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BoE to cut, ECB on hold, BoJ tom morning (much more important for risk overall) First Micron exited their Crucial consumer-facing memory business, then we heard Samsung may stop selling SSDs, now there's news that Nvidia may reduce their RTX 50 production by up to 40% next year, Blue Owl capital walks away from ORCL's ä10bn data center plan, and ...Bernie now wants a moratorium on construction of data centers.. Markets : AI names down, oil stocks up on US/VEN conflict and under-owned, Trump promises 'warrior checks' (unlikely..), Dems win blow out vote in Kentucky (Trump's popularity plummeting), “BEYOND A REASONABLE DOUBT” — Jack Smith calmly destroys Trump’s “witch hunt” fantasy in testimony before Congress , Oracle is pure 'monetization problem'...(has lost half its value in 3mos..) which could turn out to be 'THE' issue for the whole Ai trade, . or saying that the market quietly forcing one question onto every balance sheet: show me the cash >>> equity markets rotation continues, Ai/datacenters/techs/non profitable thematic names down...while oil, metals, commodity realated / quality names do well... precious metals, oh my.. what a marvellous ride in 2025.. ! related stocks struggling though #SILJ etc.. wild times ahead no doubt.. Geopolitics : China and Russia Reaffirm Support for Iran and Venezuela Amid U.S. Pressure Recent developments show China and Russia continuing to voice strong diplomatic backing for Iran and Venezuela in the face of escalating U.S. sanctions and military actions, Martin Wolf: The greatest threat to Europe is no longer external authoritarianism alone, but the collapse of the Atlantic moral alliance and unless Europe (and the UK) re-anchor themselves fast, they will be picked apart from within U.S unemployment rate (outside covid) is at its highest level in over 8 years. The labor market is deteriorating particularly quickly for young workers, who are facing a 10.6% unemployment rate German Chancellor Metz announces FORCED mobilization if Germany fails to gather volunteers for the military to counter Russia Everyone is on the K shaped economy / divide >>> IMHO it's bigger and more like a generational divide.. endless deficits, NIRP, ZIRP, endless QE and easy monetary policy have supported asset prices, real estate, single family homee and of course equity prices (who's rally been long equity..? the 10pct..).. now we face the consequences...wiht higher inflation, higher taxes, crazy more volatile geopolitics, affordability issues etc...whihc mostly falls on the younger generation.., many have the right to be pissed off, trouble is no easy asnwer and solution (unless very dratic..).. Nvidia Might Cut RTX 50 GPU Supply by Up to 40% in 2026 Due to Memory Shortages Micron Announces Exit from Crucial Consumer Business | Micron Technology Leaks claim Samsung may stop SATA SSD production in 2026 - The Escapist Oracle's Michigan Data Center Project Talks Progressing Without Blue Owl Capital, ETTelecom Market now says show me the money first.. Good news ! General Mills is cutting prices on food, and it’s paying off But, listetning to the FOMC... Fed said they see stagflation as the biggest risk in 2026 FOMC members foresee.... rising inflation together with rising unemployment Now politics get involved... Bernie Sanders on X: "In the next two years, AI data centers will not only cause electric bills to soar, but are expected to generate the same emissions as driving over 300 billion miles — or 1,600 round trips to the sun from Earth. We need a moratorium on the construction of new AI data centers. https://t.co/ePCljSSseT " / X Jack Smith defends Trump prosecutions in testimony to Congress Republicans IMMEDIATELY regret calling in Jack Smith to testify as he says on the record he has absolutely ZERO regrets and would even CHARGE TRUMP AGAIN if he could, suggested if Trump didn’t want to be indicted, he shouldn’t have broken the law Senate passes defense bill that defies Trump and forces sharing of boat strike videos - POLITICO Senate passes defense bill that defies Trump and forces sharing of boat strike videos The president is still expected to sign the legislation, which now heads to his desk. China says US will only 'harm itself' after Washington approves $11 billion arms sale to Taiwan Dems score blowout victory in Kentucky as Trump's popularity plummets - Raw Story 'Warrior dividends': Trump promises $1,776 checks for US service members this Christmas Trump wants to spend over $2.5 trillion sending 1.45 million $1,776 checks to members of the military. $1,776 won’t even cover their additional household spending because of Trump’s tariffs China advances on its AI 'Manhattan Project:' Reuters Seems like a big security failure by ASML and dutch intel services Liz Webster on X: "🇫🇷 🇫🇷 🇫🇷 This is a warning from the President of France @EmmanuelMacron He sets out why Europe must stop being naïve - about China’s export dumping, about US coercion, and about its own unfinished single market - and start acting like a power. Europe has the capital, the https://t.co/zPKTfCaqWR " / X Venezuela denounces Trump's order for ship blockade as 'warmongering threats' Tesla Faces License Suspension In California Over FSD Claims As Gerber Says 'The Days Are Over,' Munster Calls Ruling 'Absurd' - Tesla (NASDAQ:TSLA) - Benzinga Tesla's car business is only worth $30 a share, analyst warns

Markets : Crude on 4year lows, 4.6% unemployment rate in U.S has always signaled recession in the past 50years, Citadel's Griffin on Rep party and inflation (below), Portfolio managers' cash level drops to a record low 3.3%. Dec BofA FMS (all FM survey headlines below), the BoE WILL welcome softer inflation this morning (3.2% - cut tomorrow nailed on, and more to come in 2026), BoJ will hike rates to the highest level since 1995 on Friday, VW shuts down production at German plant (unheard of..), GOLD, SILVER, PLAT mainly and PALL rally unprecedented this year, what else!.. many miners, junior miners not really joined in the fun #SIL #SILJ etc >>> markets rallied off lows yesterday #QQQ when FED injected $4bn in MBSat 1:30 eastern time, let's see how goes into OpEx, Venezuela, BoJ hike and Epstein files release by end of the week, imho markets feel super heavy, FM survey shows managers are long (all-in basically, which is fine till it isn't), prepare, plan accordingly..would be very careful over next few weeks.. and going into early 2026 Trade : The US threatened to retaliate against EU companies, including Accenture, Siemens and Spotify in response to the bloc’s digital tax efforts, Geopolitics : TAIWAN is a red line" - CHINA warns ISRAEL, US-VENEZUELA CRISIS: Donald Trump orders a blockade (a la Cuba missile crisis) of "all sanctioned oil tankers" going into and out of Venezuela. He claims some of the Venezuelan oil fields belong to America (bit of act of war, surely not coincidental with the Epstein files coming out on Friday...), Public market price discovery can be BRUTAL...-FT Goldman : Gold ETF's account for just 0.17% of private portfolios.... AI how good is it really ?...Only 15% of executives saw profit margins improve due to AI over the last year according to Forrester. BCG found just 5% of executives saw widespread value from AI. Forrester predicts companies will delay about 25% of their planned AI spending in 2026 by a year Citadel founder Ken Griffin says the Republican party is struggling with policies on tariffs and immigration that are fueling inflation during an interview with Dani Burger at the Conference de Paris Silver may soar further as China curbs exports from January 1 - The HinduBusinessLine Mark on X: "ED STEER: "Throw Technical Analysis Out the Window" - Why This Silver Rally is Different. 