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Markets : Epstein files could well be bigger than watergate!, tip of the iceberg so far , Spain PM calls social media out, Fed's Cook 'wait and see' on rates, Trump warns Iran's supreme leader, UK's Starmer looks on his way out (First of many heads to roll), Amundi to reduce US investments over next 12months (Amundi is not just a ''small Danish PF... ''...overvalued anyway..makes sense..) >>> software, techs etc clearly under the hammer/momentum breaking/quants selling, sell rallies overall, reduce, look for new opportunities in the value world (there are plenty..), BTC on lows (Saylor and Co..?), FX pretty zzz''s to be honest, 10's UST 4.27% pretty quiet too (yields on recent highs though) Trade deals : EU and Australia sign a massive trade and security deal, after Mexico, Mercosur, India.. this will bring Europe to a superpower, about time! Geopolitics : U.S., Iran Agree to Discuss Nuclear Issues Friday in Oman. Talks had been in danger of collapsing over the agenda and location. (WSJ) Palantir owner Peter Thiel, who holds hundred million pounds of sensitive UK Govt contracts facilitated by Epstein associate Peter Mandelson, was co-owner of billion dollar fund with Jeffrey Epstein. Both connected to senior Russian officials Private credit is headed for a 'software' shock , quant-momentum trades unwound (Thread) not too dissimilar to previous sharp corrections, NVDA investment into OpenAi has seemingly vanished (we warned about these 'circular investments'..), The US has $38 trillion in debt. It grows by $6 billion per day —not per year, per day. The US added $1 trillion in debt in just 71 days last year, probably nothing to worry about.. Amundi, Europe's largest asset manager with $2.4 Trillion in AUM, will reduce exposure to the U.S. over the next 12 months Jeffrey Epstein 'Co-Owned' Venture Fund with Palantir Founder as it Entered UK Government – Byline Times SO many skeletons to come out of all this !, Thiel the one 'in charge'...by the looks... Mandelson-Epstein files: Keir Starmer may be facing his very own Profumo scandal | Politics News | Sky News Jeff Bezos's Washington Post guts staff, shrinks news coverage | Reuters Trump warns Iran’s supreme leader should be 'very worried' U.S. proposes critical minerals trade bloc aimed at countering China’s grip Be ‘prudent’ about supplying arms to Taiwan, Xi tells Trump in call | China | The Guardian Trump, Xi discuss Taiwan and trade ahead of planned summit Amundi says it will cut exposure to US over coming year – The Irish Times Fed's Cook says it's time to 'wait and see' on rates | Reuters Senate Banking Chair Tim Scott believes Fed Chair Powell committed no crime in testimony Qualcomm (QCOM) Q1 2026 earnings Shares of Arm plunge 8% after licensing revenue misses estimates, Qualcomm outlook adds pressure Nvidia's $100 billion OpenAI deal has seemingly vanished - Ars Technica Elon Musk Calls Spain’s PM ‘Tyrant’ Over New Social Media Rule Why Michael Saylor Still Says Buy Bitcoin and Hold? This will hurt a lot of 'investors'.. Nigel Farage is a 'person of interest' in FBI's Trump-Russia investigation | The Week UK Private Credit Is Headed for a Software Shock - Articles - Advisor Perspectives (3) Craig Shapiro on X: "Another quant unwind day in factor land. This is now 5 days in a row. I think we are getting closer and closer to having a larger episodic volatility event, similar to August 2024 and February 2018, as this de-grossing and alpha unwind ultimately begets a beta faceplant https://t.co/wDMdXoHmHg " / X

#NVDA is in a real bind, on one hand if they don’t fund OpenAI their largest customer maybe dies/struggles, on the other hand, if they do it’ll be explicitly to give money to OpenAI so they can give some of it to Oracle so they can give some of it to Foxconn/Quanta to give to NVIDIA.. #circulareconomy The US has $38 trillion in debt. It grows by $6 billion per day —not per year, per day. The US added $1 trillion in debt in just 71 days last year, probably nothing to worry about.. Markets : Epstein files 'it only just began', France could freeze the financial assets of Elon Musk and Jail him for foreign Election interference, Russia's KGB involvement is pretty clear in all this >>> feels like a REAL moment, voter properly unhappy, huge anti social media moves globally, Epstein, power push back and so on.. this is bigger than what anyone has ever known, one can fear... markets pretty quiet, too quiet perhaps, a few 'big' CEO's could be early retired..or worse Polish Finance Minister supports German push for core EU (E6) to speed up integration and establish the Capital Market Union. Other states could always join later as Draghi pointed out, whaoo, let's go ! How China’s export controls, 90% ownership of metal refining threatens the AI industry Spanish PM Pedro Sánchez: Starting next week, my government will implement the following actions: First, we will change the law in Spain to hold platform executives legally accountable for many infringements taking place on their sites, Social media has become a failed state/ Thread, need more than Spain to do it.. French prosecutors have raided the Paris offices of Elon Musk's social media platform X , This is a French judicial procedure, not an EU regulatory action, under investigation for organized crime and worse.Elon Musk says France's raid on X's office is a "political attack." French Government: "Maybe that logic flies on some island. Doesn't fly in France." Software's forward 12m P/E has compressed from 33.1x to 23.2x, multiple contraction of 30%. Valuations are now approaching the 2022 and Covid lows... Whaoo.. Ted Lieu on Trump: It Was a Crime to Party With Epstein Epstein files: Trump DOJ releases several million more pages of records This is going to be HUGE, and we've not even scratched the surface In Putin’s Orbit: The Crypto Politics of Jeffrey Epstein and Peter Thiel  – Byline Times 'Painful times in my marriage': Melinda Gates on Epstein files, STD claim tied to Bill Gates - BusinessToday Anonymous on X: "This is the tip of the iceberg: how the UAE, Saudi Arabia, Israel, and Russia conspired to install Trump, undermined Ukraine, expanded their control in the Middle East, and got wealthier at the expense of everyone. From Epstein to Musk, the fix is in. https://t.co/zKY1w2kQGR " / X Nigel Farage is a 'person of interest' in FBI's Trump-Russia investigation | The Week Nigel Farage has a Russia problem Clash Report on