Brazil's Ibovespa sinks 13.88% after Lula win; Anthropic filing lifts Asian chip stocks

Key figure: 10-year Treasury par yield, Oct. 26: 5.00%, 0 bp vs. Oct. 23. Source: U.S. Treasury.

Key points

• Ibovespa fell 13.88% Monday and the dollar rose 8.21% to R$5.403, per Agência Brasil.[1][2][15][16]
• Flávio Bolsonaro dropped his annulment bid to target Lula’s ticket, Poder360 reported.[3][4]
• Kospi rose 3.09% and the Nikkei 1.73% after Anthropic’s IPO filing, per CNBC.[7][5][6]
• HSBC set a buyback of up to $1 billion; S&P 500 futures fell 0.13%, per CNBC.[8][9][7]

Ibovespa has its worst day since 2020; Bolsonaro shifts his challenge

Markets & Finance

The Ibovespa fell 13.88% to 176,608.23 at Monday’s close, its steepest drop since March 2020, Agência Brasil reported; B3 said it halted trading for 30 minutes.[1][2][15][16][17] Flávio Bolsonaro dropped his annulment bid and will seek to have Lula’s ticket revoked over alleged abuse of power, Poder360 and CNN Brasil reported.[3][4]

Why it matters: The selloff reversed the rally built on bets of a Bolsonaro win, Reuters said, putting Lula’s fiscal plan at the center of the market story.[2]

Anthropic's IPO filing lifts Asian chip stocks

AI & Technology

South Korea’s Kospi closed up 3.09% at 5,638.34, with SK Hynix up 5.18%, the Korea Times reported.[5] Japan’s Nikkei 225 closed up 1.73%, led by Advantest’s 8.98% gain, Reuters reported, after Anthropic filed for a U.S. IPO on Monday.[6][7]

Why it matters: Daiwa’s Daisuke Hashizume told Reuters investors remain “cautious” before Alphabet and Microsoft report this week.[6]

HSBC profit rises 32%; bank sets a new buyback

Business & Corporate

HSBC said third-quarter pretax profit rose 32% to $9.6 billion and set a buyback of up to $1 billion.[8][14] Profit was just below the bank’s compiled consensus, and shares fell 2.95% in Hong Kong, CNBC reported.[9]

Why it matters: The bank said the gain mainly reflects the absence of $1.4 billion in legal provisions booked a year earlier.[8]

Fed opens a two-day meeting; U.S. futures are mixed

Macroeconomics & Policy

S&P 500 futures were down 0.13% and Nasdaq-100 futures 0.42% as of CNBC’s 3:48 a.m. ET update; the S&P 500 rose 0.7% at Monday’s 4 p.m. ET close.[7] December Brent futures were at $115.84 on Tuesday shortly after 3:05 a.m. ET, CNBC said.[7]

Why it matters: Investing.com said a hold is broadly expected Wednesday, leaving Fed Chair Kevin Warsh’s comments as the read on further hikes.[10]

Exhibit 1. Par yields steady to lower Oct. 26; EIA crude spot fell Oct. 20 Yields in %, crude in $/bbl; change vs. the prior business day

Measure (date, source)	Level	Chg
2-year Treasury par yield, Oct. 26, per Treasury	4.68%	▼ −1 bp
10-year Treasury par yield, Oct. 26, per Treasury	5.00%	0 bp
30-year Treasury par yield, Oct. 26, per Treasury	5.31%	▼ −2 bp
Brent spot, Oct. 20, per EIA	$115.22	▼ −$3.60
WTI spot, Oct. 20, per EIA	$107.89	▼ −$2.12

EIA publishes daily spot prices weekly; the next release is Oct. 28. Source: U.S. Treasury; U.S. Energy Information Administration. Table: New Street.

Notes

• Accessed Oct. 27, 2026, 4:00 to 4:30 a.m. ET.