Authored by Aldgra Fredly via The Epoch Times (emphasis ours),

President Donald Trump announced on Jan. 27 that farm equipment maker John Deere will invest $70 million to build an excavator factory in North Carolina.

“It’s brand new, the best in the world. And I think it’s going to pay off very, very big,” the president said during an event in Iowa. “We don’t make them here. This is going to be the only excavator entirely made in the United States of America.”

The White House later said in a post on X that John Deere will build two new factories in the United States, including one in North Carolina that will help “move excavator production BACK to America.”

The second factory is a state-of-the-art distribution center, which will be built near Hebron, Indiana, the company said in a Jan. 27 statement. Both facilities are expected to open next year, it said.

John Deere said the North Carolina plant will manufacture excavators previously produced in Japan and will employ more than 150 workers when it opens.

The company said that it has broken ground on the Indiana project, a facility designed to streamline John Deere’s operations and ensure the timely delivery of equipment and parts. The project is expected to generate about 150 jobs, it added.

“Our investment in these new facilities underscores John Deere’s dedication to strengthening the backbone of American industry and supporting local economies,” John Deere CEO John May said. “We believe in building America, and these projects represent our intent to continue driving innovation and job creation in the United States.”

John Deere said last year that it would invest $20 billion in the United States over the next decade, calling it “a powerful signal” of its long-term commitment to building and growing domestically.

The company also made clear that it has no plans to shut down domestic manufacturing.

Texas Agriculture Commissioner Sid Miller welcomed the move on Jan. 27 and expressed hope that John Deere would choose Texas as the site to build its next factory.

“I applaud President Donald J. Trump for standing up for American workers and bringing manufacturing back home. John Deere’s decision to build new factories in the United States is a win for our economy, our workforce, and our national security,” Miller said in a post on Facebook.

“This is the kind of leadership that puts America first and rebuilds our industrial strength. Now let’s keep that momentum going and make sure the next one is built right here in Texas.”

By Charles Kennedy of OilPrice.com

Brent Crude prices topped $70 per barrel – and $71 shortly after – early on Thursday for the first time since September, as U.S. President Donald Trump warned Iran that a “massive armada” of U.S. Navy ships is headed to the Persian Gulf. 

At the time of writing, Brent Crude prices had jumped by 3.38% at $70.71. This was the highest in more than five months and the first time the international benchmark has topped $70 per barrel since early August. The U.S. benchmark, WTI Crude, was also trading higher, up by 3.51% to $65.43. WTI topped $65 per barrel for the first time since September. 

After a week or so of relative calmness in the U.S. rhetoric toward Iran, which continued to brutally suppress mass protests, President Trump warned the Islamic Republic of a Venezuela-style “mission,” at least this is what the President suggested in a post on his Truth Social platform.

“A massive Armada is heading to Iran. It is moving quickly, with great power, enthusiasm, and purpose,” President Trump posted.

“It is a larger fleet, headed by the great Aircraft Carrier Abraham Lincoln, than that sent to Venezuela. Like with Venezuela, it is, ready, willing, and able to rapidly fulfill its mission, with speed and violence, if necessary,” the President continued.

He urged Iran “to make a deal” pledging “NO NUCLEAR WEAPONS,” otherwise, President Trump said, “The next attack will be far worse! Don’t make that happen again.”

Markets reacted to the renewed tension in the world’s most important oil-producing and exporting region, and oil and gold soared.

Iran, for its part, said that its army is ready to “immediately and powerfully” respond to any possible attack by the United States.

“Our brave Armed Forces are prepared—with their fingers on the trigger—to immediately and powerfully respond to ANY aggression against our beloved land, air, and sea,” Iran’s Foreign Minister Abbas Araghchi posted on X.

If Trump tries to enforce a blockade, Iran will retaliate using asymmetrical means.

The Houthis caused havoc for global trade by hitting just 30 vessels over two years. Iranian attacks on merchant vessels in the Persian Gulf will have far greater impact.https://t.co/oLKvUzFrVd

— Esfandyar Batmanghelidj (@yarbatman) January 28, 2026

Commenting on the latest flare-up in the Middle East, ING commodities strategists Warren Patterson and Ewa Manthey said on Thursday, “Clearly, this more aggressive rhetoric has left the oil market nervous about the potential for supply disruptions.”

Authored by Kimberley Hayek via The Epoch Times,

Technical discussions between the United States, Denmark, and Greenland on improving Arctic security have begun, Secretary of State Marco Rubio said Wednesday.

The talks originate from a working group created earlier this month during a Washington meeting including Rubio, Vice President JD Vance, and the foreign ministers of Denmark and Greenland.

“It begins today and it will be a regular process,” Rubio told the Senate Foreign Relations Committee. “We’re going to try to do it in a way that isn’t like a media circus every time these conversations happen, because we think that creates more flexibility on both sides to arrive at a positive outcome.”

“We’ve got a little bit of work to do, but I think we’re going to wind up in a good place, and I think you’ll hear the same from our colleagues in Europe very shortly,” Rubio said.

The initiative comes after President Donald Trump has said that the United States must secure Greenland to increase national security against Russia and China. European allies have rebuked Trump’s approach.

Trump recently threatened tariffs on Denmark and other European nations opposing his Greenland overtures before brokering a preliminary framework with NATO Secretary-General Mark Rutte.

At the World Economic Forum in Davos, Switzerland, last week, Trump said no military force would be used for acquiring the island, stating, “I don’t have to use force. I don’t want to use force. I won’t use force.”

Trump has portrayed the deal as providing total access to Greenland without payment or time limits, underscoring the Golden Dome missile defense system.

“There’s no end, there’s no time limit,” he said, adding, “We’re not doing a 99-year or a 10-year [deal] or anything else.”

The president assigned Rubio, Vance, and special envoy Steve Witkoff to work on the negotiations.

NATO has highlighted the framework’s goal of preventing Russia and China from establishing economic or military footholds on the island.

Alliance spokesperson Allison Hart noted discussions among Arctic member states to bolster collective security, stating that talks with Denmark and Greenland strive to deter adversaries.

“We need to defend the Arctic,” Rutte said at Davos.

Greenland lies along key missile trajectories, vast mineral resources, and emerging shipping routes.

The United States maintains Pituffik Space Force Base there, where it has situated early-warning radars.

Russia oversees extensive Arctic infrastructure, such as dozens of bases and icebreakers.

Russia’s robust Arctic infrastructure poses a direct challenge, with more than 50 revitalized Soviet-era installations, including six army bases, 10 radar stations, and more than 60 icebreakers—far outpacing the United States’ two.

“It is important to consistently strengthen Russia’s positions in the Arctic, comprehensively develop our country’s logistics capabilities, and ensure the development of a promising Arctic transport corridor from St. Petersburg to Vladivostok,” Russian President Vladimir Putin said in November 2025.

China, meanwhile, pursues a “Polar Silk Road” for influence through investments in infrastructure and resources, according to a 2024 RAND Corporation analysis.

Eric Cole, a former CIA officer and CEO of Secure Anchor, described Greenland as a “forward lookout post for the entire North Atlantic security architecture.”

“Greenland’s geographic position places it directly beneath the shortest flight paths between North America, Europe, and Eurasia, making it a natural vantage point for monitoring air and missile activity,” Cole told The Epoch Times.

“Sensors based in Greenland can track aircraft, space objects, and missile launches that would otherwise go undetected until much later in their trajectory. This early detection is critical for both U.S. and NATO forces, as it expands warning times and improves coordinated response options.”

