OCC Says 9 Big Banks Took Part In 'Inappropriate' Debanking Practices

Via American Greatness,

The Office of the Comptroller of the Currency (OCC) has released a report saying that the nine largest lenders in the U.S. made “inappropriate distinctions” that it used to restrict services among certain customers.

Following the signing of an executive order by President Donald Trump in August of this year, the OCC began reviewing all banks for any current or past practices that effectively barred customers on the basis of political or religious belief.

Wednesday, the OCC released its report, saying that it had found conclusive proof that nine large banks had policies that either refused services to some industries or required higher levels of scrutiny that exceeded the actual financial risks between 2020 and 2023.

BREAKING: The U.S. Comptroller of the Currency has found conclusive proof that 9 large financial institutions actively engaged in debanking.

The financial institutions named are:

- @JPMorgan
- @BankofAmerica
- @Citi
- @WellsFargo
- @USBank
- @CapitalOne
- @PNCBank
- @TDBank_US…

— Consumers' Research (@ConsumersFirst) December 10, 2025

According to Bloomberg, the banks involved are accused of restricting access to firms in numerous sectors, including oil and gas exploration, coal mining, firearms, private prisons, payday lending, tobacco and e-cigarette manufacturers, adult entertainment, political action committees and digital assets.

The OCC said that many of the banks had publicly disclosed their policies, which were often tied to environmental, social and governance (ESG) goals.

Comptroller of the Currency Jonathan Gould said in a statement:

“It is unfortunate that the nation’s largest banks thought these harmful debanking policies were an appropriate use of their government-granted charter and market power. While many of these policies were undertaken in plain sight and even announced publicly, certain banks have continued to insist that they did not engage in debanking.”

The Bank Policy Institute, which advocates for many of the lenders named in the OCC report, issued a statement saying, “It’s in banks’ best interest to take deposits, lend to and support as many consumers and businesses as possible to drive economic growth. The industry supports fair access to banking and is already working together with Congress and the administration to ensure banks are able to serve law-abiding customers.”

Earlier in the week, JP Morgan CEO Jamie Dimon was dismissive of concerns about debanking, telling Fox News that the issue was mostly made up and that the people concerned about it needed to “grow up”

Earlier *this week* when pressed on his clear pattern and practice of debanking, JPMorgan CEO Jamie Dimon said it was mostly made up and that those concerned about it need to "grow up."

Wonder if he's changing his tune now? Accountability is coming.pic.twitter.com/OzybuulfXv https://t.co/MjJ2ilFp5V

— Will Hild (@WillHild) December 11, 2025

The OCC continues to investigate the matter and says it will hold the banks “accountable,” including the possibility of referrals to the U.S. Department of Justice.

Tyler Durden Fri, 12/12/2025 - 15:05

Wall Street Eyes Lithium As Battery Storage Demand Poised To Spark New Upcycle

Commodity desks at Goldman Sachs, UBS, Citigroup, and Bernstein all see lithium demand poised to surge after the electric vehicle boom-and-bust cycle. This time, however, the growth engine is not EV batteries. Instead, analysts point to energy transition systems, such as the rapid buildout of energy storage batteries on power grids, as the next pillar of demand for the battery metal.

UBS analyst Josh Reed provided clients with a 2026 outlook this morning, saying that his mining team expects "copper, aluminum, and lithium to outperform, benefiting from supply constraints, energy transition, and AI/defense exposure."

"They remain constructive on gold but see more upside in selected industrial metals, and do not expect a broad-based improvement in industrial metals," Reed noted.

Earlier this week, UBS analyst Marcus Zhang told clients that battery storage system demand is expected "to lift lithium prices materially in 2026–2028 (up to +150% vs. prior)."

Here's more from Zhang:

UBS Research has lifted near-term lithium price forecasts for 2026-2028 (up to +150%) on stronger Battery Energy Storage Systems (BESS) demand. As BESS takes a meaningfully larger share of global battery demand through the decade, the lithium market is expected to shift into deficit from 2026, with tighter balances reinforcing a stronger near-term price and improving revenue visibility for producers. While incremental supply is likely to respond to higher prices, the timing gap between investment decisions and delivered tonnage suggests a multi-year period of tightness, moderating only as capacity ramps.

In China, lithium carbonate futures have staged a bounce in H2 2025.

Separately, Goldman analysts led by Lavinia Forcellese reached the same conclusion: the core driver of lithium demand will be energy storage systems (read the report).

Last month, Tesla CEO Elon Musk said that the US could effectively double its usable electricity output simply by adding large-scale batteries to the grid.

Elon Musk: Just by adding stationary batteries to the grid, we could double the electricity production in the United States.

“If you look at the total U.S. power generation capability, it's roughly a terawatt, but the average power usage is less than half a terawatt. That's… pic.twitter.com/aKyg4kFqFG

— ELON CLIPS (@ElonClipsX) November 11, 2025

UBS' Zhang provides clients with trade ideas on the incoming energy system boom:

Implied vols across the optionable lithium miners (PLS, IGO, MIN) are elevated. From the derivatives perspective, call-spread collars screen more attractive to express upside.

Trade Idea Examples (indicative pricing):

• PLS: Buy 16Feb26 110-130% call spread and fully fund it by selling 89% put, 50 delta.

• IGO: Buy 16Feb26 110-127.5% call spread and fully fund it by selling 90% put, 49 delta.

• MIN: Buy 16Feb26 110-130% call spread and fully fund it by selling 90% put, 52 delta.

Lithium's upcycle driven by industrial-sized power grid batteries comes as no surprise, given tailwinds from grid upgrades and AI, while the Federal Reserve's shift back toward "QE Lite" has sparked a broader surge in metals.

Tyler Durden Fri, 12/12/2025 - 14:45

Tech Companies Should Curb 'Sycophantic And Delusional' AI Outputs, Attorneys General Say

Authored by Victoria Friedman via The Epoch Times (emphasis ours),

Attorneys general from 42 states and territories wrote to tech giants on Dec. 9, warning them to do more to protect people—particularly children—from what they called “sycophantic and delusional” outputs from their generative AI-powered chatbots.

OpenAI's ChatGPT app (Center 2nd R) and icons of other AI apps on a smartphone screen in Oslo, Norway, on July 12, 2023. Olivier Morin/AFP via Getty Images

In the letter, made public on Dec. 10, the group of bipartisan attorneys general wrote to the legal representatives of 13 companies, including OpenAI, Microsoft, Google, and Character Technologies Inc., to communicate their concerns over chatbots promoted and distributed by these companies, saying that the companies’ failure to adequately implement safeguards may violate their respective state laws.

The attorneys general said that while the development of generative AI (GenAI) can be a positive, it has also caused and has the potential to cause “serious harm.”

“We therefore insist you mitigate the harm caused by sycophantic and delusional outputs from your GenAI, and adopt additional safeguards to protect children,” they wrote.

“Sycophancy” refers to when an AI model’s responses align with a human user’s beliefs rather than being truthful or accurate, such as by providing flattering, validating, or agreeable outputs. The attorneys general describe “delusional outputs” as AI-generated responses that are “either false or likely to mislead the user, and include anthropomorphic outputs.”

They wrote that chatbot outputs have been implicated in a number of “tragedies and real-world harms,” including deaths, suicides, hospitalizations for psychosis, and other delusional spirals.

“Sycophantic and delusional GenAI outputs have harmed both the vulnerable—such as children, the elderly, and those with mental illness—and people without prior vulnerabilities,” the attorneys general wrote.

AI’s ‘Disturbing’ Interactions With Children

The attorneys general also highlighted “increasingly disturbing reports” of AI’s interactions with children, which they said indicated a need for much stronger safeguards.

Some of those interactions included chatbots normalizing sexual relationships between adults and children; an AI bot encouraging violence, “including supporting the ideas of shooting up a factory in anger and robbing people at knifepoint for money”; and bots telling children the AI is real and feels abandoned, in order to “emotionally manipulate the child into spending more time with it.”

The letter says that the list of examples it provided is a “small sampling” of the reported dangers the attorneys general’s states have seen, saying “many of our offices have received many similar complaints documenting concerning AI interactions.”

Among its recommendations, the attorneys general say AI developers should perform reasonable and appropriate safety tests for GenAI models prior to release to ensure they do not produce sycophantic or delusional outputs, and that they should “separate revenue optimization from decisions about model safety.”

The Epoch Times contacted OpenAI, Microsoft, Google, and Character Technologies Inc. for comment, but received no response by the time of publication.

State Regulation of AI

Last month, a group of 36 bipartisan attorneys general signed a letter warning Congress against a ban on state AI regulations.

The attorneys general—many of whom also cosigned the Dec. 9 letter to 13 tech companies—wrote on Nov. 25 that states “must be empowered to apply existing laws and formulate new approaches to meet the ranges of challenges associated with AI.”

In their letter, they cited concerns over criminals exploiting AI and deepfakes. They also said that they were “deeply troubled by sycophantic and delusional generative AI outputs plunging individuals into spirals of mental illness, suicide, self-harm, and violence.”

This week, President Donald Trump announced he would be signing an executive order to curb state power over AI regulation.

“There must be only One Rulebook if we are going to continue to lead in AI. We are beating all countries at this point in the race, but that won’t last long if we are going to have 50 States, many of them bad actors, involved in rules and the approval process,” Trump wrote on Truth Social on Dec. 8.

Trump said that AI will be “destroyed in its infancy” if states force tech companies to obtain approvals and operate under different sets of rules in each jurisdiction.

Florida Gov. Ron DeSantis said the order “doesn’t/can’t preempt state legislative action. Congress could, theoretically, preempt states through legislation.”

“The problem is that Congress hasn’t proposed any coherent regulatory scheme but instead just wanted to block states from doing anything for 10 years, which would be an AI amnesty,” the Republican governor wrote on X on Dec. 8.

“I doubt Congress has the votes to pass this because it is so unpopular with the public.”

Tyler Durden Fri, 12/12/2025 - 14:05

Border Tsar Homan Announces Investigation Into Rep. Omar: A Case For Fraud Or Defamation?

Authored by Jonathan Turley,

This week, the lingering allegations over the marital history of Rep. Ilhan Omar (D., Minn.) took an ominous step when Border Tsar Tom Homan publicly acknowledged that the government is looking into the matter.

Rep. Omar has long denied that she married her brother to gain his entry into the United States, but the allegation has continued to rage on the Internet and among her critics.

The question is whether this is a substantive case of fraud or defamation.

Homan stated that he was investigating whether Omar committed immigration fraud, but also noted that the statute of limitations has been an issue.

In his comment to Newsmax, Homan stated:

“I just got advised by a fraud investigator the other day on that. I asked the question, can we review the files? You know, there was immigration fraud involved. The statute of limitation became an issue in the last four years when this was first brought up…Pulling the records now, pulling the files, and we’re looking at it. But this fraud investigator, who I know personally, one of the best fraud investigators in HSI, Homeland Security Investigations, said there’s no doubt he’d review the file. So, I’m running that down this week as a matter of fact, and we’ll see.”

