital markets event of the decade. 2026-09-15 Consumer brands, retailers and distributors entering Asia The agent is the new storefront Meta has put a consumer agent in front of four billion people. For anyone selling through its apps, the question is no longer reach. It is who owns the transaction. 2026-09-10