Google CEO Sundar Pichai just told Fox News the one AI nightmare that actually keeps him awake: “When deepfakes get so good that we literally won’t be able to tell what’s real anymore… and bad actors get their hands on it.” #MSTR we discussed this long while ago, was never going to end well, once the doubts are creep in, it's over.., crypto malaise while precious metals rally..,reminder that Strategy has no meaningful operating income. The company borrows money and issues stock to buy Bitcoin, then issues preferred shares that pay 8-10% dividends to fund more borrowing. That cycle works as long as Bitcoin keeps going up and they can raise capital >>> correlation #BTC vs #JGB Markets : US factory activity hits four-month low as tariffs weaken demand, M Burry now has a go at TSLA, reminder that blind bull sentiment and momentum can turn on a dime, Google CEO's warning on AI, again, read article below.. Geopolitics : EU leaders kick can down the road on €140bn reparation loan for Ukraine, South Korean auto shares rise after U.S. confirms lower tariffs, US announces zero tariff pharmaceutical deal with Britain, UK's Starmer : We must work with China – even if it threatens national security, Pentagon cuts off communication with Germany’s Defense Ministry (wait what ?), Witkoff and Kushner headed to Moscow (not Rubio) as Trump sees 'good chance' for war-ending deal for his own good and deals behind it...amazing really, SILVER rally..! what else.. some 20pct rally in 10days.. time for a pause ! Venezuela accuses Trump of 'colonial threat,' after US president 'closes' its airspace China’s DeepSeek challenges Google DeepMind and OpenAI with new AI model BoE lowers capital requirements for UK banks as they pass stress tests BBG : “Private Credit ‘Hysteria’ Will Get Very Real Next Year” (We are a month away from next year) “Selective defaults are a bad sign RTÉ frames the US/UK Pharma deal as a direct concession to Trump Sundar Pichai's Deepfake Warning: A Real AI Threat : MysteryLores Google CEO Sundar Pichai just told Fox News the one AI nightmare that actually keeps him awake: “When deepfakes get so good that we literally won’t be able to tell what’s real anymore… and bad actors get their hands on it.” US factory activity hits four-month low as tariffs weaken demand: Report | World News - Business Standard Private Credit Risk: Apollo CEO Hysteria Claim Is Not Totally Right - Bloomberg Venezuela accuses Trump of 'colonial threat,' after US president 'closes' its airspace | World News | Sky News The German general announced the termination of communication between the Pentagon and the German Ministry of Defense. | World News | Izvestia | 02.12.2025 Witkoff and Kushner headed to Moscow as Trump sees 'good chance' for war-ending deal for their own interests??.... Rubio didnt go... https://www.wsj.com/world/russia/russia-u-s-peace-business-ties-4db9b290?st=BPy6rJ&reflink=article_copyURL_share US announces zero-tariff pharmaceutical deal with Britain China’s DeepSeek challenges Google DeepMind and OpenAI with new AI model | South China Morning Post Michael Burry Says Tesla Is 'Ridiculously Overvalued' - Business Insider PM: We must work with China – even if it threatens national security EU leaders kick can down the road on €140bn reparation loan for Ukraine - Yahoo News Australia South Korean Auto Shares Rise After U.S. Confirms Lower Tariffs | Morningstar US announces zero tariff pharmaceutical deal with Britain | Reuters Warner Bros Discovery gets mostly cash offer from Netflix, source says | Reuters Samsung launches its first multi-folding phone as competition from Chinese brands intensifies Crypto downturn wipes out nearly US$1 billion in levered bets - The Business Times Two of China’s private data agencies withheld monthly home sales figures at the government’s behest, people familiar with the matter said, stoking transparency concerns in a critical sector of the world’s second-largest economy. China Real Estate Information Corp. and China Index Academy, which are among the country’s biggest private property data providers, didn’t disclose the combined sales of the nation’s 100 largest developers for November on Sunday.  The two agencies, which usually release the data on the last day of every month, were told by China’s housing bureau to suspend making such figures publicly available until further notice, the people familiar said, asking not to be named discussing private information. Financial institutions that paid for the figures will still have access to them, provided they keep the data confidential, one of the people said.

Not a surprise... see XAGUSD, XAUUSD performance lately... and USDollar slowly weakening... Donald Trump said he’s decided on his pick for the next Fed chair after making clear he expects his nominee to deliver rate cuts. Kevin Hassett is said to be the likely choice to succeed Jerome Powell Markets : #USDJPY in play this December. ., BoJ governor signalled a rate hike is under consideration, sending Japanese government bond yields to their highest levels since 2008, 10y JGB yields 1.85 (highest since 2008, but 30 and 40y yields at 3.75% are levels never seen before..) , OPEC+ agreed to leave oil output levels unchanged for the first quarter of 2026, Tether downgraded (should not be a surprise to our readers!), China to intensify crackdown on Virtual Currencies, including stablecoins, China factory activity slumps for longest stretch on record, Oracle CDS near 3y highs..!, #BTC down 4K in 2hours last night...'' When leverage meets reality'' #MSTR >>>>> plenty of risk out there for Dec, crypto, eq valuations, Venezuela, Epstein and weaker USD Trade : #GOLD US institutions are buying gold offshore. JPM moved its gold trading desk to Singapore last week. Folks are getting justifiably nervous.. Geopolitics : Rubio, Witkoff Meet Ukrainian Team in pursuit of Peace Deal Switzerland on Sunday overwhelmingly rejected a proposed 50% tax on inherited fortunes of 50 million Swiss francs ($62 million) or more, with 78% of votes against the plan, an outcome that even exceeded the two‑thirds opposition indicated in polls American Consumers Have Had It With High Car Prices . Shoppers are downsizing, buying used vehicles, taking