📈 Silver's price acceleration is entering parabolic territory. Here’s how fast each $10 move has happened: ➡️ $20 to $30: 145 days ➡️ $30 to $40: 145 days ➡️ $40 to $50: 39 days ➡️ $50 to https://t.co/fUhgutacZL " / X US Threatens Retaliation Over EU Digital Tax Griffin Writes Checks to Spur Citadel Employees’ Nonprofit Work - Bloomberg Private market marks, say hello to public markets VW to Shut Down Production at German Plant | SupplyChainBrain Musk said he’d pull back from politics. He’s donating again Nigel Farage’s £9m Donor Profits From Putin Propaganda Platform While Holding MoD Stake – Byline Times Hedgie on X: "🦔Only 15% of executives saw profit margins improve due to AI over the last year according to Forrester. BCG found just 5% of executives saw widespread value from AI. Forrester predicts companies will delay about 25% of their planned AI spending in 2026 by a year. Klarna rolled" / X Milton Friedman Quotes on X: "Milton Friedman: “Keep your eye on one thing and one thing only: how much government is spending, because that’s the true tax.” “If you’re not paying for it in the form of explicit taxes, you’re paying for it indirectly in the form of inflation or borrowing.” https://t.co/cvPpAfbL1b " / X Microsoft Scales Back AI Goals Because Almost Nobody Is Using Copilot | Extremetech The AI Data Center Short | Jim Chanos on Oracle, Data Centers Landlords, and GPU Merchants - Monetary Matters with Jack Farley | Podcast on Spotify Global Surveillance on X: "BREAKING; "TAIWAN IS A RED LINE" - CHINA warns ISRAEL CHINESE Embassy in ISRAEL stated that the TAIWAN issue is a "red line that cannot be crossed" and urged Israel to "correct its erroneous actions". Beijing warned that continuing official or military contacts could severely https://t.co/b3Uuz8oRfZ " / X Global Fund Manager Survey The bullet points below provide more details on the latest survey results: ▪ In terms of global growth expectations, a net 18% of respondents expect a stronger economy over the next 12 months, compared with a net 3% the previous month. ▪ The FMS broad measure of sentiment, based on cash levels, equity allocation, and global growth expectations, further improved to 7.4 from 6.4 the previous month, the highest since July 2021. ▪ On inflation, a net 2% of respondents expect a higher global CPI in the next 12 months, compared with a net 2% who expected a lower CPI the previous month.  Inflation expectations have come down sharply over the past few months given tariffs have not led to a sharp increase in consumer prices as some had feared. ▪ Equity allocation rose to a net 42% overweight from 34% overweight the previous month, the highest since December 2024.  Current allocation is 0.6 standard deviations above the long-term average. ▪ Allocation to US equities rose to a net 6% overweight, vs. -6% underweight the previous month.  Current allocation is 0.5 standard deviations above the long-term average. ▪ Allocation to Eurozone equities rose to a net 18% overweight vs. 9% overweight the previous month.  Current allocation is in line with the long-term average. ▪ A net positive percentage of respondents are saying companies are overinvesting, which is unusual.  However, the net percentage who believe so has fallen to 14% from 20% the previous month. ▪ Bond allocation fell to a net -29% underweight from -12% underweight the previous month.  Current allocation is 0.4 standard deviations above the long-term average. ▪ Cash allocation fell to -11% underweight from -8% underweight the previous month.  Current allocation is 2 standard deviations below the long-term average. ▪ Commodities allocation was net 18% overweight, compared with 17% overweight the previous month.  Commodities allocation is the highest since September 2022 and 1.2 standard deviations above the long-term average. ▪ A net 53% of respondents believe the USD is overvalued, up from 45% the previous month.   ▪ A net 34% of respondents believe gold is overvalued, up from 32% the previous month.

Markets : equity softer ahead of a barrage of delayed US data (payrolls today), FED uncertainty persist, Hassett suddenly not the favorite on betting markets, FORD kills it's all electric F-150-a $19.5bn write-off (Trump cut subsidizes...), an ounce of SILVER is now for the first time worth more and a barrel of Crude, BoJ meeting on Friday is a key event for risk (PARTICULARLY AFTER THE VIX expiries..) , ORCL is now down 45% since the AI hyped highs 2months ago (debt..), Epstein files are scheduled to be released on Friday, per the Epstein Files Transparency Act (suspect Trump will do all sorts of other things to divert attention then, Venezuela bomboing and god knows what else) , Dutch Pension Shift Obsessing Bond Traders Is About to Get Real-BBG >>> equity markes clearly is a spot of bother, sell rallies, big risk after US data dump and VIX expiries this week (often a trigger..), USDollar looks soft, previous metals loving it still, since we recommended earlier in the year..XPT now up 100pct year-to-date, Silver same, PALL reacting slowly but surely too, while BTC struggles.. Geopolitics : UKR-RU deal full of hope, but doesn't sound like a deal is imminent (Rosenberg) EU yields to pressure from automakers as it rethinks 2035 combustion car ban #PLAT OpenAI Researcher quits, saying Company is hiding the Truth . It 's not letting potentially damning research get out there Bank of America’s Savita Subramanian forecasts the S&P 500 ending 2026 at 7,100, implying just 4% upside and the most bearish Street view Trump has put Starmer’s £31bn “tech prosperity deal” on ice to force the UK to drop its digital tax and weaken food standards >> REOPEN customs union negotiations fast!!.. and this is absolutely MENTAL : "Annual average regular earnings growth was 7.6% for the public sector and 3.9% for the private sector" - ONS, weaker UK payroll employment data too this morning (5.1%) Bethany McLean broke the Enron scandal. Tomorrow, she publishes her first investigation for Hunterbrook — on a company that may epitomize the AI bubble. DeSantis says AI Data Centers have ZERO economic benefit for locals Experts ” predictions for Bitcoin before the end of 2025 ... just imagine the amount of money spent on these experts... $170,000 - JPMorgan $180,000 - VanEck $200,000 - Standard Chartered $250,000 - Tim Draper $126,000 - Tom Lee $350,000 - Robert Kiyosaki $500,000 - Chamath Palihapitiya Dutch Pension Bond Shift Risks Triggering Bond Market Volatility - Bloomberg Ford Kills the All-Electric F-150 as It Rethinks Its EV Ambitions | WIRED Dow Jones Top Company Headlines at 3 AM ET: CoreWeave's Staggering Fall From Market Grace Highlights AI Bubble Fears | CEOs ... | Morningstar OpenAI Researcher Quits, Saying Company Is Hiding the Truth The Suez Canal Reopening Is a 2026 Gift for Commodities - Bloomberg UBS-Dollar-Skandal: Höchstes Opfer – ein Subalterner – Inside Paradeplatz McKinsey layoffs show white-collar job cuts are spreading Steve Rosenberg on X: "Doesn’t sound like a peace deal is imminent. “Beating a dead horse” is how the Russian government paper describes the US-Ukraine talks in Berlin. Meanwhile, “tax debts of Russians & businesses increased by 20% this year” & “alcohol prices may rise 10-17%” #ReadingRussia https://t.co/ApcugkuZxr " / X Bit long but priceless if you have time ! The Plan is to Make the Internet Worse. Forever. | Aaron Bastani Meets Cory Doctorow Goldman (Bartlett): - AI is no longer the ~only micro theme in the market, but it’s still the most important, and