House Judiciary Committee Chairman Jim Jordan on Tuesday referred former CIA director John Brennan to the Justice Department for prosecution, alleging that Brennan made false statements to Congress about how the 2017 intelligence assessment on Russian election interference handled material from the so-called Steele dossier.

In a five-page referral letter dated today, Jordan argues that Brennan’s sworn May 11, 2023 testimony conflicted with declassified records the committee says now show the dossier was not only reviewed by the CIA but also included – via an annex – in the intelligence community’s assessment. The letter invokes 18 U.S.C. § 1001, which makes it a crime to “knowingly and willfully” make materially false statements to Congress.

To wit – Brennan told lawmakers that “the CIA was not involved at all with the dossier” and that the agency was “very much opposed to having any reference or inclusion of the Steele dossier in the Intelligence Community Assessment.” But Jordan’s letter points to what it calls “Annex A” of the Intelligence Community Assessment (ICA), which it describes as a “two-page annex summarizing the Steele reporting” and drafted “in coordination with the [FBI]” under a joint decision by the CIA and FBI.

The broader context brings into focus the 2017 ICA, released Jan. 6 under the auspices of the Director of National Intelligence, concluding that Russia interfered in the 2016 U.S. presidential election and developed a preference for Donald Trump. Earlier reviews by the Senate Intelligence Committee and the Justice Department’s inspector general found that the dossier was included in a classified annex to the ICA – not in its main body – and that while the FBI and CIA debated how to handle it.

Jordan claims that the dossier’s language is contained in the main body of the ICA and that Brennan personally overruled CIA analysts who raised concerns about the dossier’s reliability – quoting an internal exchange attributed to Brennan in which he allegedly asked, “Yes, but doesn’t it ring true?”

According to Brennan: “my bottomline is that I believe that the information warrants inclusion in the report.”

The referral calls Brennan’s lies “material” and part of a “pattern of Brennan’s willingness to lie to Congress” – pointing to Brennan’s earlier 2017 House Intelligence Committee appearance in which he said, “the dossier was not in any way used in the Intelligence Community Assessment” (a statement the letter says lies outside the statute of limitations but is relevant context).

For the Justice Department, the decision whether to open a criminal investigation hinges on determining that Brennan knowingly made false statements, and that the incorrect information was material – i.e., it could have affected the committee’s or government’s decision-making. 

For his part, Brennan has consistently defended the ICA’s core conclusion – that Moscow intervened in 2016 – and has maintained the CIA did not use unverified intelligence from the Steele reporting as the foundation for the assessment’s judgments. Yet, according to Jordan’s letter, “Ultimately, according to documents declassified by the Trump Administration, the decision to incorporate information from the Steele dossier in the ICA “was jointly made by the Directors of CIA and FBI.“

Badly beating down oil jumped, if only briefly, on a Bloomberg report that the Trump administration plans to buy 1 million barrels for the US Strategic Petroleum Reserve, taking advantage of low oil prices to begin filing the depleted stockpile.

The Energy Department intends to announce Tuesday that it’s seeking oil for delivery in December and January, using a portion of the $171 million from President Donald Trump’s signature tax and spending law that provided for crude purchases, according to an agency official.

West Texas Intermediate, which is down about 30% since its peak in mid-January and traded at about $58 a barrel on Tuesday, near the lowest since 2021, staged a modest bounce, only to sink after the kneejerk reaction was processed. 

Trump has vowed to refill the oil reserve, which has a maximum capacity of about 700 million barrels. It currently has about 408 million barrels, but the administration has limited funds to buy more. Unfortunately just 1 million here and there won’t do anything in the grand scheme of things; meanwhile China has been aggressively adding millions of barrels every month to its SPR, and according to many analysts has been the main reason preventing far lower oil prices. Here is Reuters on the topic:

China is building oil reserve sites at a rapid clip as part of a campaign to boost crude stockpiles that increased in urgency after Russia’s Ukraine invasion upended global energy flows and has accelerated this year, according to public data, traders and industry experts.

State oil companies including Sinopec and CNOOC will add at least 169 million barrels of storage across 11 sites during 2025 and 2026, according to public sources including domestic news reports, government reports and company websites.

Of that, 37 million barrels of capacity has been built, the sources show. Once completed, the new sites will be able to store two weeks of China’s net crude imports, according to Reuters calculations based on Chinese trade data, a significant volume as China is by far the world’s biggest oil importer.

