A federal grand jury has unsealed a 25-count indictment against the leader of the far-left Marxist group Black Lives Matter in Oklahoma City over allegations of wire fraud and money laundering.

Tashella Sheri Amore Dickerson, 52, served as Executive Director of Black Lives Matter OKC (BLMOKC). As Executive Director, Dickerson had access to BLMOKC’s bank, PayPal, and Cash App accounts, where federal prosecutors allege she looted the organization “for her personal benefit,” including travel to Jamaica and the Dominican Republic, tens of thousands of dollars in retail shopping, more than $50,000 in food deliveries, a vehicle, and six properties.

🚨BREAKING: Oklahoma BLM executive director federally charged with wire fraud and money laundering.

Tashella Sheri Amore Dickerson has been federally indicted on 25 counts after prosecutors said she diverted more than $3.15 million in returned bail checks into her personal bank… pic.twitter.com/BwmnUkErAR

— I Meme Therefore I Am 🇺🇸 (@ImMeme0) December 11, 2025

According to a Department of Justice (DOJ) press release, BLMOKC raised millions of dollars to support its woke mission from online donors and national bail funds.

In total, BLMOKC raised $5.6 million, including grants from Community Justice Exchange, the Massachusetts Bail Fund, and the Minnesota Freedom Fund. Most of those funds were routed through Alliance for Global Justice (AFGJ), as a fiscal sponsor, to BLMOKC.

The indictment said that BLMOKC was supposed to deploy these national bail fund grants to those who were arrested in connection with riot/protests after the death of George Floyd.

Yet federal prosecutors allege that, despite the organization’s stated mission, Dickerson diverted $3.15 million for her own use, financing luxury travel, extensive shopping sprees, food deliveries, a personal vehicle, and multiple real estate purchases:

• recreational travel to Jamaica and the Dominican Republic for herself and her associates;

• tens of thousands of dollars in retail shopping;

• at least $50,000 in food and grocery deliveries for herself and her children;

• a personal vehicle registered in her name;

• and six real properties in Oklahoma City deeded in her own name or in the name Equity International, LLC, an entity she exclusively controlled.

Corporate structure of BLMOKC. Jesse Jackson, founder??

Related:

• Black Lives Matter Under Federal Investigation For Donor Fraud; Report

• BLM Grifter Pleads Guilty To Fraud, Spending Donations On Herself

• BLM Founder Branded “Fraud” After Buying Million-Dollar Home In Mostly-White LA Enclave

The wild, wild West of the nonprofit world: you can hate America, start riots, burn down city streets, and do it all behind a 501(c)(3). What has captured our attention is AFGJ …

US equity futures are mixed; with small caps higher and tech stocks lagging. As of 8:15am ET, S&P 500 futures fall 0.1% after hitting a fresh record high yesterday; Nasdaq 100 contracts -0.5% amid signs of rotation out of tech as the equity rally broadens; Oracle led the broader sector lower on Thursday and Broadcom is poised to do the same in US trading after its sales outlook failed to meet investors’ lofty expectations. Its shares are down over 6% in premarket on lack of updated guidance, adding to weaker AI trade sentiment. In pre-market trading, Mag 7 stocks are mostly lower with NVDA -0.6% and MSFT/META -0.3%; AVGO fell -5.7% after its earnings call despite universal beats across all metrics (bears pointed to the lack of FY27 AI revenue guide). Today we have the first POMO Lite operation by the Fed, in which the central bank will buy $8.2BN in bills this morning, setting up the market for a Christmas rally. Europe’s Stoxx 600 rose as much as 0.5% to a fresh peak, while a measure for Asia advanced to less than 2% from its all-time high. Bond yields are largely unchanged; USD is higher modestly. Commodities are mostly higher led by base metals (copper +2.7%) and gold/silver (+1.1%). There is nothing on the economic calendar; Fed speakers include Philadelphia’s Paulson (8am), Cleveland’s Hammack (8:30am) and Chicago Goolsbee, who dissented from Wednesday’s decision in favor of no change (10:35am).

In premarket trading, Mag 7 stocks are mostly lower (Alphabet +0.4%, Apple -0.1%, Amazon little changed, Tesla -0.2%, Meta -0.4%, Microsoft -0.4%, Nvidia -0.1%).