I think it’s safe to say the thematic disappointed [last] week. - ORCL spent too much (raised FY26 Capex, market no longer rewarding off-balance sheet spend), AVGO didn’t raise AI Revenue forecast by enough, OpenAI’s release of ChatGPT 5.2 didn’t spark the market’s interest like Gemini 3 did in early Nov, and [Friday's] report of ORCL datacenter pushouts didn’t help matters (even if it was refuted later). - After a solid 2 week rally in the trade, some air is clearly getting let back out, and most AI stocks are now back to ~flat on a 2 month+ basis. EU yields to pressure from automakers as it rethinks 2035 combustion car ban | Reuters Nick Timiraos on X: "Miran offered a detailed breakdown of his inflation outlook, arguing that underlying price pressures are closer to the Fed's 2% target than headline figures suggest—and that tariffs are not the culprit for the recent uptick in goods prices. On shelter, he said the catchup to" / X Ryan Crosswell quit Trump's DOJ. Now his resignation letter is part of his stump speech for Congress says he’s running for Congress to NOT ONLY expose Pam Bondi's corruption in the record, but to ALSO hold her accountable. This is huge DeSantis calls for restricting data centers - E&E News by POLITICO

Markets : big backlog of U.S economic data is coming this week, "Microsoft Scales Back AI Goals Because Almost Nobody Is Using Copilot", some Oracle Data Centers for OpenAI delayed to 2028 From 2027, OpenAI will spend $6 billion on stock-based compensation this year, half of its revenue (read that again..!), Chile far right wins presidential election runoff (a trend in LatAm), , China retail sales down 1.3% yoy in Nov (property sales down 16% yoy, and fixed asset investment are down 2.6%-yikes), U.S layoffs in late 2025 are accelerating >>>> Bond yields up a little even in deflation-weak China, FOMC cut, but global rates don’t care #duration— and that’s not great news for risk and equities in general, however...precious metals! 'what else'... PLAT now on 14year highs, SILVER and GOLD keep on trucking, even PALL is waking up too.., USDOllar remains soft, risk is a decent move lower into year-end, and BTC is ....doing nothing sitting just above recent lows near $90K... AI in a nutshell.... : “I’m concerned that a small number of highly educated multi billionaires living on the coasts will be viewed as having created technology that puts millions out of work” “This promises even more social and political division than we have now, making the world ripe for populist demagoguery.”....''avoid disaster...'' The Federal Reserve has started buying short-term government bonds (i.e., government debt) to increase bank reserves, which is why we cannot call it Quantitative Easing/Thread Merz : '''the decades of Pax Americana are largely over for us in Europe, and for us in Germany as well. It no longer exists as we knew it. That's the way it is. The Americans are now very, very aggressively pursuing their own interests. And that can only mean one thing: that we, too, must now pursue our own interests.''' UK's Miliband isolated as EU prepares to reverse petrol car ban Market Quick Take - 15 December 2025 | Saxo China’s worst retail sales since Covid add to growth risks | The Straits Times Chile election: Far-right Kast wins presidential runoff – DW – 12/14/2025 Layoff announcements top 1.1 million this year, the most since 2020 pandemic, Challenger says 'America ruthlessly pursuing own interests': Merz says 'Pax Americana' over for Europe | Watch Ukraine Says Russian Drone Hit Turkish Cargo Vessel in Black Sea - The Moscow Times Is It a Bubble? Shanaka Anslem Perera ⚡ on X: "THE GRID WILL BREAK FIRST Texas just received requests for 226 gigawatts of data center power. The entire state runs on 85 gigawatts. Here is what nobody is telling you. ERCOT's interconnection queue nearly quadrupled in twelve months. From 63 gigawatts in December 2024 to https://t.co/Q0M9ibgrqn " / X Microsoft Scales Back AI Goals Because Almost Nobody Is Using Copilot | Extremetech Also Microsoft $MSFT  rolling out absolutely insane price increases +43% for Microsoft 365 personal subscriptions Oracle’s debt trades like junk as bond, CDS spreads flare - The HinduBusinessLine They burned through $12 BILLION in one quarter building data centers. Their free cash flow? NEGATIVE $10 billion, no near-term revenue and HUGE Capex spent OpenAI Ends Vesting Cliff For Employee Stock Options Again As Competition For Top-Tier Talent Intensifies: Report - Alphabet (NASDAQ:GOOG), Alphabet (NASDAQ:GOOGL) - Benzinga OpenAi's fate will be to be aquired by somebody like Microsoft, at a fraction of its ridiculous valuations.. Again, this is not really QE at all, and inflation expectations at near 4.5% ! jeroen blokland on X: "The Federal Reserve has started buying short-term government bonds (i.e., government debt) to increase bank reserves, which is why we cannot call it Quantitative Easing. At the same time, Trump is making it extremely clear that ‘Federal Reserve independence’ is a myth by https://t.co/NJj9VgDVH2 " / X EU poised to reverse ban on petrol cars More ranting and more lies.. so much of it around, it's hard to pick the best of the day.. StockMarket.News on X: "Trump says the US has "taken in $18 trillion due to tariffs," he's not talking about revenue collected at the border. Instead, he's referring to "investment" commitments from companies and foreign governments that have pledged to spend money in America to either get tariff https://t.co/JnzIcMTuBi " / X Jared Kushner is at the center of Trump's corruption - Salon.com

Trump has put a sticker price on the American Dream: $1 million 'Gold Card' - why not.. Markets : FED thinks U.S economy losing jobs, Time magazine has been one of the best contrarian indicator over the years... (see below), China has now bought Gold for 13th consecutive months, Powell thinks the US drastically overstating jobs numbers, Oracle's big AI dream is freaking out WallStreet (CDS 3y highs. .., data centres spending), now even Broadcom comes up with 'fake' earnings, Indiana Republicans didn't just blow off President Trump today in the 31-19 state Senate vote rejecting a mid-cycle redistricting, they embarrassed him , US Jobless Claims Jump by Most Since 2020 After Holiday Drop >>> signs or talks of QE, metals take off, SILVER magic, risk overall loving lower rates, slightly softer USD, but metals, hard assets the real story Trade : Going to America soon ?... (check what you'll need below..incl DNA..) Geopolitics : Trump Says Ukraine Is Losing the War. Officers on the Front Line Disagree. Kyiv’s military faces major challenges against Moscow’s massive army, but analysts say a Russian breakthrough is highly unlikely, Trump pushing for 'free economic zone in Donbas', Zelenskiy floats referendum over territory as US seeks deal, U.S to seize more oil tankers off Venezuela.., The European Union has triggered Article 122 to indefinitely immobilise the assets of the Russian Central Bank, worth a whopping €210 billion (thread - this seems like a big deal) Is JPMorgan hoarding silver? Here’s what it means as reports claim the bank has been stockpiling the precious metal Investors are now paying 26x peak S&P 500 earnings, highest valuation since 2000 and over 50% above the historical median. A decade ago this same ratio was at 17... The Unfunded Fortress: Bitcoin’s $600 Billion Security Experiment Has Never Been Attempted . Why declining energy costs cannot save a security model built on game theory that no proof-of-work network has ever proven to work Apollo moves fast-growing lending unit out of storied buyout division. CEO Marc Rowan