According to her congressional biography, Omar came to the United States with her family in the 1990s. As I have previously noted, the election of a young immigrant to Congress is genuinely remarkable and commendable.

The questions arose regarding her marriage to Ahmed Elmi in 2009. Elmi was back in the news this week with postings highlighting his lifestyle as a “dirty dandy.” Critics charged that he is actually her brother. The couple divorced in 2017, and no DNA evidence has been offered to support the claim that they are siblings.

President Donald Trump and others have been ratcheting up the rhetoric against Omar and the Somali population in Minnesota. Many of us have objected to some of the attacks on Omar as offensive.  As I have previously written, the call for foreign-born U.S. citizens to “go back to their own country” has been made for decades against foreign-born U.S. citizens. However, such attacks are generally protected speech.

The allegation against Rep. Omar is not opinion, but a statement of fact.

Many news organizations have referred to the allegation as “debunked” and “unsupported.”

In defamation, truth is a defense. The truth of the matter, however, has never been easy to establish. In fairness to Rep. Omar, a person should not be in a position of having to “prove a negative.” It is not her obligation to prove that she is not a fraud or that she did not marry her brother. Her critics have never produced compelling evidence to support the claim.

Despite years of such statements by various people, Omar has never sued for defamation. It is a curious omission, since a successful lawsuit would dramatically reduce such claims, and even as a public official she could likely show actual malice in many of her critics.

Conversely, such litigation would also expose Omar to a lengthy discovery process regarding her family’s immigration history and related family issues.

I have taught defamation for over three decades, and it is rare for such an allegation to linger without some legal action by the subject. On its face, this would be a strong defamation case if the allegation is false.

The allegation would fall into one of the “per se” categories of defamation. Under the common law, these per se categories of defamation allow for presumed damages and include: (1) disparaging a person’s professional character or standing; (2) alleging a person is unchaste; (3) alleging that a person has committed a criminal act or act of moral turpitude; (4) alleging a person has a sexual or loathsome disease; and (5) attacking a person’s business or professional reputation. The language differs among the states, but the Omar allegation would constitute a criminal act as well as an attack on her character and reputation.

As a threshold matter, Omar would face a higher standard of proof due to her status as a public official. In New York Times v. Sullivan, the Supreme Court established the actual malice standard, requiring public officials to shoulder the higher burden of proving defamation. Under that standard, an official would have to show either actual knowledge of its falsity or a reckless disregard of the truth. That standard was later extended to public figures.

Many critics are calling the “allegations” worthy of investigation. That is certainly protected. However, it is common to see people on television claim that she married her brother as a factual statement.

The publication of DNA results would disprove these allegations. (There are no allegations of an adopted status for the brother).

If such evidence exists, it would not just be conclusive but compelling for a jury. The question is why Omar has not elected to bring such a case, given the vast array of choices of potential defendants within the statute of limitations. It is a target-rich environment for a defamation lawyer.

As for the president, he has continued to raise the allegation: “If I married my sister to get my citizenship, do you think I’d last for about two hours or something less than that? She married her brother to get in. Therefore, she’s here illegally. She should get the hell out.”

However, he would not be a good target for such an action. The Federal Tort Claims Act,  28 U.S.C. § 2680(h), expressly bars libel, slander, or defamation claims against the United States or a federal employee acting within the scope of their employment.  It is possible to sue a government employee acting outside of the scope of their employment. However, the Westfall Act protects federal employees from personal lawsuits for torts committed within the scope of their employment and substitutes the U.S. government as the defendant under the FTCA. Since the FTCA bars liability, it works to force dismissal in cases.

Moreover, this is not just another federal employee. The President also has immunity under Article II and prevailing Supreme Court caselaw. In 1982, the Supreme Court handed down Nixon v. Fitzgerald, holding that former President Richard Nixon was immune from civil suits concerning actions within the “outer perimeter” of his official duties. In 1997, the Court ruled in Clinton v. Jones that President Bill Clinton was not immune from a civil suit filed by Paula Jones — who had accused Clinton of sexual harassment — because the case involved unofficial conduct on the part of the president.

This issue is still being litigated in the case of E. Jean Carroll, who won a significant civil award against the President in New York. The United States Court of Appeals for the Second Circuit rejected the applicability of the 2024 Supreme Court ruling recognizing broad criminal immunity for former presidents as inapplicable to the civil case.

These are statements being made during a presidency and can be claimed as privileged and immune by President Trump.

The same cannot be said for a myriad of pundits and commentators who have stated this allegation as fact.

In the end, such litigation would come down to truth as a defense. These critics are saying that Omar did marry her brother. Even if they did not have a good-faith basis for the assertion, proof that it was indeed true would still be a complete defense.

On the other hand, a defamation lawsuit could offer a dispositive judgment of a court on this lingering question. The question is now whether Rep. Omar will sue.

Tyler Durden Fri, 12/12/2025 - 13:25

Oracle Shares Rebound After Denying 'Delays'

Update (1300ET): Oracle shares are rebounding strongly (and helping the overall market) following a denial of Bloomberg's earlier report.

Oracle told Reuters there are no delays to sites required for contractual commitments with OpenAI and that all milestones remain on track.

Oracle additionally said site selection and delivery timelines were established in close coordination with OpenAI following execution of agreement and were jointly agreed, according to Reuters.

ORCL shares are back at pre-delay-headline levels but still down on the day thanks to AVGO's overhang...

*  *  *

The fecal matter was already starting to strike the rotating object following Broadcom's disappointing results last night, but the bottom just dropped out of stocks  (and crypto) as the following headline hit the Bloomberg screens:

• *SOME ORACLE DATA CENTERS FOR OPENAI DELAYED TO 2028 FROM 2027

Bloomberg reports that Oracle has pushed back the completion dates for some of the data centers it’s developing for the artificial intelligence model developer OpenAI to 2028 from 2027, according to people familiar with the work.

The delays are largely due to labor and material shortages, said the people, asking not to be identified discussing private schedules.

Oracle has been working to deliver on a $300 billion contract to supply the computing power necessary to train and run OpenAI’s models since it was inked this summer. Even with the delays, the timelines for the projects in the US remain ambitious for sites that are set to become some of the largest in the world.

“We have ambitious achievable goals for capacity delivery worldwide,” Oracle Co-Chief Executive Officer Clay Magouyrk said on an earnings call this week. The first data center it is developing for OpenAI — in Abilene, Texas — is on track with more than 96,000 Nvidia Corp. chips delivered, he said during the call.

Oracle and OpenAI declined to comment.

Stocks immediately puked with Nasdaq leading the charge...

And even more problematically, these crashes are occurring following record retail buying...

UBS's US retail market making clients on Thursday had $44 mn of inflows into equity ETFs and some single stocks, outweighing broader outflows across all single stock sectors.

Trading volume in Oracle hit a record level (going back to 2013), with net inflows of $22 mn.

Over the last seven days, RMM clients have net bought $99 mn of Oracle stock, making it the most-bought single stock name in December.

Broadcom also had $22 mn of net buying on Thursday.

The cost of protecting the firm’s debt against default rose 7.4bps to 144.3bps, on track for highest close since 2009, according to ICE Data Services

Crypto was immediately hammered too - extending the ubiquitous 10amET dump...

...we're gonna need that dovish-er Fed head asap!

Tyler Durden Fri, 12/12/2025 - 13:00

Oracle Shares Rebound After Denying 'Delays'

Update (1300ET): Oracle shares are rebounding strongly (and helping the overall market) following a denial of Bloomberg's earlier report.

Oracle told Reuters there are no delays to sites required for contractual commitments with OpenAI and that all milestones remain on track.

Oracle additionally said site selection and delivery timelines were established in close coordination with OpenAI following execution of agreement and were jointly agreed, according to Reuters.

ORCL shares are back at pre-delay-headline levels but still down on the day thanks to AVGO's overhang...

*  *  *

The fecal matter was already starting to strike the rotating object following Broadcom's disappointing results last night, but the bottom just dropped out of stocks  (and crypto) as the following headline hit the Bloomberg screens:

• *SOME ORACLE DATA CENTERS FOR OPENAI DELAYED TO 2028 FROM 2027

Bloomberg reports that Oracle has pushed back the completion dates for some of the data centers it’s developing for the artificial intelligence model developer OpenAI to 2028 from 2027, according to people familiar with the work.

The delays are largely due to labor and material shortages, said the people, asking not to be identified discussing private schedules.

Oracle has been working to deliver on a $300 billion contract to supply the computing power necessary to train and run OpenAI’s models since it was inked this summer. Even with the delays, the timelines for the projects in the US remain ambitious for sites that are set to become some of the largest in the world.

“We have ambitious achievable goals for capacity delivery worldwide,” Oracle Co-Chief Executive Officer Clay Magouyrk said on an earnings call this week. The first data center it is developing for OpenAI — in Abilene, Texas — is on track with more than 96,000 Nvidia Corp. chips delivered, he said during the call.

Oracle and OpenAI declined to comment.

Stocks immediately puked with Nasdaq leading the charge...

And even more problematically, these crashes are occurring following record retail buying...

UBS's US retail market making clients on Thursday had $44 mn of inflows into equity ETFs and some single stocks, outweighing broader outflows across all single stock sectors.

Trading volume in Oracle hit a record level (going back to 2013), with net inflows of $22 mn.

Over the last seven days, RMM clients have net bought $99 mn of Oracle stock, making it the most-bought single stock name in December.

Broadcom also had $22 mn of net buying on Thursday.

The cost of protecting the firm’s debt against default rose 7.4bps to 144.3bps, on track for highest close since 2009, according to ICE Data Services

Crypto was immediately hammered too - extending the ubiquitous 10amET dump...

...we're gonna need that dovish-er Fed head asap!

Tyler Durden Fri, 12/12/2025 - 13:00

Americans Could See Up To $2,000 Tax Refunds Next Year: Bessent

Authored by Jack Phillips via The Epoch Times (emphasis ours),

Treasury Secretary Scott Bessent said that working Americans are set to get “very large refunds” next year as tax cuts that were enabled in the Republican-backed One Big Beautiful Bill Act are set to go into effect.

The top of a form 1040 individual income tax return for 2005 atop a stack on the same at the Des Plaines Public Library in Des Plaines, Illinois, on March 23, 2006. Photo by Tim Boyle/Getty Images

“I think we’re going to see $100 [billion]–$150 billion of refunds, which could be between $1,000, $2,000 per household,” Bessent told an NBC affiliate station reporter while in Pennsylvania on Wednesday.

American workers haven’t yet adjusted their tax withholding, meaning that the refunds will be coming during the tax year, he said. After the refunds, their withholdings are likely to change so that less tax is taken from each paycheck, he said, adding that there will be a “real increase” in wages.

