Zero Hedge

Tim Cook Buys Nike Stock At Bear-Market Extremes

Tim Cook Buys Nike Stock At Bear-Market Extremes

Apple CEO Tim Cook bought another tranche of Nike shares in the open market, according to new insider filings. The purchase comes after roughly four years of share-price declines, with shares trading below Covid-era prices and at 2017 levels, pressured by softer demand in China and mixed channel trends in North America.

Cook made his second purchase of Nike shares this year, buying $2.95 million worth, equivalent to 50,000 Class B shares, at a weighted average price of $58.97 on Monday.

In total, Cook owns 100,000 shares and has been on a buying spree in the four-year bear market. Cook has been buying Nike shares since 2014 (mostly purchases late in the year).

Looking back at Cook’s share purchases during the four-year bear market, the stock did not sustain an upward trend immediately afterwards. Still, Bloomberg noted that shares were up about 2% in premarket trading on the news.

It’s important to note that sentiment around Nike shares is extremely bearish. Goldman Sachs analysts, led by Brooke Roach, said last week that she had become “incrementally cautious” following dismal earnings, particularly as demand in China continues to slide. The report can be found here.

If only there were a way for Nike to stop being so woke and get Chinese consumers to buy their Air Force 1s again.

Tyler Durden Wed, 12/24/2025 - 10:25

Are European Hawks Finally Sobering Up For Christmas?

Are European Hawks Finally Sobering Up For Christmas?

Russia's outspoken deputy chair of the Security Council and former president Dmitry Medvedev has continued what he does best - mocking and trolling European leaders over their Ukraine stance. He has reacted on social media to recent remarks by German Defense Minister Boris Pistorius and Finnish President Alexander Stubb, saying he was struck by what he described as a noticeably softer approach toward Russia.

Even France's Emmanuel Macron has also of late reached out to Moscow, seeking to enter direct dialogue with President Putin over the future of the conflict. This is in large part appears motivated by Europe not wanting Washington to control the narrative on potential peace settlement.

Writing on his channel on the "Max" platform, Medvedev said he was surprised by the two leaders' positions, arguing that they appeared to diverge from what he called the prevailing European Union narrative of a "Russian threat," which he said has been driven by Brussels.

Years prior, Medvedev with his family at a Christmas church service, Wiki Commons.

His comments come amid ongoing high tensions between Russia and Western countries, but as some European officials begin also to signal a more measured view of the likelihood of a direct military confrontation.

Medvedev wrote with in his characteristically sarcastic tone, "The 'European peacemakers' caught me off guard."

"Pistorius stated he doesn't believe a war between NATO and Russia is imminent, and Stubb acknowledged that Russia has no interest in attacking member countries of the alliance," he continued.

And then questioned, "What’s going on? Are they finally sobering up, or have the Christmas holidays already begun?"

As a reminder, Christmas in Russia falls on January 7th, which is Russian Orthodox Christmas based on the older, pre-Gregorian calendar.

TASS notes to its readers that in Europe on Dec. 25 and after, "These days typically mark a holiday period extending through New Year’s. In Germany, festivities often feature mulled wine and flaming punch, while in Finland, they enjoy even stronger Swedish glogg."

As for Pistorius' recent remarks in an interview with Die Zeit and elsewhere, he's apparently distanced himself from alarmism within NATO. Now he's saying he does not believe in a scenario of a full-scale war between Russia and the alliance. The German defense chief was actually pushing back against other hawks, a rarity:

He was commenting on remarks by NATO Secretary General Mark Rutte, who said the Alliance must be prepared for a war “on the scale experienced by our grandfathers and great-grandfathers”. Pistorius responded bluntly, saying this was most likely a figurative exaggeration. “I do not believe in such a scenario. In my view, Putin does not intend to wage a full-scale global war against NATO.” At the same time, he stresses that this does not remove the need to rearm the Bundeswehr. Recently, he said that the past summer may have been “the last peaceful one” for Europe.

So now Medvedev is responding somewhat positively with a warmish Christmas greetings of sorts, while also in his fashion saying essentially 'told ya so'.

Moscow, including Putin himself, has taken pains to make clear that there are no plans for some kind of expansion of the war into NATO countries, and that Russia is not looking to reconstitute a lost empire or the Soviet Union.

Tyler Durden Wed, 12/24/2025 - 09:45

Cocaine Dogs & 'Safe Space Ambassadors': Rand Paul Airs The Festivus (Budget) Grievances

Cocaine Dogs & 'Safe Space Ambassadors': Rand Paul Airs The Festivus (Budget) Grievances

Via BattleSwarmblog.com,

Happy Festivus to those who celebrate! In keeping with the spirit of the season, Sen. Rand Paul has graced us once again with his traditional airing of grievances.