has said private equity is no longer the $900bn group’s growth driver. (FT) The Fed thinks the U.S. economy is actually losing jobs Fed Chair Jerome Powell says U.S. may be drastically overstating jobs numbers US Jobless Claims Jump by Most Since 2020 After Holiday Drop Indiana GOP rejects Trump’s map in major blow to his gerrymandering push - POLITICO Zelenskiy floats referendum over territory as US seeks deal JPMorgan silver hoard signals historic surge: Is JPMorgan hoarding silver? Here’s what it means as reports claim the bank has been stockpiling the precious metal - The Economic Times “Synopsis JP Morgan is making a historic silver bet. The bank now holds over 750 million ounces of physical silver, adding 21 million ounces in six weeks. It exited 200-million-ounce paper shorts, leaving zero short contracts for the first time. Physical supply is tightening as the U.S. Mint reports coin shortages. COMEX open interest is 244% of registered silver, lease rates near 30%, and 169 million ounces moved to non-deliverable vaults.” Oracle's big AI dreams are freaking out Wall Street Now Broadcom fake earnings ... Broadcom’s Earnings: Singing ‘Deck the Halls’ While The Data Sings 'Not Like AI Boom At All' President Donald Trump puts $1 million sticker price for 'Gold Card' residency Jorge Liboreiro on X: "The European Union has triggered Article 122 to indefinitely immobilise the assets of the Russian Central Bank, worth a whopping €210 billion. I explain what just happened and why this is such a big deal for Europeans. 🧵 Long thread. https://t.co/h8XYOKN7PQ " / X Portugal hit by severe disruption in first general strike for 12 years The Unfunded Fortress: Bitcoin’s $600 Billion Security Experiment Has Never Been Attempted Apollo moves fast-growing lending unit out of buyout division Bob Elliott on X: "This is Your Mind On QE Fantasies from large scale QE are everywhere this morning when similar dynamics just months ago during the debt ceiling period shows this Fed T-bill buying will almost certainly be dead money. https://t.co/XWkR3nvLsB " / X GOOD point ! Time magazine's timing usually best contrarian indicator! Do we sell, short MAG7 ??? Jim Bianco on X: "TIME Magazine's Person of the Year (PoY) is "The Architects of AI." PoY has a long history of being an excellent contrarian indicator when it has an investment theme. Q for @donnelly_brent Do we: Sell the Mag 7 Short the Mag 7 * Steal Money to short the Mag7 on leverage https://t.co/VeiesW9WT1 " / X Are you doing it ? ...it might stop a few going to the world cup ! DNA, social media and family history: What US authorities could demand you hand over at the border | The Independent StockMarket.News on X: "China's central bank just announced its thirteenth consecutive month of gold purchases. They 30,000 troy ounces in November to bring its official reserves to a record 2,305 tonnes valued at roughly $311 billion. These reserves now represent 9.3% of China's total foreign https://t.co/Mly8rvuEIF " / X Why is Trump going after Venezuela? Three big reasons

Markets : the US just changed the rules of Oil warfare?.., FED as expected but big division on future direction, on pause now, market loved the$40bn monthly purchase of TBills, it is NOT really QE (it's reserve management), Oracle down sharply (all that debt..!), Japan is hitting the debt endgame as bond yields soar to a 40 year high, SILVER $62 'what else'.. key take aways below/SAXO, tourists may avoid USA now.. just ahead of the World Cup..hummm >>> blow-off top, double top #SPX500 around 6900 area and right back down #QQQ similarly, early days, BUT watch out for a decent risk of a correction now (particularly after VIX expiry..), whole market long risk, Dec liquidities or lack of potentially etc...beware! stay sharp, before this FED meeting, we have reduced risk for clients on this rally and are awaiting better levels to step-in the single stocks targeted, valuations a little too rich, and bond market curves a worry Trade : Mexico approved wide-ranging tariffs of up to 50% on China, broadly aligning itself with US efforts to tighten trade barriers against Beijing, Geopolitics : US bombers join Japan jets after China–Russia drills (everyone chosing their side..), Trump also threatened the president of Columbia, U.S seized a sanctioned oil tanker in Venezuela, the US just changed the rules of Oil warfare (thread), let's call it next level piracy, new foreign policy ? might have to do with China's refinery in the Caribbean..(thread) Trump think 6G will improve his camera pixels.. SILVER ''from monetary hedge to industrial powerhouse' Switzerland REJECTS Palantir Software Indiana Senate set to vote on congressional redistricting, key for today #ORCL $127 in debt, $25bn due within 3 years, free cash flow negative, reported approx $12bn over past 12mos..not expected to ne cash flow positive before 2028... and P/E is still near 40 Trump's DOJ is dropping FIFA corruption case after he got a FIFA 'peace prize'.. natch Top Economist Mark Zandi has a new recession warning Takeaways: Powell says the Fed has delivered enough rate cuts for now Fed cuts interest rates, signals pause going into 2026 Fed to launch $40bn debt-buying scheme after money market strains Monetary policy assessment of 11 December 2025 Congress approves new tariffs on goods from China and non-FTA countries Unemployment rate remains at 4.3% | Australian Bureau of Statistics Foreign tourists could be required to disclose 5 years of social media histories under Trump administration plan Shanaka Anslem Perera ⚡ on X: "BREAKING: The US Just Changed the Rules of Oil Warfare At 6am today, US forces boarded the Skipper off Venezuela’s coast. 1.1 million barrels seized. Two helicopters. Twenty operators. Zero resistance. This is not about one tanker. The Skipper was sanctioned in 2022 for https://t.co/R6XrZoZhIF " / X Silvers breakout year From monetary hedge to industrial powerhouse | Saxo SILVER - Key takeaways Silver has more than doubled in 2025, reaching a new all-time high near USD 60 on a rare alignment of monetary, structural and physical-market forces. Tight supply, price-inelastic industrial demand and policy-driven dislocations have amplified the rally well beyond what gold alone would normally justify. For manufacturers of solar energy, electric vehicles, AI and datacentres, silver is essential but represents a relatively small share of total production costs. Running out of supply is not an option. Looking ahead to 2026, the bullish case remains intact but faces some risks, not least from policy reversals, relative valuation and a potential cooling in AI-driven demand AND India opens $177 billion pension pool to wider investments - Pensions & Investments BREAKING: Switzerland REJECTS Palantir.. | Pravda Switzerland - Switzerland News | VK US bombers join Japan jets after China–Russia drills | News.az Oracle stock is plunging despite new commitments from Nvidia and Meta. Here's why. $127 in debt, $25bn due withiin 3 years, free cash flow negative, reported approx $12bn over past 12months...and not expected to bs FCF before 2028... and P/E is still near 50.. US seizes oil tanker off the coast of Venezuela, Trump says Indiana Senate set to vote on congressional redistricting - Axios Indianapolis Trump wants kids to own fewer dolls. Toymakers are worried US prosecutors seek to abandon soccer TV rights corruption case FactPost on X: "Trump: So we're into 6G now. Yeesh. I was a leader on 5G, getting that done. What does that do? Give you a little bit deeper view into somebody's skin? I like the cameras of the old days. https://t.co/pJhfceEEx0 " / X I mean, honestly...