• Bristol Myers (BMY) rises 2% after Guggenheim Securities upgraded the drugmaker to buy, citing a “much more compelling risk reward.”
• Broadcom (AVGO) falls 5% after the chip company provided a sales outlook for the AI market that failed to meet investors’ expectations.
• Eli Lilly & Co (LLY) rises 1% after Reuters reported that the FDA’s Commissioner Office sought to cut the time reviewers spent checking documents related to the drugmaker’s experimental weight-loss pill to one week from 60 days.
• Lululemon (LULU) climbs 9% after the yoga-wear retailer said its CEO Calvin McDonald will step down after a seven-year stint, signaling a potential strategy change after sales struggled and the stock fell more than 60% from a 2023 peak.
• Netskope Inc. (NTSK) declines 5% after the security software company posted fiscal third-quarter results.
• Quanex Building Products (NX) climbs 22% after posting fourth-quarter profit and revenue that topped expectations.
• Roblox (RBLX) falls 2% after JPMorgan downgrades to neutral, seeing the stock taking a breather next year due to headwinds around user engagement and bookings.
• Veeva Systems (VEEV) falls 2% on light volume after KeyBanc cut the recommendation on the life-sciences software company to sector weight, saying that a recent round of channel checks has indicated large pharma clients that are in the middle of software evaluations are leaning toward Salesforce’s offering.

In other corporate news, Uber expects to offer robotaxi services in more than 10 markets by the end of next year, as it seeks to become a dominant force in an industry it estimates will eventually be worth at least $1 trillion.  A group of Swiss lawmakers proposed allowing UBS to use AT1 bonds instead of equity to meet capital requirements. T-Mobile US authorized a new shareholder return program of up to $14.6 billion.

S&P 500 futures were slightly weaker after the index notched a record close in the previous session. By contrast, gauges for US blue-chip and small-cap stocks were poised to extend their push into fresh highs. The diverging fortunes for US equities highlight the broadening of a rally that has put the S&P 500 on track for a third successive year of gains. For many investors, this week’s affirmation that the Federal Reserve’s easing cycle is still intact is clearing the way for a year-end rally.

Traders “are searching for alternative real assets, especially given the Federal Reserve rate cut and the possibility of more to come,” wrote Richard Hunter, head of markets at Interactive Investor. “The rotation also provides something of a hedge for investors, where concentration risk among the ‘Magnificent Seven’ in particular was becoming more of an issue.”

Investors were seeking more clarity on when and how Broadcom will get a payoff from AI but, instead, they got a vague timetable mixed with some concerns about tightening profit margins. Meanwhile, Softbank is said to be studying an acquisition of data center operator Switch to expand in AI and Microsoft’s Mustafa Suleyman describes the technology as “already superhuman” in this weekend’s Big Interview with Bloomberg’s Mishal Husain

Diversification across geographies and themes is becoming a key consideration. After technology heavyweights drove equity gains for much of the year, concerns about stretched valuations and vast capital outlays have prompted investors to look for opportunities elsewhere.

“Given the set-up in markets, diversification is now the price worth paying to keep you fully invested in equities,” wrote Goldman Sachs’s Mark Wilson. He adds that there are compelling investment stories including Korea, Japan, China or the broader emerging markets.

As we noted yesterday, Goldman’s Cyclicals vs. Defensives basket is on its longest rising streak in years. “You don’t get moves like this unless the market is starting to lean into a better growth outlook,” wrote Goldman Sachs managing director Lee Coppersmith. 

Meanwhile, Goldman strategists expect stocks to notch fresh records next year, citing resilient economic growth and broader adoption of artificial intelligence to support corporate earnings. Goldman’s Ben Snider reaffirmed his target for the S&P 500 to reach around 7,600 points in 2026, implying gains of about 10% from current levels. Other forecasters and asset managers share the upbeat view, with strategists at firms including Morgan Stanley, Deutsche Bank AG and RBC Capital Markets LLC also calling for US stocks to rise more than 10%.

Some are eyeing gains on an even shorter horizon, betting on further advances before 2025 ends as investors rotate into stocks that have so far remained in tech’s shadow. “Everyone is convincing themselves that there will be a Christmas rally, so it looks like there will be one, and to be honest, there’s no negative catalyst visible until the end of the year,” said Karen Georges, a fund manager at Ecofi Investissements in Paris. “Investors are keen to buy this year’s laggards, it’s a good time to diversify your portfolio at the moment.”

In government news, Trump issued an executive order seeking to limit the influence of proxy advisory firms. Trump also said the US would help with Ukraine’s security in a peace deal with Russia, but continued to express frustration with the pace of the talks.