on longer car loans and holding out for deals. (WSJ) China’s Treasury holdings as a % of all foreign holdings is down to 7.6%, the lowest in 23 years BOJ’s Ueda sends clear hint at chance of December rate hike - The Japan Times BOJ to consider rate hike in December, governor says; yen, yields rise | Reuters Market Quick Take - 1 December 2025 | Saxo S&P Global Ratings Tether downgraded, as flagged last week... this will not end well... Michael Saylor Sunday Change-Up Suggests New Announcement Coming Monday EndGame Macro on X: "When Leverage Meets Reality And The Real Story Behind Bitcoin’s Sudden Drop This kind of straight down move almost never comes from some sudden revelation about Bitcoin itself. It’s what happens when a heavily leveraged market runs into a shift in the macro weather. The drop" / X Morgan Stanley thinks you should short Oracle Trump's 'Meaningless' Ukraine Deal Stunned The West – But He May Have Had An Ulterior Motive China factory activity slumps for longest stretch on record - The Business Times Rubio, Witkoff Meet Ukrainian Team in Pursuit of Peace Deal China To Intensify Crackdown on Virtual Currencies, Including Stablecoins: Report Swiss voters reject new tax on super-rich and civic duty for women – POLITICO Swiss economy shrinks significantly in third quarter - SWI swissinfo.ch ACA premiums to surge in 2026. Here’s what to do about it Starbucks union ramps up strike, hitting Black Friday sales Liz Webster on X: "Osborne created the OBR to lock Britain into a permanent austerity vice 👉squeeze the welfare state, blame the poor for low growth, and call it “discipline”. Aka the assault on universalism. Brexit then turbocharged the justification. Most Labour MPs don’t want this type of https://t.co/oCHmjpvG4R " / X The Kobeissi Letter on X: "Something unusual is happening in the US Treasury market: China’s Treasury holdings as a % of all foreign holdings is down to 7.6%, the lowest in 23 years. This percentage has declined -20 points over the last 14 years. As a result, China now ranks as the world’s 3rd-largest https://t.co/JWJ4bbhbsy " / X

Markets : CME glitch hits FX, commodities and stock futures '' Read that again… the entire derivatives market froze because a server room got too hot.'' , Tokyo inflation beats forecast, keeping BOJ on rate hike path #JPY in December could get interesting!! , Gold set for fourth monthly gain as markets wager on U.S. rate cut, Compounding inflation is a global crisis (Thread) Geopolitics : Putin strikes conciliatory tone - then hardens it: Kremlin signals no breakthrough on US peace plan, Putin is set to hold talks with Hungarian Prime Minister Orban today in Moscow, Trump: Land ops against Venezuela starting 'very soon', UK Times : ''we Brexiters must acknowledge the costs of leaving Europe'... finally admitting what has been obvious for ever.. .better late than never I suppose.. and some good news though ''Dimon approved London Tower in Canary Wharf, after UK assurances, however '' The release of the UK Budget has sparked concerns as it raises the Tax-to-GDP ratio to its highest level since World War II '' Trump says U.S. to ‘permanently pause migration from all Third World Countries’ after DC shooting Gold set for fourth monthly gain as markets wager on U.S. rate cut Tokyo inflation beats forecast, keeping BOJ on rate hike path - The Japan Times Trump: Land ops against Venezuela starting 'very soon' Nvidia is still the AI champ as Google ramps up chip push: Wedbush Putin strikes conciliatory tone - then hardens it: Kremlin signals no breakthrough on US peace plan | World News | Sky News White House tries to block attempt to force Musk testimony GOLD new highs, what else.. Central banks are cashing in on the new Gold Rush – The Armchair Trader We Brexiteers must acknowledge the costs of leaving Europe One of the Chief Priests of Economists for Brexit has now publicly admitted:Brexit made Britain poorer, Business investment collapsed, Productivity weakened, EU-facing firms cut jobs & spending and New trade barriers drag the economy down Some good news JPMorgan to build £3bn mega tower at Canary Wharf in boost for London From mansion tax to ISA changes: Key announcements in Reeves’ Budget Samantha LaDuc on X: "I will say it over and over again until it sinks in: THIS IS THE MANHATTAN PROJECT 2.0 DeepSeek should have shaken US investors out of complacency, but the US market fraud & financialization is still too deeply embedded and so is the misplaced belief in US leaders who continue" / X SEC investigates Jefferies over First Brands collapse, report says Trump says U.S. to 'permanently pause migration from all Third World Countries’ after DC shooting WORTH RE-READING THIS Hedgie on X: "🦔HSBC built a model to figure out if OpenAI can actually pay for all the compute it's contracted. The answer is no. OpenAI has committed to $250 billion in cloud compute from Microsoft and $38 billion from Amazon, bringing contracted compute to 36 gigawatts. Based on total deal https://t.co/lAzPelYCym " / X HSBC built a model to figure out if OpenAI can actually pay for all the compute it's contracted. The answer is no. OpenAI has committed to $250 billion in cloud compute from Microsoft and $38 billion from Amazon, bringing contracted compute to 36 gigawatts. Based on total deal value of up to $1.8 trillion, HSBC estimates OpenAI is heading for data center rental bills of about $620 billion a year, though only a third of that capacity comes online by 2030 Hedgie on X: "🦔OpenAI is emailing users this morning confirming that a third-party analytics tool called Mixpanel exposed user data including names, email addresses, approximate locations from IP addresses, browser and OS types, and organization IDs. The breach occurred on November 9 but https://t.co/T9h5E36lef " / X can't make this stuff up... The Kobeissi Letter on X: "Compounding inflation is a global crisis: Since January 2021, the UK gas experienced the largest surge in prices among major economies, at +28.2%. The US saw cumulative inflation of +23.8%, followed by the Euro Area at +23.1% and Germany at +21.2%. France’s cumulative https://t.co/aSJ3ENyZj2 " / X