X: "Spanish PM Pedro Sánchez: Starting next week, my government will implement the following actions: First, we will change the law in Spain to hold platform executives legally accountable for many infringements taking place on their sites. Second, we will turn algorithmic https://t.co/cCr6MtoTxe " / X Netherlands latest European country to mull social media ban for children | The Record from Recorded Future News Lithuania follows Poland in opening a pre trial investigation into Epstein files, other will now all follow Why French Prosecutors Raided Elon Musk's X Offices in France - World En.tempo.co 🇦🇺Craig Tindale on X: "For two decades, the global economy treated metals refining as a solved problem. Ore could be mined anywhere, shipped anywhere, processed cheaply, and delivered just in time. That assumption sat quietly underneath AI, energy transition plans, and the data-center buildout now" / X Blue Owl, Ares Lead Private Market Firms Bashed by Software Risk - Bloomberg This is going to go down as one of the biggest 'ponzi' of all times Why Michael Saylor Still Says Buy Bitcoin and Hold? Jacob King on X: "So let me get this straight… Jeffrey Epstein admits he spoke with Satoshi, paid the salaries of roughly 60% of Bitcoin’s core developers, was a lead investor in Blockstream (responsible for the majority of major protocol changes, the centralized Lightning Network, and" / X

Markets : Epstein files (so grim - many should-must end up with fraud, criminal investigations ..the whole system is-was - got to be a LOT of early career ending stories coming up..), Lord Mandelson gave Jeffrey Epstein advance notice of a €500bn bailout to save the Euro (think about that...) and this ''The blueprint for a 20-year financial architecture designed to turn pandemics into a profit center, designed pre 2019...''... , RBA hikes for 1st time since late 2023, as inflation hits 2y highs, France finally passes 2026 budget, Meloni/Merz cut Macron out of engine of Europe, Mario Draghi calls for EU ‘federation’ to avoid being ‘picked off’ by US and China >>> precious metals found a bid yesterday, after an early rout, and everything bounced pretty easily, USD didn't really do much, AUDUSD breaking up on RBA Trade : Reeves takes aim at Trump as she calls for UK and EU to speak with one voice on trade, A White House official told Reuters that the U.S. was rescinding a punitive 25% duty on all imports from India over its purchases of Russian oil that had stacked on top of a 25% "reciprocal" tariff rate, Geopolitics : Iranian officials say Tehran may suspend or shut down nuclear program to ease tensions with US, Ukraine agrees multi-tier plan for enforcing any ceasefire with Russia. European forces would be dispatched and backed by US military in case of repeated Russian violations, #RARE Trump Unveils $12 Billion Mineral Reserve With Record Ex-Im Loan Hundreds of private equity firms are now drowning in a sea of competition, searching for lifeboats of new capital as they cling to portfolios of nearly unsaleable investments. Meanwhile, their investors are losing patience/Forbes Cornwall voted to leave the EU They've gone from £100 million a year in EU support 5 years ago to effectively nothing from April Today 78% want to #RejoinEU   Wall Street waits for Fed interest rate cuts under Kevin Warsh Fed’s Bostic expects no rate cuts in 2026 due to worries GOP tax bill might fuel inflation Mario Draghi calls for EU ‘federation’ to avoid being ‘picked off’ by US and China Trump Unveils $12 Billion Mineral Reserve With Record Ex-Im Loan | Financial Post Brexit bites after Cornwall’s EU cash dries up 'choices have consequences' - Cornwall Live France finally passes 2026 budget – POLITICO Meloni cuts Macron out of engine of Europe Why Private Equity Is Suddenly Awash With Zombie Firms Trump says U.S. and India reached trade deal, will lower tariffs immediately Iranian officials say Tehran may suspend or shut down nuclear program to ease tension Australia raises rates for first time since late 2023 as inflation hits six-quarter high Reeves takes aim at Trump as she calls for UK and EU to speak with one voice on trade SpaceX buys xAI in $1.25tn deal to unite crucial parts of Elon Musk’s empire Musk's xAI quarterly net loss widens to $1.46 billion, Bloomberg News reports | Reuters Police assess reports of alleged misconduct after Mandelson emails published .. criminal investigation? Switzerland eases arms export rules as its industry is shunned by Europe - SWI swissinfo.ch Palantir’s Q4: The AI story finally looks like a business Sayer Ji on X: "1/🚨 The DOJ just released thousands of pages of Epstein files. And buried inside them may be one of the biggest bombshells no one is talking about: The blueprint for a 20-year financial architecture designed to turn pandemics into a profit center. Offshore vaccine funds. https://t.co/2tA4pqhe26 " / X

Trump is petrified apparently that someone in his inner circle intentionally leaked the unredacted Epstein files... whaoo some pretty shocking ones out there.. pretty GRIM stuff !!! that's for sure Nvidia halts plan to invest $100 billion in OpenAI, WSJ says Chinese President Xi Jinping calls for the yuan to become global reserve currency Markets : clearly a proper 'margin call' last Friday, MSFT, precious metals, Bitcoin, miners.., we hit an air pocket (expect higher margin requirements ahead, CME etc....) , whatever the reasons for last week/Friday, new FED Chair doesn't like QE/wants to reduce FED balance-sheet-maybe, way way overbought momentum in precious metals, meme-stocks like price action lately, it is/was time for a correction/consolidation..JPM closed their short right on the lows (totally normal!!??).. FX pretty quiet in all this (still), equity may well have some troubles ahead.... #AI BlackRock said it: “The real constraint isn’t chips—it’s LAND and ENERGY.” Kevin Warsh’s desire to shrink Fed’s balance sheet sets up clash with Trump, say investors..Long-term yields ticked up after president nominated former governor to lead US central bank Xi Jinping calls for building strong global connection | Xi Jinping calls for building 'strong' yuan to boost global role, challenge dollar dominance - Telegraph India Nvidia halts plan to invest $100 billion in OpenAI, WSJ says War Pulse on X: "While the world was busy watching the U.S. buildup around Iran, China quietly dispatched 16 Y-20 strategic airlifters to Iran, reportedly fully loaded with missiles and air defense systems, with their transponders turned off. Now, any U.S. attack against Iran could become very https://t.co/ABaPU9brRT " / X China’s genius plan to win the AI race is already paying off Kevin Warsh’s desire to shrink Fed’s balance sheet sets up clash with Trump, say investors Are Vladimir Putin and Jeffrey Epstein Friends? US Officials Reveal 'World's Largest Honeytrap' Blackmail Plot | IBTimes UK Only ‘half’ of Epstein files have been released, says lawmaker who led efforts to unearth them DANNY on X: "🚨 WARNING: SILVER RUG WAS PLANNED, SOLID PROOF!!! No rage bait or other bullshit, hear me out.. Silver went from ~$121 to ~$74, then settled around ~$78. And you know what? A COMEX report says JPMorgan closed their short positions at the absolute exact second it hit the https://t.co/i0ioDUvuTO " / X Mandelson tried to change bankers' bonus policy at Epstein's request Totally bent !   