Senator Rand Paul (R., Ky.) released a report Tuesday detailing $1.6 trillion in government waste, in keeping with his annual “Festivus” tradition of airing grievances against wasteful federal spending.

A whopping $1.2 trillion of that wasteful spending is interest payments on the ballooning national debt, according to the report, which contains numerous examples of government programs Paul considers to be useless and fiscally irresponsible.

“Last Festivus, we clamored over the national debt reaching over an astronomical $36 trillion. Shockingly, in one short year, the career politicians and bureaucrats in Washington have managed to reach nearly $40 trillion in debt, without so much as a second thought. When asked who’s to blame for our crushing level of debt, the answer is ‘Everyone.’ This year, Congress voted to raise the debt ceiling by $5 trillion, the most we ever have,” Paul’s report reads.

“Congress keeps shoveling money toward pet projects and special interests while hardworking Americans pay the price through inflation and crushing interest rates – even after President Trump took action to end most foreign aid programs.”

A staunch fiscal conservative, Paul releases the “Festivus” report every year to playfully draw attention to the U.S. national debt and excessive federal spending.

His grievances are directed towards the Trump and Biden administrations, especially on welfare spending, Covid-19 policy and foreign policy.

“I have no grievances with @POTUS, zero, none, nada, zilch. Mr. President, I wish you a Merry Christmas, a Happy New Year, and a successful third term,” Paul joked on social media.

“…ok, do you think he stopped reading yet? Cause I do have one or two grievances, and I think we have to be fair and list them against both sides,” Paul added.

Festivus origins snipped, because everyone’s familiar, or they can click that first link.

Paul’s report cites numerous examples of bizarre experiments and training programs the U.S. taxpayer is funding.

For instance, the National Institutes of Health spent $5 million to give dogs cocaine.

I bet Hunter Biden would have carried out that research on a “cost plus” basis.

Similarly, NIH spent $13.8 million on beagle experiments pioneered by former National Institute of Allergy and Infectious Diseases director Dr. Anthony Fauci.

The Department of Health and Human Services is spotlighted several times in Paul’s “Festivus” report.

HHS spent $1.5 million to combat drug use in “latinx” communities through influencer marketing campaigns and $1.9 million on a mobile phone intervention meant to help reduce obesity among latino families in the Los Angeles area.

Another L.A.-focused HHS program was a $936,000 marketing campaign towards certain LGBT subcultures to inform them about STD testing and treatment.

HHS had another drug-oriented project in New York City, where the agency spent $2.1 million to collect saliva and conduct surveys at EDM clubs and festivals.

Additionally, HHS gave $3.3 million to Northwestern University to create “scientific neighborhoods,” hire “safe space ambassadors” and form committees with the purpose of dismantling “systemic racism.”

No discussion of budget pork be complete without covering the social justice graft.

A major HHS expense that previously drew scrutiny was the $22.6 billion it spent on welfare and other expenses for illegal immigrants during the Biden administration. Likewise, Paul’s report mentions the $7.5 billion of congressional funds allocated for the Biden administration’s EV charger network, which only built 68 charging stations nationwide.

The National Science Foundation is also highlighted in the report for its spending on questionable research.

NSF and other agencies spent $14 million to have monkeys play a video game inspired by the Price is Right game show.

Moreover, the NSF spent $2.4 million on programs that promote bugs as food for human consumption.

Skipping over the DoD’s dolphin training program, which people adjacent to it have told me is very effective.

Two of the largest expenses Paul’s report features are nearly $200 billion of Covid-19 relief funds for schools and $187 billion the Federal Reserve paid to banks for interest on funds the banks maintain at the Fed.

Flu manchu is the fraudcow insiders continue to milk.

For all the Trump47 Administration’s manifest successes, it has not enjoyed overwhelming success cutting the budget. DOGE was a great start, but then they shut it down. For the survival of America, DOGE needs to be the beginning of Trump47’s budget cutting efforts, not the totality of them.

Tyler Durden Wed, 12/24/2025 - 09:25

Soaring Memory Costs Sink Nintendo Shares; Goldman Says Selloff Is Buy-The-Dip Opportunity

Soaring Memory Costs Sink Nintendo Shares; Goldman Says Selloff Is Buy-The-Dip Opportunity

Prices for LPDDR5 DRAM (Low-Power Double Data Rate 5 Dynamic Random-Access Memory) tripled this fall, as we noted in October in "Chatbots: Soaking Up the World's Power, Water, and Memory." LPDDR5 is a form of system memory that delivers higher bandwidth and greater power efficiency than prior generations, making it well-suited for laptops, smartphones, and the explosion in demand for AI-enabled devices.

