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- 📈 SpaceX takes off on first day | Anthropic bans latest model
📈 SpaceX takes off on first day | Anthropic bans latest model
Here's what you need to know today
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The Big Picture
Elon Musk is the world’s first trillionaire. On Friday, SpaceX listed on the share market and rose 19% in its first day of trading. This made SpaceX a $2.1 trillion company and pushed Musk’s wealth over $1 trillion. He now has $800 billion more than the second wealthiest person, Google cofounder Larry Page. (SMH)
Peace negotiations continue between Iran and US. Pakistan’s Prime Minister, Shehbaz Sharif, said that the US and Iran had agreed to a final text for a peace deal, however no details have been revealed yet. President Trump then posted that a deal would be signed on Sunday opening the Strait of Hormuz and ending Iran’s nuclear weapons ambitions. Iran then said the details had “not yet been finalised” and the signing was “definitely not happening” on Sunday. (Reuters)
Greens and Coalition look to delay Budget changes. Australia’s two largest opposition parties have found an issue they can agree on - delaying Labor’s Budget changes. The Coalition have offered the Greens a 6 month Senate inquiry on NDIS cuts if the Greens agree to back a 6 month Senate inquiry into the tax changes. These inquiries would delay Labor’s Budget changes being passed. (AFR)
More private credit challenges. BlackRock is the latest private credit manager to limit redemptions from its fund. Investors sought to pull 13% of the funds under management of its HPS Corporate Lending Fund, BlackRock honoured requests equal to its 5% redemption limit. (FT)
Companies in the news
Anthropic disables latest Claude model. The US government ordered the AI company to suspend foreign nationals from using Claude Fable 5, worrying about the security implications of the powerful new model. Anthropic then disabled all users, explaining, “The net effect of this order is that we must abruptly disable Fable 5 and Mythos 5 for all our customers to ensure compliance.” (BBC)
BHP faces strike at world’s largest bulk export port. The Australian Workers Union reported that 90% of its workers at BHP’s Port Hedland terminal backed a strike, one day after the Electrical Trades Union confirmed its members unanimously backed the strike. The strike comes as BHP and the Unions are seven months into negotiations over a new employment agreement, with a shutdown at the port expected to cost BHP $120 million per day. (ABC | ABC)
European carmakers ask for help. Volkswagen, Renault and Stellantis asked the European Union to adopt a target of 70% cars sold in Europe are made in Europe. The request comes as these carmakers struggle with competition from cheaper Chinese electric vehicles. (Reuters)
Paramount gets approval to acquire Warner Bros Discovery. The streaming giant owned by David Ellison received antitrust approval from the US Department of Justice to acquire fellow Hollywood giant Warner Bros Discovery. The combined company will own some of entertainment’s largest assets including HBO, CNN, CBS, Paramount Pictures and Warner Bros. (FT)
Barrenjoey gets approval to acquire Magellan. The ACCC has signed off on the acquisition, that will see investment bank Barrenjoey acquire the fund manager that seeded it, Magellan Financial Group. As part of the deal, Barrenjoey will take over Magellan’s stock market listing and the ASX ticker will be changed from MFG to BJY. (Capital Brief)
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24 October. Carriageworks, Sydney. Secure your tickets today.
An unlikely insurance policy
Being relegated to a lower division is a financial nightmare in Spain’s La Liga soccer league, and one at-risk club took out an uncommon insurance policy against that possibility — a multimillion dollar bet against itself on Kalshi.
Going into a must-win match to stay in the higher-paying division, the unnamed club bet on itself to lose as a financial hedge against being demoted in the event of a loss. The club went on to win the game, losing the bet but avoiding relegation.
While the club technically didn’t break any laws, it has called into question the spirit of the game and supported the argument for banning prediction markets in sports. (Futurism)
Rebuilding portfolios for a fragmenting world
Global allocation still matters, but it can’t be on autopilot. Markets are no longer driven by a single engine. Leadership is broader, policy less predictable, and navigating it takes more than watching a screen.
The classic 60/40 portfolio worked for decades, until the relationships beneath it began to shift. With equity and bond correlations less reliable and market leadership increasingly narrow, our analysis suggests investors now need a more flexible, research‑driven approach to building resilient portfolios.
Discover Fidelity’s Research Advantage
How the professionals are positioning portfolios
In a recent Ask An Adviser segment, financial adviser Charlie Viola had some valuable input for investors regarding asset allocation.
How are you seeing broader markets at the moment and how are you positioning portfolios are the moment?
Charlie: Yeah, we've been saying for a little while, we're still a believer in global growth. So we've been saying for a while that we're still an investor, especially in global equities. We still think that global equities will perform reasonably well over the medium to long term. There's lots of sort of discussion around AI and disruption and whatever else. All of it is a positive impact to GDP growth.
I think sector selection might be difficult, but generally US equities and global equities we think will actually perform quite well. We think infrastructure will continue to perform really well over a period of time. It punches income into the bank account. It's all weather. It protects us from downside and draw down risk on markets.
There are only so many asset classes you can invest in: Australian equities, global equities, PE, VC, real assets, property and infrastructure, and then private debt, private credit, fixed interest kind of thing. We're happy to be neutral or above neutral in global equities right now because we think that that's where the best returns will come from.
Want to work with an adviser like Charlie to figure out your asset allocation? Fill out the form on our website and we’ll match you with one of our hand-picked advisers to help you get started.