Dan Neidle on X: "Yesterday evening, Peter Mandelson told me "I've never owned property in Brazil and never will". Then we discovered the Brazilian company he incorporated, "for the purpose of purchasing and selling real estate". Thread:" / X Silver, gold sell off as precious metals markets nosedive Proper margin call!...as expected, but whaooo nonetheless.. Peter Schiff Asks Michael Saylor What's Funding Dividend Payouts On Strategy's Preferred Stock: 'MSTR Is Losing Money'

Is it for today ?.. Donald Trump is set to nominate Kevin Warsh as the next Fed chair, people familiar said. The president plans to announce his pick today, other contenders include Kevin Hassett, Christopher Waller and Rick Rieder. Stocks fell along with Treasuries on speculation Warsh, an historically hawkish former Fed governor, will lead the central bank. The dollar extended gains, while gold dropped >>> Warsh nomination could well have a decent impact on markets, and further flush USD shorts and risk-on trades, IF confirmed >>> beware, and it's month-end, after a month of massive momentum trades.. Markets : It's not often you see a MEGA cap like MSFT losing over 10% in a day (in fact it's never happened..), APPL a beat 'what else', META investigation over WhatsApp, Amazon is said to be in talks to invest up to $50 billion in OpenAI (more circular deals), SpaceX merger talks,. Trump says Europe is weak, the data says NOPE (Thread) >>> MSFT mainly (and SAP earlier, UNH etc) the trigger for a 'cross asset flush' into month-end ! (timing, positioning is the key..) >>> when margin calls kick in with 'hot momentum trades', IMHO a welcome short-term flush in precious metals, and MAG7 and the PLTR of this world are well overdue a decent correction (circular deals, more debt, higher costs etc), BTC another leg lower too, month-end flows could be quite interesting today! no-one can complain that there is no volatility ! what a start to 2026 Commods : ALU used to cost the same in the U.S as it did in Europe (no longer..nope), Copper up here will ADD, Copper move could add up to 1% in U.S core CPI >>> ''a welcome sell-off into month-end after an absolutely WILD Jan..'' Geopolitics : Trump said Vladimir Putin agreed to halt the bombing of Ukraine as the country prepares for an extreme cold snap Trade : The US president warned the UK and Canada against striking new business deals with China, after their leaders visited Beijing this month in an effort to deepen ties Gandalv on X: "Trump Says Europe Is Weak. The Data Says He’s Wrong." / X US Aluminum Premium Tops $1 a Pound for First Time - Bloomberg Earnings live: Sandisk stock surges on huge profit beat, Deckers stock soars, Apple earnings beat estimates Trump says deal struck with Democrats to avoid government shutdown over ICE reforms | LBC Gold prices hit record high as 2026 starts with a rally US trade deficit widens by the most in nearly 34 years in November Elon Musk’s SpaceX, Tesla and xAI may merge: What we know so far Trump Says Putin Agreed to Halt Ukraine Bombing During Cold Snap | Mint Trump pressed to turn retired jet engines into power for AI supercomputers US investigates claims Meta could access private WhatsApp messages | Tech News - Business Standard Bambi Burnham has boosted Labour's rivals The strategic block of Andy Burnham’s by-election candidacy is a self-inflicted wound that signals weakness, invites challenges from internal rivals, and elevates a local contest into a national stress test of Keir Starmer’s leadership, says Helen Thomas UK citizens to be able to travel to China visa-free, Starmer announces in Beijing - BBC News Voters Growing More Concerned About the National Debt UBS kickt immer mehr alte CS-Kunden auf Strasse – Inside Paradeplatz Trump says ‘very dangerous’ for UK to do business with China, after Starmer hails progress in Beijing | China | The Guardian Source: Amazon could invest up to $50B in OpenAI in coming weeks First Brands founder and brother indicted on US fraud charges Indonesian stock exchange CEO resigns after $84 billion market wipe out

US layoffs have surged to recessionary levels: US employers announced 1,206,374 job cuts in 2025, up +58% YoY, the highest since the 2020 Crisis. Excluding 2020, this was the worst year since the 2008 Financial Crisis, and the first layoffs announcement in 2026 are getting bigger Markets : MAGA is turning on Donald Trump, peak Trump 'impact' in markets, not that he can't go loopy still, clearly he can and he will no doubt..,  a central goal of the "Mar-a-Lago Accord"—an economic framework proposed by advisors within the Trump administration—is to deliberately weaken the U.S. dollar (market been doing just that..(THREADs below), and FWIW as we been writing about for nearly a year..., markets may push further than they wish for... at which point the ECB can start to say that EURUSD is too high.... SILVER 'it is different this time' - prepare for 100+ for a long while...