Goldman analyst Maho Kamiya told clients on Tuesday that concerns about rising memory prices and the absence of top-down tailwinds have sent Nintendo shares spiraling. After a 27% decline from its early November peak, the analyst asks whether the selloff has become overdone.

"Some investors think that Nintendo will be selling Switch 2 at a loss and gross profit falling into the red. While rising memory prices are a risk factor that could depress hardware margins, we think concerns are somewhat excessive," Kamiya said.

In a separate report, Goldman analyst Minami Munakata maintained her bullish view on Nintendo and also addressed rising memory price concerns:

In light of rising memory prices, we note some discussion in the equity market assuming that Nintendo Switch 2 hardware could fall into the red at the gross profit level. While it is true that rising memory prices are a risk factor that could depress hardware margins, we think concerns are somewhat excessive, because:

  1. Nintendo holds a certain amount of component inventory and does not conduct spot transactions with its supply chain, so we believe the short-term earnings impact will be minor (our assumption),

  2. The Nintendo Switch 2 is expected to see cost reductions from mass production going forward, and

  3. Management has commented that, as a general rule, its policy is to pass on cost increases, including tariffs, to the selling price.

We re-emphasize that in the dedicated game console business, content such as software is highly profitable and is the source of profits for the business model. Nintendo has built a solid position by owning numerous titles with high global popularity and name recognition, such as Super Mario Bros. and Pokémon. We expect that, similar to the PS4-to-PS5 transition, an expansion in revenue per hardware unit, driven by software backward compatibility and an increase in the third-party title pipeline, will drive earnings in the Nintendo Switch 2 generation.

Munakata even told clients that the recent stock plunge in Tokyo is an "opportunity" to "add to position"...

We see the recent share price correction as an opportunity to add to positions ahead of full-scale earnings growth accompanying the Nintendo Switch 2's penetration from FY3/27, and the April 2026 release of The Super Mario Galaxy Movie, a prime example of IP utilization. We maintain our Buy rating.

The chart:

We suspect the conversation about soaring memory prices will be a hot topic for some tech companies during the next earnings season.

Tyler Durden Wed, 12/24/2025 - 09:05

Trump Admin Bans Anti-Free Speech EU Globalists From Entering US

Trump Admin Bans Anti-Free Speech EU Globalists From Entering US

America finally draws a line in the sand against foreign meddlers...

Modernity.news Steve Watson details below that the Trump administration has slapped visa bans on former EU Commissioner Thierry Breton and four other ‘anti-disinformation’ activists, accusing them of coercing American social media companies to censor viewpoints they dislike.

The move signals a zero-tolerance policy toward extraterritorial censorship, especially after the EU’s recent assaults on Elon Musk’s X.

Secretary of State Marco Rubio laid it out clearly: “For far too long, ideologues in Europe have led organized efforts to coerce American platforms to punish American viewpoints they oppose. The Trump Administration will no longer tolerate these egregious acts of extraterritorial censorship.”

Under Secretary of State for Public Diplomacy and Public Affairs Sarah B. Rogers stated “These sanctions are visa-related. We aren’t invoking severe Magnitsky-style financial measures, but our message is clear: if you spend your career fomenting censorship of American speech, you’re unwelcome on American soil.”

The list includes Thierry Breton, who notoriously threatened Elon Musk over hosting a 2024 interview with Donald Trump on X. Others barred are Imran Ahmed, CEO of the Center for Countering Digital Hate (CCDH), who worked with Democrats like Amy Klobuchar to “kiII Musk’s Twitter”; Joan Donovan, founder of The Critical Internet Studies Institute; Kate Starbird, co-founder of the University of Washington’s Center for an Informed Public; and Jim Davey, co-founder of the Institute for Strategic Dialogue.

This retaliation comes amid escalating tensions between the Trump administration and the EU. As we previously detailed, Brussels hit X with a $140 million fine under the Digital Services Act for refusing to comply with their censorship demands, marking a blatant attack on free expression.

Musk fired back fiercely, declaring the “EU commissars are responsible for the murder of Europe” and calling to “Dissolve the EU and return power to the people.” He highlighted X’s surge in popularity across Europe despite the fine, noting it became the top news app in every EU country.

The broader feud intensified when EU Council President Antonio Costa warned Trump to “keep his hands off Europe” amid the free speech crackdown. Costa condemned U.S. “interference” in European affairs, ignoring the bloc’s own slide into authoritarian control over online content.