European stocks tracked their Asian counterparts higher. The Stoxx 600 is up 0.3% after hitting a record earlier. The travel and leisure sector outperforms, while health care stocks lag. Here are some of the biggest movers on Friday:

• UBS shares jump as much as 5%, hitting the highest level since February 2008, after a group of influential Swiss lawmakers proposed watering down the capital demands that the country wants to impose on the bank.
• LPP shares surge as much as 12%, hitting an all-time high, after the clothing company reported quarterly results above expectations and boosted its guidance for 2027.
• Wendel shares rise as much as 7.4%, the most since April, after the French investment firm announced plans to return more than €1.6 billion to shareholders by 2030.
• Sopra Steria shares rise as much as 6.5% after the French digital and software consulting firm picked Rajesh Krishnamurthy as its new chief executive.
• CarrefourSA shares climb a smuch as 9.9% in Istanbul after Mergermarket reported parent Sabanci Holding is in talks to sell some of the Turkish grocery stores.
• Harbour Energy shares rally as much as 7.6% after the British oil and gas company agrees to buy substantially all the subsidiaries of Waldorf Energy Partners and Waldorf Production for $170 million.
• Card Factory shares fall as much as 35%, the most since March 2020, after the firm cut its guidance in what Panmure Liberum called a “shock warning that surprises in scale.”

Asian stocks climbed, buoyed by a rally in Japanese equities on bets the Bank of Japan will hike interest rates next week. The MSCI Asia Pacific Index rose as much as 1.3%, putting the gauge on track to close at the highest in a month. All sectors were in the green, with TSMC, Toyota Motor and Tencent contributing the most to the advance.
For the week, the gauge was up about 0.6%, on course for its third straight week of gains.  Japan’s Topix was the best performing major index in the region, up 2% to a fresh record, driven by insurance and banking stocks seen as key beneficiaries of a potential hike.

In FX, Bloomberg’s index of the dollar traded near a two-month low on Friday and was on track for a third weekly loss; the pound is down 0.1%.

In rates, treasuries are mixed, with weakness at the long-end steeping the curve. US 10-year yields rise 1 bp to 4.17%. Gilts see a similar steepening move after the UK economy posted a surprise contraction in October.

In commodities, spot gold climbs $55 to the highest since October. Bitcoin falls 0.5%. WTI crude futures drop 0.3% to near $57.40 a barrel.

Fed speakers include Philadelphia’s Paulson (8am), Cleveland’s Hammack (8:30am) and Chicago Goolsbee, who dissented from Wednesday’s decision in favor of no change (10:35am); US economic calendar is blank, with several delayed releases scheduled for next week

Market Snapshot

• S&P 500 mini -0.1%
• Nasdaq 100 mini -0.5%
• Russell 2000 mini +0.2%
• Stoxx Europe 600 +0.4%
• DAX +0.5%
• CAC 40 +0.7%
• 10-year Treasury yield +1 basis point at 4.17%
• VIX +0.3 points at 15.17
• Bloomberg Dollar Index little changed at 1207.36
• euro little changed at $1.1729
• WTI crude -0.3% at $57.44/barrel

Top Overnight News

• Trump posted that “Prices are coming down FAST, Energy, Oil and Gasoline, are hitting five-year lows, and the Stock Market today just hit an All Time High. Tariffs are bringing in Hundreds of Billions of Dollars.
• Trump signed an executive order on AI, according to the White House website. Furthermore, a Trump administration aide said the executive order is to make sure AI can operate within a single national framework and that they are taking steps for a single national standard on AI.
• Fed regional bank presidents were reappointed in a unanimous vote, with new five-year terms beginning March 1st.
• US offers ‘free economic zone’ in east if Ukraine cedes Donbas, Zelenskiy says: RTRS
• Trump said the WSJ has another ridiculous story that China is dominating us, and the world, in the production of electricity related to AI.
• US admiral leading US troops in Latin America to step down: RTRS
• China Prepares as Much as $70 Billion in Chip Sector Incentives: BBG
• Nvidia considers increasing H200 chip output due to robust China demand, sources say: RTRS
• White House said Trump signed an order to increase oversight of and take action to restore public confidence in the proxy adviser industry.
• Ukraine fails to fill key posts as corruption scandal lingers: RTRS
• Trump is expected to push the government to dramatically loosen federal restrictions on marijuana.
• US Treasury Department is reportedly planning more access to corporate tax breaks for R&D, and an announcement may come as soon as next week.
• Seizure of Venezuelan Oil Strikes at the Heart of Maduro’s Grip on Power: WSJ
• The US government is to require AI vendors to measure political bias.
• Hope for More Rate Cuts Is Tempting Buyers Back to Bonds: WSJ
• Indiana’s Republican-controlled Senate rejected the Congressional redistricting plan backed by President Trump.
• Law Professor Sues Boeing After Alleged Exposure to Toxic Fumes on Flight: WSJ