(Thread-HECLA President reveals why) >> earnings in full swing (MSFT ''rising costs..'' + circular deal NVDA and OpenAI), SAP drops to 2y lows!, metals still in focus, USD bounced a little after Bessent and weakened again overnight, 10's UST's quietly selling off 4.27% now (steeper curve with Rieder..), Iran building up for something big, UK PLC's to benefit from CHINA rapprochement, commodity boom continues to support the likes of AUD, NOK, LATAMs, Brazil, CHILI ETF's etc.. Geopolitics : Trump says a "massive Armada" is heading to Iran and "like with Venezuela, it is ready, willing, and able to fulfil its mission." "Time is running out, make a deal, the next attack will be far worse,", EU expected to put Iran guards on 'terrorist list', Trump weighs major new strike on Iran as nuclear discussions show no progress The world is adapting, shifting away from America : PetroChina has stopped buying “stolen” Venezuelan oil that is being marketed under U.S. control , France to replace Microsoft Teams and Zoom with its own video platform, Visio, across all Govt departments by 2027 , there will be many more of those, EU-India trade deal is the same, net net the U.S isolated itself and will lose out long-term, Trump is single-handedly turning long-term traditional allies away from the US towards China and Europe..EU’s Kaja Kallas: Europe is no longer Washington’s primary center of gravity. The shift has been ongoing for a while. It is structural, not temporary... let that sink in..Keir Starmer going to China, with 50 UK CEOs, is a huge deal, it’s a break from the autopilot politics of the UK centre-left, where America is always alpha and omega, to a more pragmatic approach.... good for UK PLC's long-term The former Spanish Prime Minister Felipe González stated: "I personally believe, and I say this with all due respect, that Trump is completely insane. A fool who is given power destroys his people." Slovak PM Robert Fico (and old friend of Trump..)... told EU leaders he was alarmed after meeting Donald Trump on Jan. 17 at Mar-a-Lago, calling Trump’s state of mind “dangerous” and raising concerns about his “psychological state,” The Fed holds interest rates steady despite pressure from Trump Powell 'irrelevant' for markets, ALL about next FED Chair, Rick Rieder still odds-on Scott Bessent shuts down report of potential U.S. currency market intervention; U.S. dollar rebounds Clash Report on X: "EU’s Kaja Kallas: Europe is no longer Washington’s primary center of gravity. The shift has been ongoing for a while. It is structural, not temporary. No great power in history has ever outsourced its survival and survived. The risk of a return to coercive power politics and https://t.co/fTsool2E2s " / X Bonjour Visio: France turns digital sovereignty into policy ALL ABOUT THAT USDOLLAR POLICY... Long-term USD dominance over, which started last year on the Mar-a-Lago 'deal'.....'they want a weaker USDollar, they will get a weaker USdollar... China’s ‘gold fever’ sparks US$1 billion scandal as trading platform collapses | South China Morning Post Samantha LaDuc on X: "1973 IS COMING - BUT NOT FOR OIL There is falling global dollar AND treasury demand, but not for US equities. 25% of USTs are owned by foreigners (down from 33% a decade ago) 25% of US Equities are owned by foreigners (up from 18%) USD share of global foreign reserves as https://t.co/efmDeSGpoi " / X Again, irrespective of what anyone things, this is what the market been doing for while...and what we been talking about for months... debasement, usd decline, GOLD reset, hard assets, government debt ever higher etc... Ole S Hansen on X: "From Gemini: A central goal of the "Mar-a-Lago Accord"—an economic framework proposed by advisors within the Trump administration—is to deliberately weaken the U.S. dollar. The plan is named in reference to the 1985 Plaza Accord, where major world powers agreed to devalue the" / X AlexandruC4 on X: "BREAKING: Slovak PM Robert Fico told EU leaders he was alarmed after meeting Donald Trump on Jan. 17 at Mar-a-Lago, calling Trump’s state of mind “dangerous” and raising concerns about his “psychological state,” according to EU diplomats. The White House rejected the account, https://t.co/3TciS5qePk " / X SILVER it is different this time, here is why : Mark on X: "$100+ SILVER UNLOCKED – FORMER HECLA PRESIDENT PHIL BAKER REVEALS WHY THIS MOVE IS DIFFERENT Former Hecla Mining president and Silver Institute veteran Phil Baker explains why this isn't just hype—it's a fundamental shift in the silver market that's here to stay. THE HISTORIC https://t.co/ggvehKkMgE " / X Talks with US over Chagos Islands deal have reopened, confirms Keir Starmer Trump faces fury as majority of Americans turn against ICE after fatal shootings Will Britain follow the Carney Doctrine? - UnHerd EU expected to put Iran guards on 'terrorist list' Trump weighs major new strike on Iran as nuclear discussions show no progress | CNN Politics Pakistan tightens border surveillance over Nipah virus threat as India confirms two cases China plans space‑based AI data centres, challenging Musk's SpaceX ambitions Sam Altman said OpenAI is planning to 'dramatically slow down' its pace of hiring Deutsche Bank Q4 earnings 2025 results SAP plunges to 17 month low as AI panic wipes out $130B Circular deals again OpenAI and NVIDIA Announce Strategic Partnership to Deploy 10 Gigawatts of NVIDIA Systems | NVIDIA Newsroom Earnings live: IBM stock surges, Whirlpool slides; Meta, Microsoft, Tesla report beats across the board

Markets : #USD IMF prepares for global run on US dollar (now with Trump adding to risk..), Scott Bessent is already showing signs of a meltdown in reaction to the European Union’s FTA with India (Thread), FED unchanged tonight, presser always interesting particularly ahead of new FED Chair announcement shortly, worst U.S confidence numbers in 12years y'day, Rick Rieder (odds on fav) wants 1% cut, steeper curves and probably not too worried about the USD either.. so long as UST market remains steady, with all the mountain of debt that needs to be rolled in 2026 #shadowFED effectively.. >> The US has almost never seen so much debt coming due: 26.4% of US federal debt is maturing within 12 months, near the highest % in 26 years!!, mass 48K UPS layoffs, AMZN cuts too, ASML big beat >>> When the U.S. weaponizes the dollar, threatening sanctions, freezing assets, using currency as a political tool, that trust evaporates... (UST long end sold off a little again #duration risk ),... markets have to 'prepare, hedge'' for a 10-15pct move lower in major USD pairs...without the $$$ as a world currency, the U.S becomes a regional power, with HUGE debt issue..''BE careful what you wish for Donald...'' GOLD, Silver , PLAT prices were hit hard during NYC hours last few days, right back and higher again this morning !! this is the debasement full on.. The White House is in full blown panic mode right now . Kristi Noem is throwing Stephen Miller under the bus, Miller is throwing Greg Bovino under the bus, Republican senators are calling for Noem to be fired… it’s a mess. SPX : if you measure SPX return in GOLD