Markets : Platinum jumps (after an exchange in China launched a futures contract on the metal, boosting optimism about the nation’s demand), Oil declined ahead of OPEC+ meeting, equity markets classic rally into month-end, as market priced FED Dec cut, now watch out if 'funding issues' come back into Dec, USD slightly softer, metals roaring, Gold, Silver, PLAT back to recent highs, all pretty easily.. miners on a tear, commods, risk, FED pumping it up !, GBP and Gilts rallied after budget, says it all, nothing dramatic came out..lot of negative were anticipated already.. Trade : Canada to Add New Tariffs to US Steel, Curb Foreign Imports, Pentagon seeks to add Alibaba, Baidu, BYD to China military list, China is making trade impossible - strategy is to replace all imports soonest Geopolitics : Defiant Maduro wields sword as he sends message to US, France to reintroduce military service amid russian threat The US Treasury posted a $284.4 billion deficit in October, the worst opening month to any fiscal year in history Michael Saylor’s Strategy is on the cliff of being kicked out of the Nasdaq 100 Nvidia just named a 7-Page Defensive Memo to Wall Street.. A $4trn company felt compelled to respond to a Substack analysis, alongside Michael Burry Tether is a stablecoin which is basically a cryptocurrency designed to always be worth $1 USD. Think of it like a digital dollar that lives on blockchain networks instead of in your bank account >>> But here's the problem, S&P Global one of the world's most trusted rating agencies, just gave Tether the worst possible score. They downgraded Tether to 5 (weak), which is basically a red warning light US margin debt jumped +$57.2 billion in October, to a record $1.2 trillion. This marks the 6th consecutive monthly increase FT: China is making trade impossible “There is nothing that China wants to import, nothing it does not believe it can make better and cheaper, nothing for which it wants to rely on foreigners a single day longer than it has to” China industrial profits drop 5.5% in October, worst level in five months USDCNH heading south (usd softer vs most currencies eventually..), '' t he current level of the yuan is simply too cheap to support a sustainable rebalancing of global trade'' Shanghai Macro Strategist on X: "Over the past few years, China has been in deflation, while the US has been in inflation. Yet despite this stark divergence, the CNH has still depreciated more than 10% against the US dollar. This combination — falling relative prices in China and a weaker currency — has made" / X This really is a must follow story Japan’s Takaichi Has Few Good Options to End China’s Backlash Defiant Maduro wields sword as he sends message to US France to reintroduce military service amid Russian threat | The Independent Trump condemns 'monstrous' shooting near White House - and says suspect is Afghan national Trump, After Call With China’s Xi, Told Tokyo to Lower the Volume on Taiwan Shanaka Anslem Perera ⚡ on X: "BREAKING: Nvidia Just Named Me in a 7-Page Defensive Memo to Wall Street A four trillion dollar company felt compelled to respond to a Substack analysis. Alongside Michael Burry. Here is what happened and why it matters: On November 23-24, Nvidia dispatched an unprecedented https://t.co/M2fqiGWY0T " / X Hedgie on X: "🦔HSBC built a model to figure out if OpenAI can actually pay for all the compute it's contracted. The answer is no. OpenAI has committed to $250 billion in cloud compute from Microsoft and $38 billion from Amazon, bringing contracted compute to 36 gigawatts. Based on total deal https://t.co/lAzPelYCym " / X Autumn budget: investor headlines and reaction – The Armchair Trader Budget: OBR chief warns Reeves none of her measures boost growth Canada to Add New Tariffs to US Steel, Curb Foreign Imports Pentagon seeks to add Alibaba, Baidu, BYD to China military list, Bloomberg News reports | Reuters Gold holds gains on rising expectations of US interest-rate cut Michael Saylor’s Strategy Faces Nasdaq & MSCI Delisting as MSTR Stock Drops 57% Will Bitcoin’s Dive Threaten Michael Saylor’s Strategy? StockMarket.News on X: "Tether is a stablecoin which is basically a cryptocurrency designed to always be worth $1 USD. Think of it like a digital dollar that lives on blockchain networks instead of in your bank account. Tether started as a tool for traders to quickly move money without paying bank https://t.co/7qwrHmuYlR " / X

Markets : UK budget day, a day when everyone agrees taxes should rise, provided it is not their own, as mentioned last week, Kevin Hassett is frontrunner for the FED job (gold, silver rally since..), Nvidia wrote back against Michael Burry's claims, OpenAI battle is going to be messy and expensive, Trump considering firing Kash Patel, Oracle CDS higher still, markets remain rangy, choppy, no-mansland, Dec liquidity the key, FED Dec cut all but priced in already, BTC struggling, while GOLD and Silver are higher again.. CoreWeave and its accounting firm have never heard that GPUs are depreciating assets, and the H100 has dropped in value by almost 50% since they bought them. For them, they still believe each is worth over $40k Geopolitics : Donald Trump directed his envoy Steve Witkoff (who's grandfather was of russian descent. . meanwhile, a transcript showed how Witkoff advised Russia on how to pitch Ukraine plans to Trump, which Trump said was “standard negotiation.”