Authored by Victoria Friedman via The Epoch Times,

Apple on Oct. 2 said it removed from its store apps that can be used to report sightings of Immigration and Customs Enforcement (ICE) agents.

The apps, such as ICEBlock, work by alerting users when ICE agents are in the area. Trump administration officials have said that such apps could increase the risk of attacks on U.S. agents.

“Based on information we’ve received from law enforcement about the safety risks associated with ICEBlock, we have removed it and similar apps from the App Store,” Apple said in a statement.

Fox Business first reported ICEBlock’s removal on Oct. 2, quoting U.S. Attorney General Pam Bondi, who said in a statement to the news outlet, “We reached out to Apple today demanding they remove the ICEBlock app from their App Store—and Apple did so.”

“ICEBlock is designed to put ICE agents at risk just for doing their jobs, and violence against law enforcement is an intolerable red line that cannot be crossed,” Bondi added. “This Department of Justice will continue making every effort to protect our brave federal law enforcement officers, who risk their lives every day to keep Americans safe.”

The Epoch Times contacted ICEBlock for comment, but did not receive a response by the time of publication.

ICE Facility Shooting

The controversy over ICE agent tracking apps intensified after a fatal shooting on Sept. 24 at an ICE facility in Dallas, Texas.

An ICE office and transport vehicle were shot at by alleged shooter Joshua Jahn, killing one detainee and critically injuring two others, one of whom later died. No ICE agents were injured. Jahn later died of an apparent self-inflicted gunshot wound after the attack.

Jahn “used the ICE tracking apps,” according to Marcos Charles, acting executive associate director for ICE Enforcement and Removal Operations.

Charles said those developing such apps ought to understand the potential threats they pose to officers.

“It’s no different than giving a hitman the location of their intended target, and this is exactly what we saw happen in Dallas yesterday,” he said.

U.S. Attorney General Pam Bondi at the White House on Sept. 25, 2025. Kevin Lamarque/Reuters

ICEBlock

CNN reported on the ICEBlock app on June 30. During an appearance on conservative commentator Benny Johnson’s show, border czar Tom Homan criticized CNN for covering the app, calling it “disgusting.”

“I can’t believe we live in a world where the men and women in law enforcement are the bad guys,” he said. “It’s already a dangerous job.”

Homan suggested that CNN was complicit in putting federal law enforcement officers at risk.

“This is horrendous that a national media outlet would be out there trying to forecast law enforcement operations,” he said. “I think DOJ needs to look at this. They’re crossing that line. We need to send a strong message that we need to protect the law enforcement officers.”

On July 1, during a visit to a detention center for illegal immigrants in Ochopee, Florida, reporters asked President Donald Trump and Homeland Security Secretary Kristi Noem about Homan’s remarks that CNN should potentially face prosecution for covering the app.

“We’re working with the Department of Justice to see if we can prosecute them for that because what they’re doing is actively encouraging people to avoid law enforcement activities, operations, and we’re going to actually go after them and prosecute them,” Noem said. “What they’re doing, we believe, is illegal.”

When asked about Homan’s call for prosecuting CNN, Trump responded, “OK with me.”

Later that day, the Department of Homeland Security (DHS) accused the network of “contributing to our brave ICE officers now facing a 500 [percent] increase in assaults,” in a statement on X.

“@Sec_Noem has been clear: If you obstruct or assault our law enforcement, we will hunt you down and you will be prosecuted to the fullest extent of the law,” the DHS added.

U.S. Immigration and Customs Enforcement agents make an arrest during an early morning operation in Park Ridge, Ill., on Sept. 19, 2025. Erin Hooley/AP Photo

In response, CNN’s communication team defended its reporting on the ICEBlock app.

“This is an app that is publicly available to any iPhone user who wants to download it,” CNN’s communications team said in a July 1 statement on X. “There is nothing illegal about reporting the existence of this or any other app, nor does such reporting constitute promotion or other endorsement of the app by CNN.”

With the market desperate for any visibility into the economy – due to data being cutoff during the shutdown – this morning’s soft survey data on the services sector could have a larger impact on stocks and bonds than normal.

With ‘hard’ data surging higher, S&P Global’s US Services PMI rose from 53.9 preliminary to 54.2 final in September (but that is down from the 54.5 final print for August). The ISM Services PMI also fell MoM from 52.0 to 50.0 (worse than the 51.7 expected) – that is the weakest since May…

Source: Bloomberg

Under the hood of the ISM survey we saw prices sticky at highs, employment weak (but a small improvement) and orders slowdown…

Source: Bloomberg

The S&P Global US Composite PMI recorded 53.9 in September. That was down from 54.6 in August and represented the slowest growth for three months.

Both sectors covered by the survey recorded weaker output expansions in line with slower gains in new business. Employment meanwhile barely rose, but confidence in the outlook strengthened noticeably. Cost pressures remained elevated, although inflation softened to a five-month low. A similar trend was seen for output charges.

“Service sector growth softened slightly in September but remained strong enough to round off an impressive performance over the third quarter a whole,” according to Chris Williamson, Chief Business Economist at S&P Global Market Intelligence

“Combined with sustained growth in the manufacturing sector, the expansion of service sector activity is indicative of robust third quarter annualized GDP growth of around 2.5%.”

The recessions shows no signs of appearing:

“Growth is being fueled principally by rising financial services and tech sector activity, though we are also seeing more signs of improving demand for consumer-facing services such as leisure and recreation, likely linked in part to lower interest rates.

Lower borrowing costs have also fed through to a broadbased improvement in business optimism about the outlook for the next 12 months.

But jobs remain a worry:

“Disappointingly, the improvement in business optimism failed to spur more jobs growth, with hiring almost stalling in a sign of further labor market malaise as companies often focused on running more efficiently amid uncertain trading conditions.

As do (tariff-driven) price hikes…

“A further ongoing source of concern from the surveys are heightened cost pressures which survey respondents have attributed to tariffs. Input costs rose sharply again in September as import levies were seen to have again fed through from goods to services.

However, rates charged for services rose at the slowest rate for five months in a welcome sign that some of these tariff price pressures in supply chains are starting to moderate.”

So choose your own adventure – employment data remains in contraction but did improve modestly. The message overall appears to be that there remains ‘less’ firing, but even less hiring.

One of the two victims who died in the synagogue attack in Manchester, UK was shot dead by police, with the other victim killed by suspect. In fact, the police were the only ones with guns at the incident.  

Here’s what happened: The suspect, Jihad al-Shamie, rammed a vehicle into a crowd of people gathered outside the synagogue, striking several individuals. He then exited the car and stabbed at least one person before attempting to enter the building. Worshippers and security staff managed to block his entry – when armed cops showed up within 7 minutes and shot al-Shamie.

Al-Shamie killed one of the victims and sent two to the hospital with injuries, while the cops accidentally killed another victim and shot a 3rd person who was also sent to the hospital. 

“Overnight, we have taken advice from the Home Office pathologist ahead of full postmortem examinations scheduled for later today. The Home Office pathologist has advised that he has provisionally determined that one of the deceased victims would appear to have suffered a wound consistent with a gunshot injury,” said Greater Manchester police chief constable, Sir Stephen Watson. 

“It is currently believed that the suspect, Jihad al-Shamie, was not in possession of a firearm and the only shots fired were from GMP’s authorised firearms officers as they worked to prevent the offender from entering the synagogue and causing further harm to our Jewish community.