Trump himself has blasted Europe’s direction, urging citizens to confront unchecked migration and over-regulation that’s “endangering the continent as we know it.” In interviews, he stressed, “Europe has to be very careful… We want to keep Europe Europe,” and called the EU’s fine on X “nasty” and unjust.

Breton, who left the European Commission in 2024, has slammed the ban as a “witch hunt,” comparing the situation to the US McCarthy era when officials were chased out of government for alleged ties to communism.

“To our American friends: Censorship isn’t where you think it is,” he declared on X.

France also condemned the visa ban on Breton, but the Trump team remains unmoved. This action underscores America’s commitment to protecting its tech giants from foreign regulatory harassment, prioritizing sovereignty and open discourse over globalist dictates.

As Brussels doubles down on surveillance tools like the DSA and proposed Chat Control laws, which threaten privacy by scanning private messages, the U.S. pushback exposes the hypocrisy of EU elites preaching democracy while building an Orwellian framework.

With Trump in charge, expect more defense of freedoms against such overreach. This ban on Breton and his allies is a clear message: Attempts to censor U.S. platforms from abroad will face consequences. The era of tolerating globalist bullying is over.

[ZH: To all of this we have one simple response: ]

Hey Imran, f**k you!

Tyler Durden Wed, 12/24/2025 - 08:45

Initial Jobless Claims Once Again Show No Signs Of Labor Market Stress

Initial Jobless Claims Once Again Show No Signs Of Labor Market Stress

The number of Americans filing for first time jobless benefits tumbled to 214k (from 224k) in the week ending Dec 20th. This is the same level of claims seen back in Nov 2021 and shows absolutely no stress in the labor market (like ADP showed a rebound in hiring) while JOLTS, Payrolls, and surveys all suggest pain...

Source: Bloomberg

Illinois, New York, and Pennsylvania are the states with the biggest decline in jobless claims while Rhode Island and Massachusetts saw a small rise in jobless claims...

Continuing jobless claims rebounded from the shutdown/Thanksgiving seasonal SNAFU but remain well off YTD highs...

Source: Bloomberg

Not exactly the kind of data that supports more rate-cuts...

Tyler Durden Wed, 12/24/2025 - 08:38

Futures Flat With Early Close On Deck

Futures Flat With Early Close On Deck

And there it is: the Santa Rally which we predicted would begin a week ago after Abu Dhabi removed much of the AI capex fears festering the OpenAI ecosystem, the S&P has rocketed to a new record high on Tuesday, with stocks looking set for a quiet start to the abbreviated Christmas Eve session. As of 8:00am ET, S&P 500 futures and Nasdaq 100 contracts were little changed following four days of gains in US stocks which signal confidence among investors that 2026 will bring decent corporate earnings growth and easing inflation, not to mention the restart of the Fed's QE Lite which has so far injected $40bn into the market. The result is relative calm in equities, with no down month since April and a VIX which is below 14. In premarket trading, Nike gained 2.1% after a filing shows that Apple CEO Tim Cook purchased $2.95 million worth of shares. Intel shares fall as much as 3.1% in premarket trading after Reuters reported that Nvidia halted a test that uses the chip manufacturer’s 18A technology to produce its chips, while a Commerce Department official said Intel is not "too strategic to fail." Wednesday’s shortened cash trading session finishes at 1 p.m. ET. Most of the drama is playing out in commodities, with gold, silver and platinum all hitting fresh record highs. On today's economic calendar we have the latest MBA Mortgage Applications (-5.0%) and the weekly Initial and continuing jobless claims.

In premarket trading, Mag 7 stocks trade mixed after four straight days of gains (Alphabet +0.5%, Tesla +0.2%, Amazon +0.1%, Microsoft little changed, Apple -0.2%, Meta -0.3%, Nvidia -0.4%)

  • AST SpaceMobile Inc. (ASTS) is up 2.7% after launching its largest-ever satellite from India, the first in a series of deployments to help the company compete against Elon Musk’s SpaceX in delivering space-based connectivity to mobile phones.
  • Dynavax (DVAX) jumps 38% after Sanofi says it will start a cash tender offer to acquire all outstanding shares of the vaccine maker for $15.50 per share in cash, reflecting a total equity value of ~$2.2 billion.
  • Intel (INTC) falls 3.2% after Reuters reported that Nvidia halted a test that uses the chip manufacturer’s 18A technology to produce its chips.
  • Nike (NKE) gains 2.1% after a filing shows that Apple CEO Tim Cook purchased $2.95 million worth of shares on Dec. 22.
  • Ramaco (METC) is up 7.7% after the coal mining company announced a share repurchase program of up to $100 million of the currently outstanding shares of its Class A common stock.

