Buffett indicator (CSI 300 market cap/GDP) fell to 92.59% on Aug 13. CSI 300 equity risk premium (ERP) was 5.26%, oscillating around 5.2% since July and sitting at the lower end of its range since Oct 2024, suggesting the market’s yield advantage over government bonds is modest. Historical thresholds: Buffett indicator 70–100% is typically viewed as normal (below = undervalued; above = overvalued). Over a 10-year sample the CSI 300 ERP is inversely correlated with the index; ERP ≥6% has coincide

Anthropic is holding preliminary investor meetings ahead of a potential record-sized IPO, with discussions reportedly remaining at a macro level and not yet covering detailed financials or formal valuation guidance. CFO Krishna Rao is leading meetings focused on the Claude model family, Claude Code, enterprise positioning, management and product roadmap. The company confidentially filed listing documents with the SEC in June but has not set an IPO timetable. Anthropic completed a financing in late May at an implied valuation of about $965bn and disclosed an annualized revenue run rate above $47bln. Some investors price a potential IPO as high as $2tn, though that figure is not an official company target. Rival OpenAI has also confidentially filed but has not begun investor roadshows.

Baltic Dry Index (BDI) fell for a fourth session, down 95 points (3.2%) to 2,844 after touching its highest level since June 3 last Friday. Capesize index (BCI) dropped 243 points (5.2%) to 4,469; capesize daily earnings fell $2,212 to $37,025 — capesizes typically carry about 150,000 tonnes of iron ore and coal. Panamax index (BPI) slipped 40 points (1.7%) to 2,262; panamax daily earnings declined $355 to $20,361, ending a 10-session rally. Supramax index (BSI) rose 10 points (0.6%) to 1,613. Handysize index (BHSI) eased 2 points to 865.