terms, the stock market is 'collapsing'.. #USD : IMF prepares for global run on US dollar. The EU should issue more common debt to provide investors with an alternative safe asset to gold and US Treasuries, the Fund's managing director said Ray Dalio just said the quiet part out loud. "If you depreciate the money, it makes everything look like it's going up." The Stock Market boom is a lie… We are witnessing the death of the Dollar, not the growth of the economy EU now has its own 'secure and encrypted' satellite communication system Canadian Prime Minister Mark Carney said Tuesday he told U.S. President Donald Trump that he meant what he said in his speech at Davos, and told him Canada plans to diversify away from the United States with a dozen new trade deals..to EU, China.. IMF prepares for global run on US dollar | Euractiv The Kobeissi Letter on X: "Most people don't realize what Trump just said: For 12+ months, the US Dollar has been in a sharp decline, falling -10% in 2025 in its worst year since 2017. Minutes ago, for the first time, President Trump commented on the decline in the USD: "The value of the Dollar is https://t.co/qTORxvmg3H " / X The President doesn't make USD policy, but there you go.. Global Markets Investor on X: "🚨The US has almost never seen so much debt coming due: 26.4% of US federal debt is maturing within 12 months, near the highest % in 26 years, according to Tavi Costa's analysis. This is ~$10 TRILLION of debt. However, it has to be refinanced at way higher rates than the https://t.co/Wz0AqpPtp1 " / X Crude Rallies on Weather Disruptions and Fresh Geopolitical Nerves | OilPrice.com Mark Carney stands firm on Davos speech, plans new Canada trade deals | AP News EU now has its own 'secure and encrypted' satellite communication system, Kubilius says | Euronews Activists say Iran's crackdown has killed at least 6,221 people, as the country's currency plunges Consumer confidence collapses to lowest level since 2014 | CNN Business ECB would need to act if euro keeps gaining, says Austria’s central bank governor We've hardly moved a few pct.. sure, if EURUSD went rapidly to 1.35+ they would Shubhangi Sharma on X: "Scott Bessent is already showing signs of a meltdown in reaction to the European Union’s FTA with India. The Trump administration will find it a lot harder to justify its policy towards India. The whole thing is backfiring. https://t.co/AgTq8nNwXs " / X Sam Altman, Jamie Dimon, and more CEOs on ICE in Minnesota The boss been fired.. Top White House aide Stephen Miller acknowledges possible breach of protocol before Alex Pretti’s shooting Gandalv on X: "Trillions Lost Forever: MAGA as the Most Expensive Political Project in U.S. History" / X When the U.S. weaponizes the dollar, threatening sanctions, freezing assets, using currency as a political tool, that trust evaporates. China and Brazil are already trading in yuan. India and Russia are using rupees. The European Union is pushing for euro-denominated energy contracts. Each of these shifts is small. But they add up. And they don't reverse . Australia's Woodside beats Q4 revenue estimates despite oil slump, flags lower 2026 output | Reuters Exclusive: Amazon plans thousands more corporate job cuts next week, sources say | Reuters UPS Mass Layoffs as 48,000 Jobs Cut - Newsweek UnitedHealth stock crashes despite market-beating earnings - but CMS update cautions against buying the dip Dutch tech giant ASML to cut around 1,700 jobs even as orders beat expectations - CNA

Markets : Now Rick Rieder is odd-on favourite for FED (big business supporter, cut rates, keep inflation high, never mind folks..keep the super rich happy..), U.S NastGas prices jump higher again now highest in 3years, Trump barks again with higher tariffs on Korea (''bully them'', and now seems Korea now going to sign trade deal, so no reaction in markets), Minnesota de-escalation.. >>> Silver ETF flows are NUTS, see below ! ! !..not just silver mind... anything goes..it's clearly going a little to fast too quickly, trading like a meme stock.. and mining stocks doing properly crazy stuff.. 10y, 100x, uranium too as flagged las few months... USDJPY looks to have found bids below 154 (no new news..markets covers shorts in USDJPY Geopolitics : Xi has absolute control over China’s military. Now he wants more, GS fires precious metal chief, Trade : India and European Union have closed a ‘landmark’ free trade deal, Prime Minister Modi says, Keir Starmer said in an interview that the UK won’t be forced to choose between the US and China, Stung by Trump, America’s Top Trading Partners Cozy Up to China. Some U.S. allies are weighing closer ties to Beijing as they seek alternative markets. (WSJ), Volkswagen CEO threatens to end plans for U.S. factory unless Trump reduces tariffs Brussels opens a Digital Services Act investigation into X over Grok deepfakes, widening scrutiny while U.S. lawmakers sharpen enforcement tools ‘Humanity needs to wake up’ to dangers of AI, says Anthropic chief . Dario Amodei posts 20,000-word essay detailing potentially catastrophic risks from powerful technology in years to come. (FT) New Year, new bad developments in Private Credit. Bloomberg News today: “ BDC BlackRock TCP Capital plunged the most since 2020 following write downs that cut its net asset value by 19%.” Eric Balchunas on X: "WHOA: The volume in the $SLV is $32b.. that 15x its avg and by far the most volume of any security on the planet. For context, $SPY is $24b, $NVDA and $TSLA $16b. Can't remember the last time something so relatively small took over like this. Game Stop maybe. https://t.co/s6lVajUq4J " / X Analysis: Xi has absolute control over China’s military. Now he wants more | CNN Starmer says he won't 'choose between' the US or China South Korea scrambles to pass U.S. investment bill after Trump threatens higher tariffs India and European Union have closed a 'landmark' free trade deal, Prime Minister Modi says VW may cancel U.S. Audi plant without tariff rethink from Trump - Automotive News Darth Powell on X: "This Blackrock used car salesman is Rick Rieder is now the odds-on favorite to become the next Fed Chairman. He thinks destroying America is fine as long as you help the rich. https://t.co/RD7fY5aNtT " / X Meet Rick Rieder: The BlackRock executive in the running to lead the Federal Reserve Goldman’s top precious metals trader exits bank - MINING.COM Got caught short sir ? US natural gas prices soar to highest level in 3 years after