“It follows therefore that subject to further forensic examination, this injury may sadly have been sustained as a tragic and unforeseen consequence of the urgently required action taken by my officers to bring this vicious attack to an end.

The two victims killed in the attack at Heaton Park Synagogue were identified on Friday as  53-year-old Adrian Daulby and 66-year-old Melvin Cravitz. al-Shamie was wearing a fake explosive vest during the attack. 

Jihad, 35, moved to the UK from Syria as a child and became a naturalized British citizen while he was a minor in 2006. Home secretary Shabana Mahmood (!) said on Friday that Jihad was not known to counterterrorism police, however in 2012, MP John Howell received threatening emails from ‘Jihad Alshamie’ according to a report by the Jerusalem Post. It’s unclear if it’s the same Jihad.

Footage of the scene showed Al-Shamie writhing on the ground when police shot him – with a nearby officer shouting “He has a bomb” and “move back.”

In a statement posted on Facebook, Al-Shamie’s father, Faraj, said that the attack by his son, who he named Jihad, was a “profound shock,” adding “The Al-Shamie family in the UK and abroad strongly condemns this heinous act, which targeted peaceful, innocent civilians.” 

UK cops might be the most useless in the world.

Arresting people for posts, letting rapists walk free, shooting victims.

— Andarilho da lâmpada (@Matt_Ox7) October 3, 2025

As the government shutdown enters its third day, White House officials have reminded Americans all this week that Democrats voted for the full-blown government shutdown, which has inadvertently given President Trump the greatest gift ever: the ability to revive DOGE-style efforts to cut waste and fraud. 

On X, Office of Management and Budget (OMB) Director Russ Vought announced three cuts this week: first, $18 billion in New York City infrastructure projects he said were infused with “unconstitutional DEI principles“; then $8 billion in “Green New Scam” spending; and now $2.1 billion in Chicago infrastructure projects over “race-based contracting.”

“$2.1 billion in Chicago infrastructure projects–specifically the Red Line Extension and the Red and Purple Modernization Project–have been put on hold to ensure funding is not flowing via race-based contracting. More info to come soon from USDOT,” Vought wrote on X. 

$2.1 billion in Chicago infrastructure projects–specifically the Red Line Extension and the Red and Purple Modernization Project–have been put on hold to ensure funding is not flowing via race-based contracting. More info to come soon from @USDOT.

— Russ Vought (@russvought) October 3, 2025

On Thursday, President Trump wrote on X that he was meeting with OMB Director Vought “to determine which of the many Democrat Agencies, most of which are a political SCAM, he recommends to be cut, and whether or not those cuts will be temporary or permanent.” 

“I can’t believe the Radical Left Democrats gave me this unprecedented opportunity,” Trump added. 

Hours before the shutdown, Trump told reporters, he could “get rid of a lot of things” that would heavily impact the Democratic Party, adding, “We can eliminate many things we didn’t want … and they’d be Democrat things.“

President Trump on “A lot of good can come down from shutdowns. We can get rid of a lot of things that we didn’t want.” pic.twitter.com/8VoDQ2cdq8

— CSPAN (@cspan) September 30, 2025

Trump instructed Republicans to use “this opportunity of Democrat forced closure to clear out dead wood, waste, and fraud. Billions of Dollars can be saved.” 

According to White House officials, the Trump administration could start mass firings of thousands of federal employees as early as today. There are approximately 750,000 nonessential federal workers who have been placed on furlough, marking the first government shutdown since 2019. But historically, federal workers have not been the targets of shutdowns.

Optics are not great for Democrats. 

White House officials have blamed Democrats for the shutdown, claiming they are pursuing “radical demands”, like requesting funds for free healthcare for illegal aliens. 

Vice President JD Vance said Democrats “want to shut the government because we won’t give billions of dollars in healthcare funding for illegal aliens”.

President Trump wrote on Truth Social: “The Democrats want to give your healthcare money to illegal aliens.”

It’s right there on paper.

Democrats are fighting for healthcare for illegal aliens, NOT the American people. https://t.co/HIRQyu9lZK pic.twitter.com/qaj4KGzBIj

— GOP (@GOP) October 2, 2025

… also Democrats are losing their minds because all this spending props up their radical leftist political machine … 

🚨 JUST IN: Nationwide, Democrats are in full-blown panic mode upon hearing that Russ Vought is being unleashed to fire federal workers during the Schumer Shutdown.

“It is deeply offensive that the president is threatening to FIRE workers!”pic.twitter.com/D0CRlrfdpA

— Eric Daugherty (@EricLDaugh) October 1, 2025

What new funding freezes will Vought announce on Saturday morning? 

Authored by Steve Watson via Modernity.news,

Pope Leo XIV is receiving backlash for blessing a literal block of ice at a climate conference and engaging in a weird performance steeped in alarmism alongside Arnold Schwarzenegger.

The former California governor joined a cadre of activists in waving a giant blue tarp like kids at a particularly uninspired birthday party, simulating “rising sea levels.”

This spectacle unfolded at the “Raising Hope for Climate Justice” conference in Italy—a three-day extravaganza organized by assorted Catholic eco-groups to mark the ten years since Pope Francis presented a doom laden environmental manifesto.

The Blessing of the Waters by Pope Leo XIV, at today’s ‘Raising Hope for Climate Justice’ International Conference at Castel Gandolfo. pic.twitter.com/QL5T5TOCvg

— Catholic Sat (@CatholicSat) October 1, 2025

The event pulled in scientists, politicians, artists, and clergy for what was billed as a rally for “ecological conversion.” Translation: a lot of hand-wringing about the planet’s imminent demise, wrapped in pious rhetoric. 

The opening ceremony’s grand finale saw a huge chunk of ice hauled onstage as if it was some sort of holy relic. 

Leo XIV, in full papal regalia, stepped up, made the sign of the cross over it, and proclaimed something about “raising hope by demanding that leaders act with courage, not delay.” 

And that’s when Arnie and his friends transformed the stage into a really low-budget disaster movie.

“Will you join with us?” the Pope implored the crowd, in a moment that sent the cringometer into orbit.

Horrific. The whole thing. Pope Leo blesses a block of ice and then stands there while these communist freaks do some kind of weird pagan Earth worshipping hippy ritual. The leader of the Catholic Church shouldn’t be anywhere near this nonsense. What the hell are we doing here https://t.co/LEpC3u141T

— Matt Walsh (@MattWalshBlog) October 1, 2025

Let’s pause for a reality check—or, in climate alarmist terms, a “fact-check” from the Church of Perpetual Panic. This isn’t leadership; its liturgy meets LARPing. 

The Pope, whose day job is supposed to involve eternal souls, sacraments, and steering the faithful toward salvation, is out here taking part in an amateur dramatics production of a bad Greta Thunberg biopic.

Assassination of a prominent Christian in the US.

Endless genocide of Christians in Nigeria.

Yet Pope must pray over a block of ice to appease climate change Marxists. 🤯pic.twitter.com/YshAhVrKKX

— Sean Feucht (@seanfeucht) October 2, 2025

Christians are being violently attacked across the globe and the pope is symbolically blessing a block of ice

Not a serious guy.

