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France just officially proposed global taxation for the National Budget of 2026 >>> clearly a risk going forward in many countries Markets : Chicago  Fed latest survey of economic conditions, hiring expectations for next year have tumbled and are at lowest since depths of pandemic  (thread and chart), HF's reach $5trn in AUM, Banks led by JPMorgan and MUFG are preparing a record $38 billion debt sale for Oracle-linked data centers, the largest AI infrastructure deal to hit the market, EU leaders stall EUR140bn UKR loan using frozen russian assets, PM Takaichi vows to boost defence budget >>> Eq Futures held gains, shy of ATH's, buoyed by news that Trump and Xi Jinping will meet next Thursday on the sidelines of APEC.. Geopolitics : It looks like both the Russians and Ukrainians are ready to fight until one’s complete peril, bit scary really, Putin not happy with Trump clearly, Venezuela risk also on the increase #warondrugs , and Israel/gaza still in background.. Trump has pardoned Binance founder Changpeng Zhao, whose crypto exchange has been boosting the Trump family’s own crypto venture, WSJ reports, grifters will be grifters....Trump terminates trade talks with Canada Hot momentum stocks : '''the cost of money dictates the value of future dreams and thematic ideas/stocks''' , take OKLO or a Rigetti in the quantum sector, both are LONG duration assets, companies that will most likely be transformational, ok, but they still do NOT generate cash... so when financial conditions tighten, markets required higher returns for this risk (and vice versa..) , and market starts discounting those cash flows that are still years ahead, with a harder view/price.. just about the assumption of for ever liqudiity changes and impact those stocks, greatly and quickly.. Putin directs drills of Russian nuclear forces as his summit with Trump is put on hold Ukraine never uses American weapons to strike distant targets in Russia — Zelensky Trump accelerates tensions with Venezuela — and risks a longer, messier crisis Trump pardons convicted Binance crypto exec Changpeng Zhao PM Takaichi vows to boost defence budget and Japan September inflation edges higher for first time since May Trump cuts off trade talks with Canada over Reagan tariff ad How Belgium’s De Wever derailed the EU’s ‘insane’ €140B Ukraine loan plan – POLITICO Liz Ann Sonders on X: "Per ⁦@ChicagoFed⁩ latest survey of economic conditions, hiring expectations for next year have tumbled and are at lowest since depths of pandemic https://t.co/GVnnua7whP " / X Chicago is a good view of the real economy manuf, logistics, small firms that are all tied to supply chains, (big techs dont care)..tighter conditions, shifting consumer habits, smaller firms feel the squeeze, suddenly they freeze hiring as costs go higher, and clients go quiet.. if wage growth cool next, the FED will he happy about inflation US weekly jobless claims increase, more people collecting unemployment checks, economists estimate | Reuters Quantum computing firms might be Trump's next target for U.S. stake Tommy Vietor on X: "Binance willfully failed to report transactions on its platform by Al Qaeda, ISIS, Hamas and Palestinian Islamic Jihad. But then Trump's crypto company made a multi-billion dollar deal in partnership with Binance, so Trump gave the founder a pardon. Shockingly brazen corruption. https://t.co/3ztXUvrEvL " / X Shocking really.. CN Wire on X: "🇨🇳🇺🇸Hopes for Xi-Trump summit dampened by tough Beijing moves, rising tension: Comment Just a month after U.S. President Donald Trump hailed "progress" in talks with China, the two nations are scrambling to salvage a planned summit of their leaders, now just a week away, trading https://t.co/6MEdgxrIIt " / X Bankrupt Telecom Business Accused of Fraud in Receivables Financing - WSJ YouGov on X: "What tax reforms do Britons say they would support in principle? -Wealth tax: 75% support -Mansion tax: 69% -Exit tax: 60% -Make council tax proportionate to home value: 56% -Pegging tax thresholds to inflation: 52% -Increase employer's NI for foreign workers: 50% -Require https://t.co/diQCWURv6b " / X At least UK retail sales were up last month ! Labour humiliation as Plaid Cymru win Welsh parliament by-election in former stronghold: latest Geely to launch 10 cars in UK by 2030, starting with £32k EX5 | Autocar Hedge fund assets hit a record $5 trillion. What's driving it? The have a sense of humor... ‘Quiet as a whisper’: German firm launches ad campaign after lift used in Louvre heist | Paris | The Guardian

Markets : Trump vs Xi and Putin, got to take it day by day, TACO etc, 'hot' momentum stocks hammered last few days, from quantum, URA, nuclear, rare earths, metals, and Data Center buildout drama is getting a wellness check.. too hot and overbought !... (pretty wild swings, moves, up an down like a yoyo! trigger happy 'market'..) .. Spanish debt to record highs, U.S debt surpasses $38 trillion, Brent jumped past $64 after the US slapped sanctions on Russia’s largest oil producers, Porsche reserve on EV, Roche raises guidance, TSLA (higher costs) and IBM (lower guidance) softer after earnings last night >>> quie volatile tape near highs, one sector or another's weakeness, credit worries, but so far nothing too dramatic really, that all said, if in doubt, buy a hedge or two #VIX , FXland deadly boring, CHF yields in neg territory and EURCHF 0.9250.. , market has little or no interest in FX, till it will have to. WSJ says the administration is negotiating equity stakes —minimum $10M per firm— (pretty small?..MORE insiders..classic..).. in IonQ, Rigetti, and D-Wave, led by Commerce using reallocated CHIPS R&D funds. It mirrors recent federal equity moves (e.g., Intel grants-to-shares), tying support to taxpayer upside Geopolitics : Trump says he’ll raise China’s Russian Oil purchases with Xi Trade : U.S considers broad software curbs on China-WH (seems totally nuts.. will be TACO'ed..) India unleashes Silver as Bank Collateral with 10:1 Gold-Silver Ratio, boosting Global Money Role China’s rare earth exports dropped -31% MoM in September, to 4,000 tonnes, the lowest since February BoE 's Bailey warned that the collapses of US firms First Brands and Tricolor could be "canaries in the coal mine" potentially signaling systemic risks >> we got PrimaLend yesterday filing for bankruptcy (auto lender) The US military has already been outsourcing its wars for decades to mercenary companies. Now it's privatizing the land, infrastructure, & assets it owns , selling them to private equity firms. The oligarchy is stripping the copper out of the proverbial wire of the US government!! Pete Hegseth gets rocked by CAREER DESTROYING news as "top military commanders" leak to the press that he has lost their "trust and respect" thanks to his "grandstanding" and ranting about "f*cking haircuts." The Silent Consolidation: How Fed Policy and the CRE Crash Are Strangling America’s Local Banks/Thread Why not I suppose...This looks like the new 21st centruy communism... The Kobeissi Letter on X: "The Trump Administration Now Owns: 1. Potential equity stake in IonQ, D-Wave, and Rigetti Quantum Computing 2. 10% equity stake in Intel, $INTC 3. 