Category: News
Ancient Egyptian pharaoh’s boat is being reassembled in public at the Grand Egyptian Museum
CAIRO — A boat belonging to an Egyptian pharaoh is being assembled in full view at the Grand Egyptian Museum’s exhibition hall.
Staff began piecing together the cedarwood boat, one of two that were found that belong to King Khufu, Tuesday morning as dozens of visitors watched.
With pharaoh-fanfare, Egypt unveils a huge new museum dedicated to its ancient civilization
The assembly of the 137-foot-long vessel, which sits next to its already-assembled twin that has been on display, is expected to take around four years, according to Issa Zeidan, head of restoration at the Grand Egyptian Museum. It contains 1,650 wooden pieces.
King Khufu ruled ancient Egypt more than 4,500 years ago and built the Great Pyramid of Giza.
“You’re witnessing today one of the most important restoration projects in the 21st century,” said Tourism and Antiquities Minister Sherif Fathy, who attended the event.
The $1 billion museum, also known as GEM, was touted as the world’s largest when it was lavishly inaugurated last month. It’s home to nearly 50,000 artifacts, including the collection of treasures from the tomb of the famed King Tutankhamun, which was discovered in 1922. The museum, located near the pyramids at the edge of Cairo, is expected to boost Egypt’s tourism revenues and help bolster its ailing economy.
The boat was one of two discovered in 1954, opposite the southern side of the Great Pyramid. The excavation of its wooden parts began in 2014, according to the museum’s website.
The exact purpose of the boats remains unclear, but experts believe they were either used to transport King Khufu’s body during his funeral or were meant to be used for his afterlife journey with the sun god Ra, according to the museum.
https://www.chicagotribune.com/2025/12/24/egyptian-pharaoh-boat-grand-egyptian-museum/
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.”
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.
Today, @StateDept will take steps to…
— Secretary Marco Rubio (@SecRubio) December 23, 2025
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.”
Today, the United States issued SANCTIONS reinforcing the “red line” I invoked on @GBNEWS. Namely: extraterritorial censorship of Americans.
Today’s sanctions target the censorship-NGO ecosystem.? https://t.co/kaefDo11uh
— Under Secretary of State Sarah B. Rogers (@UnderSecPD) December 23, 2025
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.
WE’VE SANCTIONED: Thierry Breton, a mastermind of the Digital Services Act. In August 2024, while serving as European Commissioner for Internal Markets and Digital Services, he published a letter using the DSA to threaten @elonmusk ahead of his livestream interview with President…
— Under Secretary of State Sarah B. Rogers (@UnderSecPD) December 23, 2025
WE’VE SANCTIONED: Clare Melford. She leads Global Disinformation Index (GDI), a UK-based organization that monitors websites for “hate speech” and “disinformation”. If you question Canadian blood libels about residential schools, you’re engaging in “hate speech” according to… pic.twitter.com/5F3fU4hf4R
— Under Secretary of State Sarah B. Rogers (@UnderSecPD) December 23, 2025
WE’VE SANCTIONED: Josephine Ballon, co-leader of HateAid, who flags disfavored speech throughout Europe under the Digital Services Act. In addition to her running an official “trusted flagger” body under the DSA, she serves on Germany’s Advisory Council of the Digital Services…
— Under Secretary of State Sarah B. Rogers (@UnderSecPD) December 23, 2025
Our targets are foreign, but you’ll notice that some collaborated with U.S. bureaucrats on Murthy-style speech suppression. Don’t worry: we’re pursuing transparency, truth, and reconciliation at the @StateDept, too.
— Under Secretary of State Sarah B. Rogers (@UnderSecPD) December 23, 2025
As @SecRubio has noted, today’s list is illustrative not exhaustive. We stand “ready and willing to expand” it.https://t.co/eS65g6i8OP
— Under Secretary of State Sarah B. Rogers (@UnderSecPD) December 23, 2025
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.
Is McCarthy’s witch hunt back? ?
As a reminder: 90% of the European Parliament — our democratically elected body — and all 27 Member States unanimously voted the DSA ??
To our American friends: “Censorship isn’t where you think it is.”
— Thierry Breton (@ThierryBreton) December 23, 2025
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: ]
Tyler Durden
Wed, 12/24/2025 – 08:45
https://www.zerohedge.com/geopolitical/trump-admin-bans-anti-free-speech-eu-globalists-entering-us
Solicitudes de subsidio por desempleo en EEUU caen nuevamente, se mantienen en nivel saludable
Por MATT OTT
WASHINGTON (AP) — El número de estadounidenses que solicitaron beneficios por desempleo disminuyó la semana pasada y se mantiene en niveles históricamente saludables a pesar de algunos indicios de que el mercado laboral se está debilitando.