BRE-JOIN : so the Tory leader now, Kimi openly admits Brexit damaged the UK economy.... quelle surprise..it has gone from “sunlit uplands” to ok right yes yes, it wrecked the place but nations can absorb shocks”.... ah! the whole political class spent close to 10years years gaslighting the public with all sort of nonsense....... Now they quietly concede, suddenly all at once.. (well doubt Farage will ...).... Markets : Trump loosing grip, its over!, big picture, not to say he can't still create havoc! but there you go, GOP members quitting (MTG impact..) >>> So a cut at tonight's FOMC is priced in, more cuts priced in for 2026, what's not priced in you ask ? a hawkish bias....watch that UST yield curve.. Oracle also has its earnings report tonight, FX super quiet, #GBPCHF #GBP should continue to do better in 2026 (BREXON ! no doubt UK will get closer to EU, custom union etc..), metals shining ! SILVER $60+ !!, XPT doing just fine, GOLD steady as XAU/XAG spread narrows.. Trade : ...Just so we’re clear: Trump slaps tariffs on China. China refuses to buy our soybeans. Trump sends $40B of our money to Argentina. Argentina discounts their soybeans, surging sales to China. Trump spends $12B of our money to bailout American farmers. America First!!?...total nonsense Geopolitics : Russian bombers join Chinese air patrol near Japan as Tokyo-Beijing tensions simmer, EU races to bypass Viktor Orbán on Russian assets before summit Anthropic's CEO Dario Amodei: "AI will wipe out half of all white collar jobs and spike unemployment to 10-20% in the next 1-5 years." He's known for being honest (that's why he left OpenAI), it'll be fun they said.. good grief The CEO of Kraft Heinz says: “We now have one of the worst consumer sentiments we have seen in decades." TSLA begging you to buy its cars.. got to meet those emission targets! French lawmakers narrowly approve health care budget, suspending Macron's flagship pension reform “ I’m concerned that a small number of highly educated multi billionaires living on the coasts will be viewed as having created technology that puts millions out of work. This promises even more social and political division than we have now, making the world ripe for populist demagoguery. ” - Oaktree Capital Management LP co-founder Howard Marks Market Quick Take - 10 December 2025 | Saxo Silver Price Forecast 2026: Is This the Start of a Major Breakout? | by Farah Mourad | IG AE Trump thrashes European leaders in wide-ranging interview: ‘I think they’re weak’ - POLITICO GOP House lawmaker retirements complicating midterm path to retaining majority Netflix vs Paramount: Warner Bros.’ bidders brace for a fight that will last months Tesla is basically begging you to buy a standard range Model Y Crude oils uneasy path toward 2030 and the opportunities it presents | Saxo EU races to bypass Viktor Orbán on Russian assets before summit SpaceX reportedly planning 2026 IPO with $1.5T valuation target The $1.5T figure would put value of SpaceX at around 60x its expected 2026 revenue... US backs Japan in dispute with China over radar incident - Nikkei Asia Russian bombers join Chinese air patrol near Japan as Tokyo-Beijing tensions simmer | CNN Fed braces for turbulent 2026 as leadership shake-up looms Donald Trump to pit Kevin Hassett against trio of Federal Reserve chair finalists French lawmakers narrowly approve health care budget, suspending Macron's flagship pension reform China consumer inflation hits near two-year high despite deeper-than-expected producer deflation Trump is no longer doing the job of the presidency. He is in a mad dash to stuff his pockets, as fast as possible with grifts, bribes, and tax payer’s dollars. He knows his time is running out. The staffs know that too, and they’re looting whatever they can Why Donald Trump’s Presidency Is All But Over: James Carville Trump’s niece gives her take on why the president is ‘so needy and so grasping’ | The Independent Come with me to Jacob Rees-Mogg’s house. The Brexiters are rattled – and it shows | Polly Toynbee | The Guardian Mary Trump says she is not afraid of her uncle..'I don't understand people who are afraid of Donald, because he’s so pathetic. I would be embarrassed to be afraid of him,” she said Exclusive: US extracted top spy from inside Russia in 2017 | CNN Politics Anthropic CEO weighs in on AI bubble talk and risk-taking among competitors BREXIT to BREXON - the tide is turning - Farrukh on X: "Al Pinkerton, "A bill to enter negotiations with the European Union to agree a customs union between the UK and the EU" "Businesses know it. The public feel it. It's time this house admits it" "Brexit has been an abject economic failure" "It's choked business investment, https://t.co/RwzUEegM9B " / X Justin Amash on X: "If anyone else wrote something like this, it would be universally acknowledged that the person is mentally unstable. https://t.co/4QWTGME957 " / X Totally unhinged .. A different interview..(so many of them hard to follow really..) Trump just admitted he’s delivering EXACTLY what Putin wants . A reporter tells him the Kremlin praised his new foreign policy. Trump shrugs: “Putin would like to see a weak Europe… and he’s getting that.” Pressed on how “Trump’s strategy” MATCHES Moscow’s goals, he melts: “I have no vision for Europe.” No vision. No strategy. Just giving Putin everything he asked for. Trump isn’t leading the free world. He’s sleep walking right into Putin’s hands.

''Bond, the name is James Bond''.....Government bond yields been on the rise again despite of rate cuts and financial repression!...steeper curves etc.. 'government becoming insolvent'... The US debt crisis is entering uncharted territory: The US Treasury has issued a record $25.4 trillion in T-Bills over the last 12 months, lifting total Treasury issuance to a record $36.6 trillion, TBills issuance is now 70% of all issuance... (liquidities etc etc)... this is not normal... (steeper curves ahead..etc) --- (Threads) Markets : The UST yield curve (10y yields 3mos highs..) re-steepening suggests we are entering the "danger zone", JGB's etc.., Repo : $100B+ in a month (which banks are exposed?..), ECB's Schnabel 'comfortable' with rate hike bets, RBA's Bullock rules out further rate cuts (1y yield up 5bps..), “Trump runs it hot , oil bounces post Russia-Ukraine fix, China keeps yuan cheap, soon all the commodity charts will look like gold; what LatAm stocks telling you.” (Thread), early 2025 BTC targets, ALL so called experts were wrong..by a very long stretch >>> so every one has 25bps cut tomorrow, FULLY priced in, inflation is still 3% and labor market is weakening.. Trade : US delegations land in New Delhi to keep trade talks with India alive, INSANITY and beyond : Trump announces a $12bn bailout of farmers, who been hurt by tariffs, using money collected from Americans from its tariffs... can't teach that.. Research Veteran Yardeni Ends 15-Year Tech bet with Underweight Mag 7 Call >>> after 15years of permanent bull ranting calls...all changed over the weekend.. THREAD: Martin Wolf just explained Britain’s economic collapse  and it destroys the #Brexit  denialists US bankruptcy filings : 717 through November 2025 > Highest since 2020 > Up 93% from the 2022 low of 372 EU leaders are nearing a deal to use frozen Russian assets to back a €90 billion loan for Ukraine’s reconstruction, following talks in London with Volodymyr Zelenskiy. (BBG)  French Prime Minister Lecornu faces high-stakes social security vote ECB's Schabel 'Comfortable' With Rate Hike Bets RBA Governor Michele Bullock speaks following the last interest rates decision of 2025 | Forex Factory Everybody is positioned and hopes so. . The Fed could spark a 'Santa Rally' for stocks to end the year NoLimit on X: "🚨 A BIG STORM IS COMING!!! Look at these yields… - U.S. 10Y is going up. - U.S. 30Y climbing. - Australia’s 