Senate Minority Leader Chuck Schumer and the White House are negotiating a framework to advance five of the six remaining fiscal 2026 funding bills, alongside a short-term measure to keep the Department of Homeland Security operating, according to Punchbowl News, citing people familiar with the discussions. The talks come as Congress once again barrels toward a potential government shutdown amid a volatile political fight over immigration enforcement.

Under the emerging framework, lawmakers would pass a temporary DHS funding patch to allow negotiations to continue over new limits on Immigration and Customs Enforcement and Customs and Border Protection as the agencies carry out President Donald Trump’s immigration crackdown. Senate Republican leaders have urged Democrats to approve all six outstanding spending bills, a position Schumer has declined to accept.

Even if Schumer and the White House reach an agreement, a funding lapse over the weekend appears likely. The House, which is scheduled to return Monday, would still need to approve both the five-bill spending package and the DHS stopgap measure.

Easy money?

Senate Democrats on Wednesday rallied around a set of proposed reforms aimed at DHS and ICE operations. The proposals would tighten warrant requirements, establish a uniform code of conduct for federal officers, prohibit agents from wearing masks and require the use of body cameras.

The negotiations reflect the political pressure facing the White House after a series of violent incidents involving federal agents. Border czar Tom Homan, who was dispatched by the administration to Minnesota to take over operations from Border Patrol commander Gregory Bovino, held a closely watched press conference today as officials seek to defuse tensions following two fatal shootings involving federal agents in recent weeks.

Those shootings have intensified scrutiny of DHS operations and pushed Congress closer to another funding standoff. Democrats have signaled a willingness to force a shutdown if their demands are not met, marking a sharp shift from their posture during earlier funding fights.

“I don’t like shutdowns,” said Sen. Angus King (I-ME), one of three members of the Democratic caucus who opposed the previous shutdown in a comment to Punchbowl. “But it was a matter of conscience. I didn’t want to be complicit with what these guys are doing.”

To Democrats, the current confrontation carries both moral and political stakes. Party leaders see an opportunity to extract concessions as they perceive the White House to be negotiating from a position of weakness and as some Senate Republicans acknowledge the need for changes at DHS.

At the same time, Democratic unity is not assured. During a private caucus call Wednesday night, some House Democrats questioned whether Senate leaders would hold firm, according to multiple people on the call. Others raised concerns about whether the proposed reforms would meaningfully rein in ICE’s conduct.

Some progressives have pushed for more sweeping action. Sen. Ed Markey (D-MA) told the outlet that Democrats should be using the moment to “defund and abolish” ICE.

The Senate is scheduled to hold its first procedural vote on the six-bill funding package at 11:30 a.m. To strip DHS funding from the broader package, Democrats would first need to provide votes to advance the legislation. Whether an agreement is reached before that vote remains uncertain.

The risks extend to both parties. House Republicans remain divided, and conservative members have warned they oppose reopening negotiations on DHS funding. Meanwhile, Senate Democrats are under pressure from their base to confront the administration forcefully, particularly following the fatal shooting of Alex Pretti in Minneapolis.

The White House has offered alternative paths for enacting DHS reforms, including executive actions or separate legislation. Democratic leaders have rejected those options, insisting the changes be written directly into the DHS appropriations bill. Unlike previous shutdown fights, Democrats have limited their demands to reforms they believe Republicans could realistically accept.

Still, GOP resistance remains strong. Sen. Markwayne Mullin (R-OK) said Republicans would not agree to provisions that impede enforcement of the administration’s immigration agenda.

“The American people wanted the president to enforce law and order,” Mullin said. “ICE is doing their job.”

Futures are higher, led by tech, after the first batch of Mag7 earnings with gold breaking new record highs again, rising as high as $5600. As of 8:00am ET, S&P futures are up 0.2% while the Nasdaq if barely in the green; pre-mkt it’s a mixed picture with META (+7.9%) rising on higher than expected capex forecast, while MSFT (-6.6%) tumbles on… higher than expected capex forecast; TSLA is also modestly in the green, up +2.8%; AAPL reports today today then AMZN / GOOG next week. Cyclicals are trading higher led by Energy and Industrials and the AI theme also acting well as capex / fundamentals remain supportive of growth. The yield curve is twisting steeper with the USD flat. Commodities remain bid across all 3 complexes with WTI (Iranian supply fears) and precious (fiat incineration trade) the most notable. Today’s macro data focus is on jobless claims though given Powell’s comments yesterday, Friday’s PPI is more important.

In premarket trading, Mag 7 stocks are mixed: Meta (META) rises 8% after the Facebook parent gave a revenue outlook that was much stronger than expected, which helped offset the surge in projected capex; Microsoft (MSFT) falls 6% after the software giant’s report featured an underwhelming read on growth in its Azure cloud-computing business. Analysts also noted higher-than-expected expenses. Tesla (TSLA) gains 2% after the electric-vehicle giant reported adjusted earnings per share for the fourth quarter that topped the average analyst estimate. The company also announced a $2 billion investment in xAI and provided updates on its physical AI ventures (Nvidia (NVDA) -0.2%, Apple (AAPL) +0.5%, Amazon (AMZN) -0.3%, Alphabet (GOOGL) +1.7%)

• Rare earth stocks fall sharply after a report from Reuters said the Trump administration is backing away from plans to guarantee a minimum price for critical minerals projects, citing multiple sources. MP Materials has since refuted the report
• Celestica (CLS) falls 5% after the company reported its fourth-quarter results and gave an outlook. While the results were better than expected, analysts noted higher capex as a potential reason behind the stock’s decline.
• CH Robinson (CHRW) rises 5% after the logistics company reported adjusted earnings per share that beat analyst estimates, despite macroeconomic headwinds from global trade policies.
• Dow Inc. (DOW) slips 2% as the chemical company said it will terminate about 4,500 roles as part of a plan to simplify and streamline its end-to-end processes. It also reported net sales for the fourth quarter that were in-line with the average analyst estimate.
• International Business Machines (IBM) gains 9% after the IT services company reported fourth-quarter results that beat expectations. Analysts highlighted software revenue and free cash flow as positive.
• International Paper Co. (IP) rises 5% on plans to break up and spin off its European packaging operations.
• Las Vegas Sands (LVS) drops 10% after the casino operator’s Macau properties — including The Venetian and Londoner — fell short of Wall Street’s expectations.
• LendingClub (LC) falls 7% after posting fourth quarter results. BI analyst Herman Chan writes that pre-provision profit missed slightly amid higher marketing expenses and guidance looks somewhat lighter than market expectations.
• ServiceNow (NOW) is down 8% after the software company reported its fourth-quarter results and gave an outlook. Analysts are broadly positive, but Bloomberg Intelligence noted that the backdrop remains uncertain.
• Southwest Airlines (LUV) rises 5% after reporting results that topped analyst estimates, signaling the fruits of a turnaround. Shares are climbing 6.2%.
• VSE Corp. (VSEC) rises 1% after agreeing to buy closely held Precision Aviation Group for about $2.025 billion in a cash-and-stock deal.
• Whirlpool (WHR) falls 11% after the appliance maker’s ongoing earnings-per-share forecast for the full year trailed the average analyst estimate. US levies on imports have yet to give the company an edge over foreign rivals, its chief executive said.

Big tech is back in focus, with markets rewarding AI-heavy capex when it’s paired with stronger-than-expected core business growth, as seen at Meta, or punishing it when momentum disappoints, as Microsoft found out the hard way. 

Meta’s stronger-than-expected revenue outlook helped cushion concerns over rising AI-related spending. The social media giant reported fourth-quarter sales of $59.9 billion, beating the $58.4 billion that Wall Street anticipated.  t signaled that while spending is up, the core business supporting those investments is also growing faster than expected. If Meta hits the top-end of capex guidance for 2026, it will mean a jump of roughly 87% from 2025.