El Departamento de Trabajo informó el miércoles que las solicitudes de subsidio por desempleo para la semana que terminó el 20 de diciembre cayeron en 10.000, llegando a 214.000 desde las 224.000 de la semana anterior. Esto está por debajo de las 232.000 nuevas solicitudes pronosticadas por los analistas encuestados por la firma de datos FactSet.
El informe semanal se publicó un día antes debido a las vacaciones de Navidad.
Las solicitudes de ayuda por desempleo se consideran un indicador de los despidos y son un reflejo casi en tiempo real de la salud del mercado laboral.
El promedio de solicitudes de cuatro semanas, que nivela parte de la volatilidad semanal, disminuyó en 750, situándose en 216.750.
El número total de estadounidenses que solicitaron beneficios por desempleo para la semana anterior que terminó el 13 de diciembre aumentó en 38.000, alcanzando los 1,92 millones, informó el gobierno.
___________________________________
Esta historia fue traducida del inglés por un editor de AP con ayuda de una herramienta de inteligencia artificial generativa.
Lágrimas de alegría mientras familias nigerianas se reencuentran con escolares secuestrados
PAPIRI, Nigeria (AP) — En una reunión navideña, familias y aldeanos en el centro-norte de Nigeria lloraron y abrazaron a los escolares recién liberados tras ser víctimas de uno de los mayores secuestros masivos en la historia del país.
Los 130 escolares y maestros fueron liberados el domingo tras un mes de cautiverio y llevados a casa en la comunidad de Papiri, en el estado de Níger, tarde en la noche del miércoles, marcando el último grupo liberado desde el ataque del 21 de noviembre a la Escuela Católica St. Mary’s en Papiri.
Madres con ojos llorosos abrazaron fuertemente a sus hijos mientras otros niños eran levantados en el aire, sus rostros radiantes de alegría mientras los aldeanos los llamaban y examinaban cuidadosamente para asegurarse de que no fueron lastimados.
“Esta Navidad, ya que estamos celebrando la Navidad con nuestros hijos, estamos muy contentos. Y esta Navidad será diferente a las demás”, declaró Yusuf Timothy cuya hija Rejoice estaba entre los liberados.
“Estoy feliz, estoy feliz”, indicó con lágrimas en el rostro Rita Marcus, quien se reunió con su hijo. “Esta felicidad, es demasiado”.
Los secuestros escolares se han convertido en un grave problema en medio de la inseguridad en el país más poblado de África.
Las autoridades dijeron anteriormente que 303 escolares y 12 maestros fueron secuestrados en el ataque en el estado de Níger, pero luego revisaron la cifra a 230, agregando que todos habían sido liberados, sin especificar cómo.
La mayoría de los niños tenían entre 10 y 17 años, según la escuela. Onyeka Chieme, uno de los estudiantes, dijo anteriormente a The Associated Press que los hombres armados amenazaron con dispararles durante el ataque.
Yusuf Timothy comentó que su familia tuvo que poner su vida en pausa desde los secuestros.
“A veces, aunque esté dormido con mi esposa, si nos despertamos, comenzamos a pensar. Comenzamos a llorar. ¿Cuándo vamos a ver a nuestro hijo?” dijo.
___________________________________
Esta historia fue traducida del inglés por un editor de AP con ayuda de una herramienta de inteligencia artificial generativa.
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
Trump administration moves to overhaul how H-1B visas are granted, ending lottery system
WASHINGTON — The Department of Homeland Security said Tuesday it was replacing its longstanding lottery system for H-1B work visas with a new approach that prioritizes skilled, higher-paid foreign workers.
New H-1B visa fee could upend foreign worker program for local businesses and universities
The change follows a series of actions by the Trump administration aimed at reshaping a visa program that critics say has become a pipeline for overseas workers willing to work for lower pay, but supporters say drives innovation.
“The existing random selection process of H-1B registrations was exploited and abused by U.S. employers who were primarily seeking to import foreign workers at lower wages than they would pay American workers,” said U.S. Citizenship and Immigration Services spokesman Matthew Tragesser.
Earlier this year, President Donald Trump signed a proclamation imposing a $100,000 annual H-1B visa fee on highly skilled workers, which is being challenged in court. The president also rolled out a $1 million “gold card” visa as a pathway to U.S. citizenship for wealthy individuals.