15% equity stake in MP Materials, $MP 4. 10% equity stake in Lithium Americas, $LAC 5. 10% equity stake in Trilogy Metals, $TMQ" / X India Makes Silver Bank Collateral with 10:1 Gold-Silver Ra | The Jerusalem Post EndGame Macro on X: "The drop in Switzerland’s 2 year yield back into negative territory is a clear signal about how markets see the global cycle turning. When short term government debt in a country like Switzerland trades below zero, it’s telling you investors are more worried about preserving https://t.co/rCi4ntRb3S " / X Treasury Sanctions Major Russian Oil Companies, Calls on Moscow to Immediately Agree to Ceasefire | U.S. Department of the Treasury US national debt tops $38 trillion for the first time; each American's share exceeds six figures - The Economic Times US army taps private equity groups to help fund $231b revamp Oil Jumps as Trump Steps Up Pressure on Russia With Sanctions Spanish Public Debt Grows at Rate of 4.7% and Sets Historical Record: €1.699 Trillion | The Corner Tokyo stocks fall in morning amid US-China trade tensions - The Mainichi Parliament stalls EU’s first effort to simplify rules for business – POLITICO Apple approaches $4 trillion market cap after iPhone 17 debut Roche raises guidance even after weak dollar weighs on sales Porsche shares slide after EV launch delay and altered profit outlook Q3 earnings: Wall Street just put Tesla in drive-assist mode IBM Q3 2025 earnings report Oklo stock sinks 25% as nuclear dream meets harsh reality The Kobeissi Letter on X: "BREAKING: China’s rare earth exports dropped -31% MoM in September, to 4,000 tonnes, the lowest since February. This marks the 3rd consecutive monthly decline. YTD exports have risen +13% YoY, but the data does not yet cover China’s newly expanded export controls introduced https://t.co/StfCugVqlM " / X EndGame Macro on X: "The Silent Consolidation: How Fed Policy and the CRE Crash Are Strangling America’s Local Banks The tightening pressure small and regional banks are facing today is the delayed consequence of deliberate policy choices made during and after the pandemic. The Fed controls reserves https://t.co/nYPyEJlTfM " / X

Germany’s banks democratize private equity for retail clients, similar moves in the U.S this feels so late cycle.. Markets : Gold, talked about it oftenenough, was ''overbought short-term... ''still'' under owned long-term'' , so here we are a better opportunity long-term (other metals too..).., Trump signals meeting with Xi isn’t guaranteed  ( will any of them blink first or it goes all wrong after Nov 1st deadline? china got the upper hand on rare earths, and won't fold on national pride..Trump pushed again on 155% tariffs..1st Nov..), UK inflation holds steady, JPN's new PM preparing large economic stimulus to tackle inflation, JLR hack 'is costliest cyber attack in UK history', BoE “private credit boom and the subprime debt crisis” parallels (early but not wrong..) >>> overall few cracks appearing, precious metal selloff (largest in longtime- TOUGH back to where we were 1 week ago..), BTC and crypto struggling, private equity, credit issues popping out, Equity indexes on hgihs but underneath doesn't look all that healthy, consumers struggling with higher prices and global de-globalization, onshoring etc and higher costs.. things can swing quickly in Q4, beware nasty sharp pullbacks in owned positions.. never hurts to have a hedge on in Oct-Dec time #tighter liquidity conditions underneath Geopolitics : Trump said he doesn’t want “a wasted meeting” with Vladimir Putin . European nations and Ukraine are said to be drafting a 12-point plan to end the war along current battle lines, crude a little higher (reserve built up), its on, off, on, ... Trade : India to cut Russian oil purchases, U.S. to slash tariffs as they near trade deal Trump administration plans new probe into global drug pricing, FT reports ASMZN is aiming to replace 600K U.S. jobs with robots by 2033 US pushing Private Equity onto Pensioners & now German Banks dumping on Retail, this feels so late cycle.. Oil rises in early Asian trade, buoyed by the U.S. Energy Department’s plan announced Tuesday to buy 1 million barrels for the Strategic Petroleum Reserve. (WSJ) GOLD ..overall long-term factors supporting gold will remain , CB demand, fiscal expansion, diversification needs from investors, stay valid long-term, let alone USD downside eventually, low yields Why Europe is building a $11bn New Tunnel through The Alps / Video Trump threatens China with 155% tariffs, hints at potential trade deal with Xi Jinping - US News | The Financial Express Exclusive: Japan's new PM is preparing large economic stimulus to tackle inflation, sources say | Reuters This is SO late cycle .. German retail banks pitch private equity funds to small-scale investors | Business Post Rare earths: China responds to U.S.-Australia critical minerals deal '''overbought short-term, uinder owned long-term''... so here we are now Gold, silver extend rout after massive sell-off as rally loses shine | The Straits Times Gold and Silver reset What it means for long-term investors in miners | Saxo Bloomberg on X: "The Bank of England warned of parallels between the $1.7 trillion private credit boom and the subprime debt crisis, as UK officials confirmed plans to subject the market to stress tests https://t.co/6CC8yeNNZo " / X India, U.S. near trade deal with major tariff cuts, reduced Russian oil purchases OpenAI Unveils AI Browser 'ChatGPT Atlas' To Compete With Google Netflix grows revenue 17% in Q3 as ads gain ground Amazon Memos Point To Robot Takeover — 600,000 Jobs Could Vanish (UPDATED) Novo Nordisk's top investor seizes board control in weight-loss drug battle VW says production pauses planned, denies chip crunch as reason | Reuters JLR hack 'is costliest cyber attack in UK history' Brenner Tunnel - 11 minutes video - pretty impressive facts ! Why Europe Is Building A $11 BILLION New Tunnel Through The Alps EndGame Macro on X: "Plugging the New Money into the Old Core In plain English, Waller just said the Fed wants crypto born payment tech (stablecoins, tokenization, smart contracts) inside the U.S. payments tent. He floated a payment account, basically a skinny version of a Fed master account with" / X