In other corporate news, Sanofi agreed to buy Dynavax Technologies for about $2.2 billion, as the French drugmaker tries to expand a vaccines business currently anchored by its flu shot franchise. Emeryville, California-based Dynavax soared 38% in premarket.

Investors are drawing optimism from a US economy that continues to outperform expectations, supporting earnings prospects in the year ahead. At the same time, money markets still see scope for at least two Federal Reserve rate cuts in 2026, a backdrop that could lift a broader range of stocks even as valuation concerns linger around pace-setting tech shares.

“Recent sessions suggest Santa may still arrive,” wrote Ipek Ozkardeskaya, analyst at Swissquote. After that “reality may bite. Parts of the technology market probably look bubbly, and next year’s earnings season will be less about shiny numbers and more about where revenues actually come from.”

In commodities action, precious metals hit more record highs, buoyed by geopolitical concerns and expectations for more interest-rate cuts in 2026. Gold touches $4,500 an ounce for the first time, while silver and platinum also surge to all-time highs. The moves put gold and silver on track for their best yearly gains since 1979. Copper is also at a new record around $12,200 a ton, and is set for its biggest annual rise since 2009

Gold has climbed more than 70% this year and silver is up about 150%, putting both on track for their strongest performance since 1979. The gains have been underpinned by elevated central-bank purchases, the return of Fed QE and huge inflows into exchange-traded funds. Momentum was also boosted by President Donald Trump’s push to reshape global trade and his threats to the Fed’s independence.

“Even though equity markets are doing well, even though data points to a bit of a risk-on environment, I do think that, on the margins, that people want to be defensive against inflation and other risks as much as possible,” Geoff Yu, EMEA macro strategist at BNY, told Bloomberg TV. “Hence, gold is doing well.”

With most European markets either closed or on a half-day, the Stoxx 600 equity index is little changed after nothing a fresh record high Tuesday and is set for a third straight year of gains. The benchmark is also on track for one of its strongest quarters in two years amid lingering optimism around global economic growth and lower borrowing costs.  France’s CAC 40 Index gained 0.1% and the UK’s FTSE 100 was down 0.2% as of 9:09 a.m. in London. Stock exchanges in Germany, Italy, Denmark, Switzerland and Finland are shut through the day. The UK, France and Spain will be open for half-day of trading. 

Ipek Ozkardeskaya, senior analyst at Swissquote, said stocks are still likely to rally in the final days of the year. “And after that? Reality may bite. Parts of the technology market probably look bubbly, and next year’s earnings season will be less about shiny numbers and more about where revenues actually come from.”

Among individual movers, Sanofi SA dipped after the French drugmaker said the US Food and Drug Administration has issued a complete response letter for its experimental multiple sclerosis drug. The French pharmaceutical firm also agreed to buy Dynavax Technologies for about $2.2 billion. BP Plc edged higher after agreeing to sell a majority stake in its Castrol division to US investment firm Stonepeak Partners in a deal valuing the business at $10.1 billion including debt.

Asian stocks eked out a small gain, as losses in Japan and South Korea were offset by gains in China and Vietnam. The MSCI Asia Pacific Index rose as much as 0.4% before paring slightly, on course to cap its fourth day of gains. Tech names including TSMC, SK Hynix and Advantest led the rise.  

In FX, the dollar fell for a third day, extending its decline for the year to 8.4% and marking the greenback’s biggest annual slide since 2017.The Bloomberg Dollar Spot Index fell 0.2%, adding to its 0.3% slip on Tuesday; USD/JPY dropped 0.4% to 155.84. The pair has been under pressure on increasing concerns about that Japan may intervene to support the yen

In rates, gilts reverse an early decline, and yields are now little changed, while other European bond markets are closed.  US yields richer by up to 1bp across the curve in a flattening move, tightening 2s7s and 7s30s spreads a touch on the day. Treasury 10-year yields trade around 4.155%, richer by 0.8bp on the day with gilts lagging in the sector. Treasury is selling $44 billion 7-year notes at 11:30 am New York. Ahead of today’s sale, the WI 7-year yield is about 3.934% which is ~15bp cheaper than the November stop-out of 3.781%

In commodities, precious metals hit more record highs, buoyed by geopolitical concerns and expectations for more interest-rate cuts in 2026. Gold touches $4,500 an ounce for the first time, while silver and platinum also surge to all-time highs. The moves put gold and silver on track for their best yearly gains since 1979. Copper is also at a new record around $12,200 a ton, and is set for its biggest annual rise since 2009. Oil prices are edging higher, with Brent trading around $62.50/barrel.

The US economic calendar includes weekly jobless claims at 8:30 am.