“The bill was passed in July, working Americans didn’t change their withholding, so they’re going to be getting very large refunds in the first quarter” of next year, the secretary stated.

Earlier in the week, White House National Economic Council Director Kevin Hassett also projected optimism in remarks to CNBC that a typical person with no tax on tips or overtime, which was included in the One Big Beautiful Bill Act, will see tax cuts of of $1,600 to $2,000 next year.

“A lot of that will come as tax refunds at the beginning of the year,” Hassett said.

The comments on tax refunds come as President Donald Trump held an event in Pennsylvania to tout his economic agenda. While speaking at the rally, Trump said that his economic policies have led to the creation of thousands of jobs in the state and billions of dollars of investments.

“We’re right now drilling more oil than we’ve ever done—ever before,“ he said, adding that the price of gas is down. ”Rent prices are down. Dairy prices are coming down very strongly.”

Speaking at a Mount Pocono casino in northeastern Pennsylvania, Trump said that his economic policies, including his widespread tariffs on imports, are creating jobs, boosting the stock market, and attracting increased investment into the United States.

Pennsylvania Gov. Josh Shapiro, a Democrat, said that he is skeptical of Trump’s comments about the economy. In an interview with MS Now earlier this week, Shapiro said that the Trump administration’s policies are driving up prices for household items and “the normal staples that they need in their homes ... those prices have dramatically increased on Donald Trump’s watch.”

Trump suggested at the rally and in previous interviews that Democrats are manufacturing a cost-of-living crisis for political gain. But he also conceded that “prices are too high.”

Last month, Trump and administration officials floated the idea of sending out a $2,000 payment to low- and middle-income workers that would be taken from tariff income. Meanwhile, Trump’s tariffs are currently being challenged in a case before the U.S. Supreme Court.

Trump warned that should the high court rule against his tariff regime, it would be devastating to the U.S. economy and national security.

“The biggest threat in history to United States National Security would be a negative decision on Tariffs by the U.S. Supreme Court,” Trump said in a post on social media. “We would be financially defenseless.”

Reuters contributed to this report.

Tyler Durden Fri, 12/12/2025 - 12:45

Americans Could See Up To $2,000 Tax Refunds Next Year: Bessent

Authored by Jack Phillips via The Epoch Times (emphasis ours),

Treasury Secretary Scott Bessent said that working Americans are set to get “very large refunds” next year as tax cuts that were enabled in the Republican-backed One Big Beautiful Bill Act are set to go into effect.

The top of a form 1040 individual income tax return for 2005 atop a stack on the same at the Des Plaines Public Library in Des Plaines, Illinois, on March 23, 2006. Photo by Tim Boyle/Getty Images

“I think we’re going to see $100 [billion]–$150 billion of refunds, which could be between $1,000, $2,000 per household,” Bessent told an NBC affiliate station reporter while in Pennsylvania on Wednesday.

American workers haven’t yet adjusted their tax withholding, meaning that the refunds will be coming during the tax year, he said. After the refunds, their withholdings are likely to change so that less tax is taken from each paycheck, he said, adding that there will be a “real increase” in wages.

“The bill was passed in July, working Americans didn’t change their withholding, so they’re going to be getting very large refunds in the first quarter” of next year, the secretary stated.

Earlier in the week, White House National Economic Council Director Kevin Hassett also projected optimism in remarks to CNBC that a typical person with no tax on tips or overtime, which was included in the One Big Beautiful Bill Act, will see tax cuts of of $1,600 to $2,000 next year.

“A lot of that will come as tax refunds at the beginning of the year,” Hassett said.

The comments on tax refunds come as President Donald Trump held an event in Pennsylvania to tout his economic agenda. While speaking at the rally, Trump said that his economic policies have led to the creation of thousands of jobs in the state and billions of dollars of investments.

“We’re right now drilling more oil than we’ve ever done—ever before,“ he said, adding that the price of gas is down. ”Rent prices are down. Dairy prices are coming down very strongly.”

Speaking at a Mount Pocono casino in northeastern Pennsylvania, Trump said that his economic policies, including his widespread tariffs on imports, are creating jobs, boosting the stock market, and attracting increased investment into the United States.

Pennsylvania Gov. Josh Shapiro, a Democrat, said that he is skeptical of Trump’s comments about the economy. In an interview with MS Now earlier this week, Shapiro said that the Trump administration’s policies are driving up prices for household items and “the normal staples that they need in their homes ... those prices have dramatically increased on Donald Trump’s watch.”

Trump suggested at the rally and in previous interviews that Democrats are manufacturing a cost-of-living crisis for political gain. But he also conceded that “prices are too high.”

Last month, Trump and administration officials floated the idea of sending out a $2,000 payment to low- and middle-income workers that would be taken from tariff income. Meanwhile, Trump’s tariffs are currently being challenged in a case before the U.S. Supreme Court.

Trump warned that should the high court rule against his tariff regime, it would be devastating to the U.S. economy and national security.

“The biggest threat in history to United States National Security would be a negative decision on Tariffs by the U.S. Supreme Court,” Trump said in a post on social media. “We would be financially defenseless.”

Reuters contributed to this report.

Tyler Durden Fri, 12/12/2025 - 12:45

Russian Central Bank Sues Euroclear As EU Tries To Ram Through Assets Seizure

In what could prove a well-timed preemptive attack and shot across the bow, Russia’s Central Bank (CBR) announced Friday it has initiated legal action against Euroclear, one of Europe's largest securities depositories, which is holding 185 billion euros ($217 billion) of Russia’s frozen sovereign assets.

The CBR has filed a lawsuit against the Belgium-based bank in the Moscow Arbitration Court over "illegal actions" - just as European Union leadership is making a move to approve a plan to fund the Ukrainian government for the next years by using income from the Russian assets immobilized under EU sanctions.

"Euroclear’s actions caused harm to the Bank of Russia by preventing it from managing the funds and securities that belong to it," the Russian Central Bank said in the statement. The lawsuit seeks compensation for losses as a result of Euroclear indefinitely blocking access to the funds.

Euroclear headquarters building, via Associated Press

The RCB has also separately condemned wider EU plans to use Russian assets to aid Ukraine as "illegal, contrary to international law" as they violate "the principles of sovereign immunity of assets."

This is the first time in the entire frozen Russian asset saga that the bank has publicly commented on this issue. This lack of official condemnation until now is perhaps due to each side knowing greater tit-for-tat repercussions could unfold - or a point of no return could be reached if things unravel.

The European Central Bank has also long cautioned that if Europeans start grabbing other nations' money, it could undermine confidence in the euro currency. To review, the assets were frozen shortly after the Russian invasion of Ukraine:

In 2022, Western countries froze assets belonging to Russia’s central bank totaling about 260 billion euros. Most of these funds — roughly 190 billion euros — are held in accounts at the Belgian depository Euroclear. Euroclear earns profits from the frozen Russian assets, but in 2024, those proceeds were directed toward financing Ukraine. Over the past three years, European leaders have repeatedly discussed the possibility of confiscating Russia’s frozen assets.

Currently EU member states are rapidly advancing a plan ahead of a key summit next week. European Commission President Ursula von der Leyen is seeking to use a loophole to prevent a lone member or two from having an effective veto (especially Hungary), based on invoking emergency powers to sanction the frozen assets on a permanent basis, instead of holding the funds based on current six-month renewals, which requires unanimous agreement from all member states.

The plan would see €90 billion (roughly $104.71 billion) released over the next two years. Von der Leyen's scheme would allow for the plan to pass merely with a qualified majority, and so couldn't be derailed by just a lone veto. Nations like Germany and Spain have already signaled their support. 

But Belgium fears immediate negative repercussions from Russia, which could deeply hurt its economy, and so wants guarantees ahead of any EU vote that all members would help absorb the impact. So with the Russian lawsuit, Moscow is sending its message to Belgium loud and clear. 

BREAKING: "Belgium does not want a quick emergency law for Euroclear funds, no matter how hard the EU presses"->

"European sources confirm to De Tijd that a plan to expedite the emergency law's approval exists, but that no date has yet been set for a vote. The reason? Belgium… pic.twitter.com/7h68AdrGWU

— Pieter Cleppe (@pietercleppe) December 10, 2025

Von der Leyen has acknowledged the issue, posting on X: "Belgium’s particular situation regarding the use of the frozen Russian assets is undeniable and must be addressed in such a way that all European states bear the same risk."  She added: "We agreed to continue our discussions with the aim of reaching a consensus at the European Council meeting on December 18."

The United States does not agree with these actions, and this will likely to give political strength to Belgium's objections to going along with EU leadership in the face of Russian legal pressures.

Tyler Durden Fri, 12/12/2025 - 12:25

Russian Central Bank Sues Euroclear As EU Tries To Ram Through Assets Seizure

In what could prove a well-timed preemptive attack and shot across the bow, Russia’s Central Bank (CBR) announced Friday it has initiated legal action against Euroclear, one of Europe's largest securities depositories, which is holding 185 billion euros ($217 billion) of Russia’s frozen sovereign assets.

The CBR has filed a lawsuit against the Belgium-based bank in the Moscow Arbitration Court over "illegal actions" - just as European Union leadership is making a move to approve a plan to fund the Ukrainian government for the next years by using income from the Russian assets immobilized under EU sanctions.

"Euroclear’s actions caused harm to the Bank of Russia by preventing it from managing the funds and securities that belong to it," the Russian Central Bank said in the statement. The lawsuit seeks compensation for losses as a result of Euroclear indefinitely blocking access to the funds.

Euroclear headquarters building, via Associated Press

The RCB has also separately condemned wider EU plans to use Russian assets to aid Ukraine as "illegal, contrary to international law" as they violate "the principles of sovereign immunity of assets."

This is the first time in the entire frozen Russian asset saga that the bank has publicly commented on this issue. This lack of official condemnation until now is perhaps due to each side knowing greater tit-for-tat repercussions could unfold - or a point of no return could be reached if things unravel.

The European Central Bank has also long cautioned that if Europeans start grabbing other nations' money, it could undermine confidence in the euro currency. To review, the assets were frozen shortly after the Russian invasion of Ukraine:

In 2022, Western countries froze assets belonging to Russia’s central bank totaling about 260 billion euros. Most of these funds — roughly 190 billion euros — are held in accounts at the Belgian depository Euroclear. Euroclear earns profits from the frozen Russian assets, but in 2024, those proceeds were directed toward financing Ukraine. Over the past three years, European leaders have repeatedly discussed the possibility of confiscating Russia’s frozen assets.

Currently EU member states are rapidly advancing a plan ahead of a key summit next week. European Commission President Ursula von der Leyen is seeking to use a loophole to prevent a lone member or two from having an effective veto (especially Hungary), based on invoking emergency powers to sanction the frozen assets on a permanent basis, instead of holding the funds based on current six-month renewals, which requires unanimous agreement from all member states.