Trade/Tariffs

• Indian PM Modi said he had a call with US President Trump on Thursday as New Delhi seeks relief from 50% US tariffs on some of the country’s key exports to punish India for its Russian oil purchases.
• Indonesia’s chief negotiator to the US said they agree to conclude what had been agreed in July, and Indonesia hopes to conclude tariff negotiations with the US by year-end, while Indonesia will send a delegation to Washington to continue tariff talks soon.
• South Korea’s Trade Ministry said rare earth trade talks with China will continue.
• Chinese Commerce Ministry announces export licenses for some steel products, with the license to kick in from January 2026.
• Argentina’s Government confirms cut to export tax on grains and by-products, according to the Official Gazette.

A more detailed look at global markets courtesy of Newsquawk

APAC stocks were predominantly higher following on from the mostly positive handover from Wall St, where the S&P 500 and DJIA notched record closes, but the Nasdaq lagged on Oracle-related headwinds. ASX 200 rallied with mining, materials and financials leading the broad advances, with nearly all sectors in the green. Nikkei 225 advanced after Japan’s Lower House recently approved the supplementary budget bill, with the index briefly returning to above the 51,000 level before fading some of the gains. Hang Seng and Shanghai Comp were somewhat mixed as the Hong Kong benchmark conformed to the upbeat mood in the region, although the mainland lagged despite the recent Central Economic Work Conference where it was stated that China is to make use of RRR and rate cuts flexibly, while China’s pledge to implement an appropriately loose monetary policy, implement more proactive fiscal policy, and stabilise the property market with city-specific measures, failed to inspire.

Top Asian News

• Japanese Finance Minister Katayama said they will review various special measures for corporate tax.
• BoJ is likely to maintain its pledge next week to keep raising rates at a pace dependent on how the economy reacts to each increase, according to Reuters sources. Will not release updated estimate on neutral rate, will not use it as the main communication tool on rate hike timing.
• China Industry Ministry said it issued a notice on optimising the import and export supervision measures of lithium thionyl chloride batteries.
• A Japanese Finance Ministry Official said participants at today’s primary dealers meeting said a sale reduction of super long JGBs is desirable.
• China prepares as much as USD 70bln in chip sector incentives, according to Bloomberg sources.

European bourses (STOXX 600 +0.4%) opened mostly firmer and have continued to reside at highs throughout the morning. European sectors hold a strong positive bias. Travel & Leisure leads alongside Financial Services, whilst Healthcare lags. For Financials, UBS (+4.3%) shares have hit a 17-year high as traders continue to digest reports that Swiss lawmakers have floated a compromise on new capital rules for the bank.

Top European News

• European Commission reportedly considers the second phase of the safe loan scheme for defence projects.
• ECB said it will ask banks to describe what sort of political shock would reduce their CET1 by 300bps

FX

• G10s are modestly mixed vs the Dollar this morning, with very slight underperformance in the JPY, where USD/JPY currently trades at the upper end of a 155.46 to 155.93 range.
• DXY is trading within narrow ranges after declines on Thursday. Today’s US docket does not have too much to offer in terms of data; we expect FOMC voters Schmid, Miran and Goolsbee to provide reasoning to their dissents. Currently trades within 98.29-98.44 parameters, trading at session highs at the time of writing; there may be some resistance at its 100DMA at 98.64.
• Despite GDP figures signalling a contraction in growth for October, sterling trades a just touch lower against the USD. GDP data showed continued weakness in production and construction, with the ONS noting JLR was unable to spark a recovery after production was halted in November.
• Elsewhere, the Antipodeans were the outperformers in the G10 FX space amid higher commodity prices, but have since pulled back off their best levels as sentiment wanes a touch.