— Arthur MacWaters (@ArthurMacwaters) October 1, 2025

In the past 24 hours, Pope Leo has said:

— being pro-life means more than just opposing abortion
— Donald Trump’s treatment of migrants is inhumane
— Pete Hegseth sounds like a reckless warmonger
— climate change is the defining moral issue of our time

He also blessed ice. pic.twitter.com/hzaajUSr0s

— Christopher Hale (@chrisjollyhale) October 1, 2025

Now, to the heart of why this is not just stupid, but fittingly stupid: it mirrors the entire bogus climate crisis narrative in all its hollow, virtue-signaling glory. 

The whole anthropogenic global warming hysteria thrives on theatrics—empty threats of melting glaciers, hockey stick graphs, polar bears on disappearing ice bergs, celebrity PSAs that accomplish nothing, and endless summits where world leaders fly in on carbon-spewing private jets to pledge other people’s money. 

This is what happens when faith gets hijacked by the green-industrial complex, where “moral obligation” means subsidizing windmills that slaughter birds and solar farms that gobble up farmland, all while ignoring real environmental wins like cleaner air from market-driven innovation. 

Leo’s emphasis on “climate justice” and “concrete action from governments” sounds noble until you realize it’s code for wealth transfers and regulations that crush the poor. 

It’s performative piety at its most pathetic, blessing a block of H2O that’s probably just tap water frozen for the photo op, while ignoring the actual crises: family breakdown, spiritual decay, and a world starving for real hope.

Schwarzenegger’s bizarre cameo only amps up the idiocy. The Terminator star, once a punchline for mangled syntax, now mangles metaphors by flapping fabric to “fight” a “impending” crisis he’s spent decades hyping. 

The climate “crisis” is a multi-trillion-dollar scam built on cherry-picked data, failed predictions, and guilt-tripping that keeps the masses compliant while elites exempt themselves. 

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.

US equity futures are heading into Day 3 of the US government shutdown on pace for what is now another daily all time high. S&P 500 and Nasdaq 100 futures rose 0.1% as of 8:15 am in New York, on course for the longest winning streak since July. Pre-market, Mag 7 are all higher led by TSLA (+1.6%), NVDA (+0.6%) and AMZN (+0.6%). European stocks enjoyed similar as the tech-fueled rally continues. Nikkei rose almost 2% after Japan’s Hitachi teamed up with OpenAI and Fujitsu, expanding its collaboration with Nvidia. Today’s job report will become the latest casualty of the Democrats’ government shutdown, and that’s actually helping to keep volatility subdued, according to ING strategists. Bond yields are mostly unchanged; USD is lower. Energy and precious metals are both higher. Gold was on track for a seventh weekly gain, fueled by central bank buying amid falling US interest rates and lingering inflation concerns. There’s also a view that the underlying labor market likely isn’t as weak as the ADP print estimated this week. There have not been much incremental updates overnight as investors are still waiting for updates from the White House. The only major data release we will receive will be ISM Services which is expected to print at 51.7 vs. 52.0 prior.

In premarket trading Mag 7 stocks are all higher (Tesla +1.2%, Meta +0.5%, Nvidia +0.4%, Amazon +0.4%, Alphabet +0.2%, Microsoft +0.1%, Apple +0.1%). 

• Applied Materials (AMAT) is down 2.6% after the semiconductor-equipment maker said net revenue for FY 2026 is set to decrease by $600 million due to a new rule by the US Department of Commerce’s Bureau of Industry and Security.
• Freeport-McMoRan Inc. (FCX) rises 1.3% after UBS upgraded the metals company to buy from neutral.
• Maplebear (CART), doing business as Instacart, falls 1% after Piper Sandler analyst Tom Champion cut his recommendation on the delivery-services provider to neutral from overweight, citing intensifying competitive pressures.
• Tronox Holdings (TROX) is down 2.7% as JPMorgan downgrades to neutral from overweight, saying conditions in the titanium-dioxide industry have become more difficult near term.
• Baidu Inc. US shares (BIDU) are up 1.2% after Morgan Stanley raised its price target on the China-based search engine to $140 from $100.
• USA Rare Earth (USAR) shares rise 9.6% after CNBC reported that the company is in close communication with the Trump administration, when asked whether it would be open to a deal with the US government.

In corporate news, Boeing’s 777X is said to fly commercially for the first time in early 2027 instead of next year, a fresh setback to the US planemaker. A large blaze has broken out after an explosion at a Chevron refinery in Los Angeles County, according to CBS News. Tesla was sued over claims that defects in the doors of a crashed Cybertruck made it a “death trap.” 

Investors are wagering that the billions pouring into the AI sector will translate into profits and extend gains in tech shares. So far none of that has happened. Meanwhile, the rally underscores how bullish momentum is overshadowing concerns about a US government shutdown, now in its third day and prompting a blackout in key economic data. In fact, it’s been 114 trading sessions since the S&P 500 had a 5% pullback, as US stocks take investors on a one-way ride up. Not surprisingly, Bloomberg Intelligence found that bears are becoming a vanishing breed, as bullish call option volumes posts new records and shorting has become increasingly dangerous in the meme-stock era. Global equity ETFs saw $152 billion of inflows in the past three weeks, the most on record, according to BofA strategists citing EPFR Global data.

“Financial market volatility is falling across the board, partly driven by the US government shutdown and the delay to key data releases such as the September jobs data,” wrote ING strategists Chris Turner and Francesco Pesole. “Instead, investors remain transfixed by the AI-driven rally in megacap tech shares, which shows no signs of slowing.”

One way to play the AI mania is to barbell valuation extremes using cheap cyclical assets against rich tech, according to BofA’s Michael Hartnett. Fueling the excitement this week: Global Infrastructure Partners is in advanced talks to acquire Aligned Data Centers, while OpenAI continues to announce new partnerships. VC’s have poured $192.7 billion into AI startups so far this year, setting new global records according to PitchBook data.

The continued optimism around AI is stoking questions over how far the rally can run. Concerns are growing that valuations look overheated as spending has yet to translate into earnings.

“The market may well start asking questions whether current valuation levels are justified,” said Wolf von Rotberg, equity strategist at Bank J. Safra Sarasin. “Further upside is set to be much more gradual, with risks of a setback fairly elevated.”

Even as investors remain transfixed by AI and the hype that surrounds it, they’re keeping one eye on the relentless rally in gold. Central banks around the world are accumulating the metal, while a gauge of gold mining stocks has significantly outperformed chip makers this year. 