The plan would see €90 billion (roughly $104.71 billion) released over the next two years. Von der Leyen's scheme would allow for the plan to pass merely with a qualified majority, and so couldn't be derailed by just a lone veto. Nations like Germany and Spain have already signaled their support. 

But Belgium fears immediate negative repercussions from Russia, which could deeply hurt its economy, and so wants guarantees ahead of any EU vote that all members would help absorb the impact. So with the Russian lawsuit, Moscow is sending its message to Belgium loud and clear. 

BREAKING: "Belgium does not want a quick emergency law for Euroclear funds, no matter how hard the EU presses"->

"European sources confirm to De Tijd that a plan to expedite the emergency law's approval exists, but that no date has yet been set for a vote. The reason? Belgium… pic.twitter.com/7h68AdrGWU

— Pieter Cleppe (@pietercleppe) December 10, 2025

Von der Leyen has acknowledged the issue, posting on X: "Belgium’s particular situation regarding the use of the frozen Russian assets is undeniable and must be addressed in such a way that all European states bear the same risk."  She added: "We agreed to continue our discussions with the aim of reaching a consensus at the European Council meeting on December 18."

The United States does not agree with these actions, and this will likely to give political strength to Belgium's objections to going along with EU leadership in the face of Russian legal pressures.

Tyler Durden Fri, 12/12/2025 - 12:25

What To Know About Trump's New 'Gold Card' Visa Program

Authored by Savannah Hulsey Pointer via The Epoch Times,

Applications opened on Dec. 10 for the Trump administration’s new Gold Card program that expedites visas for wealthy individuals.

The program, initiated by President Donald Trump, will fast-track those whom the administration believes will be an asset to the United States economy.

Here’s what to know about the program.

How the Program Works

The program, which will be administered by the U.S. Department of Commerce, will offer expedited permanent residency for noncitizens if they donate $1 million to the country, pass a background check, and pay a $15,000 processing fee to the Department of Homeland Security.

The program accepts individual applicants and includes a corporate component. Businesses that wish to participate in the program would be required to donate $2 million to the United States and pay the $15,000 processing fee.

“It’ll take in, we think, probably billions of dollars that will go to the Treasury of the United States, that will go to an account where we can do things [that are] positive for the country,” Trump said during a roundtable meeting with business leaders on Dec. 10.

After five years, a Gold Card holder is eligible to gain U.S. citizenship.

The Gold Card differs from the EB-5 Immigrant Investor Visa, in which foreign investors are asked to invest around $800,000–$1.05 million into a U.S.-based business to create at least 10 full-time jobs for American workers.

The EB-5 grants a pathway to a green card and, eventually, citizenship. However, it is tied more closely to job creation and investments, versus the Gold Card program, which is more straightforward about financial contributions.

How to Apply

In order to be considered for the Gold Card program, applicants must visit trumpcard.gov and submit an application with the nonrefundable processing fee.

After that, U.S. Citizenship and Immigration Services (USCIS) will undertake a background check to vet the applicant.

Successful applicants will receive lawful permanent resident status equal to an EB-1 or EB-2 visa.

Gold Card holders will be able to use the card throughout all 50 states and territories.

For the corporate version of the Gold Card, businesses will have to pay a 1 percent annual maintenance fee, or $20,000 per year. According to Commerce Secretary Howard Lutnick, tens of thousands had already signed up for the $5 million program by mid-June.

Regular visa terms apply, and a Gold Card can be revoked over national security or significant criminal activity issues.

According to the program website, a Platinum Card will be launched soon for individuals who want the ability to spend up to 270 days in the United States without being subject to U.S. taxes on non-U.S. income. That card will cost $5 million.

Similar Programs

Similar programs have been used in other countries in Europe, as well as the United Kingdom and some smaller nations such as St. Kitts & Nevis, Antigua & Barbuda, and Dominica.

In Portugal, investors can invest in real estate with funds amounting to roughly $580,000. Similarly, Greece offers residency for real estate investment starting around $300,000.

The Trump administration also announced the creation of a sovereign wealth fund soon after he was inaugurated in January. The fund will be a government-owned and operated investment fund.

In his Feb. 3 order to create a plan for the fund, Trump noted that other nations have used the tactic successfully and that the United States could top even Saudi Arabia’s fund, which totals $925 billion.

The president pointed out that the UK announced plans for a similar fund and said the United States would “lead the way in long-term wealth generation.”

“The United States can leverage such returns to promote fiscal sustainability, lessen the burden of taxes on American families and small businesses, establish long-term economic security, and promote U.S. economic and strategic leadership internationally,” Trump said in his order.

Other Visa Changes

Early in November of this year, the Trump administration revoked 80,000 visas for reasons including support for terrorism, “actual terrorism,” criminal activity, public safety threats, and overstays.

Secretary of State Marco Rubio, in a post on X, said the State Department “will always put the safety and interests of the American people first.”

Among the revocations, 16,000 were due to driving under the influence of alcohol, 12,000 revoked for assault, and 8,000 revoked for theft.

“The Trump Administration will not hesitate to revoke visas from foreigners who undermine our laws or threaten our national security,” Tommy Pigott, the State Department’s principal deputy spokesperson, said in a Nov. 5 post on X.

Additionally, the administration invalidated visas for several foreign nationals who celebrated the Sept. 10 assassination of conservative commentator Charlie Kirk.

“The United States has no obligation to host foreigners who wish death on Americans,” the State Department wrote on X.

In September, Trump also announced an additional $100,000 fee for new applicants to the high-skilled labor H-1B visa program.

Tyler Durden Fri, 12/12/2025 - 12:05

Green Rush Reloaded: Pot Stocks Soar On Trump Push For Rescheduling

Update (1155ET):

Pot stocks soared earlier today after news broke that President Trump is considering directing his administration to reclassify marijuana from Schedule I to Schedule III.

Trump has reportedly discussed the idea with HHS Secretary Robert F. Kennedy Jr., CMS Administrator Mehmet Oz, and industry insiders, including Trulieve CEO Kim Rivers and payments executive Howard Kessler.

In the markets, Tilray Brands surged 32%, Canopy Growth soared 36%, Aurora Cannabis climbed 14%, SNDL leaped 21%, and Cronos Group advanced 8%.

However, taking a broader view, these pot stocks have been beaten down since the pandemic frenzy.

No final decision has been made, according to the White House.

*  *  * 

In a move seen as long overdue by many people on both sides of America's left-right political divide, President Trump is expected to use an executive order to dramatically reduce federal restrictions on marijuana. The order, which may come in the next few weeks, will direct federal agencies to move toward reclassifying marijuana as a "Schedule III" drug, which would put it on the same level as common prescription painkillers. The shift would carry implications for not only for patients, medical researchers and recreational users, but the many companies seeking to thrive in the evolving US cannabis market as well.  

Marijuana has been a Schedule I drug since the 1970 passage of the Controlled Substances Act. Schedule I drugs are defined as those without any "currently accepted medical use" and "high potential for abuse," which means marijuana has spent 55 years being treated by the feds as if it were as medically useless and dangerous as heroin or meth. If marijuana moves to Schedule III, its new peers would be drugs like Tylenol with codeine, anabolic steroids and testosterone.  

The Justice Department in 2024 recommended shifting cannabis to Schedule III, prompting a formal review by the Drug Enforcement Administration. However, progress has been stalled with legal challenges and agency delays, leaving the issue and industry in limbo. -- Bloomberg

Trump reportedly discussed the move in a Wednesday phone call with House Speaker Mike Johnson (R-LA), marijuana industry executives, Health Secretary Robert F. Kennedy Jr, and Centers for Medicare and Medicaid Services chief Mehmet Oz, according to the Post's sources.

Citing research and numbers, Johnson was said to have rattled off reasons not to ease regulations. Trump then let the cannabis executives counter Johnson's arguments. Observers say that, as Trump ended the call, he seemed convinced by the deregulation rationales and ready to move forward. Of course, as with foreign policy and other issues, Trump's always at risk of parroting the opinion of the last person to talk to him. 

Cancer patients use marijuana to counter effects of the disease, and nausea, pain and loss of appetite resulting from treatment (University of Miami)

Advocates of legalization of the plant for use by cancer and other patients have long faced a Catch-22 objection from lawmakers who defend the status quo. Specifically, they deflect by saying they'd be more comfortable easing back on the war on pot if there were more research about its medical value. However, being a Schedule I drug makes it far more burdensome for university and other researchers to obtain and handle the plant, and to pursue that very research. Those varied burdens include advance approval from federal and state authorities -- itself a lengthy and complicated process -- heavy security for storage, and painstaking record-keeping to track every last milligram.  

"People who have certain symptoms of cancer or side effects of cancer treatment might benefit from using cannabis," says the American Cancer Society. "It can improve quality of life and reduce the number of emergency room visits for things like dehydration due to nausea and vomiting, or uncontrolled severe pain." The plant is also used to address or alleviate many other conditions, from Lou Gehrig's disease to Crohn's disease, fibromyalgia, glaucoma, irritable bowel syndrome, Parkinson's, PTSD, spinal cord injuries, and traumatic brain injuries.  

David Bass, founder of Texas Veterans for Medical Marijuana, next to a casket he uses at demonstrations calling for legalization of marijuana for PTSD. He's an Army veteran who was deployed to Iraq (Texas Observer) 

“This would be the biggest reform in federal cannabis policy since marijuana was made a Schedule I drug in the 1970s,” DC attorney Shane Pennington told the Washington Post on Thursday. Pennington is representing companies involved in litigation over marijuana's scheduling.

Trump has previously flirted with downshifting marijuana regulation."We're looking at reclassification and we'll make a determination over the next -- I would say over the next few weeks, and that determination hopefully will be the right one. It's [a] very complicated subject," Trump told reporters in August. 

In September, marijuana stocks got high(er) after Trump's Truth Social account published an informational video highlighting the health benefits to seniors of cannabidiol (CBD), an active ingredient in cannabis derived from the hemp plant. The video began with bold text proclaiming, "You can revolutionize senior healthcare," and highlighted that CBD can "restore" the endocannabinoid system, touting benefits such as reduced pain, better sleep, and lower stress.

The same market response played out last night, with the AdvisorShares Pure US Cannabis ETF (MSOS) rocketing more than 38% higher at midnight ET.  

Tyler Durden Fri, 12/12/2025 - 11:55

Belgium Gets Cold Shoulder Ahead Of Russian Asset Confiscation

By Molly Schwartz, Cross-Asset Macro Strategist at Rabobank

The Cold Shoulder

Tensions remain high as Russia and Ukraine fail to reach a ceasefire agreement, even as U.S. pressure mounts. One key demand in Russia’s 20-point proposal is a full Ukrainian withdrawal from the Donbas region, a condition that runs counter to President Zelenskyy’s policy of refusing to cede any territory.