5Y and 10Y pushing new highs. - Germany, France, Spain, all drifting higher at the same time. And yet everyone’s still running around yelling “no recession,” https://t.co/trzC1PJdn4 " / X The Kobeissi Letter on X: "The US debt crisis is entering uncharted territory: The US Treasury has issued a record $25.4 trillion in T-Bills over the last 12 months, lifting total Treasury issuance to a record $36.6 trillion. This means T-Bills now reflect 69.4% of all Treasury issuance, near an all-time https://t.co/4uxwzig9ek " / X French Prime Minister Lecornu faces high-stakes social security vote US delegations land in New Delhi to keep trade talks with India alive Trump will sign executive order to block states from regulating AI Research Veteran Yardeni Ends 15-Year Tech Bet With Underweight Mag 7 Call Been a bull for ever..worth reading why he has turned bearish.. Magnitude 7.5 quake in northern Japan injures 23 people and triggers a 2-foot tsunami Jared Kushner is part of Paramount's hostile bid for Warner Bros Discovery No wonder Trump senior is involved in the decision! good grief Neil Sethi on X: "BoA (Hartnett): The Zeitgeist: “Trump runs it hot, oil bounces post Russia-Ukraine fix, China keeps yuan cheap, soon all the commodity charts will look like gold; what LatAm stocks telling you.” The Biggest Picture: commodities like it hot… GFC caused monetary excess, fiscal https://t.co/4OOm9teIrN " / X Let’s take a walk down memory lane and see where all those bold 2025 Bitcoin targets ended up . • JPMorgan: 170,000 • VanEck: 180,000 • SChartered: 250,000 • Tom Lee: 250,000 • Robert Kiyosaki: 350,000 • BlackRock: 700,000 • Chamath: 500,000 • Michael Saylor: 1,000,000 • ARK Invest: 650,000 • Galaxy Digital: 400,000 • Pompliano: 500,000 • Max Keiser: 220,000 • Cathie Wood: 2,000,000 >>>> Bitcoin is 90K, with 24 days left in the year. Every one of these so-called “experts” and “gurus” missed the mark by a mile Lukas Ekwueme on X: "This is the AI revolution in a nutshell: - Only ~10% of the committed data center build outs are actually underway - Circular financing is being used to manufacture demand - Data centers are already waiting years for grid access - Gas turbine order books are beyond production https://t.co/gAY59fLWHd " / X You get a bubble when the market gets it wrong bigly, one can build all the data centers it wants, but if you can operate them because the power grid is not updated, it won't work ! Liz Webster on X: "🚨 🧵 THREAD: Martin Wolf just explained Britain’s economic collapse 🔥 and it destroys the #Brexit denialists (Charts + audio article below) 👇 1/ For 30 years, the UK was a global growth leader. From 1980–2007, UK GDP per head grew faster than any other G7 country. We https://t.co/qtzCcDhIKv " / X

Trump's advisors are urgently telling the President to stop yelling at people about affordability/inflation ("it's a scam" or " a con") and take these concerns seriously... Markets : in Japan, JGB yields continue to move up, 10y 1.97% now (high risk carry trade gets shaken during Dec/Jan low liquidities..) , RBA up next later on tonight (exp unch), FOMC decision on Wed (25bps cut priced in), BoC meets too (very most likely unch), Brasil CB also meets, SNB on Thursday (not much priced in, I wouldn't be surprised of a surprise cut..) , Musk denies $800 billion SpaceX valuation reports, deep job cuts at UBS coming (and Swiss government softens its stance on reserves, why...Oh the threat of leaving for NYC, that's comical..), U.S truck demand has collapsed by nearly 50%, Macron warns China on tariffs (due to huge trade surplus) >>> so all ears and eyes on FOMC, some sort of hawkish cut would not shock me, but we shall see, if so it could have a decent impact on markets, so play accordingly.. Trade : Trump threatens to take a wrecking ball to his own trade pact (USMCA), China’s trade surplus exceeded one trillion US dollars in the 11 months to Nov , round numbers do not matter in economics, but trends do (Macron warnings..)... This surplus will help China meet its official growth target, compensating for somewhat lackluster domestic demand though, Trump's new US security strategy openly echoes Kremlin language and Moscow is celebrating it.. . Geopolitics : Chinese Jets Locked Radar on Japanese Fighters. Tokyo says incidents in international waters near Okinawa were dangerous, as diplomatic tensions with Beijing simmer. (WSJ), U.S : Introducing Robinhood ACT- Wealth inequality has exploded while billionaires borrow against their assets and pay almost nothing in taxes The U.S Treasury can’t afford a rise in financing costs: interest already consumes ~14% of federal outlays... .(Thread) Germany's Merz musters enough votes to pass pensions bill without opposition aid Macron Warns of Tariffs on Chinese Goods Nick Timiraos on X: "Trump describes the public focus on cost-of-living issues as a hoax, con-job, and “fake narrative.” Advisers have pressed the president to treat voters’ anxiety over affordability with urgency “Almost every senior White House official is involved in the effort.” Via @jdawsey1" / X ''' Gaslighting the public about inflation whilst presiding over one of the biggest annual declines in the US Dollar Index ever and mafia-style bullying of the @federalreserve  to slash interest rates by hundreds of basis points is all-time levels of out-of-touch billionaire arrogance '''... it'll be an interesting evening on Wed.. anything other than a cut and a dovish stance, may well upset markets going into year-end.... 2018 was brutal, not suggesting the same btu beware Ukraine peace deal is really close, U.S. envoy Kellogg says I'll believe it when I see it, Russia needs to back down first on a few things.. >>> President Donald Trump said he’s disappointed in Ukrainian President Volodymyr Zelenskiy’s handling of a US proposal to end the war that began with Russia’s full-scale invasion. Trump’s tone on Ukraine contrasted with comments in recent days about President Vladimir Putin’s reaction to the proposal. (BBG) Germany's Merz musters enough votes to pass pensions bill without opposition aid New US security strategy aligns with Russia's vision, Moscow says Trump may demolish another trade deal he negotiated: USMCA Trump’s Security Strategy Focuses on Profit, Not Spreading Democracy - The New York Times Using AI to plan your holiday travel? Why that's a mistake Will you use AI for your next holiday ? The Market Ear on X: "Treasury can’t afford a rise in financing costs: interest already consumes ~14% of federal outlays. https://t.co/BV8OiX9foY https://t.co/j7j9wvrmz4 " / X ..Last time the blue line hit this high on the upside, the USD was significantly devalued at the Plaza Accord, for consensus doesn't seem to care, let's watch, and be ready.. to a certain extent USD weakness vs our 2025 preferred precious metals is well under way and a sign for other USD's in 2026! Musk denies $800 billion SpaceX valuation reports | News.az Rep. Dan Goldman on X: "Wealth inequality has exploded while billionaires borrow against their assets and pay almost nothing in taxes. That ends now. It’s time for billionaires to pay their fair share. My ROBINHOOD Act taxes those loans to create revenue to pay for universal childcare, Pre-K and more. https://t.co/uPnT9pXBUL " / X Risky adjustable-rate mortgages are making a comeback Nigel Farage discussed fronting far-right group led by Steve Bannon | Nigel Farage | The Guardian Blatant corruption?.. Three more Farage bloc MEPs alleged to have followed Russian asset’s script | Reform UK | The Guardian Chinese fighter jets ‘locked on’ to Japanese F-15s UBS Faces Deep Cost-Cutting – Thousands of Jobs at Risk Zurich Airport to end restrictions on liquids - SWI swissinfo.ch The Kobeissi Letter on X: "US truck demand is collapsing: US heavy truck sales have plunged -47% over the last 3 months compared to the prior 3 months, to an annualized rate of 363,000, the lowest since the 2020 pandemic. Truck sales have now declined in 4 out of the last 5 months. In the past, such a https://t.co/1FP2Yg5V33 " / X