winter storm US natural gas prices soar to highest level in 3 years after winter storm Jump expected to push up consumer bills as White House faces criticism that it has failed to deliver on affordability Chart https://tradingeconomics.com/commodity/natural-gas US Treasury market is a ticking time bomb – The Armchair Trader EU opens probe into Musk’s Grok over sexualized deepfakes Target, Best Buy, more CEOs urge 'deescalation of tensions' in Minnesota Trump’s border enforcer in Minneapolis, Greg Bovino, is leaving the city following public outcry over the shooting of US citizens. The backlash has prompted Trump to indicate a change in tack, looks like he's been fired Anthropic CEO Worries Humanity May Not be 'Mature' Enough for Advanced AI BlackRock cuts value of private debt fund by 19%, waives fee - The Business Times This could be big news, if it is the beginning of many more to come...definitely 'a must follow' story in that sector, for overall risk sentiment Apollo Took Loss on Zeroed Out Asset-Backed Loan Deemed Safe (2) Global Markets Investor on X: "⚠️The Japan bond market, the world's 3rd-largest, is trading like an emerging market: The market dislocation index for Japanese government bonds spiked to 9.5 basis points, the highest ever and way higher than in the Great Financial Crisis. This index measures the divergence of https://t.co/5ns9I7JnKO " / X

IF confirmed and they were to agree on 'USDJPY' lower, a 7-10pct is necessary to make any real difference.. so watch out over next few days for ''confirmation'' Markets : JPY focus, intervention alert (you could easily argue that currently, the U.S Treasury is happy to drive USD down..JPY, KRW way oversold - Bessent talked about it last week), both currency and JGB's have been acting like an EMG basket case, because of government spending, seems they are backtracking ( Critical minerals are facing massive deficits over the next decade. - Copper: ~33% deficit - Lithium: ~38% deficit - Nickel: ~15% deficit - Cobalt: ~14% deficit (Thread), Bernstein predicts that copper shortage will start in 2027 and progressively deepen by 2050!, Trump is kind of ending 60+ years of American power/domination >>> HUGE week with FOMC on Wed, BoC and Riksbank meetings, EU-India summit in Dehli and Big Techs and Oil majors reporting, Commodities higher ( Brazil too cheap), Gold, Silver, commodities higher (FIAT collapsing..) and BONDS now falling, is NOT a good set-up for banks in 2026 Democrats threaten government shutdown after Minneapolis killing Germany and Europe have squandered their tremendous potential — Merz  In a fiery speech, Italian Prime Minister Giorgia Meloni delivered a brutal wake-up call that has EU elites panicking. "We either take our destiny into our own hands with vision and courage — or we will simply endure our own decline," Meloni stated VW is abandoning plans to build an Audi plant in the USA. At least until President Donald Trump reduces the burden of tariffs For the first time ever, the U.S. is spending more on interest payments ($1.20T) than on national defense ($1.16T) China’s military says top general undermined Xi Jinping’s authority . Zhang Youxia under investigation after affecting ‘party’s absolute leadership over military’, PLA’s official media claims Ten European nations agree to Hamburg Declaration. A North Sea offshore wind grid with 100GW capacity will be jointly constructed. Signing Monday. Will power 143 million homes France Has Taken The Captain Of A Russian Tanker Into Custody JPN folks changing their mood rather swiftly.. Japan PM's approval rating slips amid doubts over food tax cut: Nikkei poll. As election looms, more than half think lower tax won't help against inflation Nordic Pension Funds Rethink U.S. Investments Amid Rising Risks | Headlines Trump threatens Canada with 100% tariffs over new trade deal with China Japan PM Takaichi’s popularity slips on tax-cut pledge Snowstorm knocks out power and grounds US flights Absolutely out of this world shocking Trucks full of bodies: Iran may have slaughtered 30,000 protesters in 48-hour intense crackdown The World Economy Is Hooked on Government Debt - WSJ '''Debt will tear us apart...'''' Democrats threaten government shutdown after Minneapolis killing - The Business Times China’s military says top general undermined Xi Jinping’s authority There was a coup attempt in China yesterday, but Xi received intelligence two hours before the incident and has since arrested nearly 3,000 people, including military personnel and their families! Terry Moran 🇺🇸 on X: "Donald Trump and the End of American Power" / X Bessent's comments show importance of FX stability in US-South Korea cooperation, Seoul says Wall Street has fallen out of love with software stocks AI casualties... Jamie Dimon drops big hint on JPMorgan's future hiring in the coming years at Davos, Wall Street stalwart says 'you can’t lay off 2 million...' Jamie Dimon, hardly a socialist firebrand, openly called out the dysfunction at the heart of the global system. Not in activist language. Not in moral rhetoric. But in blunt, managerial terms. Dimon argued that targeted public spending, if directed straight to people who need it, would drive growth rather than drain it. He dismissed the obsession with deficit panic and even accepted that modest tax rises might be justified, if the money actually reached ordinary people instead of disappearing into Washington’s black hole. Minneapolis shooting raises odds of US government shutdown | International German Chancellor Merz admits: Both Germany and Europe have wasted incredible potential for growth in recent years by dragging their feet on reforms and by unnecessarily and excessively curtailing entrepreneurial freedom and personal responsibility. We must substantially reduce bureaucracy in Europe. The single market was once created to form the most competitive economic area in the world. Instead, we have become the world champion of overregulation. That has to end Tend to agree with this... but it could also turn into a 'sell america' story ( as seems to be the case recently..) Daniel Lacalle on X: "The world is not experiencing "dedollarization". It is living a de-fiat currency process, which is very different. Central banks are not selling Treasuries and buying euro or Chinese debt. They are buying gold and reducing ALL holdings of developed economies' sovereign debt, https://t.co/NzxUfdUKjz " / X Coin Bureau on X: "🚨CHINA DUMPS U.S. BONDS, DOUBLES DOWN ON GOLD China is rapidly cutting its U.S. Treasury holdings while aggressively increasing gold reserves, marking a sharp shift away from dollar exposure in its reserve strategy. https://t.co/6I7cNf30zL " / X Lukas Ekwueme on X: "Critical minerals are facing massive deficits over the next decade. - Copper: ~33% deficit - Lithium: ~38% deficit - Nickel: ~15% deficit - Cobalt: ~14% deficit These deficits aren’t theoretical....They’re the result of underinvestment, long lead times, and rising demand. This https://t.co/deNr8Syzzv " / X UK among 10 countries to build 100GW wind power grid in North Sea | Wind power | The Guardian France Has Taken The Captain Of A Russian Tanker Into Custody - Belarusian News - Charter'97