European stocks are on track for their strongest week since May, gaining for a sixth day in a row, driven by investor optimism over artificial intelligence developments. In individual stocks, Barry Callebaut shares jump after Bloomberg News revealed the Swiss company’s main shareholder previously explored taking the chocolate maker private. Stoxx 600 rises 0.4% to 569.9 with 461 members up, 128 down, and 11 unchanged. Here are the biggest movers Friday:

• Barry Callebaut shares rise as much as 8.2%, climbing to their highest level since March, after Bloomberg News reported that the Swiss company’s main shareholder previously explored taking the chocolate maker private
• Galapagos rises as much as 7.7%, hitting their highest level since 2024, after a report by newspaper De Tijd that former CEO Paul Stoffels has formed a consortium to table a bid for the biotech company’s cell therapy business
• Raiffeisen gains as much as 8.9% after the FT reported the EU is preparing to lift sanctions on assets linked to Russian oligarch Oleg Deripaska to compensate Raiffeisen Bank International for damages it had to pay in Russia
• Diploma gains as much as 4.1% after the building components supplier received a double-upgrade from RBC Capital Markets, with analysts describing the firm as “one of the safest growth names in the wider sector”
• Kongsberg gains as much as 2.1% after being upgraded to hold from sell at Pareto Securities, with the broker noting the Norwegian company has underperformed its European defense-sector peers, but has recently re-rated
• Intertek Group rises as much as 1.2% as BofA Securities describes the testing group as “best in class” and reinstates coverage with a buy rating and 5,990p price target
• Zinzino gains as much as 7.4%, the most since July, after the Swedish nutritional health firm reported preliminary 3Q sales figures, posting a 48% increase in 3Q sales to SEK786.7 million from the year ago period
• J D Wetherspoon shares tumble as much as 6.2% after the UK pub chain reported annual results. Earnings came in ahead of expectations, although analysts at Jefferies said investors are remaining cautious
• Shares of European chip equipment makers edge lower on Friday after Applied Materials warned that a US export restriction published earlier this week will reduce its revenues

Earlier in the session, Asian stocks rose to head for a fifth consecutive session of gains, driven by technology shares on continued optimism over artificial intelligence. The MSCI Asia Pacific Index rose as much as 0.7%, taking its weekly advance to 2.7%. Japan was among the region’s top gainers ahead of the ruling party’s leadership election this weekend, while stocks slumped in Hong Kong. Markets were shut for holidays in mainland China and South Korea.
Heightened risk appetite fueled regional market gains Friday, with TSMC and Hitachi among the top contributors to the benchmark’s advance. Hitachi jumped 10% on a new strategic partnership with OpenAI while Fujitsu Ltd. expanded its collaboration with Nvidia. The day’s rally highlighted how global investors are largely brushing aside concerns about a potential bubble in tech shares. Meanwhile, Global Infrastructure Partners was in advanced talks to acquire Aligned Data Centers, a major beneficiary of the AI spending boom, in a deal that could value the company at about $40 billion. Hong Kong’s stock benchmarks slipped, taking a breather after recent gains. Most tech and EV shares were down, while Alibaba extended its rally.

In FX, dollar weakens against most of the G-10. The yen lags after BOJ Governor Kazuo Ueda avoided any clear hints on the rate path.

In rates, treasury yields are within a basis point of Thursday’s closing levels as US session gets under way, with government shutdown in its third day to postpone the release of September employment report. Yields kept to narrow ranges overnight, leaving 10-year near 4.08%; Gilts outperforming in Europe, with yields edging lower: UK 10-year is ~2bp richer vs US after weaker-than-expected UK services PMI. IG dollar issuance slate empty so far and expected to remain light; weekly total stands at $13.7 billion vs dealers’ projection of $25 billion. Services gauges from S&P Global and ISM are unaffected, however, and several Fed officials are slated to speak.

In commodities, oil prices bounced, though still set for a hefty weekly loss, Brent trading just below $65/barrel. Oil headed for its biggest weekly decline since late June, ahead of an OPEC+ meeting that’s expected to result in the return of more idled barrels. Gold slightly higher, up about $5 for the session and off records hit earlier in the week. Gold was on track for a seventh weekly gain, fueled by central bank buying amid falling US interest rates and lingering inflation concerns. And despite all the hype around AI and the surge in chip stocks this year, gold miners have actually been the better bet. An MSCI Inc. gauge of global gold equities has soared about 135% in 2025. It’s on course for its biggest-ever outperformance against the index compiler’s measure of major semiconductor firms, which is up 40%. 

Looking at today’s US economic calendar we get the September final S&P Global US services PMI (9:45am) and September ISM services (10am); September jobs report would normally land at 8:30am but it is being delayed. Fed speaker slate includes Goolsbee (8:30am), Miran (9:35am, 3:30pm), Logan (1:30pm) and Jefferson (1:40pm)

Market Snapshot

• S&P 500 mini +0.3%
• Nasdaq 100 mini +0.3%
• Russell 2000 mini +0.4%
• Stoxx Europe 600 +0.4%
• DAX +0.1%
• CAC 40 +0.3%
• 10-year Treasury yield +1 basis point at 4.09%
• VIX -0.4 points at 16.27
• Bloomberg Dollar Index little changed at 1201.41
• euro +0.2% at $1.1733
• WTI crude +1% at $61.09/barrel

Top Overnight News

• US President Trump said there could be firings and project cuts if the shutdown continues, according to an interview.
• The Trump administration is pursuing deals across up to 30 industries, involving dozens of companies deemed critical to national or economic security, according to more than a half dozen people familiar with the talks. In some cases, the administration is offering tariff relief in exchange for concessions, revenue guarantees, or taking equity stakes in troubled companies, among other types of help. RTRS
• The White House has compiled a list of agencies it plans to target for federal firings and is expected to announce it as soon as today. CNN
• US administration to enlist powerful businesses and labor groups to push Democrats to end shutdown, reports: Axios.
• Government report flags security risks from China’s DeepSeek models, though they remain behind American counterparts: Axios.
• The US banking system’s reserves, a key factor in the Federal Reserve’s decision to keep shrinking its balance sheet, tumbled for the eighth straight week to a new mark below $3 trillion. Bank reserves fell by about $20.1 billion to $2.98 trillion in the week through Oct. 1, according to Fed data released on Thursday. That’s the lowest level since January. RTRS
• Google will locate a new data centre in West Memphis, Arkansas, with a multi-billion USD investment: Reuters. 
• Hedge funds are gearing up for Japan’s LDP leadership election tomorrow, with some investors looking to take risk off the table, while others are looking to profit from possible yen strength. BBG
• Huawei Technologies Co. used advanced components from Asia’s largest technology firms (TSMC, Samsung, and SK Hynix)  in at least some of its leading Ascend AI processors, a research firm discovered during teardowns, highlighting China’s reliance on foreign hardware as it works to boost domestic production of AI semiconductors. BBG 
• The yen weakened after Kazuo Ueda failed to indicate whether the BOJ will raise rates this month. The unemployment rate rose to its highest in more than a year. BBG 
• A senior Hamas official said the Palestinian militant group will respond to Donald Trump’s plan to end the war in Gaza “very soon.” BBG 
• Applied Materials fell premarket (AMAT -3% in pre)  after the firm warned of a $600 million sales hit in fiscal 2026 from the latest US curbs on China. BBG 
• President Trump has projected unwavering confidence that he is winning the messaging war over the government shutdown. But behind the scenes, his team is increasingly concerned that the issue at the center of the debate will create political vulnerabilities for Republicans. Advisers are worried that the GOP will take the blame for allowing healthcare subsidies to expire, raising costs for millions of Americans ahead of next year’s midterm elections, according to administration officials. WSJ 
• Fed’s Williams (voter) does not comment on the outlook for monetary policy. Says, robust policy works to anchor inflation expectations

Trade/Tariffs

• US President Trump said he is considering taxpayer rebates of USD 1,000–2,000 funded by tariff revenue, according to Reuters.
• China launches trade barrier probe into Mexico tariffs; vows necessary measures to defend companies’ rights.