Markets : US claims near 3y lows at 191K ( looks wrong.. macro data weaker AND continuing claims are at 3y lows..) , K-shaped downturn, META cutting 10% of workforce , VISA new HQ in Canary Wharf, RBI cuts despite INR on all time lows , UK closer to EU should boost #GBPCHF #GBPUSD from depressed/un-owned levels (see Prof Curtis below) >>> markets running on liquidity alone.. (Thread : Shiller PE 40, monthly repo $100bn, discount window, rate cuts, Hassett incoming etc) Trade : Question: If foreign countries are paying the tariffs, as Trump kept saying, why is Costco joining dozens of other companies demanding millions of dollars in refunds over Trump’s tariffs?... Macron discusses Ukraine, trade with Xi in China, Geopolitics : India’s Narendra Modi welcomed President Vladimir Putin to India, angering the U.S, US says Pentagon review sees opportunities to strengthen AUKUS submarine deal, Putin says there are points he can't agree to in the U.S proposal to end Russia's war in UKR (no surprise there..he just wants to continue the charade..), a UK inquiry finds Putin authorised the chemical weapons attack on British soil in Salisbury in 2018 Over the last 72 hours: 1. Apple's AI Chief steps down 2. Apple's Head of UI Design leaves to Meta 3. Apple's Policy Chief steps down 4. Apple's Head of General Counsel steps down What is happening at Apple? Chinese GPU maker Moore Threads ( 688795.CH ) surging in Shanghai trading debut after raising CNY8B ($1.13B) in second largest onshore IPO for this year on bets company will benefit from China's push for greater tech self-reliance Mexico officially adopting the 40-hour work week —Sheinbaum signs bill phasing out the 48-hour week over 4 years, plus 13% minimum wage hike "Zuckerberg has asked Meta executives to look for 10% cuts across the board , standard request during budget cycles the past few years. The metaverse group was asked to cut deeper given Meta has not seen the level of industry-wide competition over the technology it once expected" Masayoshi Son Hammers Out High-Tech Factories Plan With White House Goldman: If the outlook on AI capex were to change dramatically, a reversion of long-term growth estimates back to early 2023 levels would imply 15-20% downside to the current valuation multiple of the S&P 500 according to GS Research macro valuation model CNN graphic on presidential pardons:totally normal out there ..the amount of utter nonsense, lies, corruption it properly nuts W Bush: 189 Obama: 212 Trump 1: 144 Biden: 80 Trump 2: 1500+ The Big One: The Liquidity Crisis Fueling the AI Stock Bubble Hassett says rate cut likely at next Fed meeting By Investing.com Hardly surprising..! Visa moves European HQ to London’s Canary Wharf | News.az More good news #GBP Putin says US plan to end Ukraine war includes unacceptable proposals | AP News Labor Department reports three-year low in jobless claims - Fast Company US says Pentagon review sees opportunities to strengthen AUKUS submarine deal | The Straits Times RBI delivers 25 BPS repo rate cut: Governor Sanjay Malhotra signals continued easing amid robust growth and low inflation Putin India visit live: Russian President Vladimir Putin meets Prime Minister Narendra Modi - BBC News Macron discusses Ukraine, trade with Xi in China – DW – 12/04/2025 THE GREAT NORMALIZATION: JAPAN’S SOVEREIGN DEBT TRANSITION AND THE TWILIGHT OF ZERO-RATE FINANCE SCOOP: There is a last ditch by Wall Street and corporate America insiders to caution Trump, about the selection of Kevin Hassett as Fed chair (yes it would be a bad choice IMHO .. good short-term maybe, but well anticipated, and steeper yield curve later... ) Their argument goes something like this: Given the political nature of his job (NEC chief) and past work, Hassett has lack of credibility inside the Fed with staff and in the markets, which seeks a degree of Fed independence. They’re saying that his appointment sets the stage for higher long term interest rates because 1) The Fed will be a disorganized mess with leader lacking credibility inside 2) If Hassett manages to cut short term rates ( as Trump wants) with divided vote because of sticky inflationary pressures, it will be perceived as political and inflationary. Btw mortgage and consumer rates are priced off the 10 year and if that spikes over inflation fears, it could cause an economic slowdown as the midterms approach. Of course Trump will PROBABLY ignore all of the above but that’s the latest in the Fed race. Other candidates are Kevin Warsh and Fed gov Christopher Waller, both of whom could be fall back choices. Story developing >>>> The Fed would go from “independent guardian of price stability” to a liquidity instrument aligned with the executive branch Mexico Plans Gradual Shift to 40-Hour Workweek by 2030 - teleSUR English Japan October household spending falls at fastest pace in nearly 2 years  | Reuters Crypto Investor Donates £9 Million to Reform UK as Nigel Farage Plugs His Company and Tells Industry 'I Am Your Champion' – Byline Times Dow Jones Top Company Headlines at 11 PM ET: Masayoshi Son Hammers Out High-Tech Factories Plan With White House | Top ... | Morningstar Trump may demolish another trade deal he negotiated: USMCA #Brexit failure a fact, get closer to EU will be the path.. #GBPCHF ! Liz Webster on X: "Sir John Curtice has confirmed it: Liz Truss didn’t just wreck the economy 👉her mini-Budget killed the last remaining belief that Brexit would ever deliver growth. Even Leave voters now say Brexit has harmed the UK. And Curtice is blunt: 👉 Labour would gain electorally by https://t.co/mcUFht3u2k " / X Farage accuses BBC of double standards after racism allegations

MSFT : Microsoft lowered AI software sales quota as customers resist new products, Nvidia CFO: We still haven’t completed a definitive agreement with OpenAI for the $100 billion, BoA (below) warning about the $120bn issued by the hyperscalers this year alone, IBM CEO Arvind Krishna said there's no way to get a return: "$8 trillion of capex means you need roughly $800 billion of profit just to pay for the interest." >>> this seems like pretty clear warnings? Markets : weak ADP and ISM services cemented the Dec cut and pushed Eq markets higher (weak macro US and risk goes higher, usd softer..) , Bond markets participants warnings over Hassett as Fed Chair, Copper hits fresh record highs, Japan's strongest ever 30y bond auction (after huge bond selloff..), Kushner's trip to Moscow yesterday was not just unethical; it was illegal (Thread) - the amount of corruption, lies & manipulation is totally out of control..., #GBP the UK is going to get closer to EUROPE again, stay long GBP, Brexit failures now clearly being exposed and Labour knows they have to go that way 'closer to EU, not rejoin, but closer', with Swiss inflation flat again #GBPCHF looks a good way to go about it Trade : Xi Jinping tells France's Macron that decoupling means disruption It’s now official: Trump has pardoned one of the world’s most notorious drug traffickers. Former Honduran President Juan Orlando Hernández was convicted of drug trafficking last year in the U.S. and sentenced to 45 years in prison Bank of America says the AI boom isn't heading for a 2000-style bubble burst, but warns investors should brace for an "air pocket." The five hyperscalers issued $121 billion in debt this year to fund AI infrastructure, four times their average annual debt from the past five years, with another $100 billion expected in 2026 Donald Trump’s allies are considering having Treasury Secretary Scott Bessent take on the additional role of heading the National Economic Council if Kevin Hassett becomes