Beijing’s reserve-building – S&P Global Commodity Insight last month estimated China had stockpiled an average of 530,000 barrels per day thus far in 2025 – is soaking up surplus global supply and supporting prices under pressure as the OPEC+ producers group winds down production cuts. Traders and consultancies say they expect the stockpiling, fuelled by prices recently below $70 per barrel, to continue at least through the first quarter of 2026.

The reserve’s levels were sharply reduced under President Autopen, when gasoline prices spiked following Russia’s invasion of Ukraine. The drawdown of some 180 million barrels in 2022 cost about $280 million and delayed maintenance, according to the Energy Department.

Bids for the Energy Department’s 1 million barrel solicitation for delivery to the Bayou Choctaw site are due no later than 11:00 a.m. CT on Oct. 28, the official said. The purchases will be through a spot-price-indexed contract.

With stocks back near record highs (having recovered quickly from their last Trump-driven plunge), it appears the hubris of market strength rubbed off again on the President as he dropped the following tape-bombs once again raising the rhetoric on any possible trade deal with China:

• *TRUMP: MAYBE MEETING WON’T HAPPEN WITH XI

• *TRUMP: I WANT XI TO HAVE A GOOD DEAL FOR CHINA

• *TRUMP: EXPECT TO MAKE GOOD DEAL WITH XI

• *TRUMP: WE BUILT CHINA’S MILITARY WITH ALL MONEY WE LOST

Sending stocks tumbling, sending Nasdaq into the red…

Interestingly, the comments came just as Nasdaq reached back to unchanged since the President’s last tweet-driven plunge…

Gold rallied a little while bitcoin fell on the news…

What kind of drawdown will we need this time to pressure the TACO trade move to come back?

Update (1232ET): Europe and the UK are discussing a 12-point plan to end the Russia-Ukraine war, Bloomberg reports. 

• The war would end along current battle lines
• Trump administration ‘Peace Board’ would oversee
• Ukraine would receive security guarantees and reconstruction funds
• Sanctions on Russia would be gradually lifted
• Russia has to contribute to Ukraine reconstruction funds
• ‘No clear date’ set for meeting between Trump and Putin 

The plan would end the war along current battle lines – a counter to Vladimir Putin’s demand that Kiev surrender more territory in return for a peace deal. 

If adopted, the Trump administration would oversee implementation of the proposed plan, according to people familiar with the discussions. Assuming the ceasefire holds and both sides commit to halting further advances, there would be a prisoner exchange, as well as ‘all deported children’ (what?), while Ukraine would receive security guarantees and reconstruction funds, along with a pathway to rapidly join the European Union. 

In exchange, sanctions on Russia would be gradually lifted, and around $300 billion in frozen central bank reserves would be returned to Moscow – if the Kremlin agrees to contribute to Ukraine’s post-war reconstruction.

Meanwhile, as noted below the Kremlin pushed back against CNN claims that a Trump-Putin meeting had been postponed, but acknowledged that no date has been set.

“We cannot postpone what has not been agreed upon,” said Deputy Foreign Minister Sergei Ryabkov in a statement to TASS state news early Tuesday, adding “Everything is in progress, internal work is ongoing. As new information becomes available, we will keep you informed.” 

Kremlin spokesman Dmitry Peskov echoed Ryabkov regarding the Trump-Putin summit in Budapest, saying “You can’t postpone something that hasn’t been agreed upon.” 

Developing…

*  *  *

The Kremlin on Tuesday has said that while its stance since Presidents Putin and Trump met in Alaska in August has remain unchanged, European countries are busy seeking to thwart peace efforts.

Kremlin Spokesman Dmitry Peskov said at a briefing that the European allies are actively encouraging Kiev to keep pursuing a solution militarily. “Right now, Europeans are not really focused on peace and are doing little to achieve it,” he said.

Peskov also cited reports from the Russian Foreign Intelligence Service that European NATO members are “continuing extensive preparations for a potential armed conflict with Russia,” according to TASS.

In parallel statements Foreign Minister Sergey Lavrov said that Russia’s special military operation “is fulfilling its goals” and that “there is no doubt that it will conclude successfully.”

He then batted down President Zelensky’s current push to freeze the conflict before peace talks can be held. Moscow has long said it is not willing to do a temporary truce, seeing in this a Ukrainian ploy to regroup and rearm before a comprehensive settlement can be achieved.