“A group of banks including JPMorgan Chase, Bank of America and Goldman Sachs is struggling to put together a $20 billion loan to Argentina without leaving themselves on the hook to the virtually bankrupt South American country.”.. not so fast ! Markets :   The bond market is now pricing in a 100% probability of a Fed rate cut at the last 2 FOMC meetings this year (Oct 29 & Dec 10), bringing the Fed Funds Rate down to 3.50-3.75%, leveraged ETF growth going parabolic, The Rare Earth reset and how Trump’s Australia deal rewires the Mineral Map and NO supply issues won't sorted by neyt year, contrary to what Trump sayid..(THREAD) , JPN has a new PM #JPY weaker, ''The AIbubble is a rational bubble'' >>> AI, BTC, gold (price action yesterday pretty clear again..), credit, all up intandem, add debasment , all lifts real assets' values.. Trade : Trump expects Taiwan to be on the agenda when he meets with Xi Jinping next week. He predicted the US and China will have a “great trade deal.” Trump said he's secured $20 TRILLION in investments in America. His fake number has increased by $2 trillion just since last Thursday!...The entire US GDP is $30 trillion... Nvidia is out of chips in China. CEO Jensen Huang says the company has gone from 95% market share to zero as export rules and retaliation erase one of its biggest markets and redefine Amazon said all cloud services have been restored after a 15-hour outage The U.S Fiscal Year 2025 deficit was $1.8 trillion Bank of America Warns of Forced Stocks Selling If Credit Problems Persist , best stop this credit issue fast then! (like last friday with a trade dealwith china..) U.S : Home Sellers now outnumber Buyers by more than 500,000, the largest gap ever recorded The AI bubble is a 'rational bubble', says Mohamed El-Erian Japan's parliament elects Sanae Takaichi as nation's first female prime minister Trump Proceeds With Some Shutdown Layoffs After Court Freeze (1) BofA warns of forced stocks selling if credit problems persist - InvestmentNews Nick Timiraos on X: "“A group of banks including JPMorgan Chase, Bank of America and Goldman Sachs is struggling to put together a $20 billion loan to Argentina without leaving themselves on the hook to the virtually bankrupt South American country.” https://t.co/yT0u3uE4kn  “The U.S. facilities are" / X China is well positioned for a trade showdown with Trump The study found that, all told, nearly 700 drugs used in the US depend on ingredients that are solely produced in China EndGame Macro on X: "The Rare Earth Reset And How Trump’s Australia Deal Rewires the Mineral Map The rare earth agreement President Trump just signed with Australian Prime Minister Anthony Albanese is about control over the industrial arteries of the 21st century. Rare earth elements power https://t.co/Yt04wO00Cx " / X #debt It's probably fine...   The Kobeissi Letter on X: "The US debt crisis is intensifying: Total US debt reached a record $98.8 trillion in Q2 2025, equal to 324% of GDP. Federal government debt rose to $35.6 trillion in Q2, but the most recent data shows it has reached $37.5 trillion, or 123% of GDP. Nonfinancial corporate debt https://t.co/ZVR48zKjJI " / X Good olde Brexit ..   Farrukh on X: "Left: Rachel Reeves reepatedly said that the Labour will not take us back into the EU, the Single Market or even a Customs Union and that Labour will make Brexit work Right: Labour can't make Brexit work because any version of Brexit causes long term damage to the UK economy https://t.co/UN4tZvZfEJ " / X AWS outage sweeps across internet sites and services Jensen Huang says Nvidia’s China business is down to 'zero' Apple iPhone 17 Pro Max - Review 2025 - PCMag UK

Japan set for new coalition, as Takaichi set to become PM #JPY Markets : no credit worries yet then, markets rebound as Trump contains China chaos on Friday, more TACO action on Friday , cold war, Ai race, US rare earth trade war with China (dependency, big picture not priced in, not even close..), you have to wonder what this will do to capital markets to have 40+ years of trade politices that benefited the US dominance, peace and globalisation, what will it do if trade policies fully reverse..?? Brexit impact on UK economy 'negative for foreseeable future' BoE's Bailey, Larry Allisson's bragging on private policy ! , Swiss government fears wealth exodus with inheritance tax hike, U.S. Credit Spreads drop to lowest level since 1998 (what credit scare?..amazing really), BYD's new manufacturing hub in Zhengzhou is the size of the US city of San Francisco.. Geopolitics : Trump urged Zelensky to accept Russia’s terms for ending its war in a volatile White House meeting on Friday, warning Putin said he would “destroy” Ukraine if it did not agree. The meeting was a “shouting match”, with Trump “cursing all the time.”.., Trump, up and down as usual, on Ukraine-Russia, hard to tell what was really said !! , S&P cuts France's credit rating due to the country's unsustainable debt trajectory Trade : Even IKEA is raising prices in this economy, Trump says US will increase tariffs on Colombia as drug trade feud escalates, The US economy is so insanely financialized that it has more private equity funds (19,000) than McDonald's (14,000) #GOLD Gold’s breakout is a macro story driven by fiscal dominance , de-dollarization, debasement, inflation and global central bank demand — and why Bitcoin isn’t the hedge many think / Thread, video - Gold now accounts for over 20 % of global central bank reserves, the highest share we've seen in nearly three decades, but you need a long-term chart to realize it was 40% in the 1980's (FT chart available on request) #XAUUSD   India’s largest precious metals refinery has RUN OUT of silver STOCK for the FIRST TIME in HISTORY — maybe just down to Diwali, let's see... AI growth now depends on sovereign control of infrastructure, not just software innovation LDP's Takaichi set to become PM as Japan Innovation agrees to coalition. Diet to pick first female prime minister on Tuesday but minority rule may continue France's borrowing costs rise after Fitch downgrade Renewed fighting tests Gaza ceasefire and Israel briefly halts aid Ukraine-Russia war latest: Trump warns Zelensky to accept Putin’s terms or be ‘destroyed’ The Likely Consequences of a US War on Venezuela - CounterPunch.org NEXTA on X: "Trump defends himself: Donbas was never offered to Russia Donald Trump said that during his talks with Volodymyr Zelensky, the idea of handing over Donbas to Russia was “never discussed.” According to him, the talks were only about freezing hostilities along the current front https://t.co/B2095yEVvl " / X Trump tells Zelensky to give up Ukrainian land as White House meeting descends into 'shouting match' Trump Calms China Fears, Bitcoin and Ethereum Rebound Argentine FX traders estimate US Treasury sold over $200 million | Buenos Aires Times Investors cannot discount China's edge in rare earth metals – The Armchair Trader Japan set for new coalition and first woman PM China removes top trade negotiator from former WTO post - CNBC TV18 The AI–infrastructure connection at the heart of global growth - Financial Times - Partner Content by Wellington Captionizer on X: "Oh my, did public AI just jump the shark? Larry openly bragged that every bit of our personal “private” data from any Oracle powered organization, has been unknowingly accessed, scraped, and sprayed across the public LLM domains! Watch till the end, this is absolutely insane. https://t.co/xEqfYSrQAh " / X Theft of privacy ! not even hiding it, totally normal practice bascially, wont' be stopped, Oracle admits they are part ofit, that is the US exceptionalism and Ai tech dominance ... he said it out loud ''' Larry openly bragged that every bit of our personal “private” data from any Oracle powered organization, has been unknowingly accessed, scraped, and sprayed across the public LLM domains!''' Trump says China tariffs he's threatened aren't 'sustainable' Swiss government fears wealth exodus with inheritance tax hike - SWI swissinfo.ch If any doubt ... Brexit impact on UK economy 'negative for foreseeable future', Bank of England chief says | UK News | Sky News Farrukh on X: "ITV news cover Andrew Bailey