Fed chair, a move that would consolidate Bessent’s oversight of Trump’s economic policies. (BBG) Natural gas prices have  65% in 3 months , with millions of Americans heating with gas facing higher winter bills, brrrrrr! US private payrolls unexpectedly decrease in November, ADP says Switzerland Inflation Rate Scott Bessent may lead National Economic Council alongside Treasury role - Bloomberg By Investing.com Copper Hits Fresh Record on Rising Risk of Tariff-Fueled Squeeze Macron tells Xi that China, France must overcome 'differences' Japan’s Strongest 30-Year Bond Sale Since 2019 Eases BOJ Jitters - Bloomberg BOJ’s Ueda Says Unsure How Many More Rate Hikes He Will Make - WSJ Blatant corruption Company backed by Donald Trump Jr.’s firm nabs $620M government contract More images of Epstein's private island home released by House Democrats - BBC News How Epstein Infiltrated the Silicon Valley Network Behind Trump’s New Tech Order – Byline Times OPENAI DECLARES ‘CODE RED’ AS GOOGLE CLOSES IN OpenAI CEO Sam Altman reportedly issued a “code red,” telling staff to prioritize major improvements to ChatGPT as rivals like Google and Anthropic gain ground. According to internal memos, OpenAI is pausing projects such as ads, shopping tools, health agents, and its Pulse assistant to focus on faster, more reliable, and more personalized ChatGPT performance. Teams will join daily calls, and employees are encouraged to shift temporarily to speed up the upgrades Michael Burry: Bitcoin's Price Hitting $100,000 Was 'Ridiculous' - Business Insider Nicely summed up the Hassett game plan, pretty fierce ! Common Sense Investor on X: "Positioning for Trump’s New Fed Chair (Kevin Hassett) Why Long Bonds $TLT May Outperform Stocks in a Fast-Cut Cycle! Trump has introduced his new Fed Chair Kevin Hassett- someone known for being pro-growth, pro-liquidity, and openly supportive of lower interest rates. Markets https://t.co/jj1gLqCzdB " / X Trump’s 2025 tariffs to trigger fresh layoffs in 2026 Structured products are way to expensive for end users... (to say the least..) Leonteq fällt. Und fällt. Und fällt. – Inside Paradeplatz Jake Tapper 🦅 on X: "Why did President Trump pardon the former Honduran president, who “helped to facilitate the importation of an almost unfathomable 400 tons of cocaine to this country,” according to prosecutors? https://t.co/HHZH11ksJJ " / X Trump Hit With $310 Million Lawsuit Alleging “Epstein-Identical” Trafficking Network Eklat bei CSS: IT-Chef über Nacht weg – Inside Paradeplatz Judd Legum on X: "1. Kushner's trip to Moscow yesterday was not just unethical; it was illegal. You cannot accept millions from foreign governments and simultaneously conduct diplomacy for the U.S. It's right in the Constitution. https://t.co/bNHGVi9ZxU " / X

In today's NATO meeting in Brussels, the U.S seat will be empty, Rubio is in Moskow, he is skipping the summit. First time in over two decades a U.S. Secretary of State has refused to attend, Putin held “very useful” talks with US envoys Steve Witkoff and Jared Kushner, the Kremlin said, though they failed to agree on a plan to end Russia’s war. Earlier, Putin warned Moscow may retaliate against ships from nations aiding Ukraine if attacks on Russian tankers continue Markets : a theme we talked about many times - ALTIMETER'S GERSTNER ON BITCOIN-Thread, markets love FED cut optimism (all priced-ion..), Boeing had a good day and techs, BTC stabilized and rallied back to 90K, Costco is suing Trump to avoid getting stuck with the tab on tariffs (the start of many lawsuits - will set trend), Trump Sees Fed Chair Pick ‘Early Next Year,’ Praises Hassett, World Economy Surprisingly Resilient to Tariffs, OECD Says , Oz Q3 GDP stronger, SILVER squeeze continues, On December 2, 2025, Sam Altman declared “Code Red” at OpenAI (Thread) Trade : Brussels pushes for 70% of critical goods to be ‘made in Europe’ Geopolitics : Trump signs bill mandating reviews of Taiwan engagement limits, China sends a clear warning to Washington regarding Venezuela , A new Irish militant group calling itself the "New Republican Movement" has announced its formation IBM CEO says that at today’s costs it takes about $80B to build & fill a 1 GW AI data center, so the ~100 GW of announced capacity implies roughly $8T of capex & “no way you’re going to get a return on that,” since you’d need “about $800B of profit just to pay for the interest”.... infinite need/demand for GPU's is clearly at risk.. The Real Game Behind the Juan Hernández Pardon: Power, Pressure, and the New Monroe Doctrine/Thread It will be a 'shock' for markets if it isn't Hassett Trump Sees Fed Chair Pick ‘Early Next Year,’ Praises Hassett "No Way" All AI Companies Can Get A Return On Their Investments In Datacenters: IBM CEO ‘Taking the gloves off’: Trump just held the Cabinet meeting from Hell | The Independent World economy shows surprising tariff resilience: OECD | Financial Post Australia's third-quarter GDP expands at fastest pace in about 2 years Silver Squeeze: Supply Crisis & Market Mechanics 2025 Ole S Hansen on X: "#Commodities Silver rose to a fresh record near USD 59, supported by a tight supply outlook, continued momentum buying and short covering following last Friday’s breakout above USD 54.50. The gold-silver ratio has slipped below 73, a level that has repeatedly offered support" / X Bitcoin bounces back above $90,000, but market sentiment remains cautious - Cryptocurrency News | The Financial Express OpenAI's ChatGPT suffers outage for some users Shanaka Anslem Perera ⚡ on X: "BREAKING: The First AI Era Just Ended On December 2, 2025, Sam Altman declared “Code Red” at OpenAI. This is not a competitive setback. This is a phase transition. The numbers tell a story no one wants to hear: OpenAI has committed $1.4 trillion in infrastructure spending. https://t.co/zjigE9yFM5 " / X Dell family to donate $6 billion to 'Trump accounts' of 25 million US children | Reuters UK delays decision for third time on China's plan for Europe's largest embassy | Reuters Investigation after video shows masked men saying NI politicians are ‘legitimate targets’ – The Irish Times Ukraine live: Trump envoys fail to secure peace deal with Putin Putin warns Europe: if you want war, then Russia will defeat you. President Vladimir Putin warned European powers on Tuesday that if they started a war with Russia then Moscow was ready to fight and that the defeat of European powers would be so absolute that there would be no one left to even negotiate a peace deal. The AI frenzy is driving a memory chip supply crisis | News.az An acute global shortage of memory chips is forcing artificial intelligence and consumer-electronics companies to fight for dwindling supplies, as prices soar for the unglamorous but essential components that allow devices to store data. Japanese electronics stores have begun limiting how many hard-disk drives shoppers can buy. Chinese smartphone makers are warning of price increases China Issues Warning as U.S. Carrier Enters 1.38M-Sq-Mile Disputed Zone Google CEO Sundar Pichai says data centers in space are coming Is it fair to charge foreigners more to enter tourist sites? | The Independent Some stats! The Kobeissi Letter on X: "This is historic: The Magnificent 7 stocks have rallied +300% since the launch of ChatGPT on November 30, 2022. This is more than 4 TIMES the S&P 500’s +72% return. The Nasdaq 100 has risen +120% during this period. Furthermore, the Magnificent 7 have even outperformed silver https://t.co/MSIvocokSq " / X *Walter Bloomberg on X: "ALTIMETER'S GERSTNER ON BITCOIN Gerstner said he doesn’t understand MicroStrategy’s strategy, and repeated confusion is a red flag for him. He owns some Bitcoin and may buy more if prices fall, but he’s watching to see whether MicroStrategy might be forced to deleverage, which https://t.co/AtW0KY1DHV " / X