Microsoft’s record spending and slower cloud growth sent its shares down sharply amid investor concerns that it could take longer than expected for the company’s AI investments to pay off. Capex for fiscal second quarter hit $37.5 billion, up 66% from a year earlier and exceeding analyst estimates for $36.2 billion. The Azure cloud-computing unit posted a 38% revenue gain when adjusting for currency fluctuations, just meeting analyst projections.

“We’re back to the theme that we’re not seeing monolithic growth for all the tech companies,” said Rory McPherson, chief investment officer at Magnus Financial Discretionary Management. “Capex spending has increased across the board. The market is just rewarding the ability to monetize it, while placing question marks on companies that aren’t able to do that.”

Looking at earnings, out of the 119 S&P 500 companies that have reported so far in the earnings season, 77% have managed to beat analyst forecasts, while 16% have missed. Caterpillar, Dow and Honeywell International are among many companies expected to report results before the market opens. Caterpillar’s revenue is set to accelerate in 4Q, largely driven by higher volume across all segments, as momentum continues to build into 2026. Margin pressure is likely to persist in 4Q due to a step-up in tariffs (about a $725 million headwind) and manufacturing costs. Earnings from Apple, KLA and Stryker and follow later in the day.

The Stoxx 600 rises 0.4%, with mining, energy and industrial shares leading gains. Technology stocks underperform with Germany’s SAP plunging as much as 13% after reporting a disappointing cloud backlog. Meanwhile, miners outperform. Here are the biggest movers Thursday:

• 3i Group shares rise as much as 15% in London, rebounding from a recent plunge, after the investment firm’s latest results showed a better-than-expected performance for its discount retail business, Action
• ABB rises as much as 9.8% after the Swiss firm predicted higher profitability this year amid a boom in data centers and also announced a $2 billion share buyback. JPMorgan describes orders in the electrical and automation divisions as “blowout”
• STMicro shares rise as much as 5% after the chipmaker gave a better-than-expected 1Q revenue forecast, showing signs of cyclical recovery in demand for analog chips
• EssilorLuxottica shares climb as much as 2.5%, snapping four days of declines. Meta CEO Mark Zuckerberg on an earnings call said it’s “hard to imagine a world in several years where most glasses that people wear aren’t AI glasses”
• European mining shares are the best-performers on the Stoxx 600 benchmark on Thursday after copper posted its biggest one-day gain in years to hit a record above $14,000 a ton
• EasyJet shares rise as much as 3.1% after the airline reported solid first-quarter results and left its outlook for fiscal year 2026 broadly unchanged
• SAP shares drop as much as 13%, the biggest intraday decline in more than five years, after the software firm reported 25% growth in current cloud backlog on constant-currency basis
• H&M shares drop as much as 4.3% after the fashion retailer reported softer current trading than expected, with RBC saying 4Q sales are “a little light” vs. consensus estimates
• Nokia declines as much as 7.4% after the Finnish communications group reported its latest earnings. Analysts say the backwards-looking figures in the report are strong, but 2026 guidance for Network Infrastructure is disappointing
• Givaudan drops as much as 6.7% to the lowest since Oct. 2023 after the Swiss fragrance and flavor maker delivered a weak like-for-like performance in the fourth quarter
• SEB falls as much as 5.7%, the most since April 2025, after the Swedish lender reported its latest earnings, which analysts describe as weak, with a large miss on profits the key disappointment, overshadowing better-than-expected dividends
• Roche shares drop as much as 2.1% after the Swiss drugmaker reported results for the fourth quarter which Intron Health analysts called “soft.” The company also provided guidance for 2026, and analysts see potential for consensus expectations to be cut as a result
• Interroll shares fall as much as 9.6%, the most since last April, after the Swiss industrial-equipment firm’s full-year sales undershot the average analyst estimate. Analysts see some bright spots in the report but highlight headwinds
• Hilton Foods shares drop as much as 9.2%, the most in two months, after the meat producer issued a cautious outlook as inflationary pressures in beef and white fish continue

Earlier in the session, Asian equities edged higher amid mixed trading in heavyweight tech names. Shares in Indonesia pared losses. The MSCI Asia Pacific Index was up 0.2%, after falling as much as 0.7%. SK Hynix and Japan’s Advantest, which surged after its earnings beat, were the biggest boosts to the gauge, while TSMC, Tokyo Electron and Samsung weighed the most. The Indonesian benchmark plunged for a second day, before trimming most of the losses, as investors continue to fret over MSCI’s warning over the market’s investability. The index tumbled as much as 10% before closing 1.1% lower as local regulators said they would double the minimum free-float requirement starting next month.

In FX, the Bloomberg Dollar Spot Index is little changed having erased an earlier fall. The greenback has struggled this year as investors bet on its long-term decline, with unpredictable policymaking and ballooning deficits adding to its woes. The dollar hasn’t acted like a haven for some time as investors increasingly favor tangible alternatives such as precious metals, DoubleLine Capital Chief Executive Officer Jeffrey Gundlach told CNBC.

“The risks of another major leg lower in the dollar remain elevated, even if our bias is for a short-term recovery, given the overall supporting macro and rates picture,” wrote strategists at ING Groep NV including Francesco Pesole.

In rates, treasuries are steady, with US 10-year yields near flat at 4.25%. European government bonds are also little changed.

In commodities, Brent crude futures hit $70 a barrel for the first time since September after US President Trump warned Iran to make a nuclear deal with the US or face military strikes far worse than the attack he ordered last June.

Copper surged by the most in more than 16 years, surging about 6% and earlier hitting a record above $14,000 a ton as metals extended a dramatic start to the year, fueled by a wave of intense speculative trading in China. Spot gold also crossed $5,500/oz for the first while silver briefly surpassed $120/oz, extending its year-to-date advance to around 63%.

“We still have some exposure to gold but at these prices I wouldn’t be that long on it,” said Dan Boardman-Weston, chief investment officer at BRI Wealth Management. “You need it for diversification and it’s been wonderful over the past two years, but now I’m minding my exposure to it.”

The US economic calendar includes 3Q final nonfarm productivity and unit labor costs, weekly jobless claims and November trade balance (8:30am), November factory orders and wholesale trade sales (10am)

Market Snapshot

• S&P 500 mini +0.2%
• Nasdaq 100 mini +0.3%
• Russell 2000 mini +0.2%
• Stoxx Europe 600 +0.4%
• DAX -1%
• CAC 40 +0.6%
• 10-year Treasury yield +1 basis point at 4.25%
• VIX +0.1 points at 16.45
• Bloomberg Dollar Index little changed at 1178.44
• euro little changed at $1.1955
• WTI crude +2.1% at $64.53/barrel