pointing out that Brexit is bad for the UK's economic growth Journalist, "Brexit, which dominated our politics for so many years has almost become a bit like a curse word for some of the parties" "Just really afraid to even talk about it" "Even https://t.co/RlH3NLbVL3 " / X Gold’s Perfect Storm Is Here Video, nice macro stuff Ole S Hansen on X: "A major #gold driver: China’s four-year property slump showed no sign of easing, with home prices falling more sharply in September despite fresh stimulus efforts by major cities to stabilise the market. The prolonged real estate weakness continues to sap confidence and is one of" / X Warren Buffett's master class on the problem with gold Ben Norton on X: "The US economy is so insanely financialized that it has more private equity funds (19,000) than McDonald's (14,000). This is because the US economy is not based on innovation, and certainly not manufacturing; it's based on parasitic financial rent-seeking https://t.co/1jToYELYjI https://t.co/WvE3Sd7KZ5 " / X IKEA raises U.S. prices as new furniture tariffs hit imports Nestlé to cut thousands of jobs in next two years - SWI swissinfo.ch

Global money supply through the roof, Global debt up $20trn in H1 2025..!!.., hard to make a case that the like of GOLD is in a bubble, while this goes on... Markets : A CREDIT move yesterday, ''leverage loans' risk, often discussed but ignored for too long, banks tap SRF, VIX up, all eyeing the regional banks, Jefferies, #KRE !... a perfect storm with rest estate loans, delinquencies on highs, $1trn CRE loans etc !! ... Nestlé cuts 6% of workforce (white collar jobs), Hedge Funds in the Cayman Islands are forced buyers of UST - but counted as “Foreign buyers” to fool US equity & bond holders (Thread), RRP Fed'sreverse repo down to 4.1trn (apr 2021 low) and bank reserves down to $3trn (keep an eye on it, market liquidity appears tobe at critical point (Thread), Morgan Stanley forecasts that copper production will fall short of demand by 590,000 tons next year, the biggest supply deficit since 2004 >>> credit moves, tend tofavour #JPY #CHF, OVERALL USDollar is softer, EURUSD back 1.17+, while precious metals are roaring up, what else.. Trade : Swiss government slashes growth outlook as Trump tariffs put ‘heavy burden’ on economy, India has already cut Russian oil imports by 50 percent-White House, Geopolitics : Venezuela's president pleads for peace after Trump sends in CIA, Donald Trump says he will meet Vladimir Putin in Budapest. US president plans further talks with Russia’s leader on ending war in Ukraine ''within 2 weeks'' (FT) , China blames U.S. for global panic over rare earths controls Trump can 'give $40bn to his mates n Argentina (after Trump and Co made sure about having investments there..), to support their own camp without congress approval (pretty amazing.. what law approved this ?...) >>> in other words it's not a bail out for Argentina, it's a bailout for Trump's well connected FM's, his own family investments and the mega wealthy friends who invested out there UK : Energy bosses have just told Parliament that EVEN IF gas prices halved by 2030, the soaring policy costs of renewables would mean bills go UP PayPal’s crypto partner mints a whopping $300 trillion worth of stablecoins in ‘technical error’...totally bonkers Investors warn on leveraged loan risks after First Brands collapse. Rapid growth of $2tn market has led to hastily done deals and hurried due diligence, say fund managers. (FT) Wall Street credit worries intensify after Dimon's 'cockroach' warning Wall Street Jolted as Bank Woes Stir Credit Angst: Markets Wrap - SWI swissinfo.ch US banks tap Fed repo facility as overnight rates climb, signaling funding strain | Reuters China blames U.S. for panic over rare earths controls Switzerland slashes GDP forecast as Trump's tariffs weigh on economy Oil Rises as Trump Says India Will Stop Buying Russian Supply Trump Says Putin War Summit Will Happen in ‘Two Weeks or So’ The Kobeissi Letter on X: "BREAKING: Demand for the Fed’s Reverse Repo (RRP) facility has fallen to $4.1 billion, the lowest since April 2021. RRP usage, one of the financial system’s key excess liquidity metrics, has declined -$2.5 trillion since its December 2022 peak. Meanwhile, bank reserves at the https://t.co/6IDknvHM7w " / X Energy bills are 'going to be 20% higher' despite 'prices halving' as Britons pay extra £300 a year Must watch Claire Coutinho on X: "An absolute must watch. Energy bosses have just told Parliament that EVEN IF gas prices halved by 2030, the soaring policy costs of renewables would mean bills go UP. Ed Miliband’s plan means more grid, more expensive renewable subsidies, more paying wind farms to turn off. https://t.co/GHGJ64kLUW " / X Samantha LaDuc on X: "Hedge Funds in the Cayman Islands are forced buyers of UST - but counted as “Foreign buyers” to fool US equity & bond holders. It’s one big shell game with tether/stablecoins - run by the biggest cons in the biz: BlackRock & Cantor" / X Is the AI stock boom a bubble? What Wall Street analysts say Is the AI boom a bubble? What the CEOs of OpenAI, Nvidia, and more say PayPal's crypto partner mints 300 trillion stablecoins in 'technical error' Venezuela's president pleads for peace after Trump sends in CIA | World News | Sky News China and North Korea economically taking over Eastern Russia - Ukraine's intelligence | RBC-Ukraine China and North Korea are gradually taking over the eastern regions of Russia economically. Thus, Russia is increasingly paying off its allies in the war against Ukraine with its own territories - big if true, not fully confirmed by independent sources.. .'''The narrative is rooted in real trends of rising Chinese and North Korean influence in Russia’s Far East but exaggerated in claims of territorial transfers. No verified evidence supports formal Russian territory being “paid off” to allies; the reality is increased economic, demographic, and labor presence by China and North Korea in the region, reflecting Russia’s current vulnerabilities and strategic realignment''' China, India, and North Korea back Russia as changing global order takes shape - Atlantic Council Nestle 3Q earnings; announces 16,000 job cuts Fire a load of white collar jobs, something Nestle was never really known for... surprise markets and your stock is up nearly 10pct The Kobeissi Letter on X: "The elephant in the room: Confidence in fiat currencies has collapsed. As a result, absolutely no one wants cash right now. In fact, cash allocation for institutional investors is down to 3.8%, the lowest percentage in 12 years. The Fed will soon lose its independence, rate" / X