Market Snapshot

  • S&P 500 mini little changed
  • Nasdaq 100 mini little changed
  • Russell 2000 mini little changed
  • Stoxx Europe 600 little changed
  • CAC 40 +0.1%
  • 10-year Treasury yield little changed at 4.16%
  • VIX +0.1 points at 14.13
  • Bloomberg Dollar Index -0.2% at 1199.44
  • euro little changed at $1.1798
  • WTI crude +0.2% at $58.52/barrel

Top Overnight News

  • American Economy Keeps Powering Ahead, Defying Dire Predictions: WSJ
  • Trump posted "Growth is up and Inflation is down in President Trump’s first year".
  • NEC Director Kevin Hassett said President Trump has "a bunch of great Fed chair candidates", via Fox Business; Precious metals are skyrocketing for good reason.
  • Gold tops $4500 while silver, platinum surge to new peaks: RTRS
  • China Is Worried AI Threatens Party Rule—and Is Trying to Tame It: WSJ
  • Russia to Demand Changes to US Peace Plan Seen as Starting Point: BBG
  • Ukrainian troops withdraw from eastern town of Siversk: RTRS
  • Zelenskiy seeks meeting with Trump to hammer out issue of territory: RTRS
  • Two police officers killed by bomb in Moscow near site of Russian general's killing: RTRS
  • Russia plans a nuclear power plant on the moon within a decade: RTRS
  • Italy Orders Meta to Allow Competing AI Chatbots on Whatsapp: BBG
  • Snowflake is reportedly in talks to purchase Observe for around USD 1bln, according to The Information.
  • Apple CEO bought some USD 3mln of Nike stock: BBG
  • Sanofi to acquire hepatitis B vaccine maker Dynavax for $2.2 billion: RTRS
  • BP to sell 65% stake in Castrol to Stonepeak for $6 billion: RTRS
  • Lockheed Martin awarded USD 10bln modification to previously awarded US Air Force contract: Pentagon
  • Boeing awarded USD 2bln contract by US Air Force: Pentagon
  • Whoever Trump Picks, the Next Fed Chair Won’t Be Independent: WSJ

Trade/Tariffs

  • Chinese Commerce Ministry holds roundtable with foreign trade firms.
  • China's Foreign Ministry said we firmly opposes the indiscriminate use of chip tariffs and unreasonable suppression of China by the US. Urges the US to correct its wrong practices. Will take corresponding measures to safeguard rights and interests if the US persists.
  • Japan and US agree to expedite the USD 550bln investment project, according to Bloomberg, citing a statement.

A more detailed look at global markets courtesy of Newsquawk

APAC stocks traded mixed and within narrow ranges following a largely positive lead from Wall Street. APAC lacked conviction amid light newsflow and anaemic volumes as markets wound down ahead of the holidays. ASX 200 edged lower, with weakness in Tech and Healthcare outweighing strength across the mining complex. Nikkei 225 held onto modest gains, oscillating around the 50.5k level despite JPY strength, supported by a calmer domestic bond market. Hang Seng and Shanghai Comp varied, with little in the way of fresh domestic catalysts. Price action broadly reflected the indecisive regional risk tone.

Top Asian News

  • Earthquake of magnitude 5.50 hits Taipei, via Reuters witnesses.

The FTSE 100 (-0.1%) is incrementally this morning, whilst the CAC 40 is posting marginal gains; cash trade for DAX 40, FTSE MIB and the SMI remain shut on account of Christmas Eve.

Top European News

  • Italy Orders Meta to Allow Competing AI Chatbots on Whatsapp
  • Belgium’s Central bank Says Will Appeal €300K FSMA Fine
  • BNP Paribas’ Farber Sees Value in Single B European Credit

Central Banks

  • BoJ Oct 29–30 meeting minutes (two meetings ago): Members agreed the BoJ will continue to raise rates if economic and price forecasts materialise. Many members said the likelihood of economic and price forecasts materialising has heightened, but must maintain policy to confirm whether positive wage-setting behaviour will not be disrupted. One member said the timing of a rate hike is approaching, but authorities should wait a bit longer to scrutinise the direction of the new administration’s policies.