Top Overnight News

• Talks between top Senate Democrats and the Trump administration to avert a government shutdown have moved closer to Democrats’ demands, though no deal has been reached yet, a person familiar said. Talks included restrictions on ICE agents. BBG
• US Senate Majority Leader Thune sees a possibility to avoid a shutdown by week’s end after Senate Minority Leader Schumer lays out Democrats’ demands on ICE: CNN
• President Trump is weighing options against Iran that include targeted strikes on security forces and leaders to inspire protesters, multiple sources said, even as Israeli and Arab officials said air power alone would not topple the clerical rulers. RTRS
• Nvidia, Microsoft and Amazon may invest up to $60 billion in OpenAI’s new funding round. The Information
• Nvidia Corp. hasn’t yet received any orders from Chinese customers for its H200 AI chips as Beijing is still deciding whether to allow imports of the US firm’s components, according to Jensen Huang. BBG
• Cuba only has enough oil to last 15-20 days at current levels of demand and domestic production after its sole supplier Mexico appeared to cancel a shipment while the US blocked deliveries from Venezuela. FT
• Chairman of a US House of Representatives committee said in a letter that NVIDIA (NVDA) helped DeepSeek hone AI models later used in China’s military: Reuters.
• Gold and silver hit new records, lifting commodities as a weaker dollar and geopolitical tensions fueled demand. Copper surged on speculative trading in China. Brent hit $70 a barrel after Donald Trump renewed threats against Iran. BBG
• Shares in Chinese property developers surge on news that China has done away with borrowing limits on property developers known as its “three red lines” policy, an apparent end to rules that triggered a debt crisis which continues to weigh on the world’s second-largest economy. RTRS
• Indonesia’s stock market suffered its worst two-day rout since 1998, triggered by MSCI’s warning of a possible market downgrade due to transparency concerns. Regulators stepped in and announced plans to double the minimum free-float requirements. BBG
• Sweden’s central bank held its key rate at a three-year low of 1.75%, as expected, and stuck with its forecast for no change until next year. BBG
• Regional banks are on track to outperform the S&P 500 for a third month, the longest streak since 2022. With valuation multiples still below their long-term average and 10% of an S&P gauge set to disclose results in the next two days, the door is open to more gains if profits come in strong.
   

Notable earnings

• Tesla Inc. (TSLA) Q4 2025 (USD): Adj. EPS 0.50 (exp. 0.45), Revenue 24.9bln (exp. 24.77bln). Gross margin 20.1% (exp. 17.1%). Operating income 1.41bln (exp. 1.32bln). Free cash flow 1.42bln (exp. 1.59bln). In Q1 of this year, we plan to unveil the Gen 3 version of Optimus. Plan to begin megapack 3 and megablock production at megafactory Houston in 2026. On Jan 16, agreed to invest ~2B to acquire shares of Series E Preferred stock of xAI. Shares +3% pre-market
• Microsoft Corporation (MSFT) Q2 2025 (USD): EPS 5.16 (exp. 3.92), Revenue 81.3bln (exp. 80.28bln). said net gains from OpenAI investments totaled USD 7.6bln, which resulted in an increase in diluted earnings per share of USD 1.02/shr. Operating income 38.3bln (exp. 32.9bln). SEGMENTS:. Q2 Azure and other Cloud services revenue increased 39% (exp. 38.8%). Productivity and Business +16% at USD 34.1bln (exp. 33.5bln). More Personal Computing: USD 14.3bln (exp. 14.33bln). Cloud revenue +26% to USD 51.5bln. Intelligent cloud revenue USD 32.9bln. Commercial RPO +110% to USD 625bln. Shares -6.4% pre-market
• Meta Platforms Inc (META) Q4 2025 (USD) EPS 8.88 (exp. 8.19), Revenue 59.9bln (exp. 58.38bln). Sees Q1 rev. USD 53.5bln-56.5bln (exp. 51.3bln). Sees 2026 capex USD 115bln-135bln (exp. 110.6bln). Shares +7.9% pre-market
• International Business Machines Corporation (IBM) Q4 (USD) Adj. EPS 4.52 (exp. 4.33), Revenue 19.7bln (exp. 19.21bln). Sees FY constant currency rev. growth of over 5%. Sees FY2026 revenue USD 70.14bln (exp. 70.16bln). Sees FY free cash flow to increase by about USD 1bln. Shares +8.2% pre-market
• SAP (SAP GY) Q4 2025 (EUR): Adj. oper. profit 2.83bln (exp. 2.75bln), Revenue 9.68bln (exp. 9.74bln), Cloud Revenue 5.61bln (exp. 5.64bln), Cloud/Software Revenue 8.62bln (exp. 8.68bln); announced up to EUR 10bln buyback, to start Feb 2026. Shares -14%

Trade/Tariffs

• China’s MOFCOM spokesperson, when asked about a potential round of US-China trade talks, said China is willing to work with the US side to jointly uphold and implement the important consensus of the two heads of state, Global Times reported.
• Chinese President Xi said they are willing to consider implementing a unilateral visa-free system for British nationals

Central Banks

• Riksbank leaves its policy rate unchanged at 1.75% as expected; reiterates that the policy rate is expected to remain at this level for some time to come, in line with the forecast in December.
• BoK said uncertainty surrounding US monetary policy is likely to persist and it reiterated it will closely monitor financial markets.
• HKMA maintains its base rate at 4.00%, as expected.
• Monetary Authority of Singapore kept the prevailing rate of appreciation of the SGD NEER policy band, as well as made no change to the width and level the band is centred, as expected. said:. Output gap will be positive for the year as a whole. Growth this year is expected to remain resilient. Expects 2026 GDP growth to ease Y/Y.
• Brazilian BCB Policy Announcement 15% vs. Exp. 15.00% (Prev. 15.00%); said it will start cutting rates next meeting.

A more detailed look at global markets courtesy of Newsquawk

APAC stocks were mostly subdued with sentiment in the region clouded following a lack of fireworks at the FOMC, where the Fed kept rates unchanged at 3.50%-3.75%, as expected, while top- and bottom-line earnings beats from the likes of Meta, Microsoft and Tesla also failed to spur the broader risk appetite. ASX 200 marginally declined amid underperformance in telecoms and miners, while a surge in exports and import prices added to the inflationary risks and the case for an RBA rate hike next week. Nikkei 225 swung between gains and losses amid currency-related headwinds and earnings results. KOSPI saw two-way price action amid fluctuations in tech heavyweights Samsung Electronics and SK Hynix despite both companies posting stellar earnings results. Hang Seng and Shanghai Comp were mixed with price action relatively flat amid a lack of fresh pertinent macro catalysts for China, although property names were supported after reports that several developers are no longer required to submit the monthly “three red lines” indicators, which are debt metrics introduced in 2021 to curb builders’ financial leverage.

Top Asian News

• India’s Economic Survey has FY27 growth in a 6.8-7.2% range. Weaker INR causes investors to pause.
• China market liquidity will remain ample in February, according to analysts cited by China Securities Times.
• Google (GOOG) took action against a Chinese company linked to a massive cyber weapon.

European bourses (STOXX 600 +0.4%) are broadly firmer, but with clear underperformance in the DAX 40 (-1.2%), which has been dragged down by post-earnings losses in SAP (-14%). The software giant disappointed on cloud revenue and poor cloud backlog metrics. European sectors are mixed; Basic Resources is the clear outperformer, boosted by continued strength in underlying metals prices and following Glencore (+3%) and Antofagasta (+6%) releasing their FY26 copper production guidance, with both companies indicating strong production throughout the year. Among underperformers, Chemicals has been pressured by Givaudan (-6%) post-earnings, followed closely by Tech, dragged lower by losses in SAP.

Top European News

• Germany’s Chancellor Merz said they are now seeing the first signs of recovery in the German economy.
• French Finance Minister Lescure said recent FX moves reflect fundamentals.
• Chinese President Xi said to UK PM Starmer that the UK-China relationship in recent years had seen “twists and turns that did not serve the interests of our countries”. said:. China stands ready to develop with the UK a long-term and consistent strategic partnership . More dialogue between the UK and China was “imperative”.