“An immediate ceasefire, the talk of which has suddenly reappeared, would mean only that a large part of Ukraine remains under the Nazi regime’s control, while the need is to resolve the issue at its core and address its underlying causes,” Lavrov stressed.

Zelensky came off his Friday White House meeting with Trump saying that the US President is in agreement with him on this point.

But Lavrov has countered, “I would like to officially stress that Russia has not altered its stance compared to the understandings reached during the Putin-Trump extended talks in Alaska.”

He too laid much blame on the Europeans for seeking to sabotage talks, as a meeting is under preparation to be hosted in Budapest between Trump and Putin. Lavrov continued:

The desire of the Kiev regime’s “European patrons” to insist on a ceasefire in exchange for a comprehensive settlement of the Ukrainian conflict runs counter to the agreements reached in Alaska: “This approach contradicts what Presidents Trump and Putin agreed upon in Anchorage, which was to focus on the root causes.”

At the moment, President Trump is being widely accused in mainstream media of essentially selling out the Ukrainians and siding with Putin related to potential future terms of a peace settlement:

Behind the scenes, Trump had pushed Zelenskyy to give up swaths of territory to Russia, two people briefed on the discussion told Reuters. “Let it be cut the way it is,” Trump told reporters on Air Force One on Sunday. “It’s cut up right now,” he said, adding that you can “leave it the way it is right now”.

“They can negotiate something later on down the line,” he said. But for now, both sides of the conflict should “stop at the battle line – go home, stop fighting, stop killing people”.

This would indeed give Russia effective control of some 20% or a little more of Ukraine, and the idea is that the battlelines would be ‘frozen’ as a more comprehensive deal is hammered out.

Meanwhile MSM is piling on too, with several negative reports on efforts to get Putin and Trump at the table again in Budapest:

“It was also not immediately clear what impact the tabling of the pre-meeting between Lavrov and Rubio would ultimately have on the anticipated Trump-Putin summit in Budapest, Hungary.” —CNN

Rubio’s call with Lavrov did not go well; Rubio is expected to recommend the Budapest summit not go forward next week. https://t.co/22WvSPN87c pic.twitter.com/stv3mzOWAE

— Michael Weiss (@michaeldweiss) October 21, 2025

It could be that Trump is finally getting realistic about the conflict – the Russians are not going to pack up and leave the battle lines, and territorial concessions are what will end the war, whether Kiev likes it or not.

Russia seems to be trying to be careful to play nice with Trump and not offend him at this sensitive juncture of Moscow-Washington bilateral talks, while laying all the blame for any stall in negotiations on the more hawkish Europeans.

By Michael Every of Rabobank

Today has an embarrassment of riches in news; and a poverty of takes of how it all links together.

Bloomberg claims the ‘’Widow-Maker’ Trade Becomes World Beater as Japanese Bonds Sink’. The 2025 trend in JGB yields, if now off recent highs, shows a generational shift taking place, which could accelerate following the emergence of Takaichi as PM.

• Similar worries remain from the US to “Où sont my crown jewels?” France to EM, even if yields moved lower yesterday on safe-haven bids as the global internet wobbled.

After Trump told President Zelenskyy to make a peace deal or be “destroyed” by Russia, which is close to calling up another 2m men to fight, Zelenskyy tried to paint their meeting as “positive.” The EU is still seeking to secure the use of Russian assets for Ukraine and more sanctions on Moscow: yet the White House is stalling a G7 plan for the former and the Senate just paused its Russia Sanctions Bill.

• Again, the US is aiming for a Noxin (reverse Nixon) deal or a war freeze: Europe wants more, but doesn’t seem willing to pay up, and just agreed to phase out Russian oil purchases by January 2028, meaning it will fund attacks on Ukraine for another two years.

Politico also notes ‘Here comes the EU’s first anti-far-right European Council’, arguing “Housing, social media regulation, migration, and defence spending are all being used by the political mainstream to curb the march of populism” – but doesn’t that all sound populist? The same press also says ‘New EU members could join without full voting rights’: really?

• Europe’s internal flux matches its immediate external environment – it’s not business as usual.

In the Middle East, Iran’s Khamenei rejected a Trump offer of talks, again, and denied that the US had destroyed Iranian nuclear capabilities. Is that playing with fire on top of a lot of oil? Trump also floated a renewal of Gaza fighting, but said Hams still has chance to “behave”, as and VP Vance heads to Israel today as part of efforts to shore up the ceasefire.