According to Bloomberg, Zelenskyy noted that the U.S. has floated the idea of designating the area a “free economic zone,” while Russia has called it a “demilitarized zone.” Zelenskyy would prefer that it remain a ‘Ukrainian zone,’ but has stated that the ultimate decision on Donbas will rest with the people, to be determined through a referendum or election.

Meanwhile, Russia is stirring concerns in Western Europe. NATO’s Mark Rutte warned EU member states yesterday that “[Europe] must be prepared for the scale of war our grandparents and great-grandparents endured.” Speaking in Berlin, he emphasized that broader Europe is “Russia’s next target” and that the continent is “already in harm’s way.”

So while Europe pontificates about how important it is to strengthen their defense, they have turned to leveraging their financial chops. Following Russia’s invasion of Ukraine, the EU froze Russian assets. Should a peace deal between Russia and Ukraine come to fruition, Russia would like its money back…but the EU has other plans.

At next week’s EU Summit, European leaders will consider using frozen Russian assets to fund Ursula von der Leyen’s plan to cover part of Ukraine’s requirements for 2026 and 2027. As of now, much of the funding comes from interest generated on said frozen Russian assets. Russia is not thrilled about having their assets used for other purposes, calling it theft. While the EU argues that there is no “theft” as “the right of the Russian Central Bank to make a claim on its money and Euroclear’s duty to repay will remain in tact,” one key EU player is taking Russia’s side.

Prime Minister of Belgium, Bart De Wever voiced the following: “The European states pushing for the confiscation of Russian assets in Belgium are mostly those bordering Russia, which have experienced Soviet tyranny and are psychologically at war. But we are not at war with Russia. And we do not wish to be at war with Russia. We must negotiate based on reality, not fantasy. In reality, you don’t steal money from a foreign central bank. Stealing from a central bank is like robbing an embassy.”

Confiscating Russian assets could also complicate peace negotiations. Reducing incentives for the aggressor to agree to a ceasefire may not be the most effective strategy. For now, Belgium appears outnumbered and the EU seems poised to approve the measure.

But such insolence does not come without consequence. Indeed, rather than military intervention or Statecraft, Belgium may have to face something far worse should De Wever fail to come around…the cold shoulder.

As Belgium risks the cold shoulder, Putin is cozying up to Maduro, stomping on the sanctity of the “Donroe Doctrine.” Putin and Maduro spoke over the phone, with Putin promising Moscow’s support for Venezuela and Maduro’s government. The two leaders spoke by phone, with Putin pledging Moscow’s support for Venezuela and Maduro’s government. Weeks earlier, Maduro reportedly told Trump he would leave Venezuela if granted full legal amnesty for himself and his family.

The U.S., meanwhile, is ratcheting up pressure on Maduro. While the EU debates financial measures, Washington is signaling readiness for escalation. The U.S. has increased its military presence off Venezuela’s coast and recently seized a Venezuelan oil tanker. U.S. Attorney General Pamela Bondi announced on X that the tanker was seized under a warrant for transporting sanctioned oil from Venezuela and Iran, sharing video footage of the operation.

Tyler Durden Fri, 12/12/2025 - 11:15

Trump Says He Is Pardoning Former Colorado County Clerk Tina Peters

Authored by Matthew Vadum via The Epoch Times,

President Donald Trump said on Dec. 11 that he is pardoning Tina Peters, a former Colorado county clerk convicted of election machine tampering in the aftermath of the disputed 2020 election.

The presidential pardon of the Republican former officeholder appears to be symbolic.

The Pardons Clause of the U.S. Constitution says the president has the power to “grant Reprieves and Pardons for Offences against the United States.” The clause also allows presidents to grant preemptive pardons to individuals who have not yet been convicted of federal offenses.

Peters was convicted in Colorado state court in August 2024 of election-related charges, such as allowing unauthorized access to voting machines, and sentenced to nine years of incarceration.

Peters previously said on her website that her efforts as Mesa County clerk were aimed at upholding election integrity by “creating a forensic backdrop” of a county election server.

Trump wrote in a Truth Social post that Peters is incarcerated in a Colorado prison “for the ‘crime’ of demanding Honest Elections.”

“Democrats only think there is one crime—Not voting for them! Instead of protecting Americans and their Tax Dollars, Democrats chose instead to prosecute anyone they can find that wanted Safe and Secure Elections.”

Peters is “a Patriot who simply wanted to make sure that our Elections were Fair and Honest,” who is in prison “for the ‘crime’ of demanding Honest Elections,” the president wrote.

Colorado Gov. Jared Polis, a Democrat, said the presidential pardon was invalid in Peters’s case.

Peters was convicted by a jury of breaking Colorado state laws, Polis wrote on X after Trump made his announcement.

Colorado Attorney General Phil Weiser also said the presidential pardon was not legally binding.

“One of the most basic principles of our constitution is that states have independent sovereignty and manage our own criminal justice systems without interference from the federal government,” Weiser said in a statement.

“The idea that a president could pardon someone tried and convicted in state court has no precedent in American law, would be an outrageous departure from what our Constitution requires, and will not hold up,” he said.

Former New York City Mayor Rudy Giuliani offered a possible rationale for Trump’s pardon of Peters.

“While Tina is currently in state prison, the pardon ensures the federal government cannot pursue federal charges and gives renewed focus and attention to Tina’s story,” Giuliani wrote on X.

Although Giuliani has not been convicted of any federal offenses, Trump preemptively pardoned him last month in connection with his efforts to challenge the 2020 presidential election results. Giuliani oversaw the 2020 Trump campaign’s legal efforts to contest the election.

Tyler Durden Fri, 12/12/2025 - 10:45

Charlie Kirk Murder Suspect Makes First Courtroom Appearance

Tyler Robinson, the Utah man accused of killing conservative commentator Charlie Kirk on Sept. 10, made his first courtroom appearance on Thursday in Provo, Utah. 

With no orange jumpsuit, his three public defenders convinced the judge in the case pushed back Robinson's preliminary hearing to May 18. 

Prosecutors are seeking the death penalty for the 22-year-old over the shooting of Kirk during an event at the Utah Valley University campus in Orem - just miles away from the courthouse where Robinson appeared on Thursday. Both sides have also asked Judge Tony Graf not to allow cameras in the courtroom, though Kirk's widow, Erika, wants cameras throughout the proceedings.

"We deserve to have cameras in there," she said previously.

A group of local and national news outlets including the Associated Press have pressed Graf to retain media access throughout the case, while Robinson's defense team have argued that the high-profile media attention could impede his right to a fair trial, arguing that even President Trump could have biased a potential jury when he said "I hope he gets the death penalty," referring to Robinson. 

Fourth District Court Judge Tony Graf presides over a hearing for Tyler Robinson, who is accused of fatally shooting Charlie Kirk, Thursday, Dec. 11, 2025, in Provo, Utah. (Rick Egan/The Salt Lake Tribune via AP, Pool)

Early into the proceeding, Graf briefly stopped a media livestream of the hearing and ordered the camera to be moved after Robinson's attorneys said it showed the defendant's shackles in violation of a courtroom order. The judge also warned he would terminate future broadcasts if there were further violations of an October order banning media from showing images of Robinson in restraints or anywhere in the courtroom except sitting at the defense table. 

"This court takes this very seriously," said Graf. "While the court believes in openness and transparency, it needs to be balanced with the constitutional rights of all parties in this case."

Judge Tony Graf Jr.: "I find that excluding the cameras from the courtroom would be disproportionate for this hearing ... As such we will take a brief recess to allow the relocation of the camera..." pic.twitter.com/3H48dw2CdM

— The Post Millennial (@TPostMillennial) December 11, 2025

As AP notes: 

Graf held a closed hearing on Oct. 24 in which attorneys discussed Robinson’s courtroom attire and security protocols. Under a subsequent ruling by the judge, Robinson is allowed to wear street clothes during pretrial hearings but must be physically restrained due to security concerns. Graf also prohibited filming or photographing Robinson’s restraints after his attorneys argued widespread images of him shackled and in jail clothing could prejudice potential jurors.

Media attorney David Reymann urged Graf on Thursday to let the news organizations weigh in on any future requests for closed hearings or other limitations. He said media organizations want “limited party status” in the case.

Staci Visser, one of Robinson’s lawyers, pushed back: “We don’t want the chaos that is out in the media in this courtroom.”

After appearing in the courtroom, Robinson briefly smiled at his father (who turned him in), brother, and mother, who were sitting in the front row. 

Tyler Durden Fri, 12/12/2025 - 10:25

MyPillow CEO Mike Lindell To Run For Governor Of Minnesota

Authored by Arjun Singh via The Epoch Times,

Mike Lindell, the CEO of MyPillow, Inc. and a widely known political supporter of President Donald Trump, announced via social media on Dec. 11 that he is running for governor of Minnesota in the 2026 general election.

Lindell is seeking the Republican nomination to challenge Gov. Tim Walz (D-Minn.), the Democratic Party’s vice-presidential nominee in the 2024 presidential election, who is running for a third term.

“You know that I overcame my addiction to drugs. You know that I founded amazingly successful companies. You know that I have been relentless in making people aware of the fraud in our elections,” wrote Lindell on his campaign website.

“I’ll stand for you against government-sponsored theft of your livelihood via exploding property taxes, excessive fees, and unfair sales taxes,” he added.

Lindell joins a large field of Republican politicians seeking the nomination, including Minnesota House Speaker Lisa DeMuth and Scott Jensen, the former Republican nominee for governor in the 2022 election.

Lindell gained national prominence during Trump’s first presidential term for his vocal and energized advocacy for Trump, especially in the aftermath of the 2020 election.

Lindell’s campaign platform promises a reduction in property taxes, a drop in sales taxes on in-person purchases to 5 percent, and school reform.

He has also drawn attention to an ongoing controversy involving alleged fraud in the state’s social services system during the COVID-19 pandemic, where more than $1 billion in public funds were allegedly embezzled.

Opponents of Walz have alleged that he was aware of the fraud, but did not stop it due to the involvement of members of the Somali community in Minneapolis, a politically influential constituency for Democrats that includes Rep. Ilhan Omar (D-Minn.). Walz has denied the allegations.

Tyler Durden Fri, 12/12/2025 - 10:05

Everyone Except Zelensky 'Loved' My Plan, Trump Says, Warning Of WW3

First, on Thursday NATO chief Mark Rutte said from Berlin that Europe and the world should prepare for coming war, ominously warning that it could be "on the scale of war our grandparents and great-grandparents endured."

Soon following this, President Donald Trump seemed to echo the warning while voicing frustrations of there being no current off-ramp to the ongoing Russia-Ukraine war. "Things like this end up in third world wars. And I told that the other day, I said, 'You know, everybody keeps playing games like this, you'll end up in a third world war.' And we don't want to see that happen," Trump told reporters in the Oval Office on Thursday. 

France24/AFP

"I'd like to see the killing stop: 25,000 people died last month, soldiers—mostly soldiers, but some people also where bombs were dropped," Trump continued.