Landmark Decision: Court Rules Credit Suisse bond wipeout was unlawful >>> so who will pick up the tab eventually ? taxpayers ?....dream scenario for lawyers and for years to come.. Markets : US PURCHASED ARGENTINE PESOS THIS MORNING: AXIOS, The Iron-Dollar Crack: BHP's quiet surrender to the Yuan (Thread!), Dimon said gold can get to $10K (he didn't say this unless there is a reason, so why?..UST revalues gold up there and that's over $2.5trn USD into the TGA...?..thoughts ?) , see BofAFMs survey below/thread, JPN coalition not so easy #JPY, Oz jobs data slips Trade : US Treasury Secretary Bessent suggests possibility of longer China tariff truce, ''We want to help China, not hurt it¨¨, US Trade Representative Greer: We are expecting Chinese restrictions not to be implemented and go back to prior agreement Geopolitics : Venezuelan F-16s were reportedly scrambled due to US airforce presence to the North, Pete Hegseth-“If there is no path to peace in the short term, then the United States, along with our allies, will take steps necessary to impose costs on Russia for its continued aggression.” (very notable rhetoric shift), The Pentagon has developed plans to sell or transfer Tomahawk missiles to Ukraine, thats a game changer , US military won't be needed to disarm Hamas , UK vs China spy case mass, Trump says Modi assured him India will stop Russian oil purchases, but timeline unclear UK: Anatomy of a Rolling Fiscal Crisis – Part 2, from the excellent BlondeMoney China FM : China and EU should be partners and enhance mutual trust - ministry Sebastien Lecornu looks set to survive two no-confidence motions today . The censure motions from National Rally and France Unbowed may not get the support of Socialist lawmakers Of course it’s a bubble’: AI start-up valuations soar in investor frenzy. Unprecedented funding leads 10 groups including OpenAI and Elon Musk’s xAI to gain almost $1tn in value in past year. (FT) Microsoft aims to make most new products outside China from 2026 - report Landmark Decision: Court Rules Credit Suisse Bond Wipeout Was Unlawful Why the AT1 Judgment Shakes the System – Beyond Credit Suisse Trump will set price floors across industries to combat China, Bessent says US Banks Cheer Regulators' Steps Toward Easing Capital Requirements U.S.-China trade: Bessent says Trump won't be deterred by stock drops Stocks swoon as U.S.-China trade war has markets on a rollercoaster Tracking OpenAI's deals with Nvidia, Walmart, AMD, and more Here we go again US Banks Cheer Regulators' Steps Toward Easing Capital Requirements USDJPY LDP, Japan Innovation to discuss decentralization, social security reform - Nikkei Asia China’s rare-earth squeeze, explained: What Beijing wants—and how Washington may respond Australian Jobs Slip as Unemployment Surges, Boosting RBA Rate-Cut Bets – Sri Lanka Guardian Trump says Modi assured him India will stop Russian oil purchases Venezuela buzzed an American destroyer with US-made F-16s amid a Caribbean standoff Ukraine-Russia war latest: Putin will face ‘costs’ if he continues war, Trump official warns Israel-Gaza live updates: US military won't be needed to disarm Hamas, Trump says - ABC News Key witness in spy case said UK wanted ‘positive relationship’ with China despite Beijing being branded a 'threat' | LBC EU should take a rational and pragmatic view of rare earth export control measures: China Daily editorial - Opinion - Chinadaily.com.cn China, EU should expand trade, investment ties to cope with external uncertainties: Chinese premier The Kobeissi Letter on X: "Gold is going mainstream: 43% of global fund managers say “Long Gold” is the most crowded trade, according to a BofA survey of 166 participants with $400 billion in assets. Gold has reclaimed the lead after 3 consecutive months where “Long Magnificent 7” topped the list. https://t.co/Vj1RJQmpk2 " / X AI Data Centers, Desperate for Electricity, Are Building Their Own Power Plants Travis Ricciardo on X: "The Iron-Dollar Crack: BHP's Quiet Surrender to the Yuan Late Friday afternoon, while markets were closing and Canberra was clocking off, BHP agreed to something that may define the decade. From the fourth quarter of 2025, the world’s biggest miner will settle 30 per cent of https://t.co/x3ELOd5Fu4 " / X Fifteen years ago, BHP anchored iron ore to the dollar system by killing the annual benchmark and adopting spot index pricing. Now it’s loosening that anchor, settling in yuan and drifting toward China’s financial tide. Time to learn Mandarin... and probably hoard (still hold imho) gold, ''XAUUSD is overbought in short-term and under owned in long-term'' UK: Anatomy of a Rolling Fiscal Crisis – Part 2 – Blonde Money It's going to get more volatile ! The Global Debasement Trade - Robin J Brooks What we know about rising gold prices Rising gold prices and soaring long-term yields have the same driver: too much debt Well documented overall in markets, but very nicely put here ! EndGame Macro on X: "The Quiet Transformation Behind QT Quantitative tightening never actually reached the long end of the curve. Since 2022, the Fed hasn’t been meaningfully reducing its holdings of 10 year and longer Treasuries, the red line keeps climbing. The so called balance sheet reduction https://t.co/PX9yv7xncb " / X Top man Ed - well explained too Ed Conway on X: "📽️ The @IMFNews World Economic Outlook is arguably the single most important report in the economic calendar. So what did we learn from the latest one? As it happens, quite a lot... About tariffs (and why they haven't led to disaster). AI. And more. Here's my in-depth primer👇 https://t.co/Lkz5zgoi4m " / X Visioner on X: "🇷🇺🔥"The current attack of the Russian army against Ukraine resembles a prolonged slaughter, which in terms of destruction and losses can be compared to the Battle of Stalingrad. There is no talk of any breakthrough; the situation is simply at a dead end," said Oleg Pakholkov, a https://t.co/donfh4xT50 " / X Bank of America's big quarter shows big banks riding high Microsoft aims to make most new products outside China from 2026 - report

French PM backs suspending Macron's pension reform in bid to save government Trump: China purposefully not buying our soybeans, and causing difficulty for our soybean farmers, is an economically hostile act, We are considering terminating business with china having to do with cooking oil, and other elements of trade, as retribution - Truth Social... Friday like this, Sunday like that, and back again... Markets : OpenAI’s hyperscaler ambitions are being put to the test with its latest megadeals, Fed Powell: Downside risks to US job market have increased, may be approaching end of balance sheet contraction (QT) in coming months (you know what comes next..), '' The US simply cannot afford a major, sustained equity drawdown! That’s easily the biggest threats to the political system, the social fabric, and everything in between. (Chart Source: GS)'' , Argentina, the US Treasury and the $20bn ‘swap’ (Argentina rarely pays back, in time at least..), Top US financiers sound alarm on lending standards. Apollo’s Marc Rowan warns of ‘willingness to cut corners’-FT >> plenty of equity bears out there (tariff tantrum, valuations, but dip was bought pretty easy again yesterday), and plenty of bulls as FED to cut, stop QT, debasement, seasonal bullish factor etc), no matter what precious metals continue higher, GOLD impressive ! but not only gold.. Geopolitics : Poland says Putin could strike ‘deep into Europe’ as downed Shahed drone unveiled, Israel 'to open Rafah crossing' in U-turn after Hamas returns more bodies - as Netanyahu issues warning Trade : China has warned that it will retaliate if President Trump moves forward with his threat to impose a 100% tariff , signaling a potential escalation in trade tensions. - WASHINGTON POST, US President Trump On NATO Spending: ‘Very Unhappy’ With Spain - Thinking About Giving Spain Trade Punishment Through Tariffs Chinese Containership ‘Istanbul Bridge’ Reaches UK via Arctic Route in Record 20 Days, Istanbul Bridge transited Northern Sea Route in 5 days at 17 knots!  