• Overall, momentum continues to build towards a new Middle East where oil stays firmly priced in US dollars.

In LatAm, Argentina’s peso weakened despite the US officially agreeing a $20bn swapline as the Wall Street Journal reported ‘US Banks Are Hunting for Collateral to Back $20bn Argentina Bailout’ (WSJ) such as “assets or guarantees from the US that would back a private-sector loan to support Argentine President Javier Milei” – recall Argentine elections are this Sunday; Bolivia elected centrist Rodrigo Paz as president, ending decades of socialist rule, and restarting relations with the US after 20 years; ‘Trump doubles down on Colombia crackdown, calls Petro ‘lunatic,’ vows to end all US payments over drugs’, as Fox news put it, with a new, higher US tariff rate on Colombia due imminently; and another Venezuelan narco-boat was hit by the Pentagon.

• In short, there’s more Monroe than in ‘Some Like it Hot’ – and things could get hot as the US reasserts its role in the Western hemisphere while pushing Chinese, Russia, and Iranian influence out.

In the Asia-Pacific, Trump backed the AUKUS defence deal and will push to expedite nuclear sub deliveries. The US Navy Secretary wants to clear up some of the “ambiguity”, so AUKUS is a “win-win for everybody.” In parallel, ‘‘We’ll have so much’: Trump taunts China with Albanese rare earths deal’ (AFR), as the White House struck a supply deal and claimed Australia will invest $1 trillion in the US by 2035 via its superfunds.

• Is there any need for discussion on whose side Oz has chosen, geopolitically? However, one wonders if this will soon involve it spending 5% of GDP on defence, and/or necessitate a Fed swapline, as South Korea has floated?

Trump expects to discuss Taiwan when he meets Xi, and while he predicts a trade deal, he made clear the extra 100% China tariff will hit if Beijing won’t buy US soybeans and sell it rare earths… exports of which just slumped in data released yesterday. USTR Greer also stated China is trying to pressure foreign firms from investing in the US to disrupt supply chains, mentioning shipbuilding in particular, but “Intimidation won’t stop us from rebuilding.” Indeed, as the US Supreme Court was told ‘Trump tariffs are an illegal $3 trillion tax’, the New York Times notes ‘Hundreds of Korean Workers Were Detained by ICE. Hyundai is Not Deterred’, and that new factories really are springing up, while the White House said the $100,000 H-1B visa fee will be paid by applicants living abroad.

• Is this “because markets” messaging that screams ‘trade deal’?

The Financial Times meanwhile takes a strong editorial stance today (‘The boardroom bet on Trump’s industrial policy’) and argues “CEOs would be wise to avoid staking too much on the US president’s pet projects” because Biden’s IRA was reversed and China is seeing deflation due to too much production – as if that’s a current US problem!

On the other hand, China’s key fourth plenum continues. The Xinhua media release note: “Standing at a new historical starting point, let us unite more closely around the Party Central Committee with Comrade Xi Jinping at its core, comprehensively implement Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, inspire a spirit of striving for every minute and never slacking off, and gather the tremendous strength of unity and courage to forge ahead. We will work towards a blueprint that will be followed through to the end, generation after generation…”

• Is this “because markets” messaging that screams ‘trade deal’?

Also of note after yesterday’s Chinese GDP data, the South China Morning Post yesterday asked: “As China drafts its next 5-year plan, is GDP still the magic number?” where “With the fourth plenum set to outline China’s long-term plans, analysts consider more benchmarks than GDP for ‘high-quality development’ era”. When even China is starting to ask, ‘What is GDP *for*?’ rather than just “4.9% or 5%?”, it underlines how out-of-the-loop most “because markets” Western thinking and analysis still is.

Relatedly, the SCMP also says ‘China’s AI plan offers citizens ‘infinite hope’ with robot companions and kids by 2035’ – “But a Chinese expert warns it could lead to mass unemployment, polarisation, reduction in marriage rates and ‘erosion of family ethics’”. The West doesn’t seem to be offering its citizens much hope in some eyes, let alone ‘infinite’, and it can’t even agree on how to use AI and industrial robots in its factories yet, let alone in relationships.

• Who does this suggest is ahead, and behind. in this critical geoeconomic area? And beyond ‘buy all the things!’ aiming for an embarrassment of riches, is this disruptive trend inflationary or deflationary, or both – and what do we do about changes to society on this scale at this kind of speed? We have an absolute poverty of takes on this in particular.