FX

• DXY resides in a current 96.01–96.35 range, well within yesterday’s 95.859–96.787 parameter, with little movement seen following the FOMC decision and press conference yesterday. There was a lack of major surprises or fireworks from the meeting and presser, although Powell noted that rates are at the higher end of the neutral range, and that if the tariff effect on goods pricing is seen to peak this year, it would signal to the Fed that it can loosen policy. Looking ahead stateside, US initial jobless claims for the week of 24 January are expected at 205k (prev. 200k), while continuing claims (week of 17 January, coinciding with the BLS’ traditional survey window for the January jobs report) are seen at 1.86mln (prev. 1.849mln). The Chicago Fed’s Labour Market Indicators are also due today. Final Q3 unit labour costs data are also scheduled, alongside US trade data for November and factory orders for November.
• EUR/USD remains sub-1.2000 after finding some resistance at 1.1996 overnight, while still remaining within yesterday’s 1.1896–1.2045 range. There has been little of note for the EUR as participants gear up for next week’s ECB meeting, with some focus on Governing Council commentary. Aside from that, price action this morning has been largely USD-driven. GBP/USD found resistance near yesterday’s high (1.3846) before waning, with the pair remaining within yesterday’s parameter.
• USD/JPY is softer and back below its 100-DMA (153.71), trading within a 152.76–153.46 band, with price action largely in tandem with the USD in the absence of fresh macro drivers. Traders will be keeping an eye on the geopolitical landscape amid further punchy rhetoric from both Iran and the US. Domestically, a Nikkei poll showed that Japanese PM Takaichi’s party is expected to gain a Lower House majority.
• Antipodeans outperform, with AUD outpacing peers as the commodity-linked currency benefits from the surge in spot gold and copper prices, despite a lack of obvious drivers for the magnitude of gains seen. Data from Australia also showed firmer export and import prices.

Fixed Income

• USTs are, once again, near enough flat, holding off lows in the 111-16+ to 111-26 range. Post-FOMC updates have been light. In brief, the Fed held policy in a decision that saw two dovish dissenters (Miran and Waller), while the statement outlined a more optimistic outlook on the economy and labour market. Overall, the statement and presser left the Fed narrative largely unchanged, although the omission of the line referring to “downside risks to employment” lent a slight hawkish tint to the statement—a point reflected at the time in upside pressure at the short end of the yield curve. This morning, yields are bid across the curve, which is marginally steeper, with the 10yr back above 4.25%, though still shy of last week’s JGB-induced 4.31% YTD peak.
• EGBs were flat this morning, but have gradually edged higher to a peak around the 128.13 area, with gains of up to 10 ticks. Earnings are once again dominating the European newsflow, with the DAX 40 underperforming on account of SAP, though Bunds themselves do not appear to be reacting.
• Gilts gapped lower by just over 10 ticks before slipping to a 90.48 trough, catching up with the modest pressure seen in peers overnight. In the UK, the PM’s meeting with Chinese President Xi generated mixed commentary. A 2028 tender auction attracted strong demand, but had little impact on UK paper.
• Italy sold EUR 6.5bln vs exp. EUR 6-6.5bln 2.85% 2031, 3.45% 2036 BTP & EUR 2.0bln vs exp. EUR 1.5-2.0bln 1.468% 2035 CCTeu.
• UK sold GBP 1.25bln 0.125% 2028 Gilt auction via Tender: b/c 3.77x (prev. 3.84x), average yield 3.443% (prev. 3.783%).

Commodities

• Crude benchmarks have steadily moved higher and reached new four-month highs, with Brent Apr’26 climbing above USD 69/bbl as the probability of a US strike on Iran rises. CNN reported late on Wednesday, citing sources, that US President Trump is considering a new large-scale attack on Iran due to a lack of progress on a nuclear deal. More recently, Kpler’s Bakr reported that Trump is not looking for a war, but instead wants a diplomatic win or an “organic” internal uprising.
• Worries over oil and gas production due to the Arctic storm have subsided for now, with Henry Hub futures consolidating below USD 4/MMBtu after peaking at USD 7.43/MMBtu earlier in the week.
• Precious metals continue their surge higher, with spot XAU topping out just shy of USD 5,600/oz, aided by a weaker dollar following the FOMC policy announcement. Alongside gold, spot silver also peaked at a new ATH of USD 120.43/oz but is currently underperforming the yellow metal. This runs contrary to recent trends, where spot silver has typically led gains. UBS notes that reduced inflows into ETFs and net speculative futures positioning on the US COMEX exchange hint at a possible end to the rally in XAG.
• Copper prices surged at the start of Asia-Pac trade, with 3M LME copper breaking its prior ATH of USD 13.41k/t to reach a new peak of USD 14.12k/t. Despite the lack of a clear near-term driver, expectations for stronger US growth and increased build-out of AI infrastructure remain key supports for the red metal. This move also comes ahead of China’s Lunar New Year holiday, prompting the usual front-loading of copper and other metals ahead of the festive period.
• US Treasury Secretary Bessent said increased Venezuelan crude oil supply means lower fuel prices and proceeds from the sale of Venezuelan oil will return to Venezuelans.
• US is handing over a seized oil tanker to Venezuela, according to US officials.

Geopolitics: Ukraine

• Russian Kremlin spokesperson Peskov does not comment on reported of a energy infrastructure ceasefire between Russia and Ukraine.
• Russia’s Kremlin said they’re still waiting for the US response on Putin’s offer to extend limits in expiring nuclear treaty.

Geopolitics: Middle East

• Kpler’s Bakr, on Iran, writes “What I’m hearing: Trump isn’t looking for war. He wants a diplomatic win, or an “organic” internal uprising that forces change from within.”.
• Sources from Arab TV report that disputes are still ongoing between Egypt and Israel regarding the number of people crossing through the Rafah in both direction on a daily basis.
• EU’s top diplomat said the EU will likely agree on placing sanctions on Iran’s IRGC, AP’s Gambrell reported.
• Iran’s representative to the UN said Iran informs the Council it faces a clear US threat to use force against it, while the Iranian envoy said Washington will bear responsibility for any uncontrolled consequences resulting from any acts of aggression.
• CNN sources say US President Trump is considering a new large-scale strike on Iran as no progress has been made in nuclear talks, although he has not yet made a final decision on a new major military strike against Iran. Trump’s military options include airstrikes and targeting of Iranian leaders and security officials.
• BofA card spending, week to January 24th: +6.6% Y/Y (prev. 4.6% Y/Y). Spending growth grew in groceries and general merchandise, indicative of stockpiling before the Winter storm.
• Turkey said it has foiled an Iranian intelligence plot at US’ Incirlik base.

Geopolitics: Others

• Sources from Arab TV report that disputes are still ongoing between Egypt and Israel regarding the number of people crossing through the Rafah in both direction on a daily basis.
• Denmark’s Foreign Minister after his meeting in Washington said he’s more optimistic on Greenland compared to a week ago. Plan to hold further meetings. Back on track with the US on Greenland.

US Event Calendar

• 8:30 am: United States Jan 24 Initial Jobless Claims, est. 205k, prior 200k
• 8:30 am: United States Jan 17 Continuing Claims, est. 1850k, prior 1849k
• 8:30 am: United States Nov Trade Balance, est. -44b, prior -29.4b
• 10:00 am: United States Nov Factory Orders, est. 1.6%, prior -1.3%
• 10:00 am: United States Nov F Durable Goods Orders, prior 5.3%
• 10:00 am: United States Nov F Durables Ex Transportation, prior 0.5%
• 10:00 am: United States Nov F Wholesale Inventories MoM, est. 0.2%, prior 0.2%

DB’s Jim Reid concludes the overnight wrap

Yesterday was a rare occasion when both the latest Fed decision and a slew of Mag-7 results failed to materially move markets, with a pause by the FOMC leaving bonds and equities little changed while mixed results from Microsoft and Meta have left equity futures with marginal gains overnight. Precious metals continued to deliver the most eye-catching moves, with gold (+4.86%) yesterday posting its best day since the early weeks of the Covid pandemic and moving up another 2.41% overnight and above $5,500/oz as I type. Elsewhere Polymarket’s probability of a US government shutdown has sunk to 44% in the last couple of hours from a peak of 80% yesterday as the NYT has reported overnight that a deal between Democrats and Republican has been potentially sketched out. We will wait to see how that develops.