A more detailed look at global markets courtesy of Newsquawk

APAC stocks were mostly firmer, taking their cue from Wall Street’s gains amid light newsflow, whilst the looming delay of the US jobs report due to the government shutdown keeps focus on Fed speak and upcoming ISM data. Mainland Chinese and South Korean markets remained closed for holidays. ASX 200 was supported by strength in technology and healthcare names, though gold miners lagged as the yellow metal pulled back. Nikkei 225 outperformed, driven by weakness in the yen and strength in technology, while remarks from BoJ Governor Ueda following this week’s Tankan Survey underlined the need to maintain an accommodative monetary environment, with focus also on the upcoming LDP elections. Hang Seng declined, bucking the regional trend as it failed to benefit from gains in technology, with Stock Connect closed and Mainland participants absent during Golden Week.

Top Asian News

• BoJ Governor Ueda said the Bank will continue raising interest rates if the economy and prices move in line with its forecast, while stressing the need to maintain an accommodative monetary environment to support the economy. He said the likelihood of the baseline forecast materialising will be scrutinised alongside upside and downside risks, with close monitoring of the global outlook, including the US economy, the impact of tariffs on corporate profits, wage and price-setting behaviour, and overall price developments. Ueda noted signs that consumers are cutting back on spending amid rising food prices, which the BoJ is watching carefully. He said corporate profits are likely to stay elevated, though some manufacturers are being hit by tariffs, as seen in exports and output data. He reiterated the BoJ wants to support business activities by keeping policy loose, but warned that tariff policy creates global uncertainty and a 15% tariff rate would weigh on the economy. He added that economic growth is likely to moderate before rising again as overseas economies return to a moderate growth path, and emphasised that judgements will be made without preconceptions on whether the economy and prices are moving in line with the forecast. He repeated that interest rates will continue to be raised if conditions follow the outlook, while noting that the impact of US tariffs has not spread to Japan’s entire economy so far, according to Reuters.
• Japan Finance Minister Kato said tariffs cannot be boosted on countries importing Russian oil from the perspective of compliance with international laws. He added that Japan is watching with high interest the impact of the US government shutdown on markets and the economy.

European bourses (STOXX 600 +0.4%) opened slightly firmer and have traded sideways throughout the morning. No real moves to EZ Final PMI revisions. European sectors have opened slightly firmer with Banks (+1.0%), Basic Resources (+0.8%) and Retail (+0.6%) leading the way. The former benefits from upside in Raiffeisen Bank (+6.2%) after the FT reported that the EU is to lift sanctions on Deripaska to compensate the bank. Towards the bottom of the pile; Technology has been the worst performing sector, with losses broadbased; ASML (-0.8%) and BE Semiconductor (-2.4%) both on the backfoot. This pressure can be attributed to commentary via Applied Materials (-3.8% pre-market) which stated that the US BIS Affiliates Rule will cut Q4 revenue by about USD 110mln and reduce FY26 revenue by about USD 600mln.

Top European News

• ECB President Lagarde says Klass Knot would make a good ECB President, via ANP. Says Europe needs to level up regulation of non Banks involved in Bank-like activities.
• UK OBR reportedly wants to end the ongoing status of assuming that the 5p cut to fuel duty will be reversed in the spring and then increase with inflation thereafter, via The Sun citing sources.
• French Prime Minister Lecornu announces he will renounce the use of 49.3 to pass the French Budget.

FX

• USD is flat today and currently trades within a very narrow 97.75 to 97.94 range; most recently, some modest pressure has been seen in the Dollar, but without a clear driver. Nothing really too pertinent for the Dollar by way of newsflow; some focus has been on President Trump, where he stated that he is considering taxpayer rebates of USD 1,000–2,000 funded by tariff revenue, according to Reuters. Elsewhere, the WSJ reported that Trump is looking to send billions in cash bailouts to farmers with taxpayer money. With the jobs report now shelved, focus will now be on US PMIs and ISM Services. The former is generally overshadowed by the ISM report; on that, the consensus expects the headline to fall slightly to 51.8 from 52.0 in September; the business activity gauge is seen falling to 51.8 from 55.0. Additionally, a handful of Fed officials are scheduled today.
• EUR is on a slightly firmer footing today, but without a clear driver. The bulk of the marginal upside was seen around the European cash open and continued to trend higher on the releases of European PMIs. To recap those PMIs, Spain Services and Italian Services both beat expectations whilst the French, German, and then the EZ-wide metrics were revised a touch lower. The EZ release highlighted that the data will likely “confirm the stance” for those ECB members who opt for no more cuts. Sticking with the ECB, some very marginal upside was seen in the single-currency after ECB President Lagarde said former ECB member Knot would make a “good” President at the Bank, via ANP; for reference, Knot was a hawkish member during his tenure. Now focus will turn to ECB’s Schnabel later in the day, who is also speaking at a Knot farewell symposium.
• JPY is the worst-performing G10 currency, albeit very marginally so. Focus overnight has been on BoJ Governor Ueda, who stressed the importance of maintaining an accommodative monetary environment to support the economy – these comments sparked some modest pressure in the Yen. As it stands, markets currently assign a 64% chance of a hold at the October meeting. Ueda aside, focus will be on the weekend’s LDP election. In brief, polls currently suggest Takaichi as the favourite, followed closely by Koizumi; ING suggests that the former would be seen as more bearish for the JPY.
• GBP is incrementally higher today and trades in a 1.3430 to 1.3467 range, and towards the midpoint of the prior day’s range. Today’s focus has been on the region’s Final PMI metrics, where the Services component was subject to a decent downward revision to 50.8 (prev. 51.9); as such, the Composite moved lower to 50.1. The accompanying release highlighted that corporate clients are deferring spending decisions until after the Autumn budget.
• Antipodeans are both slightly firmer vs the Dollar, and with some very modest outperformance in the Kiwi. Nothing really driving the upside today, but perhaps buoyed by the continued upside in base metals prices.

Fixed Income

• A slightly softer start for USTs to a much more limited session than initially scheduled due to the US government shutdown. much more limited session than initially scheduled due to the US government shutdown. Into the ISM Services print, the odds of a Fed move in October have just retreated beneath being fully priced with a c. 97% implied probability at the time of writing, vs the over 100% we saw following the surprising negative ADP print earlier in the week.
• EGBs are contained this morning, limited reaction in OATs to the concession from French PM Lecornu that he will not be utilising Article 49.3 to pass fiscal reform.
• Bunds contained in a very thin range of c. 10 ticks, updates in the space light, no reaction to remarks from Lagarde or final PMIs.
• Gilts trade a little better than peers, but are essentially unchanged on the session. Awaiting any update/leak around the OBR’s first forecast round being presented to Chancellor Reeves, forecasts are expected to be very bleak from Reeves’ perspective. Furthermore, The Sun reports that the OBR wants to end the fuel duty assumption in the forecast, an update that would add further pressure to Reeves.

Commodities

• Crude benchmarks rebound after WTI and Brent extended below key levels of USD 61/bbl and USD 64.20/bbl respectively in Thursday’s session. Initially, oscillating between USD 60.90-61.27/bbl and USD 64.50-64.85/bbl after picking up modestly during the APAC session. In geopolitics, a senior Hamas official said that they will need more time and are demanding substantial changes to the Trump plan. Crude benchmarks extended modestly on this to session highs of USD 61.38/bbl and USD 65.02/bbl respectively. As a reminder, Trump gave Hamas just three days to consider and accept the US-backed plan for Gaza. This upside was ultimately short-lived and has entirely pared.
• Spot gold has thus far been relatively muted, after selling off from a strengthening dollar yesterday. XAU is currently oscillating within a c. USD 30/oz bound as economic newsflow remains light due to the US government shutdown.
• Base metals continue to extend on gains and are on track for the biggest weekly gain since April as supply disruptions, a weaker dollar, and optimism about demand support gains. 3M LME Copper oscillated around USD 10.5k/t before extending to a high of USD 10.85k/t.