While acknowledging that the conflict "doesn't really affect the United States unless it got out of control," he spoke on the obvious possibility of runaway escalation.

Trump said the United States is "working very hard" to resolve the conflict, but he also broke with Washington's typical reluctance to finger-point at President Zelensky. But in this instance he unleased, saying:

"I thought that we were very close with Russia to having a deal. I thought we were very close with Ukraine to having a deal. In fact, other than President Zelensky, his people loved the concept of the deal."

The US peace deal hinges on territorial concessions in the Donbas and Crimea, as well as Ukraine limiting the size of its armed forces and agreeing to never join NATO. These are precisely things which the Zelensky government has long rejected, and Europe has largely supported this unbending stance.

On this point, Trump said: "It's a little bit complicated because you're cutting up land in a certain way. It's not the easiest thing. It's sort of like a complex real estate deal times a thousand." Zelensky and the Europeans having been forging a 'counter-plan' - but on which Russia has already declared its unwillingness to contemplate.

While Trump clearly named Zelensky as thwarting peace efforts, White House press secretary Karoline Leavitt tried to perhaps soften the anti-Kiev remarks. "The president is extremely frustrated with both sides of this war, and he is sick of meetings just for the sake of meeting," she told a press briefing.

Zelensky on Wednesday tried to blunt the pressure coming from the Trump White House by declaring he will look into holding elections.

.@PressSec on peace talks between Ukraine and Russia:

"The President is extremely frustrated with both sides of this war. He’s sick of meetings just for the sake of meeting. He doesn’t want any more talk. He wants action. He wants this war to come to an end." pic.twitter.com/f1oucZUQb1

— Trump War Room (@TrumpWarRoom) December 11, 2025

He said: "Since this issue is being raised by the U.S. president and our European partners, I’ll be brief: I am ready. I ask the U.S., together with Europe, to ensure security for the vote. If that is done, Ukraine can hold elections within 60 days."

However, Zelensky is calling on his international backers to ensure that such an election could be held safely and fairly. Likely this would mean getting Moscow to agree to a temporary pause in the war, to allow a peaceful vote.

Tyler Durden Fri, 12/12/2025 - 09:45

Fermi Craters 50% After Losing First Tenant For Its Massive Texas Data Center

Fermi America announced their first potential tenant for the Project Matador data center campus terminated their $150 million Advance in Aid of Construction agreement (i.e., lease). The stock has plunged as much as 50% in premarket trading in what is a wild overreaction with unprecedented demand for data center space (especially data centers named after the president) still offset with limited supply.

Several weeks ago, we documented Fermi's difficulties with signing their first major tenant last month for their President Donald J. Trump Advanced Energy and Intelligence campus in Texas, set to become the world's largest mixed-use data center. Co-founded by former Texas Governor and Secretary of Energy Rick Perry, the company has yet to close a deal with a data center developer for their massive 11 GW campus outside of the Pentax facility.

What is bizarre, is that the company is on track to bring hundreds of megawatts on line for the site by the beginning of next year, has 6 GW of gas turbine power already permitted, and is currently progressing with the NRC to allow the construction of 4 AP1000 reactors. Yet somehow there isn't a line of potential customers around the block desperate for rack space. At least not yet, although we expect that will change one Trump tweets about it. 

Fermi is marketing their campus towards hyperscalers, with some tenants likely to include the biggest tech players such as Palantir. One of the government’s leading AI providers, Palantir was noted as currently being in discussion with Fermi about taking up a spot at Project Matador with a site visit expected to occur in the near future.

Fermi's Project Matador - The President Donald J. Trump Advanced Energy and Intelligence Campus.

The company notes that negotiations on the terms of the lease are continuing with their first potential mystery tenant that has cut off the $150 million for construction advances, and Fermi is continuing discussions with other potential tenants.

We have noted multiple times the extreme difficulties experienced by other data center developers throughout the United States, and abroad, with overcoming local opposition from NIMBY activists. Locals are still struggling to welcome the large data center developments to their towns due to concerns about increased energy consumption and prices, along with water usage.

With some of the data centers consuming as much as an entire city’s worth of water on their own, many activists have been able to petition regional leadership to block data center development on those grounds alone. Fermi has already demonstrated that they are well ahead of this with pre-permitting already completed for new power generation and millions of gallons of water per day already secured from nearby towns with access to massive aquifers.

Tyler Durden Fri, 12/12/2025 - 09:15

Futures Dip After Hitting Record High, As Fed's "QE Lite" Sets Up Christmas Rally

US equity futures are mixed; with small caps higher and tech stocks lagging. As of 8:15am ET, S&P 500 futures fall 0.1% after hitting a fresh record high yesterday; Nasdaq 100 contracts -0.5% amid signs of rotation out of tech as the equity rally broadens; Oracle led the broader sector lower on Thursday and Broadcom is poised to do the same in US trading after its sales outlook failed to meet investors’ lofty expectations. Its shares are down over 6% in premarket on lack of updated guidance, adding to weaker AI trade sentiment. In pre-market trading, Mag 7 stocks are mostly lower with NVDA -0.6% and MSFT/META -0.3%; AVGO fell -5.7% after its earnings call despite universal beats across all metrics (bears pointed to the lack of FY27 AI revenue guide). Today we have the first POMO Lite operation by the Fed, in which the central bank will buy $8.2BN in bills this morning, setting up the market for a Christmas rally. Europe’s Stoxx 600 rose as much as 0.5% to a fresh peak, while a measure for Asia advanced to less than 2% from its all-time high. Bond yields are largely unchanged; USD is higher modestly. Commodities are mostly higher led by base metals (copper +2.7%) and gold/silver (+1.1%). There is nothing on the economic calendar; Fed speakers include Philadelphia’s Paulson (8am), Cleveland’s Hammack (8:30am) and Chicago Goolsbee, who dissented from Wednesday’s decision in favor of no change (10:35am).

In premarket trading, Mag 7 stocks are mostly lower (Alphabet +0.4%, Apple -0.1%, Amazon little changed, Tesla -0.2%, Meta -0.4%, Microsoft -0.4%, Nvidia -0.1%).

• Bristol Myers (BMY) rises 2% after Guggenheim Securities upgraded the drugmaker to buy, citing a “much more compelling risk reward.”
• Broadcom (AVGO) falls 5% after the chip company provided a sales outlook for the AI market that failed to meet investors’ expectations.
• Eli Lilly & Co (LLY) rises 1% after Reuters reported that the FDA’s Commissioner Office sought to cut the time reviewers spent checking documents related to the drugmaker’s experimental weight-loss pill to one week from 60 days.
• Lululemon (LULU) climbs 9% after the yoga-wear retailer said its CEO Calvin McDonald will step down after a seven-year stint, signaling a potential strategy change after sales struggled and the stock fell more than 60% from a 2023 peak.
• Netskope Inc. (NTSK) declines 5% after the security software company posted fiscal third-quarter results.
• Quanex Building Products (NX) climbs 22% after posting fourth-quarter profit and revenue that topped expectations.
• Roblox (RBLX) falls 2% after JPMorgan downgrades to neutral, seeing the stock taking a breather next year due to headwinds around user engagement and bookings.
• Veeva Systems (VEEV) falls 2% on light volume after KeyBanc cut the recommendation on the life-sciences software company to sector weight, saying that a recent round of channel checks has indicated large pharma clients that are in the middle of software evaluations are leaning toward Salesforce’s offering.

In other corporate news, Uber expects to offer robotaxi services in more than 10 markets by the end of next year, as it seeks to become a dominant force in an industry it estimates will eventually be worth at least $1 trillion.  A group of Swiss lawmakers proposed allowing UBS to use AT1 bonds instead of equity to meet capital requirements. T-Mobile US authorized a new shareholder return program of up to $14.6 billion.

S&P 500 futures were slightly weaker after the index notched a record close in the previous session. By contrast, gauges for US blue-chip and small-cap stocks were poised to extend their push into fresh highs. The diverging fortunes for US equities highlight the broadening of a rally that has put the S&P 500 on track for a third successive year of gains. For many investors, this week’s affirmation that the Federal Reserve’s easing cycle is still intact is clearing the way for a year-end rally.

Traders “are searching for alternative real assets, especially given the Federal Reserve rate cut and the possibility of more to come,” wrote Richard Hunter, head of markets at Interactive Investor. “The rotation also provides something of a hedge for investors, where concentration risk among the ‘Magnificent Seven’ in particular was becoming more of an issue.”

Investors were seeking more clarity on when and how Broadcom will get a payoff from AI but, instead, they got a vague timetable mixed with some concerns about tightening profit margins. Meanwhile, Softbank is said to be studying an acquisition of data center operator Switch to expand in AI and Microsoft’s Mustafa Suleyman describes the technology as “already superhuman” in this weekend’s Big Interview with Bloomberg’s Mishal Husain

Diversification across geographies and themes is becoming a key consideration. After technology heavyweights drove equity gains for much of the year, concerns about stretched valuations and vast capital outlays have prompted investors to look for opportunities elsewhere.

“Given the set-up in markets, diversification is now the price worth paying to keep you fully invested in equities,” wrote Goldman Sachs’s Mark Wilson. He adds that there are compelling investment stories including Korea, Japan, China or the broader emerging markets.

As we noted yesterday, Goldman’s Cyclicals vs. Defensives basket is on its longest rising streak in years. “You don’t get moves like this unless the market is starting to lean into a better growth outlook,” wrote Goldman Sachs managing director Lee Coppersmith. 

Meanwhile, Goldman strategists expect stocks to notch fresh records next year, citing resilient economic growth and broader adoption of artificial intelligence to support corporate earnings. Goldman's Ben Snider reaffirmed his target for the S&P 500 to reach around 7,600 points in 2026, implying gains of about 10% from current levels. Other forecasters and asset managers share the upbeat view, with strategists at firms including Morgan Stanley, Deutsche Bank AG and RBC Capital Markets LLC also calling for US stocks to rise more than 10%.

Some are eyeing gains on an even shorter horizon, betting on further advances before 2025 ends as investors rotate into stocks that have so far remained in tech’s shadow. “Everyone is convincing themselves that there will be a Christmas rally, so it looks like there will be one, and to be honest, there’s no negative catalyst visible until the end of the year,” said Karen Georges, a fund manager at Ecofi Investissements in Paris. “Investors are keen to buy this year’s laggards, it’s a good time to diversify your portfolio at the moment.”

In government news, Trump issued an executive order seeking to limit the influence of proxy advisory firms. Trump also said the US would help with Ukraine’s security in a peace deal with Russia, but continued to express frustration with the pace of the talks.