Just 20 days from China to UK #RAREEARTHS What on earth are rare earths? Why do they matter so much? Why do they nearly all come from China? 10mins well worth looking at (Video below) Swiss exports to the USA have fallen by approximately 22% since July 1, 2025 , with the most dramatic drop occurring after the new 39% US tariffs took effect on August 7, 2025. The value decline is about CHF 873 million, dropping from just under CHF 4 billion in July to CHF 3.1 billion in August—making this the lowest Swiss export level to the US since late 2020. Gold and watch exports saw especially sharp declines, with gold exports declining by 99% month-on-month and Swiss watches by 24%, respectively JPM : Dimon 'not levels to be buying stocks back' ... Despite ongoing authorization, JPM slowed net buybacks to roughly $2–3B this quarter with CET1 ~14.8%—and its equity risk premium near ~1% (two-decade lows) makes repurchases less attractive versus building capital and leaning into loan growth and tech spend The Rest of the World Is Following America’s Retreat on EVs. Canada, U.K. and European Union back off electric-vehicle targets as economic reality sets in; even China shows cracks. (WSJ) Jerome Powell speech LIVE: Fed Chair flags labour market concerns in address on economic outlook at NABE annual meeting | Mint Federal Reserve's Powell sees a ways to go on shrinking Fed holdings - CNA Dollar Sips as Euro Recovers on Lagarde Comments Argentina, the US Treasury and the $20bn ‘swap’ - OMFIF French PM backs suspending Macron's pension reform in bid to save government Economy warning: Bank of England says UK faces 'severe weakness' in demand despite US trade deal Jamie Dimon said it makes “some sense” to own gold in today’s market, though he won’t say if it’s overpriced. Speaking at Fortune’s Most Powerful Women conference, the JPMorgan Chase CEO noted gold could rise to $5,000–$10,000, calling it one of the few times it’s “semi-rational” to hold. He also warned that asset prices are high “across almost everything.” Israeli military says bodies of four more hostages are back in Israel with formal identification to take place - BBC News Ukraine-Russia war latest: Poland says Putin could strike ‘deep into Europe’ as downed Shahed drone unveiled | The Independent OpenAI's latest megadeals are testing its hyperscaler ambitions Donald Trump hedges on two-state solution Most U.S. consumers expect higher holiday prices and a weaker economy, survey finds dMacro/dBS on X: "The US simply cannot afford a major, sustained equity drawdown! That’s easily the biggest threats to the political system, the social fabric, and everything in between. (Chart Source: GS) https://t.co/zFrsrPBp2Z " / X #rareearth 'trade war' - well worth 10mins of your time - VERY interesting Ed Conway on X: "🎥 What on earth are rare earths? Why do they matter so much? Why do they nearly all come from China? And how worried should we be about the latest chapter in the trade war? These and more questions answered in my latest primer👇 https://t.co/VKMw3CscJE " / X Malte Humpert on X: "Chinese Containership ‘Istanbul Bridge’ Reaches UK via Arctic Route in Record 20 Days 👉 Istanbul Bridge transited Northern Sea Route in 5 days at 17 knots! 👉 Just 20 days from 🇨🇳 to 🇬🇧. @mercoglianos @johnkonrad @DrPJSullivan @gCaptain https://t.co/oASz1GTmOP https://t.co/aaxrnU8W4k " / X EndGame Macro on X: "The ultra long U.S. Treasury bond coming within inches of a golden cross is signaling that the world’s largest bond market is beginning to price in the end of the tightening era. When long duration Treasuries start to base and push higher, it means investors no longer see https://t.co/5E1KmFQ2c3 " / X US strikes another vessel off Venezuela coast, killing six JPMorgan's Dimon on Tricolor losses: 'It is not our finest moment' The Rest of the World Is Following America’s Retreat on EVs

Rare earth metals is all the rage Bessent says China wants to ‘pull everybody else down’ . US Treasury secretary tells FT that Beijing is trying to hurt the world’s economy Markets : Retaliation or escalation?, Xi Jinping has made it clear he’s happy to fight fire with fire in China’s trade spat with the US >>>  WHY exactly does the market (U.S ..) view China as the bad actor in these situation ?? - after all these years of calmess ?...that because China has or will soon outperform the US in just about every industrial way.. (how will the U.S rebuild its industrial rebirth, Marshall plan 2.0... going to be tricky as they all fight for rare metals !! #REGB , #SLV starting to trade like a 'meme' stock, be careful out there, #AI ''financial engineering disguised as technological progress.'' (Thread), GS : American pay tariffs , 'Very troubling': AI's self-investment spree sets off bubble alarms on Wall Street >>> markets showing some 'volatile herratic signs' on highs, time to be careful out ther and have a #hedgingtrade on, #USDJPY trend still favors a weaker yen, the market is stretched , carry trades are crowded, volatility is creeping higher, and any shock to U.S. yields or a coordinated policy move from Tokyo could trigger a sharp yen rebound Trade : crude higher n trade tensions Geopolitics : Trump after Gaza, he plans to focus on resolving the war in Ukraine, and after that, on a peace deal with Iran, US president wants to ‘rebuild Gaza’ after signing historic peace deal Ex-CIA Director Petraeus: Putin became NATO’s greatest gift since the Cold War. For years the threat seemed gone, defense was deprioritized. I expect Merz to show more leadership. Germany is Europe’s largest economy and now the world’s 3rd BofA lifts gold target to $5,000/oz, sees silver staying in deficit Retaliation or escalation? Trust between U.S. and China is fading fast >>> the asnwer came overnight escalation Bessent says China wants to ‘pull everybody else down’ 'Very troubling': AI's self-investment spree sets off bubble alarms on Wall Street Americans are eating Trump's tariffs, Goldman Sachs says Trump-Gaza latest: US president wants to ‘rebuild Gaza’ after signing historic peace deal Oil edges higher with US-China trade tensions, demand in focus - CNBC TV18 Beijing blames US for raising trade tensions, defends rare earth curbs | Reuters Metals Squeeze →Funding Stress → Rotation To USD BofA lifts gold target to $5,000/oz, sees silver staying in deficit By Investing.com RBA slows easing cycle with a rate hold, cites 'cautious' outlook - Financial Newswire Singapore keeps policy stance unchanged as economy shows resilience-Xinhua Rare earth stocks surge on U.S-China trade dispute over the critical minerals Julius Baer faces credit losses from insolvent Degag Group, report says JPMorgan aims $1.5 trillion at America’s industrial comeback Lloyds estimates £1.95bn hit from motor finance scandal | Money News | Sky News One of the biggest scandal around... and nearly 20y old, why so long !!!? Dr_Silberschmelzer on X: "$CVNA $JEF $ALLY $JPM Jim Chanos, the short seller who called Enron's fall, explains why he is betting against car retailer Carvana ... https://t.co/ImE8IrzZX4 " / X (1) Hedgie on X: "🦔 I've been digging into the AI data center economics, and a hedge fund manager just discovered something that confirms my worst fears about this bubble. Harris Kupperman initially thought data centers were financially questionable, but after talking to industry insiders, he" / X