.. . ) to meet with Vladimir Putin in Moscow next week as part of efforts to finalize a peace plan for Ukraine, US Rep. Salazar admits that the US is after Venezuela's oil Kevin Hassett is the frontrunner to be the next Fed chair , people familiar said. Treasuries rallied, pushing 10-year yields below 4% for the first time in a month. Hassett told Fox News he would accept the post if asked The US negotiated a 71% discount on Novo’s Ozempic and Wegovy drugs for patients on Medicare The OpenAI and Google battle is starting to look messy. the math is brutal: openai is burning $8.5B yearly with a $7B loss coming and a 38x revenue multiple, while Google has unlimited funds, custom chips, and unmatched data/Thread This goes way beyond “flight logs.” Epstein was brokering influence between world governments, banks, and U.S. power players and there are documents proving it China’s Xi speaks with Trump by phone, discusses Taiwan and bilateral ties Bessent raises possibility of 4 Trump-Xi meetings next year Taiwan pledges $40 billion in additional defense budget to counter China Ukraine war: Trump says Russia ‘making concessions’ in peace plan GOP Rep. Salazar Says U.S. Is 'About To Go In' Venezuela: 'For Oil Companies It Will Be a Field Day' Trump Considering to Fire Kash Patel, Report Says (3) OSINTdefender on X: "Partial readout released by Bloomberg of the leaked phone call last month between U.S. Special Envoy Steve Witkoff and Russian President Vladimir Putin’s top foreign policy aide, Yuri Ushakov, in which Witkoff attempts to coach the Kremlin on how to more easily coerce President https://t.co/45Wl6uF3Dx " / X Consumer confidence hits lowest point since April as job worries grow Minimum wage to rise again from April to £12.71 for over-21s - BBC News Heathrow Airport's £33bn third runway plan chosen by government | UK News | Sky News Liz Webster on X: "🔺Labour is drowning in Budget misery while refusing to fix the root cause 👉➡️🤜Brexit. ‼️Reeves can tweak taxes all she likes, but until we restore frictionless EU trade, the UK stays stuck at the bottom of the G7. 💔The data is overwhelming: Brexit has cut UK GDP by 6–8%. https://t.co/By5awPVNkt " / X Bitcoin's temper tantrum: Is this all about the Fed? – The Armchair Trader Gold holds steady as dovish Fed signals and soft US data lift rate-cut bets Singapore Lowers Barriers to Physical Gold Inside the Network: Epstein, Modi, JPMorgan, and the Global Power Web They Tried to Bury (3) Hedgie on X: "🦔Nvidia wrote to Wall Street analysts to push back against Michael Burry's claims that the company is inflating revenues through circular deals. The chipmaker insisted it "does not resemble historical accounting frauds" like Enron and that its business model is "economically" / X OpenAI needs to raise at least $207bn by 2030 so it can continue to lose money, HSBC estimates Rohan Paul on X: "The OpenAI and Google battle is starting to look messy. the math is brutal: openai is burning $8.5B yearly with a $7B loss coming and a 38x revenue multiple, while Google has unlimited funds, custom chips, and unmatched data. Beyond technology, Google possesses everything from https://t.co/vh1QB75Ok2 " / X Kakashii on X: "CoreWeave and its accounting firm have never heard that GPUs are depreciating assets, and the H100 has dropped in value by almost 50% since they bought them. For them, they still believe each is worth over $40k. I also still believe my old iPhone X is worth $1000. https://t.co/bqqidHiJJ2 " / X

Markets : Michael Burry is standing by his criticism of Nvidia, Bardella Poised to Make History in 2027 French Elections (ahead in polls), OpenAI is now running ChatGPT on Google TPUs!, Meta to use TPU's, NVDA said 'it's not Enron, in private email memo refuting accounting questions'', equity markets seems to be in a place where neither the bulls nor the bears have a strong view, all about December liquidities now, FED cut all but priced in Dec too now after Williams, FX pretty quiet too... GOP Rep. warns mass exodus of House Republicans is imminent: “Morale has never been lower” Trade : Xi Jinping spoke to Trump in their first call since the trade truce, pressing the US president on Taiwan. Trump said he agreed to visit Beijing in April and invited Xi for a state visit next year. Japan PM Sanae Takaichi said Trump briefed her on his call with Xi, | Geopolitics : Russia and Ukraine bombarded each others’ territories, just hours after Donald Trump sent an upbeat signal on prospects for a ceasefire deal, US holds Russia-Ukraine peace talks in Abu Dhabi. Army secretary Dan Driscoll meets delegations from Kyiv and Moscow in push for deal to end Kremlin’s invasion The EU ruled out easing its tech rulebook, rejecting Howard Lutnick’s call to change its digital regulations for lower steel and aluminum tariffs India's eternal obsession with gold lifts imports 200% in October Taiwan PM sends 'clear' message to China after Xi's call with Trump GOP Rep. warns mass exodus of House Republicans is imminent: “Morale has never been lower” Week Ahead: The Budget of low expectations – The Armchair Trader One Fed official may have saved market from another rout. Why John Williams' remarks matter so much Bardella Poised to Make History in 2027 French Elections | Politics UK budget tests Labour govt's credibility Alphabet’s stock rises as possible Meta chip deal highlights new twist in the AI trade The AI Blackwood Magic: NVIDIA Earning Beats Amazon to spend up to $50 billion on AI services for U.S. government Foreclosures Surge 32% Nationwide as Americans Fall Further Behind Michael Burry Shuts His Fund and Launches Newsletter to Speak ‘Freely’ | Observer Shanaka Anslem Perera ⚡ on X: "THE GREAT DEFECTION HAS BEGUN OpenAI is now running ChatGPT on Google TPUs. Read that again. The company that made Nvidia a $5 trillion empire just started paying its greatest rival to power inference. This is not a rumor. This is June 2025. This is happening. Why would https://t.co/yTot0ZuGDM " / X The one upon a time European darling.. Novo Nordisk shares fall after Alzheimer's drug trial fails to hit target Nigel Farage says alleged racist comments were not made in 'hurtful or insulting way' - Yahoo News UK