What many Americans discovered early Monday morning is that nothing online is guaranteed, not even the biggest websites, apps, or messaging services, after a massive outage in Amazon Web Services’ (AWS) U.S. East 1 region in Northern Virginia triggered 15 hours of internet chaos. The disruption has reignited fears about overreliance on a single cloud provider and is expected to push major companies toward spreading their infrastructure risk across multiple clouds rather than relying on just one.

Bloomberg reports that yesterday’s AWS outage in the U.S. East 1 region was one of the company’s worst disruptions since 2021. The incident could prompt companies to diversify their cloud infrastructure risk, potentially slowing AWS’ growth while intensifying competition from Microsoft and Google.

“The outage will likely fuel customers wanting to spread their infrastructure between multiple clouds, which could be a positive for smaller vendors like Google,” Bloomberg Intelligence analyst Anurag Rana wrote in a note, adding that it’s unlikely to result in any meaningful market share loss for Amazon due to the difficulty of shifting workloads between clouds and industrywide capacity constraints.

The breakdown originated in AWS’s Northern Virginia region, its largest data center cluster, when a malfunction in a digital directory for a core database service triggered cascading failures across other subsystems, resulting in online disruptions for highly-trafficked platforms such as Venmo, Robinhood, Zoom, Salesforce, Snowflake, and even Amazon’s own Alexa, Prime, and Ring services. There were even reports of Amazon delivery disruptions (read here).

AWS engineers managed to restore data center operations in the Northern Virginia region to “normal” status by late Monday evening, about 15 hours after the problem first emerged. This outage echoes a 2021 incident that disrupted Netflix, Disney, and other global platforms.

If the AWS outage left you frustrated, imagine the chaos when China moves on Taiwan or disrupts critical infrastructure amid the ongoing Salt Typhoon and/or unleashes its full cyber arsenal against the U.S. Let’s hope the trade war is resolved soon, because a nation suffering from “TikTok brain rot” might not survive a week without its social media.

Shares of Eos Energy Enterprises surged more than 20% this morning (before pulling back into the cash equity open) after the company announced a $75 million battery manufacturing facility in Pennsylvania to supply Talen Energy Corp. and help meet the state’s fast-growing data center power demand.

The new plant, slated to open in mid-2026, will produce two gigawatt-hours of batteries, effectively doubling Eos’s production capacity in the Pittsburgh region, according to Bloomberg. 

“The energy to be generated is enough to power about 1.5 million homes for an hour,” said CEO Joe Mastrangelo, who added that the expansion positions Eos to scale up to as much as eight gigawatt-hours in the future.

Bloomberg writes that the batteries will help Talen optimize output from its existing assets — including the Susquehanna nuclear plant and nearby fossil-fuel generators — which partially supply an Amazon data center in the state. Pennsylvania is supporting the project with a $24 million incentive package to promote local clean-energy manufacturing.

Mastrangelo emphasized that Eos’s zinc-based batteries will play a vital role in stabilizing the grid as renewable energy generation becomes more variable, enabling a steadier and more reliable power supply for the region’s growing data infrastructure.

A key player behind that expansion is Tetra Technologies (TTI), one of Eos’s largest suppliers and strategic partners. Tetra provides high-purity zinc-bromide electrolyte, a critical component of Eos’s zinc-based energy storage systems, and is contracted to supply at least 75% of Eos’s total electrolyte demand for its Eos Z3 energy storage cube.

“TETRA is a proven global fluid solution provider… as we scale, we need supply chain partners that can help us achieve growth, reduce cost, and improve overall performance of our battery,” Mastrangelo said when the partnership was extended in early 2024. The collaboration also strengthens a domestic U.S. supply chain for Eos’s American-made product.

Eos Energy Enterprises, Inc., founded in 2008 and based in Edison, New Jersey, designs and manufactures zinc-based energy storage systems— including its Znyth and Z3 battery technologies—offering utilities, power producers, and commercial customers a lithium-free alternative for 3- to 12-hour applications, supported by battery management, project services, and long-term maintenance solutions.

Authored by Steve Watson via Modernity.news,

Washed up actor Robert De Niro had an unhinged rant platformed on MSNBC during which he called the Trump administration “Nazis” and said leftists need to “fight it out” with them because otherwise the President will not leave the White House at the end of his term in office.