Markets : Silver squeeze!, all precious metals roaring still.., JPN's Takaichi's government at risk, Lecornu names new French government after reappointment (again..), China's exports accelerated as Xi and Trump raised stakes in trade war, Friday sell-off on China RE caps (rom software, equipment to materials, China is reconstructing an entire ecosystem inside the country)!!. . Trump's tariffs, then Trump’s administration signaled openness Sunday to a deal with China to quell fresh trade tensions while also warning that recent export controls announced by Beijing were a major barrier to talk.... and Trump said not to worry and 'BUY' and most things bounced 2/3 of Friday sell-off (SO much insider stuff in there, particularly in crypto !!), crypto only 'delaying' the eventual usd downside ? in fact doing the opposite to what they advertise'' (Thread), Morgan Stanley recommends 20% gold allocation. Meanwhile 39% of fund managers have ZERO gold! Geopolitics : According to preliminary reports, the United States has deployed over 10,000 troops to Puerto Rico, while units of the 82nd Airborne Division have been sent to Trinidad and Tobago, near Venezuela, Trade : China unveils sweeping new export rules on rare earths, batteries, Mining and processing technologies, companies outside country subject to licensing, Dutch government takes control of Chinese-owned chipmaker Nexperia in ‘highly exceptional’ move The US Senate has passed legislation requiring Nvidia and AMD to give US companies "priority access" to their chips before China Central bankers, already uneasy about trade tensions and swelling public debt, will collectively confront a new worry in the coming week: the danger of a market crash. Global policymakers and finance ministers will gather in Washington for the International Monetary Fund/World Bank fall meetings after a chorus of warnings that a stock bubble focused on artificial intelligence companies might burst before long Gaza latest: All 20 Israeli hostages released by Hamas as Trump declares ‘every country is dancing in the streets’ | The Independent China: Trump tariffs for rare earths move risk trade war China refuses to give in to Trump’s tariff threat | PBS News Xi’s red line on Trump’s export curbs threatens to upend truce - The Business Times Xixi®茜茜大姐 🇨🇳🇭🇰🇲🇴 on X: "@sahilypatel From software, equipment to materials, China is reconstructing an entire ecosystem inside the country https://t.co/5jXBSomOv5 " / X This is MUCH BIGGER than Deepseek Takaichi taking office will herald arrival of Japan’s first-ever first husband - The Japan Times Germans could be forced to work until the age of 73 - spotmedia.ro Lecornu names new French government after reappointment – POLITICO When The Market Structure Breaks: How To Survive The Next Phase Bessent narrows Trump list for next Fed chair to 5 candidates Dutch government takes control of Chinese-owned chipmaker Nexperia Ray Dalio says U.S. 'deficit-and-debt bomb' could spark a crisis London Short-Squeeze: US Sends Silver to Cover Shortfall | Scottsdale Mint NSTRIKE on X: "❗️❗️🇺🇸 According to preliminary reports, the United States has deployed over 10,000 troops to Puerto Rico, while units of the 82nd Airborne Division have been sent to Trinidad and Tobago, near Venezuela. Reports suggest that the Department of War may be preparing an operation to https://t.co/isbvSoUcpX " / X EndGame Macro on X: "What Trump is doing is laying the groundwork for a major shift in how housing policy could be framed and financed. The post looks like a populist swipe at corporate welfare, suggesting that giant homebuilders are being handed billions while ordinary Americans can’t afford homes. https://t.co/WFebxs21We " / X This Is How the AI Bubble Bursts | Yale Insights Samantha LaDuc on X: "Them fighting words: “Cryptos are only there to delay deval. As they create demand for stablecoins (BIS paper 141) which in turn creates demand for UST. Cryptos do the exact opposite of what they advertise. They protect the USD.” #USDdevaluation" / X Eric Yeung 👍🚀🌕 on X: "According to Bloomberg, liquidity (of physical Silver) in London has nearly vanished. Traders short the physical market are struggling to find metal, paying steep borrowing costs to maintain positions. “There is no (physical Silver) liquidity available currently.” said Anant" / X September's inflation report to land in time for Fed meeting

The elephant in the room: Alphabet, Amazon, Meta, Microsoft, and OpenAI alone have announced $800 BILLION in commitments for new data centers in 2025. Meanwhile, electricity prices are up +35% since 2022. With nuclear power 10+ years away, how will we meet electricity demand? Markets : #JPY Komeito announces split with LDP, clouding Takaichi's bid for PM, Trump renews threas wiht congress mired in the shutdown brawl, Ferrari halves electric vehicle target, Japan's Internal Affairs & Comms. Min. Takaichi: There is no intention of triggering an excessively weak Yen, XAGUSD +$50 'the Hunt brothers would be proud'', the First Brands bankruptcy is top tier drama!! (they will make a film about it !), Treasury Sec, Scott Bessent FIRES BACK at JPMorgan CEO Jamie Dimon claiming the stock market may fall (Thread), Macron nominates a new PM before COB, EMG currencies were softer last few days, DOGE was a lot of NOTHING burger (spending still on the increase) Geopolitics : The head of Russia is personally afraid of a ceasefire, because once a ceasefire is in place, returning to the war would be difficult for him (Zelenskyy), The European Parliament supported a resolution authorising the downing of Russian aircraft and drones that enter European airspace, Kyiv will nominate Trump for the Nobel Peace Prize if he sends Tomahawk missiles to Ukraine and helps achieve a ceasefire with Russia according to Politico, Trump heading for Israel on Sunday In 1971, the U.S. literally ran out of money . Back then, the dollar was backed by gold , which meant every paper dollar represented real gold sitting in U.S. reserves. The problem was the country was spending way more than it earned, printing dollars that didn’t have enough gold to back them/thread, video, Ray Dalio explains Huge escalation by China! MOFCOM announces new exports controls taking effect after Dec 1 of rare earths to anyone anywhere in the world producing chips or equipment to make chips below 14nm or 256 layer memory due to “military applications” >>> 'gives China de-facto veto power over the entire advanced semi-conductor supply chain as rare earths are used at critical steps throughout - from ASML to TSMC' White House officials have held increasingly serious discussions in recent days about Trump invoking the Insurrection Act >>> Military being used for law enforcement Bessent : The purpose of Dodd-Frank was to end “too big to fail.” But it ended up