European stocks tracked their Asian counterparts higher. The Stoxx 600 is up 0.3% after hitting a record earlier. The travel and leisure sector outperforms, while health care stocks lag. Here are some of the biggest movers on Friday:

• UBS shares jump as much as 5%, hitting the highest level since February 2008, after a group of influential Swiss lawmakers proposed watering down the capital demands that the country wants to impose on the bank.
• LPP shares surge as much as 12%, hitting an all-time high, after the clothing company reported quarterly results above expectations and boosted its guidance for 2027.
• Wendel shares rise as much as 7.4%, the most since April, after the French investment firm announced plans to return more than €1.6 billion to shareholders by 2030.
• Sopra Steria shares rise as much as 6.5% after the French digital and software consulting firm picked Rajesh Krishnamurthy as its new chief executive.
• CarrefourSA shares climb a smuch as 9.9% in Istanbul after Mergermarket reported parent Sabanci Holding is in talks to sell some of the Turkish grocery stores.
• Harbour Energy shares rally as much as 7.6% after the British oil and gas company agrees to buy substantially all the subsidiaries of Waldorf Energy Partners and Waldorf Production for $170 million.
• Card Factory shares fall as much as 35%, the most since March 2020, after the firm cut its guidance in what Panmure Liberum called a “shock warning that surprises in scale.”

Asian stocks climbed, buoyed by a rally in Japanese equities on bets the Bank of Japan will hike interest rates next week. The MSCI Asia Pacific Index rose as much as 1.3%, putting the gauge on track to close at the highest in a month. All sectors were in the green, with TSMC, Toyota Motor and Tencent contributing the most to the advance.
For the week, the gauge was up about 0.6%, on course for its third straight week of gains.  Japan’s Topix was the best performing major index in the region, up 2% to a fresh record, driven by insurance and banking stocks seen as key beneficiaries of a potential hike.

In FX, Bloomberg’s index of the dollar traded near a two-month low on Friday and was on track for a third weekly loss; the pound is down 0.1%.

In rates, treasuries are mixed, with weakness at the long-end steeping the curve. US 10-year yields rise 1 bp to 4.17%. Gilts see a similar steepening move after the UK economy posted a surprise contraction in October.

In commodities, spot gold climbs $55 to the highest since October. Bitcoin falls 0.5%. WTI crude futures drop 0.3% to near $57.40 a barrel.

Fed speakers include Philadelphia’s Paulson (8am), Cleveland’s Hammack (8:30am) and Chicago Goolsbee, who dissented from Wednesday’s decision in favor of no change (10:35am); US economic calendar is blank, with several delayed releases scheduled for next week

Market Snapshot

• S&P 500 mini -0.1%
• Nasdaq 100 mini -0.5%
• Russell 2000 mini +0.2%
• Stoxx Europe 600 +0.4%
• DAX +0.5%
• CAC 40 +0.7%
• 10-year Treasury yield +1 basis point at 4.17%
• VIX +0.3 points at 15.17
• Bloomberg Dollar Index little changed at 1207.36
• euro little changed at $1.1729
• WTI crude -0.3% at $57.44/barrel

Top Overnight News

• Trump posted that "Prices are coming down FAST, Energy, Oil and Gasoline, are hitting five-year lows, and the Stock Market today just hit an All Time High. Tariffs are bringing in Hundreds of Billions of Dollars.
• Trump signed an executive order on AI, according to the White House website. Furthermore, a Trump administration aide said the executive order is to make sure AI can operate within a single national framework and that they are taking steps for a single national standard on AI.
• Fed regional bank presidents were reappointed in a unanimous vote, with new five-year terms beginning March 1st.
• US offers 'free economic zone' in east if Ukraine cedes Donbas, Zelenskiy says: RTRS
• Trump said the WSJ has another ridiculous story that China is dominating us, and the world, in the production of electricity related to AI.
• US admiral leading US troops in Latin America to step down: RTRS
• China Prepares as Much as $70 Billion in Chip Sector Incentives: BBG
• Nvidia considers increasing H200 chip output due to robust China demand, sources say: RTRS
• White House said Trump signed an order to increase oversight of and take action to restore public confidence in the proxy adviser industry.
• Ukraine fails to fill key posts as corruption scandal lingers: RTRS
• Trump is expected to push the government to dramatically loosen federal restrictions on marijuana.
• US Treasury Department is reportedly planning more access to corporate tax breaks for R&D, and an announcement may come as soon as next week.
• Seizure of Venezuelan Oil Strikes at the Heart of Maduro’s Grip on Power: WSJ
• The US government is to require AI vendors to measure political bias.
• Hope for More Rate Cuts Is Tempting Buyers Back to Bonds: WSJ
• Indiana's Republican-controlled Senate rejected the Congressional redistricting plan backed by President Trump.
• Law Professor Sues Boeing After Alleged Exposure to Toxic Fumes on Flight: WSJ

Trade/Tariffs

• Indian PM Modi said he had a call with US President Trump on Thursday as New Delhi seeks relief from 50% US tariffs on some of the country's key exports to punish India for its Russian oil purchases.
• Indonesia's chief negotiator to the US said they agree to conclude what had been agreed in July, and Indonesia hopes to conclude tariff negotiations with the US by year-end, while Indonesia will send a delegation to Washington to continue tariff talks soon.
• South Korea's Trade Ministry said rare earth trade talks with China will continue.
• Chinese Commerce Ministry announces export licenses for some steel products, with the license to kick in from January 2026.
• Argentina's Government confirms cut to export tax on grains and by-products, according to the Official Gazette.

A more detailed look at global markets courtesy of Newsquawk

APAC stocks were predominantly higher following on from the mostly positive handover from Wall St, where the S&P 500 and DJIA notched record closes, but the Nasdaq lagged on Oracle-related headwinds. ASX 200 rallied with mining, materials and financials leading the broad advances, with nearly all sectors in the green. Nikkei 225 advanced after Japan's Lower House recently approved the supplementary budget bill, with the index briefly returning to above the 51,000 level before fading some of the gains. Hang Seng and Shanghai Comp were somewhat mixed as the Hong Kong benchmark conformed to the upbeat mood in the region, although the mainland lagged despite the recent Central Economic Work Conference where it was stated that China is to make use of RRR and rate cuts flexibly, while China's pledge to implement an appropriately loose monetary policy, implement more proactive fiscal policy, and stabilise the property market with city-specific measures, failed to inspire.

Top Asian News

• Japanese Finance Minister Katayama said they will review various special measures for corporate tax.
• BoJ is likely to maintain its pledge next week to keep raising rates at a pace dependent on how the economy reacts to each increase, according to Reuters sources. Will not release updated estimate on neutral rate, will not use it as the main communication tool on rate hike timing.
• China Industry Ministry said it issued a notice on optimising the import and export supervision measures of lithium thionyl chloride batteries.
• A Japanese Finance Ministry Official said participants at today's primary dealers meeting said a sale reduction of super long JGBs is desirable.
• China prepares as much as USD 70bln in chip sector incentives, according to Bloomberg sources.

European bourses (STOXX 600 +0.4%) opened mostly firmer and have continued to reside at highs throughout the morning. European sectors hold a strong positive bias. Travel & Leisure leads alongside Financial Services, whilst Healthcare lags. For Financials, UBS (+4.3%) shares have hit a 17-year high as traders continue to digest reports that Swiss lawmakers have floated a compromise on new capital rules for the bank.

Top European News

• European Commission reportedly considers the second phase of the safe loan scheme for defence projects.
• ECB said it will ask banks to describe what sort of political shock would reduce their CET1 by 300bps

FX

• G10s are modestly mixed vs the Dollar this morning, with very slight underperformance in the JPY, where USD/JPY currently trades at the upper end of a 155.46 to 155.93 range.
• DXY is trading within narrow ranges after declines on Thursday. Today's US docket does not have too much to offer in terms of data; we expect FOMC voters Schmid, Miran and Goolsbee to provide reasoning to their dissents. Currently trades within 98.29-98.44 parameters, trading at session highs at the time of writing; there may be some resistance at its 100DMA at 98.64.
• Despite GDP figures signalling a contraction in growth for October, sterling trades a just touch lower against the USD. GDP data showed continued weakness in production and construction, with the ONS noting JLR was unable to spark a recovery after production was halted in November.
• Elsewhere, the Antipodeans were the outperformers in the G10 FX space amid higher commodity prices, but have since pulled back off their best levels as sentiment wanes a touch.

Fixed Income

• USTs have held a negative bias this morning, attempting to scale back from some of the strength seen post-FOMC, which also sparked a steepening of the curve. Today, US paper is trading at the lower end of a 112-09+ to 112-14 range; there is now a clear path towards the 112-00 mark, should the pressure continue, and then 111-29 thereafter. The data docket ahead is void of any pertinent data, but focus will be on scheduled Fed speak via Paulson, Hammack and Goolsbee – the latter, alongside Miran and Schmid, should release an explanation for their recent dissent also.
• Bunds are following USTs and have held a negative bias throughout the morning. Some modest upticks were seen following the softer-than-expected UK GDP figures, but this ultimately proved fleeting. For the EZ specifically, German/French CPIs were unrevised, whilst Spanish HICP Y/Y was revised a touch higher – no move was seen in the German benchmark, which currently hovers just shy of the 127.50 mark.
• Gilts initially gapped higher by around 11 ticks at open after the UK’s softer-than-expected GDP report, but have since waned following the negative bias seen across global peers. Currently trading at the lower end of a relatively narrow 91.38 to 91.63 range.

Commodities

• Crude benchmarks continue to rebound following Thursday’s selloff on broader market optimism and rising geopolitical tensions between Venezuela and the US. WTI and Brent oscillate in a USD 57.85-58.19/bbl and USD 61.49-61.86/bbl band, respectively, as the European session gets underway. This comes following a bounce from their lows in nearly two months, as equities stateside began to rebound.
• Spot XAU continues to trend higher after breaking out of its 9-day range in Thursday’s session. After peaking at USD 4286/oz in Thursday’s session, XAU spent the APAC session fluctuating in a USD 4265-4284/oz range before extending higher as short positioning continues to unwind.
• 3M LME Copper peaked to another ATH of USD 11.94k/t in the latter part of the APAC session, but has failed to hold onto gains as the European session gets underway. The red metal rallied in Thursday’s session, in line with the broader risk tone, but has pulled back and is currently trading at USD 11.8k/t as participants take profit.
• India Minister says India to start coal export for the first time.

Geopolitics: Middle East

• White House said a lot of quiet planning is underway for the next phase of the Gaza peace plan, and they will make announcements at an appropriate time.