“We see it we see it we see it all the time, he will not want to leave,” De Niro blathered, adding “He set it up with, I guess he’s the Goebbels of the cabinet, Stephen Miller.”

“He’s a Nazi. Yes, he is, and he’s Jewish and he should be ashamed of himself,” De Niro disgustingly asserted.

🚨 UPDATE: Conservatives are demanding a retraction from Hollywood liberal Robert De Niro for claiming “Stephen Miller is a Nazi.”

“Yes, he is. And he’s Jewish. He should be ASHAMED of himself.”

This is the kind of rhetoric that incites violence.

pic.twitter.com/1IvLVFppgX

— Eric Daugherty (@EricLDaugh) October 20, 2025

He continued, “It’s all nonsense. It’s, we know it’s all racist. It’s all, I mean, that’s what he appeals to that’s what Trump is. Everything is what you see is what you get. It’s not going to change with him.”

“Everything, the point is we have to keep fighting and pushing until he is out, period. There’s no other way. He’s not going to want to leave the White House,” De (ranged) Niro further blurted.

“What is he facing? He’s facing certain things no matter what the Supreme Court, they’re going to find a way to go after him for what he’s done, all the awful, monstrous things that he’s done,” De Niro garbled, without actually explaining what he was referring to.

“You know, I don’t see anyway, he’s not going to want to leave,” De Niro reiterated, adding “We cannot let up on him because he is not going to leave the White House. He does not want to leave the White House. He will not leave the White House.”

“The Republicans, most of all, because they know, but they’re going along with it. It’s a classic bully situation. We see it, and there’s no other way to face a bully. You have to face him and fight it out and back them off and back him down. That’s the only way this is going to work,” De Niro further ranted.

He also suggested that Americans who do not reside in metropolitan elite areas are on side with Trump because they are not getting the truth from the media they watch.

Robert DeNiro says rural Americans believe Trump because they aren’t getting the truth from the media they watch.

This was said on MSNBC. pic.twitter.com/aWltPAnmoq

— Western Lensman (@WesternLensman) October 19, 2025

Yes, he said that on MSNBC.

The full interview is here, if you can be bothered with 12 minutes of lunatic drivel.

I’m embarrassed for him, he’s about as out of touch as a person could get. Dudes at stage 5 TDS!

— Rhino Chaser (@thatrhinochaser) October 19, 2025

“the truth”… according to DeNiro’s Media:

-Kamala Harris: very popular
-Joe Biden: mentally sharp
-Unvaccinated asymptomatic people can infect vaccinated people
-The founder of TPUSA, who despised the concept of race, was racist.
-Violating Immigration Law is not a crime

— Kevin M. Nelson (@KevinMNelsonUSA) October 19, 2025

Robert De Niro on MSNBC: Rural Americans support Trump because they “don’t get the truth” from their media. Translation: If you don’t watch CNN, you’re too dumb to vote. This is coastal elitism at its finest—and why Trump keeps winning flyover country.

— Matthew Newgarden (@a_newgarden) October 19, 2025

De Niro has been saying Trump is a Nazi dictator for the best part of a decade:

He also once said that Trump is worse than psychopath killers he has played in films, and that he would disown his own children if they were anything like Trump’s family.

“I don’t want my kids to take this the wrong way, but if my kids did what [Trump’s] kids did, I wouldn’t want to be related to them. I would disown them.” De Niro raged during an appearance with the witches on The View.

“I would have a serious talk with them.” he continued, adding ”if I disagreed with them on things of principle, I would say, and they felt it, and we do now.” he added.

One of De Niro’s sons decided to declare himself as a transgender earlier this year, noting “I think a big part of [my transition] is also the influence Black women have had on me… I think stepping into this new identity, while also being more proud of my Blackness, makes me feel closer to them in some way.”

🔥🚨BREAKING: Robert De Niro’s son is now his daughter after he just officially came out as a transgender after being photographed in heels by the paparazzi. Airyn says ‘she is stepping into new identity’ pic.twitter.com/vWVNk9GgXq

— Dom Lucre | Breaker of Narratives (@dom_lucre) April 29, 2025

*  *  *

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.

GM shares are trading up about 11% this morning after the automaker delivered stronger-than-expected third-quarter results and raised its 2025 outlook. The company reported adjusted EPS of $2.80 versus $2.31 expected and revenue of $48.59 billion versus $45.27 billion.