Geopolitics: Middle East

• “A senior Hamas official told the Saudi media: “We have informed the mediators that we need more time for consultations regarding the Trump plan. Hamas Demands Some “Fundamental Changes” in Some of the Plan’s Clauses”, via Kan News.

Geopolitics: NATO

• Germany’s Munich Airport has been closed after drones were spotted over the airport, a federal police spokesperson told BILD.
• Munich Airport later reopened after being closed overnight amid drone sightings, according to witnesses

Geopolitics: Russia-Ukraine

• Russian President Putin also said the possible seizure of vessels would increase the risks of confrontations at sea, and warned that any US supply of Tomahawk missiles to Ukraine would not change the battlefield but would be dangerous, damage relations, and escalate the conflict, according to Reuters.

US Event Calendar

DB’s Jim Reid concludes the overnight wrap

This week continues to see Europe and Asia outperforming the US, as fears about a prolonged government shutdown and some hawkish-leaning data meant sentiment in the US lagged again yesterday. However, a late rally led by Tech meant that the S&P 500 (+0.06%) just reached another record high, while the US 10yr Treasury (-1.5bps) fell back to 4.08%. But in Europe there was a more positive story again, with the STOXX 600 (+0.53%) up to a new record.
In terms of the US shutdown, yesterday brought no sign of an end to the impasse, with investors becoming increasingly concerned that it could drag on into next week. For instance, the Polymarket odds of the shutdown lasting beyond October 15 is currently at 45%, having stood at 34% as we went to press yesterday. So that added to concern about the shutdown having a larger economic impact, particularly given markets are lacking a lot of key data right now. Indeed, we’d normally be previewing the US payrolls number this morning, but the shutdown has seen that postponed, along with the usual weekly jobless claims yesterday. 

In terms of progress on negotiations, Treasury Secretary Bessent called for a “clean continuing resolution” on federal spending in a CNBC interview, and warned that the shutdown could lead to a hit to US GDP and growth prospects. Those comments came as Trump posted on Truth Social that he would be meeting with his budget chief to determine which Democratic agencies he would decide to cut federal spending on, and whether these cuts would be temporary or permanent, potentially threatening “thousands” of jobs.  

US Treasuries had spent the early part of the US day higher in yield, particularly at the front-end. One cause of that was an unusual release markets don’t normally pay much attention to, which was a payrolls estimate from Revelio Labs. That suggested nonfarm payrolls were up around +60k in September, which contrasted with the contractionary print (-32k) in the ADP’s report of private payrolls on Wednesday. That was also backed up by the Challenger job cut numbers, which found that job cuts in September were down -25.8% year-on-year. So that boosted optimism on the near-term US outlook, and meant investors pared back their expectations for rate cuts, now pricing in 91bps by the June meeting, down -1.0bps on the day. The 2yr yield spiked around 3bps on the data but ultimately settled barely higher (+0.4bps) at 3.539%, whilst the 10yr yield (-1.5bps) closed at 4.08%. Yields are back up just over a basis point overnight in Asia.  

Back to the Fed, and we also heard a bit from Bessent on the Fed chair interviews, which he said were currently underway, and that he expected “3-to-5” candidates would be put forward for Trump’s consideration. Current Fed speakers continued to display a fairly balanced view. While the market wrestles with how to handicap the health of the US labour market without BLS data, Federal Reserve Bank of Chicago President Goolsbee said officials can turn to other sources. He noted that his staff had produced labor market data that “indicates some steadiness in the labor market and I think the underlying economy is still growing pretty solidly”. Earlier in the day Federal Reserve Bank of Dallas President Logan said that she “has a little bit slower of a normalization of the policy path in order to make sure we get all the way to 2%.” She added that she felt labour market risks are “fairly balanced” and that “It doesn’t appear to be that policy is more than modestly restrictive.”

The S&P 500 (+0.06%) was able to shrug off shutdown jitters to creep to yet another record high. Things had looked even more promising at the open, before faltering following the employment data. Indeed, the S&P was pulled higher as the NASDAQ (+0.39%) managed to reach a new record, even as the Mag-7 underperformed that (+0.08%). Chipmaker stocks outperformed, with the Philadelphia Semiconductor index up +1.94% after yesterday’s overnight news that Samsung Electronics and SK Hynix have partnered with OpenAI as part of its Stargate AI push into data cloud centres.

In Europe, the mood was positive, and the STOXX 600 was up +0.53% to another record. We also saw multiple indices like the CAC 40 (+1.13%) and DAX (1.28%) jump over one per cent, although the UK’s FTSE 100 (-0.20%) lagged behind. That advance for the DAX comes as the multi-year German stimulus package is starting to come into effect, which is something I looked at in my chart of the day yesterday (link here). Meanwhile for bonds, yields on 10yr bunds (-1.3bps), OATs (-1.1bps) and BTPs (-0.6bps) all moved lower. 10yr Gilts (+1.4bps) underperformed as fiscal concerns persist and there was some intraday weakness after data from the Bank of England’s DMP survey which showed business inflation expectations were unchanged at 3.4%, albeit in-line with expectations.

In Asia, Japanese markets are leading the way, with the Nikkei soaring by +1.69%, nearing recent peaks, after a surprisingly dovish speech by BoJ Governor Ueda and ahead of a crucial ruling party vote that would determine the next Prime Minister of the country.

Ueda reaffirmed the bank’s longstanding position on interest rates, thus avoiding signalling any policy changes for this month following recent market speculation about an imminent rate hike. Market pricing has dipped to 59% for an October hike down from 65%. The Yen has weakened around a third of a percent. Staying with Japan, the jobless rate increased to 2.6%, its highest level in over a year in August, from 2.3% the previous month, and against expectations of 2.4%. Additional data revealed that the job-to-applicant ratio decreased to 1.20 from 1.22, marking the lowest number of job openings since 2022.

In other markets, the S&P/ASX 200 is up by +0.37%, whereas the Hang Seng is down by -0.94%, impacted by losses in EV stocks following a decline in Tesla overnight. Trading volumes are subdued due to market holidays in China and South Korea, with Chinese markets remaining closed until the middle of next week. US equity futures are up a couple of tenths of a percent.

To the day ahead now, we’ll get UK September official reserves changes, France August industrial production, Italy September services PMI, August retail sales, Q2 deficit, and Eurozone August PPI. For central banks, we’ll hear from the Fed’s Williams and Jefferson, ECB President Lagarde, and the ECB’s Sleijpen, Villeroy and Schnabel, and BOE Governor Bailey.

Authored by Steve Watson via Modernity.news,

Podcaster Joe Rogan has blasted the media and leftists for ignoring a massive crackdown on free speech and a move toward total dystopian surveillance in the UK, while focusing instead on Jimmy Kimmel being suspended for a few days.

“The fact that our mainstream media is relatively silent on this is insane,” Rogan stated during a recent episode of his show.

“This is an Orwell nightmare coming to life right in front of our face,” he further warned.

Joe Rogan expresses pure OUTRAGE over the media rushing to defend Jimmy Kimmel while saying nothing as the UK government ARRESTS people for speech.