Starting with the Fed, and as widely expected the FOMC kept rates on hold at 3.50-3.75%. Governors Miran and Waller dissented in favor of a 25bps cut but there was “broad support” for keeping rates steady according to Chair Powell, who said the Committee was “well positioned” after delivering 75bps of rate cuts in late 2025. The pause came amid a more upbeat tone on the economy, with the statement noting the “solid pace” of economic activity and “some signs of stabilization” in the unemployment rate. Powell emphasised the “clear improvement” in the economic outlook since the last meeting, but any hawkish read-across was offset by a more sanguine tone on inflation. The Chair suggested that services disinflation was continuing, with most of the current inflation overshoot coming due to tariffs, the effect of which is expected to peak around the “middle quarters of the year”.

Powell offered little near-term guidance but suggested the next move is likely to be a cut, noting that “it isn’t anybody’s base case right now the next move will be a rate hike”. Our economists see the Powell-led Fed as having now delivered its last rate cut and, more broadly, they think risks around their expectation of one rate cut this year in September have become more balanced. See their full reaction here. Away from policy, Powell mostly deflected questions on the Lisa Cook hearing and whether he’d stay on as Governor after his term ends in May, while reiterating that he was “strongly committed to (Fed independence) and so are my colleagues”.

Bonds and equities saw muted post-FOMC reactions. Both 2yr (-0.2bps at 3.57%) and 10yr (-0.1bps at 4.24%) Treasury yields were little changed by the close, having been just over a basis point higher pre-FOMC. 10yr and 30yr US yields are +2.4bps and +3.2bps higher this morning though. Fed funds futures continue to price 47bps of easing by December (+0.2bps on the day). The S&P 500 (-0.01%) was also essentially unchanged at 6,978, after reaching the 7,000 level intra-day for the first time earlier in the session. The NASDAQ (+0.02%) and the Mag-7 (+0.04%) were steady as well, while the small cap Russell 2000 (-0.49%) retreated.

After the market close, we then received a mixed set of Mag-7 releases from Microsoft, Meta and Tesla. Microsoft’s shares slumped by around -6% after-hours despite a modest earnings beat, as the software giant only just met elevated cloud revenue growth expectations (at +38%) and saw higher-than-expected quarterly CAPEX outlays ($37.5bn vs $36.2bn est.). By contrast, Meta surged by more than +6% after-hours as it projected stronger ad-driven sales for the current quarter ($53.5-$56.5bn vs $51.3bn est.) and guided for stronger CAPEX in 2026 as a whole ($115-135bn vs $110.6bn est.). Meanwhile, Tesla’s shares gained about +2% in post-market trading after delivering a decent earnings beat and laying out plans to invest $20bn this year to streamline its EV lineup and expand work on robotics and AI. Those results have largely offset each other as far as equity futures are concerned with those tied to the S&P 500 (+0.11%) and NASDAQ 100 (+0.26%) trading slightly higher. We next have Apple reporting after the close today.  While we won’t get Nvidia’s earnings until late-February, multiple outlets reported that Beijing had approved purchases of its H200 chips for several Chinese companies including Alibaba. So that helped boost Nvidia’s share price, which rose +1.59%.

Before the Fed decision, the dollar also began to stabilise after Treasury Secretary Scott Bessent reiterated the “strong dollar policy” a day after Trump had seemed more relaxed about its direction. That came in a CNBC appearance, where he said that the US “always has a strong dollar policy, but a strong dollar policy means setting the right fundamentals”. He also commented that the US was “absolutely not” intervening in FX markets, which helped drive a dollar rebound against several other currencies. The dollar did give up some of its rebound later on, in part after Powell said that questions on the recent weakening in the dollar were in the purview of the Treasury not the Fed. Still, the euro was down -0.72% to $1.1954 by the close, with the Japanese yen weakening -0.78% to 153.41 per dollar. Both are back up around a third of a percent higher this morning.

Otherwise, oil prices saw further gains after Trump posted that a “massive Armada” was heading to Iran, and that time was “running out” for Iran to make a deal with the US. Moreover, he said the next US attack would be “far worse” than the strikes last June if Iran did not reach a deal. In response, Iran’s country mission to the UN said that it was ready to correspond with the US, but “if pushed” it would “defend itself and respond like never before.” And yesterday evening, CNN reported that Trump is considering a major strike on Iran but had not yet made a final decision. So fears of tensions escalating between the two countries caused oil prices to rise, with Brent (+1.23%) up to its highest since late-September and trading another +1.62% higher this morning at $69.51/bbl. There were even stronger gains for precious metals, with gold (+4.86%) posting its best day since March 2020 and having now seen its largest 8-day gain since the GFC. Gold is up another +2.41% to $5,550/oz as I type. Meanwhile, silver (+4.12%) also closed at a new high of $116.70/oz and is up just over a percent in Asia.

In Europe, there was a risk off tone yesterday, alongside sovereign bonds rallying as speculation mounted about a potential ECB rate cut this year. That followed comments before the open from the ECB’s Kocher, who said they might have to react if the euro kept appreciating, and overnight index swaps are now pricing in a 26% chance of a rate cut by the September meeting, from 16% before the comments. That helped to push yields lower across the continent, with those on 10yr bunds (-1.7bps), OATs (-0.9bps) and BTPs (-0.4bps) all falling back. Moreover, front-end yields led the declines as investors priced in a growing chance of a rate cut, with the 2yr German yield down -2.2bps.
Elsewhere in Europe, equities largely reversed their gains from the first two days of the week, with the STOXX 600 down -0.75%. Luxury goods were a big underperformer, led by a steep fall in LVMH (-7.89%) after the company’s earnings disappointed the previous evening, which meant the CAC 40 (-1.06%) saw one of the biggest falls.

Finally, the Bank of Canada held its policy rate at 2.25% yesterday, as expected. Governor Macklem kept their options open, saying that “elevated uncertainty makes it difficult to predict the timing or direction of the next change in the policy rate.” But markets are still pricing in a rate hike as most likely by year-end, which is priced in as a 42% probability.

In Asia, the KOSPI (+1.32%) is leading the way again, followed by the Hang Seng (+0.57%) and the Nikkei (+0.31%). Other markets are fairly close to flat.

To the day ahead, data releases include the US November trade balance, factory orders and initial jobless claims, Italy’s November industrial sales, the Euro Area’s January economic confidence. Central bank events include the Riksbank decision, and the ECB’s Cipollone will be speaking today. Finally, Apple, Visa, Mastercard and Blackstone are among those reporting today.

Via Middle East Eye

Abu Aicha patrols the desert in northeastern Syria by car and on foot, an armed man permanently at his side. Around him stretches an apocalyptic landscape: rusted pipelines, shredded buildings, scorched earth and the traces of explosions.

“This is more important to protect than a bank. Oil is what brings money into a bank,” Abu Aicha tells Middle East Eye on 23 January. A former head of banking security in Deir Ezzor, Abu Aicha has been urgently reassigned to secure al-Omar, Syria’s largest oilfield – recently reclaimed by Syrian government forces after nearly a decade under Kurdish-led control.