Markets : #NVDA  it's a beat of course, but no less than -7- accounting tricks to achieve this ''manufactured beat''.., and Jensen says demand is “off the charts,” but the cash levels disagrees and so do higher inventories (Thread ), FED cut in Dec is 50/50, no consensus (probably what the FED wants..), BOJ board member suggests chance of December hike after yen drop, Oracle CDS still up nearly up to 2022 highs, even Scott Bessent days look limited now ! Japanese government bond yields surged to its highest since 1999, causing a surge in cost of borrowing. Disastrous for the highly indebted Japanese government #JPY #JGB, All this happened within one month of Takaichi taking office... Geo-politics : Trump Says He Will Meet With Mamdani Friday at the White House, The US signaled to President Volodymyr Zelenskiy that Ukraine must accept a US-drafted framework to end the war with Russia that proposes Kyiv giving up territory and some weapons, two people familiar with the matter said Trump signed legislation Wednesday that compels his administration to release files on convicted sex offender Jeffrey Epstein, not before they are looked at.. Waiting for the Bondi and national security headlines on Epstein release to hit wires next...to make sure that many files cannot possibly be released..>>>> "Epstein had close ties to our own intelligence agency and Israel's intelligence agencies." - Republican Rep. Thomas Massie, even Larry Summers announced he was taking a leave from teaching at Harvard as President Trump signs a bill releasing the Epstein files U.S. Housing Market 53% of homes have lost value over the last year , the highest share of depreciation in 13 years - mind you it should be welcome to 'would be buyers'.. and The share of Americans unemployed for over 27 weeks reached 25.7%, the highest share since 2021, The office vacancy rate in the US has moved up to 20.7%, the highest level in history #MACRO Dinner with Mr Brexit : Bannon's European revolution, planned with Farage and backed by Epstein.. big if true John Major says Brexit was an act of collective folly. It made Britain poorer, weaker and cut off from the world’s biggest market Jensen Huang was upbeat. “There’s been a lot of talk about an AI bubble. From our vantage point, we see something very different,” he said, added he has ample Blackwell chips to meet demand. => stock up +6% after hours >>> "If Google were to make those TPUs commercially available at scale and reasonable price, Nvidia’s dominance would end, price wars would begin, and compute would become a commodity." The Coastal Journal on X: "Our $NVDA report is out now and we go over the 7 accounting tricks they use to “beat” earnings Link: https://t.co/zZS1a1WZUS " / X Also...something the bears to cling on to: inventories are up 32% quarter-over-quarter Markets rethink December rate cut amid Fed doubts Fed minutes: October 2025 A lot of back dated weak macro data likely to come out, so one would think markets will soon price full cut again.. BOJ board member suggests chance of December hike after yen drop - The Japan Times Russia's central bank says its operations with gold are increasing | Reuters Of course he does.. hardly anything UKR can agree too ? Ukraine updates: Trump approved peace deal, report says - Yahoo News UK Offhand remark, symbolic suit signal long winter for Japan-China ties | Reuters Trump signs bill to release Epstein files | AP News Dinner with Mr Brexit: Bannon’s European Revolution – Planned with Farage, Backed by Epstein – Byline Times Bitcoin and Gold increasingly seen by investors as better together – The Armchair Trader One Hyde Park flat sells at £26m loss - Spear's Gary Marcus on X: "Hot take on Gemini 3. Points 4 and 5 might literally change the world. Also, OpenAI is in trouble. • Great model, but it’s not AGI; has the same kind of problems all earlier models have had. Hallucinations and unreliability persist. • In short, scaling isn’t getting us to" / X Reform MS Laura Anne Jones suspended from Senedd over racial slur Liz Webster on X: "🚨 BREAKING: John Major says Brexit was an act of collective folly. It made Britain poorer, weaker and cut off from the world’s biggest market. He’s right and it’s exactly what the data, the job losses, the exodus of British citizens, the collapsing industries and the EU’s new https://t.co/BUqpjxfvkE " / X Check out their faces... unreal.. Molly Ploofkins on X: "“Will you release all the files within 30 days?” BONDI: “We’ll continue to follow the law.” “You said no addition investigation was warranted. What changed?” BONDI: “Information that has come.. Information. Um, there's new information. Additional information.” https://t.co/5aaM1zlcmK " / X Global Markets Investor on X: "🔴HOLY COW: The share of Americans unemployed for over 27 weeks reached 25.7%, the highest share since 2021. Excluding the 2020-2021 period, this is the highest share in 9 YEARS. This comes as 1.9 MILLION Americans have been unemployed for 27+ weeks, the most in 4 years. https://t.co/58tsuu32fR " / X

Trump thinks he knows choice for Fed Chair >> most likely Hassett >> tell : Gold, Silver rallied on the news yesterday House Speaker Mike Johnson says that releasing the Epstein files without redactions could pose a '''national security risk...'''''.... Markets : JGB yields reaching all time highs at 3.35% (margin costs, carry trade etc..warnings), Office CMBS Delinquency Rate jumps to 11.8%, the highest level in history, Home Depot's earnings a tell about housing market, Google boss warns 'no company is going to be immune' if AI bubble bursts , BOJ chief to meet finance, economy ministers as monetary policy, weak yen in focus, Trade : Aluminum is the next victim of Trump’s trade policy mistakes (thread), EU confirms it wants UK to pay into its budget in exchange for closer ties, Australia to mandate 3 hours of free electricity amid renewables glut, China suspends JPN food import Geopolitics : Axios : Scoop: U.S. secretly drafting new plan to end Ukraine war Investors are holding one of the lowest proportions of cash in modern history: November BofA global fund manager survey. "Cash levels of 3.7% or lower has occurred 20 times since 2002, & on every occasion stocks fell and Treasuries outperformed in the following 1-3 months:" BofA Rothschild downgraded Amazon and Microsoft to neutral, arguing AI infrastructure requires six times the capital to generate the same economic value as the original cloud shift . For every $1 spent on AI infrastructure, the estimated net present value is just 20 cents, while mature traditional cloud investments generate roughly $1.40 for every dollar spent Trump Says He Thinks He Already Knows Choice for Fed Chair Hassett most likely, hence Gold and Silver rallied yesterday on the news.. Traders hedge against Fed cut even as odds of reduction diminish US secretly drafting Ukraine peace plan with Russian input EU confirms it wants UK to pay into its budget in exchange for closer ties | European Union | The Guardian UK (CPI) rose by 3.6% in the 12 months to October 2025, down from 3.8% in September 2025, budget Wednesday next week