creating “too small to succeed.” >>> justifying deregulations (just when bad credit stories pop out... First Brand etc... Trump Renews Threats With Congress Mired in a Shutdown Brawl French President Macron to name a new prime minister by Friday evening Australia's Economy in a Good Place, Though Risks Loom, RBA Governor Says Argentine Markets Breathe Sigh of Relief as Peso Allowed to Dip | Stock Market News Eric Daugherty on X: "🚨 BREAKING: Treasury Sec. Scott Bessent FIRES BACK at JPMorgan CEO Jamie Dimon claiming the stock market may fall "Wall Street and Main Street can both do well. If you're the CEO of America's largest bank, what you care about is Wall Street. We care about BOTH." "What Jamie https://t.co/Bjvdzs0s2q " / X Jamie Dimon has a warning about the stock market StockMarket.News on X: "In 1971, the U.S. literally ran out of money. Back then, the dollar was backed by gold, which meant every paper dollar represented real gold sitting in U.S. reserves. The problem was the country was spending way more than it earned, printing dollars that didn’t have enough gold https://t.co/J5n14HVL6N " / X Ole S Hansen on X: "#Silver is riding the same wave that has driven gold more than 50% higher this year. It has now broken above the 2011 peak just below USD 50 to reach levels last seen in 1980 —though, adjusted for inflation, the Hunt brothers’ attempt to corner the market back then remains far" / X The Hunt Brothers, great story : Bing Videos Ferrari shares crash over 10% after teasing new EV: what happened? | Invezz Trump administration officials seriously discussing invoking Insurrection Act, sources say Elon Musk agrees to settle $128 million Twitter lawsuit Was DOGE all for nothing? Here are the receipts Announcement No. 61 of 2025 of the Ministry of Commerce announced the decision to implement export controls on relevant rare earth items overseas China expands rare earth export restrictions ahead of possible Trump-Xi meeting (1) Polemic Paine on X: "Markets Gold above $4,000 is now used as proof that dollar debasement is inevitable. Hedge funds are all short USD. AI has become a meme that now spills into nuclear stocks with zero revenue and parabolic charts. UK gilts are priced for ever-rising yields. The mood on Western" / X Man Utd and chemicals boss warns of 'moment of reckoning' for his industry | Money News | Sky News The Kobeissi Letter on X: "The elephant in the room: Alphabet, Amazon, Meta, Microsoft, and OpenAI alone have announced $800 BILLION in commitments for new data centers in 2025. Meanwhile, electricity prices are up +35% since 2022. With nuclear power 10+ years away, how will we meet electricity demand? https://t.co/NX6EUhAz9t " / X CS-Abflüsse übertreffen Worst Nightmare der UBS-Strategen – Inside Paradeplatz

Markets : Divided Fed officials saw another two interest rate cuts by the end of 2025, minutes show (priced in), Bessent grilled Fed chair candidates on rates and QE, TSLA's cheaper new car that isn't, First Brand creditor says ''up to $2.3bn simply vanished, seeks investigation'', lots of chatters about AI ''circular economy-revenues'' (no market reaction yet anyway), GS still thinks no bubble yet, 91% of Fund Managers believe U.S. Stocks are overvalued, the most in history (BofA FMs), market leadership quietly flipping from risk on AI mania to risk off balance-sheet survival.. . USDollar found some strength lately (lead by USDJPY), EURUSD topped aorund 1.18-1.19 area, USDCHF popping its head back above 0.80+ area, major usd pairs never really followed the general USD weakness vs precious metals - big picture, all been about the 'debasement' trade it has been last few months... precious metals up vs everything, cryptos, mega caps in eq, and generally speaking a weak #duration in bond world, lead by JGB's, never healthy to call any turn, which such momentum of late, never hurts to take some profit mind.. Geopolitics : What we know about the 'first phase' of the Gaza peace deal, Moscow says momentum for peace deal after Trump-Putin summit has been exhausted China expands rare-earth export curbs , including oversight overseas Mining and processing technologies, companies outside country subject to licensing rules. Even Tesla's biggest fan on Wall Street isn't impressed with Elon Musk's cheaper new car. Even Tesla’s biggest bull can’t spin this one: Elon Musk’s “affordable” EVs cost nearly $40,000 — cheaper on paper, not in practice OpenAI has literally engrained itself in most of the world's largest technology companies . And, almost all of the money that companies are investing in OpenAI is being used BY OpenAI to purchase products and compute from the investor/Thread Fed minutes September 2025: Divided FOMC saw another two rate cuts by the end of 2025 What we know about the 'first phase' Gaza peace deal Israel and Hamas agree to first phase of Gaza peace deal, Trump says - live updates - BBC News Russia accused of hybrid warfare against Europe. What does that mean? Ukraine-Russia war latest: Moscow says momentum for peace deal after Trump-Putin summit has been exhausted China honing abilities for a possible future attack, Taiwan defence report warns | Reuters French President Macron to name a new prime minister by Friday evening | Euronews Data center in Caledonia; Microsoft shuts down plans to build | FOX6 Milwaukee The Kobeissi Letter on X: "OpenAI has literally engrained itself in most of the world's largest technology companies. And, almost all of the money that companies are investing in OpenAI is being used BY OpenAI to purchase products and compute from the investor. What is happening here? https://t.co/Y29zv2WyMb " / X In silicon wafers, China's emerging local stars rattle global giants - Nikkei Asia PRESS: ONS revises down UK government borrowing after VAT error | Financial News Water bills to rise further for millions after appeal Is the AI sector now trading in bubble territory? – The Armchair Trader Elon Musk’s cheaper new Teslas aren’t much of a bargain HSBC Plans to Privatize Hong Kong Subsidiary Hang Seng Gold Holds Near Record After Torrid Rally Sparks Pullback Threat The Kobeissi Letter on X: "This is incredible: It now takes 102 ounces of gold to buy the median-priced new single-family home in the US, the lowest amount in 46 years. Excluding 1979, this is the lowest level in at least 65 years. The ratio has fallen by -180 ounces over the last 3 years, as gold https://t.co/0kH4Q2WMpN " / X JUNK BOND ANALYST (SPOOKY) 👻 on X: "*FIRST BRANDS CREDITOR SAYS UP TO $2.3 BILLION 'SIMPLY VANISHED', SEEKS INVESTIGATION Raistone, a provider of short-term financing that worked on deals for First Brands, is demanding an independent examiner be appointed in the Chapter 11 bankruptcy proceedings after alleging https://t.co/mNWfZBRW6G " / X GOLDMAN SACHS: NO STOCK BUBBLE YET Goldman Sachs says the market shows some bubble-like signs but remains driven by strong fundamentals. Tech valuations are high, but leading firms are financially solid, and the AI sector is still concentrated among major players. The bank says valuations aren’t at historic bubble levels yet but urges investors to stay diversified. Madagascar Gen Z protests: Andry Rajoelina asks for one year to resolve problems or he will resign