His words reflect the strategic value long attached to al-Omar, a site that has repeatedly funded competing authorities throughout Syria’s war. For more than 10 years, al-Omar, located in the Deir Ezzor province east of the Euphrates River, formed a part of the economic backbone of northeastern Syria.

It was first seized by armed opposition groups, then transformed into a pillar of the Islamic State’s war economy, before falling under the control of the Syrian Democratic Forces (SDF) in 2017.

It even supplied oil back to Damascus across front lines. Today, it is once again under state control – a battlefield where oil has repeatedly reshaped Syria’s balance of power.

On 18 January, under pressure from advancing government troops, SDF commander Mazloum Abdi signed an agreement with Damascus that formally ended the Kurdish autonomous administration in the northeast and transferred control of oil and gas fields back to the Syrian state.

Fighting around al-Omar lasted nearly two hours the day before. Abu Taim, a soldier from the internal security forces who took part in the clashes, recalls the urgency of the operation.

“It was very important to take control of this place,” he says. “Before, we were forced to buy oil from them. These are resources that belong to the country. Now they benefit the whole country.”

Among the soldiers deployed that day, many were from the region itself – Syria’s Jazira. “I lived on the other side of the line,” says Omar, 23. “I felt my land had been colonised by the SDF. Everything was transported to Hasakah. Deir Ezzor suffered economically from losing access to its own resources.”

Another soldier, Mohamed Othman, 25, from Shahee in Deir Ezzor, sums up the moment: “It’s as if we were born again. It’s important because the resources belong to all of Syria, not just one group.” For some, the return carried a deeply personal meaning. “I hadn’t been here in 14 years,” says Abu Soeb Achjel quietly.

Oil transport resumed just five days after the site was retaken. Abdel-Karim Haluch, a truck driver wearing a red and white turban, prepares to head west. “I’m happy to help the country,” he says.

Dozens of trucks like his – each carrying up to 40,000 litres of crude oil – now travel daily from al-Omar toward refineries in Baniyas in the west and Homs in central Syria.

Yet securing the field remains a daily struggle. Al-Omar spans a vast expanse of desert, where opportunistic looters still attempt to siphon oil.

Abu Aicha gestures toward the sand, where motorcycle tracks cut across the site. “Each motorcycle can take up to 300 litres in five minutes,” he says, pointing to shallow pools of oil formed near damaged infrastructure. At night, patrols intensify. Vehicles suspected of theft are stopped, and sand barriers are erected around sensitive areas. “This is what preserves the future of the state,” Abu Aicha repeats.

Al-Omar today is a site held together by improvisation.Raed al-Sadoun, an engineer working on the field, describes the scale of destruction as overwhelming.

“The field requires complete rehabilitation – from the wells at the source to the destroyed secondary and main stations, all the way to the transfer points,” he explains. “Each well needs to be studied individually.”

The damage, he says, exceeds 90 percent. “We hope to reach more than 30,000 barrels per day from al-Omar alone,” he adds.

“But the timeline depends on who carries out the work. With foreign companies operating under international standards, it would take at least a year. “With local companies, everything depends on financing and equipment – and it could take even longer.” Artificial lifting systems remain largely inoperative, leaving only a handful of wells capable of natural production.

The last guy who was supposed to be on trial in Iraq became “President” of Syria.

We’ve seen this movie. https://t.co/fRbrVSt7qC

— Kevork Almassian (@KevorkAlmassian) January 24, 2026

Al-Omar’s importance goes far beyond symbolism. According to Benjamin Fève, an economist specializing in Syria at the consultancy Karam Shaar Advisory, oil revenues were decisive for the survival of Kurdish self-rule.

“In the first half of 2025, the Autonomous Administration of North and East Syria generated $542m in revenues,” Fève explains. Some $416m came from oil, accounting for nearly 77 percent of total revenues, he says. “These revenues financed military spending and public salaries, allowing the administration to function with around 220,000 employees and an armed force of roughly 85,000 fighters.”

Without oil rent, he adds, Kurdish autonomy would not have been financially viable – just as the Islamic State’s territorial project had once depended on oil revenues.

Today, Al-Omar remains a strategic asset for Damascus. “It is Syria’s largest oilfield, with recoverable reserves estimated at around 520 million barrels,” Fève says.

“Despite more than $1bn in damage, production was still around 14,000 barrels per day at the end of 2025. Its light crude is crucial because it is compatible with the Baniyas refinery.”

In the short term, Fève cautions, al-Omar will not dramatically boost Syria’s budget. “But in the medium term, it is the key asset to reduce imports and partially relaunch national production,” he says.

For Fève, the battle for northeastern Syria’s oilfields has been a structuring factor of the conflict. “Oil did not trigger the Syrian conflict, but it financed its prolongation,” he says. “Control over oilfields allowed armed actors to capture hundreds of millions of dollars annually and build rival systems of governance.”

That dynamic, he argues, made the recapture of al-Omar and other fields like Conoco, a major gas installation in Deir Ezzor province, economically decisive for Damascus in early 2026.

As dusk settles over the desert, trucks continue to roll westward, soldiers tighten their patrols, and engineers work amid ruins. Even in devastation, al-Omar remains a strategic prize.

The European Union may be on the verge of taking a step it has long avoided: formally branding Iran’s Islamic Revolutionary Guard Corps (IRGC) a terrorist organization. This as France and Spain, previously the bloc’s vocal key holdouts, abruptly signaled a change of heart.

Paris and Madrid’s reversal injects new momentum into what has so far been a largely symbolic but politically explosive move, one Brussels has repeatedly delayed despite mounting pressure. The timing of this impending potential change could signal that Europe is collectively ready to sign off on President Trump’s potential new military attacks on the Islamic Republic. It will make it ‘legally’ easier to wage war.

Europe has long been more restrained when it comes to US military actions abroad, but the Jan.3rd attack on Venezuela and forced removal of longtime President Maduro resulted in a muted EU response, which was widely interpreted as quiet approval. So for the EU, its leaders might be fine with Tehran being targeted next.

On Wednesday, just one day before EU foreign ministers are scheduled to convene in Brussels to debate the issue, the Elysée announced its change in thinking in the following:

“France supports the designation of the Islamic Revolutionary Guard Corps in the European list of terrorist organizations.“

The IRGC stands accused by the West of directing Iran’s crackdown of domestic unrest, after economic-driven protests took over town and city streets this month. 

Thousands died, but Iran officials have pointed to armed saboteurs being mixed in among the peaceful demonstrators, leading to mayhem and a high death toll.

The United States, Canada, and Australia have already blacklisted the IRGC, while Germany and the Netherlands have for years pressed the EU to follow suit. Italy has also shifted its position earlier this week related to the recent protests.

Importantly, the US had branded Maduro as head of a ‘terrorist organization’ (the so-called Cartel of the Suns, which had a dubious existence) just before launching regime change action against him, resulting in him facing federal charges in New York. 

The IRGC being branded as such in Europe would also aid in Washington’s case for war against Iran, given the organization reports directly to the Ayatollah, and is effectively the most important military-security group at the top of the command chain.

Via Remix News,

Ukrainian anti-corruption authorities have appealed to Interpol to issue an international warrant against Ukrainian-Israeli Timur Mindics and his business partner Alexander Zuckerman, both considered fugitives from justice and both reported to hold Israeli citizenship.

The corruption scandal centers on bundles of money, a toilet made of gold, and threads leading to the Ukrainian president.