One of the many silly comments yesterday ... President Trump claimed that there are no wind farms in China >>> There are between 5-6000 wind farms in China (off and onshore), and they create some 40 % of the world’s wind electricity generation Markets : Surprised ?! not really, lots of barking from the Donald.....once UST's weaken and Trump feels many turning against him (incl some GOP members..) and EU, Canada, Danemark, India stood up to him.., he TACO's again, classic, looking back 130 years, this is the most overvalued stock market by any metric (chart available), #AUDUSD higher (breaking UP) as Oz employment falls to 4.1%, #GBP UK would be ‘crazy’ not to consider new EU customs union, says minister, #CHINA A shares breaking up!, Sweden's largest pension fund has sold $8,000,000,000+ worth of T-bills (that's a bit bigger !!!...) >>> risk does ok again, lower vols, until the next 'bark' from Trump, USD should soften gradually again, bonds prob recover a little, but the 'sell america' damage is done long-term... Geopolitics : Putin Offers Frozen Russian Assets in US to Peace Board, Ukraine Trade : EU-Mercosur Trade Deal delayed, EU lawmakers send Mercosur deal to top court, Western intelligence agencies report the first visible cracks in the Islamic Republic’s security forces. In recent days, several hundred officers have reportedly defected from the IRGC and the Basij 'AI models became suicide coaches,' Salesforce CEO Marc Benioff says, make it stop! Tesla dumping vehicles in France at loss making prices, firing 14% of German factory workers and heading to the worst January sales result in last years. Europe is not a market anymore for Tesla. People ignored the brand damage CEO caused until now, TSLA having an absolute shocker in europe ‘Let the People Decide’: Japan’s First Woman PM Sanae Takaichi Announces Parliament Dissolution Ahead Of Feb 8 Snap Polls NATO Chief says no discussion with Trump on Greenland sovereignty: ‘That issue did not come up’ Initial details on the Trump-Greenland deal have emerged: 1. Involves "small pockets of land" for the US 2. US involved in Greenland's mineral rights 3. Duration of the deal has an "indefinite" timeframe 4. Designed to block Russian influence in Greenland 5. US "Golden Dome" system will be involved 6. Opens door to US-backed infrastructure investment Trump is looking to secure land, minerals, and defense in one deal. Sweden's pension giant has liquidated the majority of its U.S. Treasury holdings. - Futubull Trump's push to fire the Fed's Lisa Cook gets cold Supreme Court hearing Iran offers first government-issued death toll from protest crackdown, one far lower than activists January 21, 2026 - Trump in Davos | CNN Politics So why the circus.. :-), just some big ego trip threatening everyone. .., so you can sound like THE big dude, and eventually TACO again.. nice Trump says he may be down to one candidate to head the Fed By Reuters EU lawmakers send Mercosur deal to top court | News.az UK would be ‘crazy’ not to consider new EU customs union, says minister Bank of America’s Brian Moynihan left off invite list for Trump reception at Davos Bank of America’s Brian Moynihan left off invite list for Trump reception at Davos. The snub is the second time the CEO has been excluded from an event with the president and hints at a deeper rift Howard Lutnick’s Davos speech ends in chaos after heckling and ‘walkouts’ | The Independent Howard Lutnick heckled at Davos dinner as Christine Lagarde walks out. Event hosted by Larry Fink descended into uproar after combative remarks by US commerce secretary Salesforce CEO Marc Benioff says AI chatbots 'became suicide coaches' Unemployment rate falls to 4.1% | Australian Bureau of Statistics Tesla Slumps in Europe, Norway Soars « Euro Weekly News

It's ALL happening in Davos !... next 48hours could be huge, Carney's speech in Davos is one for history ........and Europe won’t yield to 'bullies' Macron warns as Trump pushes Greenland claim, VdL was also pretty firm, Newson was telling everyone that there is NO diplomacy with Trump.. etc etc , Danish MEP was a little too direct but hey..>> are the all going to call Trump's bluff ?... Trump is destroying world order and giving enemies excuses to annex foreign land, if Greenland is important to the US, other will say that Crimea is equally important to Russia etc etc etc, will will give too many ideas to others... Markets : Will Europe call Donal's bluff.. FWIW.. this time I wouldn't underestimate Europe.., "EU-Inc" announced at Davos to simplify business across the European Union ( DO IT.. this would be huge, but do IT ! ).., FIRST EU pension fund 'dumping' UST's (small PF, but HUGE if others follow through their credit risk view) >>> been clear for while...the Global monetary order is breaking (why GOLD and precious metals, now commods are going through the roof!) , beware if some sort of 'boycott U.S products call makes traction'', including Treasuries, USD, MAG7 etc .. Geopolitics : Iran has conducted its first ICBM test, Cleaning up "AI workslop" is costing businesses hundreds of hours a week Danish pension fund AkademikerPension announces they will sell all US Treasuries by month-end, citing "rising credit risk" under President Trump. The fund's CIO says US finances are no longer "sustainable," due to weak fiscal discipline, a softer Dollar, and Trump’s push for Greenland >>> HUGE, IF(/when other pension funds take a similar credit view... Carney Davos speech: Reaction from BBC, NYT, Rolling Stone S.V. Dáte on X: "I sat through two hours of lunacy this afternoon. And watched 15 minutes of this guy just now. The difference is night and day. If you want to understand the long-term damage Donald Trump is doing to our country, it’s worth your time. https://t.co/1yykN7RMMg " / X At WEF, Carney says Canada doesn’t need the U.S. We’ll be our own customer and pivot to CHINA The NEW WORLD ORDER with CHINA (1.4B people) 76% of all Canada trade goes to  this is a bold statement given we can’t move that much trade overnight or ever Europe won’t yield to 'bullies' Macron warns as Trump pushes Greenland claim - RFI Macron at Davos ! Says he doesn’t intend to talk to Trump after snubbing his play club, calls for european STRENGHT in the face of foreign aggression. We need a STRONG EUROPE ! 