Australia Mandating Three Hours a Day of Free Power for Australian Wage Gains Cement Case for Prolonged RBA Pause “National Security” Blocks Epstein Files Release Elon Musk attends Trump's dinner with Saudi crown prince | Reuters JP30Y: Japan 30 Year Treasury - Stock Price, Quote and News - CNBC Chart - JGB yields reaching all time highs at 3.35% BOJ chief to meet finance, economy ministers as monetary policy, weak yen in focus By Reuters Oracle’s astonishing $300bn OpenAI deal is now valued at minus $74bn Google boss says trillion-dollar AI investment boom has 'elements of irrationality' Why Amazon and Microsoft's stocks could be in trouble due to AI's destructive economics | Morningstar Home Depot Q3 earnings show the state of U.S. housing market Blue Owl Capital: Stock Movements #shadowbanking mess - Blue Owl’s shares have led losses among private credit firms, losing 5.8% yesterday & 28% in the past 2 months. The firm has invested heavily in data centers, w/25% of its fund in real estate and digital infrastructure, and has limited some redemptions Gundlach sees one of the 'least healthy' stock markets of his career Alexander Stahel 🌻 on X: "Aluminum is the next victim of Trump’s trade policy mistakes. Trump set aluminum tariffs at 25% in Feb and doubled the rate in June in what he said is an effort to protect American industry. Consequently, US importers turned to domestic supplies to try and evade paying the https://t.co/mz78P941M7 " / X

Markets : BTC given up all of its 2025 gains, flat on ther year, down 30pct from highs, mind the gap sub -92K they say #sentiment broken , Japan's 20Y Government Bond Yield surges to 2.78%, the highest level in history, as the government prepares a $110 billion stimulus package, #AI #VALUATIONS !... #Amazon now with $15bn bond offering for AI xpansion , The Beat-and-Raise Machine Meets the Law of Big Numbers: Jensen Huang’s Playbook to Keep the Bubble Inflated (Thread, well worth a read) >>> markets beginning to break decent tech levels, underneth it all it's already broken, including crypto and BTC... bunker down... FXlalaland, pretty quiet,CROSSJPY's do look a little high, too high, let's see, precious metals unwinding of longs too on risk-off, await patiently for a decent dip in GOLD, Silver etc Geopolitics : 60 Minutes just dropped a bomb: Changpeng Zhao — a billionaire felon — got a presidential pardon months after his company enriched a Trump family crypto firm, UN Security Council approves Trump's Gaza plan Crypto market sheds $1.2tn as traders shun speculative assets. Bitcoin drops 28% in six weeks as worries over AI stocks spill into digital assets and high-octane bets backfire. (FT), Crypto Market Faces Turbulence as Major Tokens Sink and Liquidations Skyrocket Ahead of #NVDA earnigns tomorrow evening, please read : Kakashii on X: "The Beat-and-Raise Machine Meets the Law of Big Numbers: Jensen Huang’s Playbook to Keep the Bubble Inflated The recent moves and developments from Nvidia since its last earnings call in August are no coincidence. Every step has been carefully and sophisticatedly planned by https://t.co/THiW76H7I2 " / X Trump pardon of crypto billionaire sparks concerns over his use of the pardon power - CBS News Scott Bessent urges trust in China amid fresh trade deal doubts Bad Deal? Novartis, Roche – Pharma ab in die USA – Inside Paradeplatz Trump says he would sign bill releasing Epstein files if Congress passes it #LIQUIDITY squeeze Forget the AI Bubble: This Hidden Liquidity Squeeze Moved the Entire Market Bitcoin price hits lowest level in 6 months amid Fed jitters Crypto Market Faces Turbulence as Major Tokens Sink and Liquidations Skyrocket | The Currency analytics Regulate AI, before it's too late, or governments better have a plan, and a solid one... Rohan Paul on X: "AI will wipe out 50% of entry-level white collar roles in law, finance, and consulting in 5 years. Because a lot of what these white-collar workers do, AI models are already quite good at without intervention. Anthropic’s CEO. https://t.co/UfrcnwxN8d " / X Fed’s Waller backs another cut as job market nears ‘stall speed’ Oil Steadies as Geopolitical Risks Counter Russia Port Restart Middle East: UN Security Council approves Trump's Gaza plan - Yahoo News UK Amazon Launches $15 Billion Bond Offering to Fuel AI Expansion Wall Street Blows Past Bubble Worries to Supercharge AI Spending Frenzy - WSJ This is why people have grown increasingly worried about the financing behind AI over the past few months: bond issuance has surged since September, and global financing of data centers is expected to balloon to almost $3 trillion just through 2028 CoreWeave (CRWV) Stock Down 30% Following Q3 Earnings and Guidance Cut - Blockonomi '''' they spending $310mio on interest expense against just $51.9 million in operating income, borrowing money to pay interest on previous loans. The AI data center company went public in March at $40 per share, peaked at $187 in June, and now trades around $75 while carrying $14 billion in debt''''

Markets : JPN Q3 GDP shrinks 1.8% and JGB yields up 3-4bps, as they plan $110bn stimulus package, NVDA reports on Wed, U.S NFP payrolls report in focus this week, ECB's Rehn 'mindful to downside risks to inflation', Thie's latest 13F shows a full bown exit from AI (NVDA), Swiss reach a deal with U.S (15% ok, expensive behind the scene for CH..and thanks for the Rolex), UK GDP reduced by 8%’ – Nine-year study reveals how Brexit decimated UK economy, Rise in Repo Rates matters to liquidity & collateral Values - in everything-FT ''New York FED convened meeting with Wall Street firms over key lending facility' ...more liquidity again?. ., #MSTR .. Crypto price plunge: What Eric Trump, Michael Saylor, and others are saying >>> markets yoyoing, frothy markets, the $3trn repo warning signs , JGB yields (more spending) ..all small warnings, big test for NVDA and the whole AI theme, from after the bell on Wednesday, CHF slightly stronger on US tariffs deal, JPY weaker, CHFJPY 195 - phew.. way way over PPP etc., and of course the Epstein files and emails saga, and a rep congresswoman opening linking Epstein, Israel and AIPAC influence on TV, Trump must be livid Janet Yellen says the United States