FX

  • DXY is essentially flat and trades within a narrow 97.74 to 97.96 range. Nothing really driving things for the index this morning, given the usual holiday-lull. Traders will await Jobless Claims later today, but aside from that the docket is void of anything pertinent from a Dollar perspective. G10s are also broadly little changed vs the USD, aside from the JPY which is the marginal outperformer this morning.
  • JPY marginally strengthened against the USD in overnight trade, but without a specific catalyst. The strength likely a continuation of the more aggressive jawboning heard via Finance Minister Katayama earlier in the week, where she stated they had a “free hand” to take bold action in the FX market. Thereafter, in the European session, Reuters reported that Japan is to reduce its new issuance of super-long JGBs next fiscal year to around JPY 17tln. A source report which comes after PM Takaichi rejected any "irresponsible bond issuance or tax cuts". USD/JPY currently trading at the lower end of a 155.57 to 156.28 range.
  • South Korean Presidential office said they are closely watching FX.
  • South Korea's pension fund said to implement strategic foreign exchange hedging measures, according to Reuters sources.
  • Brazilian Central Bank to offer USD 2bln in Dollar auction with repurchase agreements on 26th December.

Fixed Income

  • EGBs closed.
  • JGBs were firmer for much of the overnight session but spent it drifting lower, paring recent Takaichi-inspired gains. The main move came in the European morning as Reuters reported that Japan is set to cut 2026 ultra-long JGB issuance by around JPY 17tln, a report that in a somewhat delayed reaction, lifted JGBs by around 20 ticks to a test of 133.00 to the upside. Reminder, BoJ's Ueda is tentatively scheduled to speak on Christmas Day.
  • USTs in a thin 112-08 to 112-12+ band. Docket ahead features US weekly jobless claims and then a 7yr auction after the 5yr auction on Tuesday, a tap that was mixed overall with a better tail though the b/c was below the prior.
  • Gilts opened flat just above 91.00 before dipping to a 90.80 trough and then rebounding back to the figure with specifics light.
  • Japan is to reduce its new issuance of super-long JGBs next fiscal year to around JPY 17tln, according to Reuters sources. JGB Mar'26 lifted from 132.78 to a test of 133.00 to the upside in the 15-minutes from 09:10GMT following this report.

Commodities

  • As Christmas Eve trade gets underway, WTI and Brent briefly pulled back to USD 58.25/bbl and USD 62.22/bbl before extending on Tuesday’s gains to peak at USD 58.76/bbl and USD 62.76/bbl as the European session continues.
  • Spot XAU briefly extended above USD 4500/oz, continuing the gains made in the metal space this year, before a sharp pullback as traders take profit going into Christmas. XAU peaked at USD 4526/oz early in the APAC session before the sharp pullback to USD 4471/oz. Thus far, the yellow metal continues to hover just below USD 4500/oz as light European trade continues.
  • 3M LME Copper is set for its best year since 2009, helped by the near 7% gains made in December. After setting a new ATH of USD 12.17k/t in Tuesday’s session, the red metal opened just shy of the ATH but pulled back to a trough of USD 12.06k/t, filling the price gap. Just as the European session got underway, 3M LME Copper surged higher to a new ATH of USD 12.28k/t and holds above USD 12.2k/t as the European morning continues.
  • Naftogaz announces that Russia attacked Ukraine's oil and gas infrastructure overnight.
  • Shell's (SHEL LN) manufacturing centre, Corunna, reported potential for increased flaring and noise for the next few hours due to process interruption.
  • US Private Inventory (bbls): Crude +2.4mln (exp. -2.4mln), Distillate +0.7mln (exp. +0.4mln), Gasoline +1.1mln (exp. +1.1mln), Cushing +0.6mln.
  • US Private Inventory Expectations (bbls): Crude (exp. -2.4mln), Distillate (exp. +0.4mln), Gasoline (exp. +1.1mln).

Geopolitics

  • Russia's Kremlin announces that Special Envoy Dmitriev has reported to Putin on the trip to the US; On peace deal, says Russia will now formulate its position and continue contacts in very near future.
  • Naftogaz announces that Russia attacked Ukraine's oil and gas infrastructure overnight.
  • Ukrainian President Zelensky said we are significantly closer to finalising a plan with the US but mainly split on territorial issues. Ukraine expects an answer from Russia on Wednesday to end the war. Draft plan opens the way for 'potential' demilitarised zones and freeze combat on current lines. Plan does not require Kyiv to formally renounce NATO bid.
  • Ukrainian drone attack sparks fire at industrial site in Russia's Tula region, according to the regional governor.
  • Russian President Putin said Russia "reject Israel's repeated violations of Syrian territory", via Al Arabiya.

US Event Calendar

  • 7:00 am: US Dec. MBA Mortgage Applications, prior -3.8%
  • 8:30 am: US Dec. 20 Initial Jobless Claims, est. 223,000, prior 224,000
  • 8:30 am: US Dec. 13 Continuing Claims, est. 1.9m, prior 1.9m
Tyler Durden Wed, 12/24/2025 - 08:29

Aussie Leaders Crush Online Free Speech To Prop Up Failing Multiculturalism

Aussie Leaders Crush Online Free Speech To Prop Up Failing Multiculturalism

Authored by Steve Watson via Modernity.news,

As radical Islamist threats continue to plague Australia, politicians are pivoting to policing speech and tightening gun laws on law-abiding citizens—now openly admitting curbs on free expression are needed to shield their multicultural agenda.