“The fact that our mainstream media is relatively silent on this is insane.”

“This is an Orwell nightmare coming to life right in… pic.twitter.com/wcAyH6n1E2

— Vigilant Fox 🦊 (@VigilantFox) October 1, 2025

“You’re seeing a complete, total attack on one of the most fundamental principles of the Western world, which is your ability to express yourself,” Rogan continued, adding “And your ability to call out that you think that the policies that are being implemented in your country are destructive.”

Referring to people who have been arrested and even imprisoned for social media posts, Rogan noted “These people are not calling for violence. They’re not. They’re being arrested for wild things. People are being arrested for liking posts. Some people were investigated for viewing posts.”

He further cautioned that “12,000 people arrested by the police in the UK, the same place that just implemented digital ID.”

“No one’s flinching, no one in America is freaking out about what’s happening in the UK at all,” Rogan urged.

“I mean, you get people online that are kind of freaked out by it, but they’re way more freaked out by nonsensical things like whether or not what Jimmy Kimmel said in his monologue was offensive. They’ll go to the ends of the earth to fight that,” he asserted.

As we have highlighted, Prime Minister Kier Starmer recently announced Chinese communist-style digital tracking is coming to the UK with a new mandatory “right to work” scheme in the form of a universal ID called the “Brit Card”.

It’s all predicated on the back of out of control mass illegal immigration, with the leftists using the crisis created by the previous Conservative government and amplified by Starmer’s cabal in an attempt to rollout Orwellian style surveillance and control.

While they claim the scheme will help to stop “illegal” immigrants from crossing the channel by denying them access to work, the possibilities for control via biometric tracking are endless.

Meanwhile, the police in Britain are still visiting people’s homes in the middle of the night to interrogate them about spicy Facebook posts.

Have they not got any actual crime to investigate or prevent? There sure seems to be a lot going on.

*  *  *

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.

Authored by Brad Jones via The Epoch Times (emphasis ours),

A new California law banning federal law enforcement officers from wearing masks while on duty has left agents and their families fearing for their safety.

California Gov. Gavin Newsom signed legislation into law on Sept. 20 that makes it a misdemeanor crime for local and federal law enforcement officers to wear face coverings on the job. The law takes effect Jan. 1, 2026.

The legislation, Newsom said, is about saying “enough” to federal agents, including Immigration and Customs Enforcement and Border Patrol agents.

“Unmask,” he said. “What are you afraid of?”

U.S. Attorney Bill Essayli has told federal law enforcement to ignore California’s law.

Federal agents have been wearing masks to protect their identities because they and their families fear being doxxed by activists.

Doxxing a federal agent by posting their personal information on social media or other channels is a felony.

The wife of a Border Patrol agent in California called the state law “disheartening.”

“It’s already a high-risk, dangerous job,” she said, speaking to The Epoch Times on the condition of anonymity for fear of retaliation.

“I agree with the [Trump] administration that these agents should be protected,” she said.

She said agents are labeled as Nazis and their children are bullied at school.

“Being called a Nazi is heartbreaking,” she said. “It’s not true.”

Children either “go home thinking their parent is this horrible person,” or they know it’s not true but are afraid to say anything about it at school, she said.

Meanwhile, teachers and school board officials calling for the abolishment of ICE and Border Patrol on social media aren’t helping to diffuse the situation, she said.

Protesters should stop blaming agents for doing their jobs and take their grievances to the politicians who create the policies, the wife said.

“This is a policy issue. It’s not an agent issue,” she said. “They’re making it personal, and it’s not personal.

“We see how groups like Antifa or protesters are making sure that they get pictures or videos and then they’re posting them online,” she said.

“We … have to protect our children first … and living like this right now, where our own governor is against us, is very scary. It’s frightening.”

Earlier in September, Newsom downplayed concerns about doxxing, saying such claims are unfounded and unproven, and that the Department of Homeland Security (DHS) hasn’t provided the data to substantiate the alleged increase in violence against federal agents.

“All they have provided is misinformation and misdirection,” Newsom said.

In July, a DHS memo said assaults on federal agents were up 830 percent from last year. Two months later, DHS reported a 1,000 percent increase in assaults.

Agents have been ambushed, shot at, and attacked with rocks, glass bottles, and other objects.

In Portland, an agitator allegedly hurled an incendiary device at officers during a demonstration. In Southern California, an agent serving a criminal warrant at a marijuana grow site was sent to the hospital for stitches after being attacked by protesters. And in late September, a deadly shooting attack at a Dallas ICE facility was carried out by a gunman who engraved “Anti-ICE” on bullet casings.

California law allows protesters to wear face masks, although California Code, Section 185 makes it illegal to wear a mask to avoid being identified while violating the law.

On Sept. 26, a federal grand jury indicted three women—two from Southern California and one from Colorado—for following an ICE agent home, livestreaming their pursuit, and then posting the agent’s home address on Instagram.

The accused—Cynthia Raygoza, 37, of Riverside; Sandra Carmona Samane, 25, of Panorama City; and Ashleigh Brown, 38, of Aurora, Colorado, face a maximum sentence of five years in federal prison if convicted of conspiracy and publicly disclosing the personal information of a federal agent.

On Sept. 20, before signing the masking bill into law, Newsom accused the Trump administration of using “secret police” tactics and sending “masked men” to “terrorize” immigrant communities.

“The impact of these policies all across this city, our state, and nation, are terrifying. It’s like a dystopian sci-fi movie—unmarked cars, people in masks, people quite literally disappearing, no due process, no rights,” he said.

“Immigrants have rights, and we have the right to stand up and push back, and that’s what we’re doing.”

Manny Bayon, National Border Patrol Council union president in San Diego, told The Epoch Times that doxxing has been a real safety threat for agents and their families.

“How do you delete from social media? You don’t,” he said. “We’ve had incidents where they’ve identified an agent, they’ve identified a wife, they’ve identified where the kids go to school—that kind of thing. So that’s concerning.”

White House border czar Tom Homan said in June that he is living separately from his family due to death threats.

“The death threats against me and my family are outrageous,” he told Fox News.

“I don’t see my family very much; my wife’s living separately from me right now … mostly because of the death threats.”

There is even less security for rank-and-file agents, Bayon said.

When doxxing is reported, it is documented, and credible threats are passed up the chain of command.

“Then we take precautionary measures for the family,” he said.

Agents Told to Ignore Law

U.S. Attorney Bill Essayli sent a memo to all federal law enforcement agency heads in the Central District of California on Sept. 26 telling them to ignore the state’s masking law.

He posted the two-page memo on X, stating Newsom is “confused” about his role under the U.S. Constitution.

“He oversees California, not federal agencies. He should review the Supremacy Clause,” Essayli wrote.

“California’s law to ‘unmask’ federal agents is unconstitutional, as the state lacks jurisdiction to interfere with federal law enforcement.

“I have directed federal agencies to disregard this state law and adhere to federal law and agency policies.”

Essayli wrote in the memo that Newsom has “made clear” the new law is “targeting federal law enforcement officers who wear masks during immigration enforcement operations in order to protect their safety and their families’ safety.”

The governor’s office did not provide a comment in response to an inquiry about Essayli’s memo, but said Newsom’s earlier statements “still stand.”

Jack Philips contributed to this report.