is in danger of becoming a banana republic, well... Geopolitics : Bags of cash and a gold toilet: the corruption crisis engulfing Zelenskyy’s government, China warns chinese tourist going to Japan, Trump reveals Maduro 'would like to talk' as military options remain on the table for Venezuela Foreign investors return to China’s stock market. DeepSeek AI breakthrough spurs biggest overseas inflows in four years. (FT) Ex-Fed official to face ethics inquiry over stock trades UBS wound down O’Connor funds following First Brands collapse “Repo is all about trust,” said Thomas Simons, chief US economist at Jefferies. “If any borrower gets the reputation of being riskier, it creates this perverse incentive for all the lenders to pull back at once, even if it is not deserved . . . once you get the stink on you, it’s hard to recover,” he said China's Ministry of Culture and Tourism solemnly reminds Chinese tourists to avoid traveling to Japan in the near future , and Chinese tourists already in Japan should pay close attention to the local security situation Marjorie Taylor Greene's Response To A CNN Host Calling Her Out For Sudden Outrage Over Trump's Attacks Is Going Viral - Yahoo News Canada Peter Thiel dumps top AI stock, stirring bubble fears - TheStreet Crypto price plunge: What Eric Trump, Michael Saylor, and others are saying [Video] UBS winds down O’Connor funds following First Brands collapse - Hedgeweek Trump reveals Maduro 'would like to talk' as military options remain on the table for Venezuela Japan’s Q3 GDP shrinks 1.8%. Tariffs hit exports, contraction milder than expected - recap | investingLive StockMarket.News on X: "Japan is considering a $110 billion stimulus package and that's the reason bond yields are spiking right now. Japan already has insane debt at over 230% of GDP. When you're already drowning in that much debt announcing more spending without raising taxes or cutting anything else" / X Samantha LaDuc on X: "Trump promised he would … cut spending ❌ lower inflation ❌ end Russia-Ukraine war ❌ not enter foreign wars ❌ pass voter ID laws ❌ release Epstein files ❌ drain the swamp ❌ …. put America first ❌ Instead he has: alienated trading partners ❎ hurt US economy & jobs ❎" / X Switzerland agrees new tariff deal with USA Not all that Swisstastic.. 'GDP reduced by 8%' - Nine-year study reveals how Brexit decimated UK economy Former Fed Gov. Adriana Kugler violated ethics rules with stock trades Human rights law overhaul planned as part of Mahmood’s sweeping asylum reforms | The Standard Zelensky’s Ukraine corruption crisis includes bags of cash and a gold toilet Spot Gold Edges Higher After Two Days of Heavy Losses Polestar Announces Plan to Implement ADS Ratio Change From 1:1 to 1:30 Ordinary Shares Palantir CEO Alex Karp lashes out at 'parasitic' critics Switzerland to raise maximum civil defence age to 40 - SWI swissinfo.ch Switzerland to raise maximum civil defence age to 40 - SWI swissinfo.ch Swiss Gruyère crowned world’s best cheese - SWI swissinfo.ch BullionStar on X: "China’s secretive gold purchases help fuel record rally China's reported gold purchases: 25 tonnes YTD. Analyst estimates: 250+ tonnes. World's largest accumulator buying 10x reported amounts. Only 33% of central bank demand now disclosed (down from 90% four years ago)." / X

AI related concerns growing, things we talked about lately, circular financing, increasing debt financing for CAPEX, EPS bar too high, strched valuations, OpenAI 'backstop' etc, and NOW Antropic talks about first documented 'AI led espionage campaign'... make it stop, regulate it before it's too late.. Markets : WH not going to publish last month's job report (got to avoid negative stuff at all costs ), big job cuts Verizon (15% of workforce..), 3 diff FED folks 'concerned about inflation', FED saying a lot more leverage under the hood than people realize/Thread, #BTC sub <100K, #MSTR is BELOW 1 NAV...''margin call coming.. or yet more debt ?...''..., China registers worst Investment decline in years as slowdown continues, Oracle debt splurge (huge AI bet going wrong) and now cash flow problem.. , Crude's 3rd weekly loss on supply glut worries, >>> '' If you were crowing about your stocks being up 200-400% Y/Y a few weeks ago, but are now wondering why they are suddenly down 30-50% (with the market 2% off its ATH)…you might want to read-up on beta....GS.. #AI #datacenter #space #Quantum #techs #momo stocks... very decent sell-off it has to be said.., OpenAI backstop story...good times... was such a great #redflag #CREDIT now nothing too dramatic, yet anyway watch those #CDS ... endless debt to finance Govt spending and AI capex craze being questioned.. #ORACLE #COREWAEVE etc.. Trade : Donald Trump is preparing substantial tariff cuts for Latin American countries to address high food prices at home, eying lower US levies and barriers for groceries including beef, bananas and coffee Geopolitics : Urgent need for quick distraction from Epstein files, Trump briefed on plans to attack Venezuela The bosses of rival chip giants Nvidia and AMD are cousins #NVDA #AMD Sam Altman suggested that OpenAI could reach $100B in revenue by 2027. Anthropic reportedly forecasted $70 billion in revenue by 2028. Satya reacts to these projections Germany is reinstating mandatory conscription : all 18-year-old men are required to report for military examination. If there are not enough volunteers, a lottery will decide who is drafted, reports BILD Tech bonds are getting hit hard of late as debt traders start wondering if they're getting left with the bill for the stock market's enthusiasm. Oracle's $3.5 billion of 30-year debt issued in September has cratered by 8% from the October peak Starmer and Reeves ditch Budget plan to raise income tax rates (FT) The Epstein Emails also Expose Musk, Thiel, and Vance, who else is mentioned? The podcast that started to really question the AI craze.. posted last week but it's worth having it again... Brad Gerstner ... & Altman .. WallStreetPro on X: "🚨 Brad Gerstner, an OpenAI investor, asks Sam Altman how a company with $13B in revenue can afford $1.4T in commitments. Altman’s reply? “Happy to find a buyer for your shares.” Translation: No answer. Very concerning. 