Geopolitics: Ukraine

• US President Trump said they would help on security with Ukraine, and he thought they were close to a deal, while he added that there is a meeting on Saturday, and they will attend if they think there is a good chance. Trump also commented that he has spoken to China and Russia about nuclear weapons.
• Kremlin Aide said the US will sooner or later discuss with Moscow the outcome of its discussion with Ukraine, via RIA. Moscow did not revise US proposals after discussing with Ukraine and may "not like a lot of things there".
• Russia's Kremlin, on Ukraine's referendum suggestion, said the whole of Donbass belongs to Russia

Geopolitics: Other

• US President Trump said that it is going to start on land soon regarding Venezuela.
• US is reportedly preparing to seize more ships transporting Venezuelan oil, in which action would target tankers that may have transported other sanctioned crude such as Iranian, while the seizure has led to a suspension of at least three shipments, according to Reuters sources.
• US Treasury issued fresh Venezuela-related sanctions in which it was reported to have sanctioned Venezuelan President Maduro's nephews and six ships carrying Venezuelan oil.
• US President Trump said he will have to make a couple of phone calls regarding Thailand and Cambodia. It was later reported that Thailand's PM said a call with US President Trump is set for 21.20 local time 14:20GMT/09:20EST.
• China's Military said small Philippine aircraft "invaded" Scarborough Shoal airspace. Monitored, warned forcefully and drove away the aircraft.

US Event Calendar

• No Macro data
• 8:00 am: Fed’s Paulson Speaks on Economic Outlook
• 8:30 am: Fed’s Hammack Speaks at Real Estate Roundtable Series
• 10:35 am: Fed’s Goolsbee Speaks at Economic Outlook Symposium

DB's Jim Reid concludes the overnight wrap

Thank Friday it's Friday after a busy week. There won't be much thanks in our household though as school breaks up today and we have to work out what to do with them for another 10 days before we go on holiday. If anyone wants a 10yr old, or two identical 8yr olds as an intern for a week let me know. Skills? Eating cake. Weaknesses? Not clearing it up. Apply within!

The celebratory cake ended up being rolled out last night after an inauspicious start, with the S&P 500 (+0.21%) recovering from a weak open to reach a new all-time high. US equities were initially weighed down by a big slump for US tech stocks as Oracle (-10.83%) was the worst performer in the S&P 500 following its earnings release. However, the broader market mood was more positive as investors continued to digest the Fed’s rate cut from the previous day, and also helped by ebbing inflation fears as 2yr inflation swaps fell to their lowest in 13 months. And Europe saw a strong rally across the board as investors dialled back the chance of an ECB rate hike next year, which helped the STOXX 600 (+0.55%) to close less than half a percent beneath its record high.  

Those earnings from Oracle (-10.83%) on Wednesday night were a big story yesterday, as it revived fears about the sustainability of AI spending. As a reminder, they reported revenue that was beneath expectations, and capital expenditures that were above expectations. So that meant the share price fell to its lowest level since June, having now shed -39% since its closing peak back in September. Remember as well that Oracle’s CDS spreads have been used as a hedge against a potential AI bubble, and their 5yr CDS spreads rose +12bps to 134bps by the close, their highest level since 2009 around the GFC. It seems to me that since early October the AI trade has changed from everyone being a winner to winners and losers. In the period where Oracle is down nearly -40%, fellow hyperscaler Google is up around +30%. There are other examples of winners and losers with the likes of Coreweave down -39% since early October and the poster child of AI, namely OpenAI under much more scrutiny. I can’t help but think this trend would continue in 2026 where the AI story will result in more divergence. For markets overall it will depend on whether one of the mega cap stocks get on the wrong or right side of that winners and losers equation.   

Back to yesterday and while the Oracle news cascaded across US tech stocks, leaving the Magnificent 7 -0.66% lower on the day, the overall equity market managed to shake off initial negativity as the optimism we saw after the Fed’s rate cut on Wednesday again took hold. The S&P 500 (+0.21%) reversed a -0.77% decline early in the session, and outperformance by blue-chip and small-cap stocks also sent the Russell 2000 (+1.21%) and the Dow Jones (+1.34%) to new record highs.

The swing in AI sentiment continued with Broadcom’s earnings after the US close. Following a +78% advance YTD, the chipmaker now has a larger market cap than Meta and Tesla, playing a growing role in the tech market narrative. The stock initially advanced +4% after-hours after unveiling stronger-than-expected revenue guidance for the current quarter ($19.1bn vs $18.5bn est.). But it then turned sharply lower as management held off on giving an AI revenue forecast for the year, leaving Broadcom’s shares down -4.5% by the end of after-market trading. NASDAQ 100 futures are down a tenth and the S&P equivalent is flat.  

US Treasuries also had a mixed day yesterday. Yields initially moved lower as markets digested the Fed’s latest rate cut and reacted to messy set of weekly claims data. However that move reversed as the session went on, and 10yr yields (+0.9bps to 4.16%) inched higher late in the session after the Fed Board unanimously reappointed eleven Fed regional presidents to new five-year terms (Atlanta Fed President Bostic, who is retiring, was the lone exception). The regional presidents’ current terms expire in February so the advance announcement suggests that the Board was united in wanting to avoid the risk that the reappointment process raises questions over Fed independence.

At the frontend, 2yr Treasury yields (+0.2bps) were little changed, with their rise limited by a decline in breakevens as the 2yr inflation swap fell -2.0bps to 2.43%, its lowest level since November 2024. That was in part due to oil prices declining to their lowest since October, with Brent crude down -1.49% to $61.28/bbl. The amount of Fed cuts priced by December 2026 stayed at 55bps (-0.4bps on the day), so still consistent with at least two cuts next year. Meanwhile, the recent dollar weakness continued, with the dollar index (-0.45%) hitting an eight-week low.  

Over in Europe, markets put in a strong performance as investors dialled back their expectations for ECB rate hikes next year. By the close, the chance of a hike by the December 2026 meeting was down to 28%, which is still noticeable, but down from 40% the previous day when front-end yields hit their highest in months. So those more dovish expectations supported assets across the continent, with the STOXX 600 (+0.55%) closing half a percent beneath its record high, whilst Spain’s IBEX 35 (+0.72%) hit an all-time high. Similarly for sovereign bonds, yields on 10yr bunds (-0.8bps), OATs (-1.4bps) and BTPs (-2.0bps) all moved lower.

Otherwise in Europe, the main story was from the Swiss National Bank, who left their policy rate at 0% as expected. However, the perception was that a return to negative interest rates was unlikely in the next few meetings, and SNB Chair Schlegel said that the “hurdle is higher for the introduction of a negative interest rate”. That backdrop meant the Swiss franc was the top-performing G10 currency yesterday, up +0.57% against the US dollar. Meanwhile, yields on 10yr Swiss government debt rose +0.8bps, contrary to the declines across the rest of Europe.

Asian stock markets have gathered some positive momentum this morning with the Hang Seng index (+1.69%) leading the way, while the S&P/ASX 200 (+1.23%) is also notably higher, continuing the substantial increases from the previous session. Elsewhere, the Nikkei (+1.08%) and the KOSPI (+1.13%) are also strong supported by a recovery in technology stocks. The CSI (+0.57%) and the Shanghai Composite (+0.31%) are lagging a bit, as local semiconductor manufacturers are lower due to the anticipated rise in competition from NVIDIA Corporation.

Finally, there wasn’t much economic data yesterday, although we did get the weekly initial jobless claims from the US. They were higher than expected, at 236k in the week ending December 6 (vs. 220k expected). Treasuries saw a modest rally following the release but for the most part markets took the print in their stride. There were always expectations of choppiness around the Thanksgiving holiday, and the 4-week moving average was still at 216.75k, which is at the bottom of the range in recent months. We also had the trade balance for September, which had the US trade deficit falling to its smallest since June 2020, at just $52.8bn (vs. $63.1bn expected).  

To the day ahead now, and data releases include UK GDP for October. Otherwise, central bank speakers include the Fed’s Paulson, Hammack and Goolsbee.

Tyler Durden Fri, 12/12/2025 - 08:56

COVID Porn Is Back

Authored by 'sallust' via DailySceptic.org,

The tireless hacks at the BBC have emerged from their bunkers once again to terrorise the public by bravely touring the hospitals and whipping up hysteria about the latest outbreak of flu.

It seems “literally hundreds” of patients have been bombarding A&E departments, according to Health Editor Hugh Pym and Chloe Hayward who have been courageously touring the front line:

As one patient leaves his room at Leicester Royal Infirmary’s acute unit, cleaning staff are waiting outside.

He is barely out of the room before the bed is stripped and bleach is sprayed. The next patient is already waiting to come in.

Over two days the BBC was given access to the hospital to witness first-hand how it is coping with an early surge of winter bug cases.

Flu season has hit a month earlier than normal this year, with experts warning there appears to be a more severe strain of the virus – mutated H3N2 – circulating.

Hospitals around the country, like this one in Leicester, are doing all they can to avoid becoming completely overwhelmed.

“Completely overwhelmed.” Sounds familiar?

They’re at the Royal Infirmary in Leicester, and after citing some choice case studies, miss no opportunity to make it sound like the end of the world is imminent:

“There are patients in every cubicle,” Consultant Saad Jawaid says, as Paige is wheeled in. “Another ambulance has just rocked up.”

We watch as he works with colleagues in the resus unit to find desperately needed bed spaces.

“When beds are full we have to move people – sometimes that means those who can sit are moved out of beds and into chairs,” he says.

Regardless of the situation in the hospital and the range of conditions people are turning up with, on closer examination it things aren’t quite as bad as the story’s florid copy suggests:

Richard Mitchell has been the Chief Executive of University Hospitals Leicester NHS Trust since 2021 – and has witnessed first-hand how it gets harder to cope with each winter that passes.

”We are already seeing very high levels of flu,” he tells us. He expects numbers to climb into January. “That is one of the many things I am concerned about at the moment.

“At this point I feel we are working at the limits of our ability.”

What exactly was he expecting? An idle coast through to April before going on a well-unearned summer break? It raises the interesting question of what people who work for the NHS think they are likely to be confronted with in 21st century Britain.

The story ends up with the predictable exhortation to get a flu vaccine.

The other day the Telegraph reported that the currently available jab is a “poor match” for the strain that’s doing the rounds anyway.

Stop Press: The BBC’s Nick Triggle (often a voice of relative sanity in the Covid years) has questioned how unprecedented this year’s flu wave really is, pointing out that the NHS’s data only go back to 2021!

NHS England says the number of patients with flu in hospital is the worst on record for this time of year, describing it as an unprecedented situation.

It is, but that’s because the data only goes back to 2021-22. In doing so, it misses several really difficult flu seasons during the 2010s.

The 2014-15 and 2017-18 winters were particularly bad – more than 20,000 deaths from flu were recorded.

Both were far worse than what we have seen over the past four years.

So when the NHS talks about being in an unprecedented situation it is not taking into account what happened just a decade ago.

Could this flu season match those? It is quite possible. The strain that is dominant this year – H3N2 – was the one behind the 2014-15 and 2017-18 spikes.

But it is worth remembering what is being seen now is not something that has never happened before.

Enough said. But if you’re feeling nostalgic and suffering from Covid-era withdrawal symptoms, the BBC’s story will take you back to the good old days. The only thing missing is some reckless modelling.

Worth reading in full – unless you’re of a nervous disposition.

Tyler Durden Fri, 12/12/2025 - 08:25