Victorian Premier Jacinta Allan has unveiled a sweeping plan to combat what she calls rising anti-Semitism, but the measures conveniently sidestep the core issue of unchecked radical Islamism behind recent attacks, focusing instead on doxxing anonymous social media users and reviewing gun laws.

In a joint news conference, Allan announced legislation that would force social media platforms to reveal identities behind anonymous accounts accused of spreading ‘hate’. “Under Victoria’s civil anti-vilification scheme which starts in 2026, the speaker of a vilifying statement generally needs to be identifiable and held accountable,” she stated.

She continued, “We recognise that this could protect cowards who hide behind anonymous profiles to spread hate and stoke fear.” emphasising, “That is why Victoria will spearhead new laws to hold social media companies and anonymous users to account and will appoint a respected jurist to unlock the legislative path forward.”

The move comes in the wake of the horrific Bondi Beach attack, where Pakistani radicals with ISIS ties slaughtered 16 people, including Jews celebrating Hanukkah. Yet, rather than addressing the importation of radical ideologies through porous borders, Allan’s response echoes the deflection seen from federal leaders.

Allan also announced a review of Victoria’s gun laws, appointing former police chief commissioner Ken Lay to examine ways to “toughen” them further. This aligns with a national push for stricter controls, even as Australia’s existing laws are among the world’s toughest—proving once again that disarming citizens does little to stop determined terrorists.

Allan’s government is also granting police new powers to ban protests in the aftermath of terror incidents, following New South Wales’ lead. While framed as a response to anti-Semitism, the timing—right after an Islamist massacre—highlights a pattern of Aussie politicians avoiding direct confrontation with radical Islam.

Instead, figures like Allan and Prime Minister Anthony Albanese repeatedly spotlight “right-wing extremists” and “neo-Nazis” as the supposed primary threats. In the days following Bondi, Albanese warned of the “rise of right-wing extremists,” despite the attackers’ clear Islamist motivations.

This unwillingness to name radical Islamism head-on persists. Clips from recent press conferences show leaders dodging questions on Islamist radicalization, pivoting to vague warnings about “extremism” from all sides—but with a heavy emphasis on the far-right. For instance, in a Sky News appearance, Albanese reiterated concerns over “neo-Nazis” infiltrating protests, even as intelligence agencies thwart Islamist plots weekly.

As we detailed previously, Albanese doubled down on the “diversity is our strength” mantra while cops smashed yet another Islamist terror cell en route to Sydney. That incident saw seven suspects from Victoria—Allan’s own state—rammed off the road, underscoring the real dangers festering under lax migration policies.

Victoria’s latest measures, including potential civil liability for social media giants if users can’t be identified, reek of a surveillance state expansion. Platforms could face lawsuits for “hate speech” posted anonymously, effectively ending online anonymity for critics of government policy.

In a stunning admission during a joint news conference, New South Wales Premier Chris Minns also defended Australia’s restrictive speech laws, explicitly linking them to preserving multiculturalism amid rising tensions.

Minns pushed back against calls to repeal vilification statutes, stating, “There’s been some that have been agitating in the Parliament to nullify The laws, To remove them off the statute books.”

He warned, “Think about what kind of toxic Message That would send to the New South Wales community.”

Challenging opponents, Minns demanded, “Advocates for those changes need to explain What do they want people to have the right to say? What kind of racist abuse do they want to see or be able Lawfully see on Streets of Sydney.”

Minns openly contrasted Australia with the U.S., declaring, “I recognise and I’ve fully said from beginning, we don’t have the same freedom of speech laws That they have in the United States. And the reason for that is we want to hold together our multicultural community and have people live In peace free from the kind of vilification and hatred that we do see around the world.”

The clip, widely shared on X, exposes how leaders view free speech as a threat to their imported diversity model—preferring censorship over addressing the Islamist violence eroding public safety.

Australia’s slide toward authoritarianism accelerates as leaders exploit tragedies to muzzle dissent. From hate speech crackdowns to gun grabs, the focus remains on controlling citizens rather than securing borders against radicals.

If history teaches anything, it’s that sacrificing freedoms for “safety” never ends well. True security demands confronting the Islamist menace directly—not hiding behind laws that punish speech and disarm the innocent.

Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.

Tyler Durden Wed, 12/24/2025 - 08:05

Pages