CEO Mary Barra said: “Thanks to the collective efforts of our team, and our compelling vehicle portfolio, GM delivered another very good quarter of earnings and free cash flow… we are raising our full-year guidance, underscoring our confidence in the company’s trajectory.”

GM now expects $12–$13 billion in adjusted EBIT and $9.75–$10.50 in adjusted EPS for the year, both above prior forecasts. The company also lowered its expected tariff impact to between $3.5 billion and $4.5 billion, down from $4–$5 billion previously.

Barra thanked President Trump for “the important tariff updates” announced last week, which included new levies on imported trucks and parts as well as an offset for U.S.-made vehicles.

Despite EV-related headwinds—only about 40% of GM’s electric models are profitable on a production basis—CFO Paul Jacobson reaffirmed the company’s long-term commitment to electrification, saying, “We continue to believe there is a strong future for electric vehicles.” Gains in China, international markets, and GM Financial helped offset weaker North American margins, as GM focuses on restoring its regional profitability to the 8–10% range.

GM’s stronger outlook also reflects booming demand for its high-margin pickups and SUVs, which delivered the company’s best year-to-date truck and Escalade sales since 2018 and 2007, respectively, and record results for the GMC brand, according to Bloomberg. CEO Mary Barra highlighted that GM is “very well positioned as we invest to increase our already significant domestic sourcing and manufacturing footprint,” thanking President Trump for extending tariff discounts through 2030.

Despite near-term EV challenges, GM’s traditional lineup continues to drive profits, aided by modest price increases in North America and improved performance abroad. The company’s China operations returned to profitability, earning $80 million in the quarter after losses last year. CFO Paul Jacobson said GM’s long-term focus remains on cost reduction and efficiency in its EV business while acknowledging that U.S. demand may soften as federal tax credits expire.

“As we have demonstrated, GM’s commitment to building great vehicles, delivering exceptional customer experiences, and creating lasting value is unchanged. Looking forward, we believe our investments in advanced technologies, manufacturing, and talent will build on our solid foundation, and make GM even more innovative, resilient and capable of leading through change,” Mary Barra said in her shareholder letter. 

The French blue-chip stock index CAC 40 is higher in Paris afternoon trading, reaching levels not seen since May 2024 and well above those of last week’s political crisis. Prime Minister Sebastien Lecornu’s defeat of no-confidence votes in the French government late last week has certainly cooled the turmoil. However, one UBS analyst tracking the headlines from France believes that Lecornu “might not make it until year-end,” as a highly polarized parliament could make passing a budget nearly impossible.

UBS analyst Simon Penn briefed clients that Lecornu’s ability to pass a budget may suggest the political storm is far from over:

French PM Lecornu Might Not Make It Until Year-End

Political advisory group Forefront isn’t convinced French Prime Minister Lecornu will remain in office until the end of the year.

His basic problem is the same one that each of his predecessors has faced — he is going to struggle to pass a budget.

The Socialists were clear last week: they were willing to lend their support to get Lecornu through confidence votes, but that didn’t mean they supported his budget proposals. Forefront noted that the first thing Lecornu will need to do is enact the suspension of pension reform. He might be able to get that through the National Assembly, but the right-leaning Senate is opposed. If it fails in the Senate, it will go to a joint committee, and since that has a center-right bias, a decision to suspend pension reform will likely hinge on a raft of other requirements. This brings it full circle — the National Assembly is unlikely to accept those.

The latest data from the cryptocurrency-based prediction market Polymarket shows that Lecornu’s odds of being ousted are 4% between now and the end of October, but rise to 38% by year-end.

Ignoring S&P Global’s cut of France’s credit rating last Friday due to political instability and the eurozone’s second-biggest economy’s inability to get its finances under control, the CAC 40 index has pushed higher, exceeding recent political turmoil levels and reaching highs not seen since May 2024.

“With the current downgrade, France falls below AA- from two of the three rating agencies, and it should result in forced selling from a number of institutional investors who are sensitive to ratings,” Mohit Kumar, chief economist and strategist for Europe at Jefferies, told clients.

Lecornu plans to reduce the budget deficit to 4.7% of GDP next year from 5.4% in 2025. This is the first step toward bringing it below the EU’s 3% ceiling and putting the country on a sustainable path. But the fractured parliament might make getting a budget passed near impossible. And back to UBS’s note above: Lecornu is likely on borrowed time.