A press release announcing the new rule says it is “in line with other key changes the administration has made, such as the Presidential Proclamation that requires employers to pay an additional $100,000 per visa as a condition of eligibility.”
Historically, H-1B visas have been awarded through a lottery system. This year, Amazon was by far the top recipient, with more than 10,000 visas approved, followed by Tata Consultancy Services, Microsoft, Apple and Google. California has the highest concentration of H-1B workers.
The new system will “implement a weighted selection process that will increase the probability that H-1B visas are allocated to higher-skilled and higher-paid” foreign workers, according to Tuesday’s press release. It will go into effect Feb. 27, 2026, and will apply to the upcoming H-1B cap registration season.
Supporters of the H-1B program say it is an important pathway to hiring healthcare workers and educators. They say it drives innovation and economic growth in the U.S. and allows employers to fill jobs in specialized fields.
Critics argue that the visas often go to entry-level positions rather than senior roles requiring specialized skills. While the program is intended to prevent wage suppression or the displacement of U.S. workers, critics say companies can pay lower wages by classifying jobs at the lowest skill levels, even when the workers hired have more experience.
The number of new visas issued annually is capped at 65,000, plus an additional 20,000 for people with a master’s degree or higher.
https://www.chicagotribune.com/2025/12/24/trump-administration-h-1b-visas/
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
https://www.zerohedge.com/markets/futures-flat-early-close-deck
Sean ‘Diddy’ Combs seeks immediate release from prison in appeals argument
NEW YORK — Lawyers for hip-hop mogul Sean “Diddy” Combs urged a federal appeals court in New York late Tuesday to order his immediate release from prison and reverse his conviction on prostitution-related charges or direct his trial judge to lighten his four-year sentence.
The lawyers said in a filing with the 2nd U.S. Circuit Court of Appeals in Manhattan that Combs was treated harshly at sentencing by a federal judge who let evidence surrounding charges he was acquitted of unjustly influence the punishment.
Combs, 56, incarcerated at a federal prison in New Jersey and scheduled for release in May 2028, was acquitted of racketeering conspiracy and sex trafficking at a trial that ended in July. Combs was convicted under the Mann Act, which bans transporting people across state lines for any sexual crime.
Lawyers for Combs said Judge Arun Subramanian acted like a “thirteenth juror” in October when he sentenced Combs to four years and two months in prison. They said he erred by letting evidence surrounding the acquitted charges influence the sentence he imposed.
They noted that Combs was convicted of two lesser counts, prostitution offenses that didn’t require force, fraud, or coercion. They asked the appeals court, which has not yet heard oral arguments, to acquit Combs, order his immediate release from prison or direct Subramanian to reduce his sentence.
“Defendants typically get sentenced to less than 15 months for these offenses — even when coercion, which the jury didn’t find here, is involved,” the lawyers wrote.
“The judge defied the jury’s verdict and found Combs ‘coerced,’ ‘exploited,’ and ‘forced’ his girlfriends to have sex and led a criminal conspiracy. These judicial findings trumped the verdict and led to the highest sentence ever imposed for any remotely similar defendant,” the lawyers wrote.
At sentencing, Subramanian said that when calculating the prison term, he considered Combs’ treatment of two former girlfriends who testified that the Bad Boy Records founder beat them and coerced them into having sex with male sex workers while he watched and filmed the encounters, sometimes masturbating.
At the trial, former girlfriend Casandra “Cassie” Ventura testified that Combs ordered her to have “disgusting” sex with strangers hundreds of times during their decade-long relationship that ended in 2018. Jurors saw video of him dragging and beating her in a Los Angeles hotel hallway after one such multiday “freak-off.”
The second former girlfriend, who testified under the pseudonym “Jane,” said she was pressured into sex with male workers during what Combs called “hotel nights,” drug-fueled sexual encounters from 2021 to 2024 that also could last days.
At sentencing, Subramanian said he “rejects the defense’s attempt to characterize what happened here as merely intimate, consensual experiences, or just a sex, drugs, and rock ‘n’ roll story.”
He added: “You abused the power and control that you had over the lives of women you professed to love dearly. You abused them physically, emotionally, and psychologically. And you used that abuse to get your way, especially when it came to freak-offs and hotel nights.”
https://www.chicagotribune.com/2025/12/24/sean-diddy-combs-appeals-argument/
Illinois joins states suing HHS over move that could curtail youth gender-affirming care
NEW YORK — A coalition of 19 states and the District of Columbia on Tuesday sued the U.S. Department of Health and Human Services, its secretary, Robert F. Kennedy Jr., and its inspector general over a declaration that could complicate access to gender-affirming care for young people.