𝔗𝔯𝔲𝔱𝔥 𝔐𝔞𝔱𝔱𝔢𝔯𝔰 on X: "I cannot tell you just how significant this speech is by Ursula von der Leyen, President of the European Commission. Europe is in my view about to call Trump’s bluff and I really don’t think Americans understand just how catastrophically damaging this could be in terms of long https://t.co/m8wRgvcthB " / X EU puts brakes on $750B energy-and-trade pact amid Greenland tariff row EU Made Simple on X: "📣 "EU-Inc" announced at Davos to simplify business across the European Union EU-Inc, otherwise known as the 28th regime is a simplified business legal structure that would allow businesses to register once for the EU under 1 set of basic rules instead of 27, to allow businesses" / X Gavin Newsom freaks out after arriving at Davos and hearing what world leaders are saying about Trump Trump seeks ‘decisive’ options against Iran amid US military buildup - TRT World Cleaning up "AI workslop" is costing businesses hundreds of hours a week | TechRadar Gandalv on X: "Why Should Europe Keep Financing America’s Debt?" / X Jack Prandelli on X: "Everyone Knows Shell, bp, and ExxonMobil But the Real Power Sits Somewhere Else Shell, bp, ExxonMobil are builders. 💰They spend billions drilling holes in the ground. But the traders play a different game. The hidden giants: Vitol, Trafigura, Glencore. The difference is https://t.co/iPNJW6LSKx " / X BlackRock’s billionaire CEO warns AI could be capitalism’s next big failure after 30 years of unsustainable inequality after the Cold War Yes, he is worth $1.5billion, his company manages $15 trillion...Larry is absolutely correct, it's rigged and he was part of rigging it..

Markets: what is surprising is that plenty of folks in markets keep being surprised by Trump and we are far away from reaching peak medterms madness...!!. .. so what's Greenland all about ?..hiding Epstein files, maybe, imperialist agenda possibly..help Russia break up NATO, well.. or simple utter craze..!.., Nvidia market share in China is expected to collapse, from 66% to 8% this year #NVDA peak, #JPY Japan PM Takaichi: My administration will put an end to excessively tight fiscal policy... BAD idea !!--- (panic, yields up, currency down, #debtcrisis) , Trump demands bonkers 'ceremony' in front of Davos crowd ( Franco-German tensions threaten EU’s drive for common front against Trump..UNITE or else.!.) , New loans to Chinese households plunged to just 441.7 billion yuan in 2025, the lowest since 2005 (Thread) >>> beware of a sudden 'sell America' scenario (Mr Market is Very long 'America' Ai, Mag7 and USD still...and in particular U.S TREASURIES... europe has $8trn of them... see those UST yields.. ?... Japan panicking and clearly not helping #duration nightmare.. Geopolitics : China says it will show the strongest evidence world that COVID-19 was originated from the United States, The EU is considering creating a new alliance with Ukraine, but without the USA: Europe plans to recognize the United States as an unreliable partner - Politico Trade : Venezuelan oil is now being sold to China at a discount, BlackRock CEO Larry Fink is warning that markets are focused on the wrong thing. Everyone's watching the Fed. Almost nobody's talking about the $38.4 trn national debt Jerome Powell plans to attend the Supreme Court hearing on Wednesday over the attempted dismissal of Fed Governor Lisa Cook by Trump US housing market sellers outnumber buyers by 529,770, the largest gap ever recorded! WEF PRESIDENT COMPARES GLOBAL GOVERNANCE TO A JAZZ BAND, SAYS DAVOS IS ABOUT "ORCHESTRATING CONDITIONS"...power ! not about neutrality.. BlackRock CEO Larry Fink warned that global capitalism is losing public trust because prosperity has left too many people behind...quelle surprise..you are part of it..! Trump Demands Bonkers ‘Ceremony’ in Front of Global Elite | Emmanuel Macron doesn’t plan to join Donald Trump’s proposed Board of Peace Macron to urge EU to use trade ‘bazooka’ in response to Trump’s tariffs – POLITICO What Trump told Norway’s PM after Nobel peace prize snub in letter- The Week This is not a joke.... Dollar at week low as geopolitics revive 'Sell America' trade - The HinduBusinessLine Davos warning from BlackRock chief Larry Fink: Capitalism must evolve Franco-German tensions threaten EU’s drive for common front against Trump – POLITICO Nvidia China market share to drastically decrease from 66% to 8%, analysts claim — export curbs and homegrown success to blame BAD idea !.. desperate idea... Japan’s Takaichi calls Feb. 8 election with vow to cut sales tax | International | decaturdaily.com (1) Debt Crisis in Japan - Robin J Brooks We're in a rolling global debt crisis. Last year it was the UK and France that were under pressure. Now it's going to be Japan, which thinks it's a smart idea to cut taxes with public debt at 240% of GDP. The BoJ will cap yields, forcing the Yen to fall... Trump’s top economic aide loses frontrunner status in Fed race Nick Timiraos on X: "By analyzing $4 trillion of shipments between January 2024 and November 2025, researchers found that foreign exporters absorbed only about 4% of the burden of last year’s U.S. tariff increases by lowering their prices, while American consumers and importers absorbed 96%. The" / X Mario Nawfal on X: "🚨🇨🇭WEF PRESIDENT COMPARES GLOBAL GOVERNANCE TO A JAZZ BAND, SAYS DAVOS IS ABOUT "ORCHESTRATING CONDITIONS" "We're not responding to current events. We're orchestrating the right conditions to move forward." At least he's honest about it. The elites at Davos are currently https://t.co/QmVdsvIJoB " / X Global Markets Investor on X: "🔴China's household lending is COLLAPSING: New loans to Chinese households plunged to just 441.7 billion yuan in 2025, the lowest since 2005. This represents just 16% of the amount issued in 2024, marking a -84% DROP. By comparison, new household loans peaked at over 7.9 https://t.co/dOLZ9UBFdy " / X Trump wants AI companies to pay $15 billion for electricity