Huatai Securities said its research shows China’s national average hog price was 8.6 yuan/kg on Nov. 9, below the previous cycle low. The broker attributes the deeper-than-expected second trough to persistently high industry supply and inventories and weak consumption, leaving the Q4 seasonal uplift muted. With hog and piglet prices hitting fresh lows, cash-flow losses are set to deepen and could drive larger-than-expected reductions in productive sow capacity, which would increase upside elasti

Market sources say Anthropic is launching office productivity tools ahead of an IPO, moving into direct competition with Microsoft (MSFT.O).

ANTHROPIC is seeking $3.0–3.5bn from Japanese investors, planning to sell 38.5m–50.0m shares at a reference price range of $70–78 per share, according to a filing with Japan’s Ministry of Finance. The company included Japan in its financing plan after launching its IPO roadshow; it has said total proceeds could top $3.5bn. ANTHROPIC’s broader IPO would offer up to $64.4bn of stock; the filing implies a valuation of roughly $1.0tn on listed shares and about $1.4tn on a fully diluted basis. The Japan tranche is an unlisted public offering aimed at domestic high-net-worth households and will help Mizuho Financial Group bolster its role as a lead coordinator on large transactions.