The declaration issued last Thursday called treatments like puberty blockers, hormone therapy and surgeries unsafe and ineffective for children and adolescents experiencing gender dysphoria, or the distress when someone’s gender expression doesn’t match their sex assigned at birth. It also warned doctors that they could be excluded from federal health programs like Medicare and Medicaid if they provide those types of care.
New Trump administration proposals could further reduce gender-affirming care for minors in Illinois
The declaration came as HHS also announced proposed rules meant to further curtail gender-affirming care for young people, although the lawsuit doesn’t address those as they are not final.
Tuesday’s lawsuit, filed in U.S. District Court in Eugene, Oregon, alleges that the declaration is inaccurate and unlawful and asks the court to block its enforcement. It’s the latest in a series of clashes between an administration that’s cracking down on transgender health care for children, arguing it can be harmful to them, and advocates who say the care is medically necessary and shouldn’t be inhibited.
“Secretary Kennedy cannot unilaterally change medical standards by posting a document online, and no one should lose access to medically necessary health care because their federal government tried to interfere in decisions that belong in doctors’ offices,” New York Attorney General Letitia James, who led the lawsuit, said in a statement Tuesday.
The lawsuit alleges that HHS’s declaration seeks to coerce providers to stop providing gender-affirming care and circumvent legal requirements for policy changes. It says federal law requires the public to be given notice and an opportunity to comment before substantively changing health policy — neither of which, the suit says, was done before the declaration was issued.
A spokesperson for HHS declined to comment.
HHS’s declaration based its conclusions on a peer-reviewed report that the department conducted earlier this year that urged greater reliance on behavioral therapy rather than broad gender-affirming care for youths with gender dysphoria.
The report questioned standards for the treatment of transgender youth issued by the World Professional Association for Transgender Health and raised concerns that adolescents may be too young to give consent to life-changing treatments that could result in future infertility.
Major medical groups and those who treat transgender young people have sharply criticized the report as inaccurate, and most major U.S. medical organizations, including the American Medical Association, continue to oppose restrictions on transgender care and services for young people.
The declaration was announced as part of a multifaceted effort to limit gender-affirming health care for children and teenagers — and built on other Trump administration efforts to target the rights of transgender people nationwide.
HHS on Thursday also unveiled two proposed federal rules — one to cut off federal Medicaid and Medicare funding from hospitals that provide gender-affirming care to children, and another to prohibit federal Medicaid dollars from being used for such procedures.
The proposals are not yet final or legally binding and must go through a lengthy rulemaking process and public comment before becoming permanent. But they will nonetheless likely further discourage health care providers from offering gender-affirming care to children.
Several major medical providers already have pulled back on gender-affirming care for young patients since Trump returned to office — even in states where the care is legal and protected by state law.
Medicaid programs in slightly less than half of states currently cover gender-affirming care. At least 27 states have adopted laws restricting or banning the care. The Supreme Court’s recent decision upholding Tennessee’s ban means most other state laws are likely to remain in place.
Joining James in Tuesday’s lawsuit were Democratic attorneys general from California, Colorado, Connecticut, Delaware, Illinois, Maine, Maryland, Massachusetts, Michigan, Minnesota, New Jersey, New Mexico, Oregon, Rhode Island, Vermont, Wisconsin, Washington and the District of Columbia. Pennsylvania’s Democratic governor also joined.
https://www.chicagotribune.com/2025/12/24/illinois-lawsuit-hhs-gender-affirming-care/
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.
?BREAKING: Victorian Premier Jacinta Allan will push to legislate stronger hate speech laws by compelling social media platforms to identify people behind anonymous accounts used to ridicule another person or group, with a specially appointed jurist to make it legally possible. pic.twitter.com/EaeIwSM0TY
— Australians vs. The Agenda (@ausvstheagenda) December 22, 2025
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.
Reporter: “Is radical Islam the greatest domestic security threat Australia faces?”
Albanese: “Neo-Nazis” pic.twitter.com/qFWcJqNPVG
— chris mate ? (@ChrisLXXXVI) December 19, 2025
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.”
Australia continues to respond to a massacre by Islamic terrorists by censoring the ability to say multiculturalism doesn’t work. https://t.co/u7ReOUnxiH
— Paul Joseph Watson (@PrisonPlanet) December 22, 2025
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