🚩 https://t.co/9jJKGw9QbF " / X WAKE UP !...AI HAS to be regulated..the sooner the better.. Anthropic on X: "We believe this is the first documented case of a large-scale AI cyberattack executed without substantial human intervention. It has significant implications for cybersecurity in the age of AI agents. Read more: https://t.co/VxqERnPQRJ " / X Who Else Was Mentioned in the Latest Epstein Files | TIME Trump Readies Tariff Cuts, Trade Deals in Affordability Push - SWI swissinfo.ch So, if Bessent says they are doing trade deals to lower inflation, by default they accept that tariffs were inflationary and not good for consumers... Bitcoin (BTC) News: $869M Outflow Hits Spot ETFs Oil Set For Third Weekly Loss On Supply Glut Worries China Registers Worst Investment Decline in Years as Slowdown Continues Samantha LaDuc on X: "BAAHAAHAAA Bissent is so full of BS! About that CPI... look what the Trump Admin REMOVED from the basket that comprises the Consumer Price Index: ELECTRICITY AND NAT GAS COSTS!! Biden Admin did it too, but just stop lying to US. Stop the gaslighting! https://t.co/pzfWrw2tEC " / X New York Fed on X: "Hedge funds often augment their investment positions using leverage. The leverage sources can be divided into three categories: prime brokerage, repo, and other secured borrowing. Prime brokerage and repo borrowing have increased rapidly over the past few years, as shown in this https://t.co/Ru0skox1Ks " / X >>>> FED saying there is a LOT more leverage under the hood than people realize Fannie Mae Ending Its Hard 620 Score Cutoff – NMP Chip Giant Nvidia's Jensen Huang and AMD's Lisa Su Are Cousins - Business Insider Rihard Jarc on X: "$MSFT's Satya is indirectly answering the question about the usefulness of the life of GPUs. $NVDA has gone to a 1-year product cycle in 2024, now he doesn't want to overbuy one generation...IMO, everyone will come to this conclusion sooner or later. https://t.co/5mbpoYO6gX " / X Rachel Reeves scraps plans for income tax hike US Government Shutdown Final Stats: was it worth it ?? 1. 5 million airline passengers delayed or cancelled 2. $619 billion in new federal debt 3. Federal statistical system "permanently damaged" 4. October jobs & inflation data may never be released 5. 43 days of economic data currently delayed 6. 750,000 federal workers furloughed The current funding bill only reopens the government through January 30th.... see you then for round two... more debt, keep it going....

EU Prepares New Plan to Implement Trade Agreement With US, other deals coming, see Bessent below.. Markets : Markets like the idea of lower rates and a narrow economy. Shedding labor so corporates can boost margins via automation means shareholders over workers, Wall Street over Main Street, It’s not exactly a Goldilocks setup for the lower end of the K, but it’s close to perfection from the SPX’s point of view (so long as job cuts don’t turn into a growth scare/GS ...says it all really.. >>> Silver right back to the highs, rest of precious metals joining in, commodities, rare earth etc shoudl follow/continue too, FXland USD and JPY softer, risk-on scenario / plenty of liquidities Boston Fed President Collins advocates holding rates steady, Bostic to retire in February adding that inflation remains the bigger risk to the economy and that he favors keeping rates steady. Susan Collins also said she supports holding rates to cool inflation Japan prime minister 'strongly hopes' BOJ achieves wage-driven inflation Plan for a united Ireland to avoid Brexit-style mess, says author from unionist background Morgan Stanley sees up to 20% shortage of US power for data centers through 2028 Anthropic will invest $50 billion to build data centers for AI in locations including Texas and New York. Meta confirmed that it will build a $1 billion data center in Wisconsin New Epstein emails referring to Trump, WH accuses Democrats of cherry-picking messages, Republicans release a cache of more than 20,000 pages, this story is not going away Epstein latest: Vote to release all unclassified files looms - after thousands shared | US News | Sky News Republicans against Trump on X: "After months of insisting tariffs don’t raise prices, Scott Bessent now says the Trump administration will cut tariffs to bring prices down. “You’re going to see substantial tariff announcements over the next couple of days in terms of things we don’t grow here, coffee being one https://t.co/wm3pEYAGKB " / X Trump ends government shutdown, signs funding bill EU Prepares New Plan to Implement Trade Agreement With US Politics latest: Starmer's chief of staff under pressure - Miliband says PM will sack leadership briefer | Politics News | Sky News Japan prime minister 'strongly hopes' BOJ achieves wage-driven inflation - CNA BoJ Seeks Steady Inflation Growth Supported by Wage Gains: Governor Ueda Boston Fed President Collins advocates holding rates steady, sees 'high bar' for further cuts BullionStar on X: "In case you missed it: Silver officially added to US Critical Minerals list. Out of 60 critical minerals deemed vital to economy and national security, silver now joins platinum, palladium, lithium, and other strategic materials. This classification isn't symbolic. It https://t.co/HiMAYnmVFB " / X One Ticker, 55 Silver Miners: The SILJ Trade Setting Up Right Now Morgan Stanley sees up to 20% shortage of US power for data centers through 2028 By Investing.com Universal credit claimants soar by over a million in a year, new figures show | Politics News | Sky News Plan for a united Ireland to avoid Brexit-style mess, says author from unionist background – The Irish Times Anthropic is spending $50B to build data centers in US Trump jokes, laughs with Syrian President Ahmed al-Sharaa at White House but US embassy wants to 'STOP THIS TERRORIST' Ron Filipkowski on X: "Some bizarre stuff going down in the Oval these days. After spraying the Syrian president with his Trump Fragrance he then asks him how many wives he has. https://t.co/S0ywlUy7Fz " / X Ukraine-Russia war latest: Moscow’s sanction-hit Lukoil faces assets sell-off while fighting heats up in Pokrovsk | The Independent Venezuela launches huge military exercise as U.S. Navy draws near