“The tanker was seized in neutral waters without any justification, and they were apparently looking for some kind of military cargo, drones, or something else,” Putin said Thursday at the Valdai Discussion Club meeting in Sochi, condemning the French takeover of an oil tanker suspected of being part of Russia’s so-called “shadow fleet” which seeks to evade Western energy sanctions as an act of “piracy”.

“There’s nothing there, there never was, and there can’t be anything,” Putin asserted of the boarding action which took place earlier this week. The tanker was under the flag of a third country and the crew is international, Putin described, adding he doesn’t know “how much it’s related to Russia.”

French authorities revealed details for the first time on Thursday, confirming that they arrested the captain, a Chinese national. He’s accused of disobeying orders of the French navy.

Another crew member, the First Officer, was also arrested, as Reuters details of French statements:

French police have arrested the captain and first officer of a sanctioned tanker suspected of operating for Russia’s “shadow fleet,” authorities said on Thursday, after the navy boarded the vessel, which may have been involved in recent drone incidents around Denmark.

The vessel, the Boracay, was approximately 50 nautical miles south of Copenhagen on September 22 when drone activity forced the closure of the city’s airport around 1830 GMT, according to data from MarineTraffic.

It was also observed heading south along Denmark’s western coast on the evening of September 24 when drones were reported flying north of Esbjerg and near several nearby airports.

The tanker appeared on on an EU sanctions list for transporting Russian oil, but the whole Denmark drone incursion linkage aspect to it seems highly coincidental, and a big stretch, assuming there’s no further evidence and that no actual drones were found upon searching the vessel. 

French authorities would be presenting any such evidence very quickly, but instead they just issued ambiguous statements remotely suggesting the linkage to the Denmark drone sightings.

French authorities say that the Boracay has a history of changing names and flags, and is currently flying under Benin’s registry. It’s believed this is part of intentional sanctions-dodging. The Boracay is now anchored off France’s coast near Saint-Nazaire, south of Brest.

From “shaddow fleet” to “dark fleet”. Imagine if journalists offered context instead of fuelling war propaganda. If the audience were informed about Nord Stream, NATO threats against Kaliningrad, threats of seizing Russian ships etc, then the public would favour de-escalation pic.twitter.com/Lbwy5sLQB9

— Glenn Diesen (@Glenn_Diesen) October 1, 2025

It had initially set sail from the Russian port of Primorsk outside Saint Petersburg on September 20 and had actually been at one point detained Estonian authorities earlier this year for sailing without a valid country flag. International law allows countries to intercept such vessels which are believed to be stateless, typically if there is suspicion of wrong-doing like smuggling.

Submitted by Thomas Kolbe

Deutsche Bank sees the German economy on the verge of a turnaround. The debt-financed stimulus blaze is supposed to deliver it. Meanwhile, the collapse of the real economy is accelerating.

Storm clouds are gathering over Germany’s economy. 2025 will bring a new insolvency record – that much can already be predicted with certainty. 

More than 22,000 companies are expected to file for bankruptcy, with at least 160,000 jobs lost according to the Institute for Labor Market Research (IAB). Given the accelerated wave of layoffs in recent months, the number could easily surpass 250,000.

Just days ago, the machinery sector – one of the most reliable leading indicators of the industrial heart of Germany – reported an expected 5% decline this year. Industry and construction are now producing 15–20% below their 2018 peak output. An economic collapse – no more, no less.

Deutsche Bank’s Miracle Forecast

At the very moment Baden-Württemberg reported a 0.8% contraction in the first half of 2025, Deutsche Bank forecasts 0.5% growth for the full year – and even a miraculous 2% boom in 2026. The bank’s economists actually speak of a “turning point.” Rising real incomes and, of course, the fat stimulus impulse from Chancellor Merz’s debt package are supposed to deliver the long-awaited breakout for Germany’s anemic economy. 

But these credit-fueled packages are well-known: they create short-term statistical flares, siphon resources from the free market, and make life harder for the real economy – the private sector that actually produces goods and services people demand. Politicians, meanwhile, can declare “jobs created” by including bureaucracy costs in GDP.

For politicians this is a badge of honor, whose planning horizon rarely extends beyond the next election. Serious economists know this statistical fraud and its disastrous consequences – which is why they are excluded from the public debate.

High on Credit

Deutsche Bank’s optimism may be a product of the gigantic debt packages unleashed by Berlin, bolstered by the ever-expanding EU subsidy machine in Brussels. Hundreds of billions in guarantees and direct grants flow into the green “transformation” – and banks are at the table. Deutsche Bank, which reported €5.3 billion in pretax profit in 2024, has long been a major player in the “green business.”

Last year alone it brokered €93 billion in “sustainable finance and investments” – up 50% year-on-year. That shows two things: how deeply the big banks are now embedded in the state-guaranteed subsidy and regulatory architecture, and how predictable profits are in this sector – with the taxpayer ultimately carrying the risk.

Thus, Deutsche Bank’s “forecasts” read less like neutral analysis and more like an extension of the political narrative: this is not organic growth, but a debt-financed flash in the pan, distributed through banks. It fills the pockets of select interest groups – but not the shelves of the real economy.

Subsidy Rain, EU-Style

And those interest groups can expect a true deluge. Berlin plans to flood channels with up to €500 billion through its “Infrastructure and Climate Neutrality” special fund. In Brussels, Commission President von der Leyen unveiled her own seven-year plan – €2 trillion, with more than a third earmarked for “climate, energy and resilience.”

Plenty of grease for the EU’s redistribution machine. Failures in hydrogen projects, green steel, and other subsidy ruins will be whitewashed with fresh credit – if necessary, straight from the ECB’s printing press. This is EU economics: industries kept artificially alive, financed on credit, detached from real demand.

War Economy Keeps the Pump Running

The EU’s new focus on building a joint “war economy” fits the same mold. In the illusion that prosperity can be printed, even the specter of Putin’s invasion is used as a pretext to crank the debt pump harder. Germany’s 2025 defense budget will hit €86.5 billion, €15 billion more than last year. For 2026, €108.2 billion is already penciled in, while the EU’s 2028–2034 budget raises defense and space spending to €131 billion.

It’s all financial capital guaranteeing excess returns for insiders, while the real economy is drained. Resources are tied up in subsidy networks, skilled labor is diverted, and illusions of security are bought on credit – with state guarantees, unattainable in a free market.

Business As Usual

Banks have no ethical or accounting scruples about funneling funds where the state directs – it’s business, stupid. The fat cut from these funds guarantees them returns they could never achieve in open competition. For the economy at large, it is poison: scarce resources are tied up, skilled workers siphoned away, productivity stagnates, and the industrial core has collapsed by up to 20% since 2019.

We are witnessing an unprecedented level of state intervention in peacetime, unmatched since WWII. Given the scale of the subsidy machine, the silence of the economic elites – call them cadres – is no surprise. They know: the real problems of the German economy will not be addressed, ensuring the flow of subsidies continues.

The self-inflicted energy crisis, the failed green transition, the trail of destruction and industrial ruins – Germany is on the path to becoming Europe’s Rust Belt. Even a return to reason and market economy would not heal this blow for a very long time.

* * * 

About the author: Thomas Kolbe, a German graduate economist, has worked as a journalist and media producer for clients from various industries and business associations. As a publicist, he focuses on economic processes and observes geopolitical events from the perspective of the capital markets. His publications follow a philosophy that focuses on the individual and their right to self-determination.