The National Anti-Corruption Bureau (NABU) and the Special Anti-Corruption Prosecutor’s Office (SAPO) have officially submitted to Interpol the documents aimed at launching the international arrest of both Mindics and Zuckerman. The announcement was made by Oleksandr Klimenko, head of SAPO, wrote Ukrainian outlet Strana Today.

Mindics is currently in Israel, which he reportedly fled to an hour before anti-corruption officers raided his apartment, leading to suspicion someone in the government tipped him off that the raid was coming.

He is being tried in absentia for corruption crimes in the energy sector. The entrepreneur, who has a long history with Zelensky and played a key role in his rise to power, previously claimed that he was scapegoated in the scandal, while Zuckerman also denies the allegations.

“The case is particularly sensitive, as Mindich had close ties with President Volodymyr Zelensky for many years,” writes Starna Today.

During the house search, Ukrainian investigators seized bundles of cash from the fugitive businessman and also found a golden toilet in his home. Zelensky is reported to have celebrated his birthday in this apartment during the coronavirus pandemic.

“A golden toilet is in one of the bathrooms of the apartment of Zelensky’s business partner Timur Mindich, where, according to media reports, NABU wiretapped the president himself. This was reported by MP Yaroslav Zheleznyak, who showed a photo, as he claims, from this apartment.… pic.twitter.com/LYtCFKlTcW

— Ivan Katchanovski (@I_Katchanovski) July 30, 2025

The investigation focuses on abuses surrounding state and semi-state energy companies. According to the authorities, inadequate procurement procedures, embezzled money, parallel management structures and “shadow” accounting were behind it.

The damage caused is estimated at about $100 million and led to 70 properties being searched and numerous arrests made. Ukraine’s Anti-Corruption Bureau (NABU) has conducted searches at the home of the driver of Andriy Yermak, the notorious figure in the Ukrainian corruption scandal known as “Ali Baba.” Another friend of Zelensky’s, former Deputy Prime Minister Oleksiy Chernyshov, was remanded into custody. Justice Minister German Galushchenko was also suspended after his house was searched. He had been serving as energy minister at the time of the events.

According to NABU, the group’s goal was to gain illegal benefits from Energoatom’s contractual partners and control personnel decisions, procurement and financial flows through informal contacts.

According to Die Welt newspaper, several top leaders, active and former politicians are involved in the case, as well as actors who can be linked to Moscow.

Mindics’ escape triggered separate speculations. According to the German newspaper, he was seen in Kyiv a day before the house search, which may indicate that he was warned in time. Since it would have been difficult to get out of the country by car, it was also suggested that he left Ukraine by helicopter, which “in wartime conditions would only have been possible with official permission.”

Read more here…

Fire crews extinguished a fire that broke out early Wednesday at the former Volkswagen plant in Russia’s Kaluga region, now repurposed as part of Moscow’s post-sanctions auto ecosystem.

There’s been little in the way of a cause mentioned in international reports, amid an investigation, though skeptical headline consumers will note there’s been a tit-for-tat covert sabotage campaign long underway between Russia and Ukraine-Europe in the context of the war, now about to enter its fifth year.

According to Russia’s Emergency Situations Ministry, the blaze erupted at a foam recycling workshop inside the Tenet automobile facility, which currently assembles Chinese-made vehicles, and no casualties were reported.

It remains that automaking is an industry prone to accidents and fires, for which typically there are sophisticated and high-tech fire alarm systems at the ready.

It’s likely to result in a temporary shutdown of operations. The sprawling plant is a symbol of Russia’s pivot away from Western manufacturers, amid the US-EU sanctions campaign, and efforts to isolate the Russian economy globally.

Tenet executives recently unveiled plans to seize at least 10% of Russia’s projected 1.4-million-vehicle market, also at a moment most Western automakers are completely absent from Russia, as international firms made an exit over the several years of Putin’s ‘special military operation’ in Ukraine.

Chinese firms have sought to fill the vacuum, amid several bilateral deals between Moscow and Beijing, longtime ‘frenemies’ which are improving relations as both have come under Washington’s punitive actions.

According to an early 2025 report:

The ex-Volkswagen auto-manufacturing plant at Kaluga is launching auto manufacturing of cars under Russia’s Tenet brand, according to regional governor Vladislav Shapsha. Volkswagen exited the Russian market in 2023, selling the business to their Russian dealership, Avilon, who paid an estimated US$135 million for VW’s Russian business. Volkswagen reportedly invested more than US$800 million to build the Kaluga plant.

Avilon subsidiary AGR Holding LLC and China’s Defetoo, have signed a joint venture technological partnership to manufacture Tenet branded cars. Defetoo are part of China’s Chery auto manufacturer. The Tenet vehicles will be reworked, Russian versions of the Chinese brand. 

Ukrainian and Russian social media have featured images of what’s clearly a large inferno, but Western headlines have been slow to pick up on the emergency:

A large fire is ongoing at the former Volkswagen plant in Russia’s Kaluga region.

The plant currently assembles Chinese Chery models locally and markets them under the Tenet label. pic.twitter.com/8SzzZEi8TE

— Special Kherson Cat 🐈🇺🇦 (@bayraktar_1love) January 28, 2026

In cases of industrial or military site fires or explosions inside Russia, Kremlin authorities are not always quick to blame Ukraine or the West – given they have an interest in showing the domestic populace that the state and its security are firmly in control of the situation. Still, a lot of incidents have been happening of late, sometimes as a result of Ukrainian long-range drones.

Meanwhile in Ukraine, civilian as well as military infrastructure continues to get hammered, resulting in tragedies…

🇺🇦🇷🇺 A Ukrainian soldier pulls a baby to safety from a train in Kharkiv after Russian suicide drones hit it, killing 3 people.

Source: @visegrad24 pic.twitter.com/1SEZSbX2St

— Mario Nawfal (@MarioNawfal) January 28, 2026

Via Remix News,

Hungarian Prime Minister Viktor Orbán backed Alternative for Germany (AfD) co-leader Alice Weidel, who is demanding compensation from Ukraine for the explosion of the Nord Stream gas pipeline and tens of billions of euros in German financial support.

Orbán responded to the German politician’s statement with a short but clear sentence on X, writing, “Alice Weidel is right!”

.@Alice_Weidel is right! https://t.co/qX69UicBof

— Orbán Viktor (@PM_ViktorOrban) January 26, 2026

The Hungarian prime minister also posted Weidel’s speech, where she stated:

“If this party comes to power, we will demand compensation for the explosion of the Nord Stream gas pipeline, as well as the return of about 70 billion euros in financial and military support provided to Kyiv.”

Germany has provided tens of billions to Ukraine, all during a time when the country is facing surging company bankruptcies, budget cuts, and even cities all on the verge of bankruptcy.

The enormous sums of money sent to Ukraine, especially in the light of massive corruption scandals facing the country, have led the AfD to be highly critical of Germany’s continued support. Now, the AfD considers recouping this money as essential.

In light of a number of arrests of Ukrainian operatives, who have been charged with sabotaging the Nord Stream 2 pipeline, the alliance between Germany and Ukraine looks increasingly problematic.

“We will seek compensation. The Ukrainians and Zelensky have been paid by us to blow up our own pipeline. The country that has done this to us cannot be our friend, and this must be publicly acknowledged,” stated Weidel, emphasizing that Ukraine cannot be considered a friendly state.

As Weidel said, the recovery of tens of billions of euros in support and the restoration of Nord Stream are inevitable.

Weidel previously accused European leaders of double standards and believed that while Moscow faces serious accusations, similar criticism is not leveled against the United States.

In her opinion, Donald Trump’s policy resembles Vladimir Putin’s actions on several points, notably in relation to Greenland.

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