Fixed Income

• USTs have held a negative bias this morning, attempting to scale back from some of the strength seen post-FOMC, which also sparked a steepening of the curve. Today, US paper is trading at the lower end of a 112-09+ to 112-14 range; there is now a clear path towards the 112-00 mark, should the pressure continue, and then 111-29 thereafter. The data docket ahead is void of any pertinent data, but focus will be on scheduled Fed speak via Paulson, Hammack and Goolsbee – the latter, alongside Miran and Schmid, should release an explanation for their recent dissent also.
• Bunds are following USTs and have held a negative bias throughout the morning. Some modest upticks were seen following the softer-than-expected UK GDP figures, but this ultimately proved fleeting. For the EZ specifically, German/French CPIs were unrevised, whilst Spanish HICP Y/Y was revised a touch higher – no move was seen in the German benchmark, which currently hovers just shy of the 127.50 mark.
• Gilts initially gapped higher by around 11 ticks at open after the UK’s softer-than-expected GDP report, but have since waned following the negative bias seen across global peers. Currently trading at the lower end of a relatively narrow 91.38 to 91.63 range.

Commodities

• Crude benchmarks continue to rebound following Thursday’s selloff on broader market optimism and rising geopolitical tensions between Venezuela and the US. WTI and Brent oscillate in a USD 57.85-58.19/bbl and USD 61.49-61.86/bbl band, respectively, as the European session gets underway. This comes following a bounce from their lows in nearly two months, as equities stateside began to rebound.
• Spot XAU continues to trend higher after breaking out of its 9-day range in Thursday’s session. After peaking at USD 4286/oz in Thursday’s session, XAU spent the APAC session fluctuating in a USD 4265-4284/oz range before extending higher as short positioning continues to unwind.
• 3M LME Copper peaked to another ATH of USD 11.94k/t in the latter part of the APAC session, but has failed to hold onto gains as the European session gets underway. The red metal rallied in Thursday’s session, in line with the broader risk tone, but has pulled back and is currently trading at USD 11.8k/t as participants take profit.
• India Minister says India to start coal export for the first time.

Geopolitics: Middle East

• White House said a lot of quiet planning is underway for the next phase of the Gaza peace plan, and they will make announcements at an appropriate time.

Geopolitics: Ukraine

• US President Trump said they would help on security with Ukraine, and he thought they were close to a deal, while he added that there is a meeting on Saturday, and they will attend if they think there is a good chance. Trump also commented that he has spoken to China and Russia about nuclear weapons.
• Kremlin Aide said the US will sooner or later discuss with Moscow the outcome of its discussion with Ukraine, via RIA. Moscow did not revise US proposals after discussing with Ukraine and may “not like a lot of things there”.
• Russia’s Kremlin, on Ukraine’s referendum suggestion, said the whole of Donbass belongs to Russia

Geopolitics: Other

• US President Trump said that it is going to start on land soon regarding Venezuela.
• US is reportedly preparing to seize more ships transporting Venezuelan oil, in which action would target tankers that may have transported other sanctioned crude such as Iranian, while the seizure has led to a suspension of at least three shipments, according to Reuters sources.
• US Treasury issued fresh Venezuela-related sanctions in which it was reported to have sanctioned Venezuelan President Maduro’s nephews and six ships carrying Venezuelan oil.
• US President Trump said he will have to make a couple of phone calls regarding Thailand and Cambodia. It was later reported that Thailand’s PM said a call with US President Trump is set for 21.20 local time 14:20GMT/09:20EST.
• China’s Military said small Philippine aircraft “invaded” Scarborough Shoal airspace. Monitored, warned forcefully and drove away the aircraft.

US Event Calendar

• No Macro data
• 8:00 am: Fed’s Paulson Speaks on Economic Outlook
• 8:30 am: Fed’s Hammack Speaks at Real Estate Roundtable Series
• 10:35 am: Fed’s Goolsbee Speaks at Economic Outlook Symposium

DB’s Jim Reid concludes the overnight wrap

Thank Friday it’s Friday after a busy week. There won’t be much thanks in our household though as school breaks up today and we have to work out what to do with them for another 10 days before we go on holiday. If anyone wants a 10yr old, or two identical 8yr olds as an intern for a week let me know. Skills? Eating cake. Weaknesses? Not clearing it up. Apply within!

The celebratory cake ended up being rolled out last night after an inauspicious start, with the S&P 500 (+0.21%) recovering from a weak open to reach a new all-time high. US equities were initially weighed down by a big slump for US tech stocks as Oracle (-10.83%) was the worst performer in the S&P 500 following its earnings release. However, the broader market mood was more positive as investors continued to digest the Fed’s rate cut from the previous day, and also helped by ebbing inflation fears as 2yr inflation swaps fell to their lowest in 13 months. And Europe saw a strong rally across the board as investors dialled back the chance of an ECB rate hike next year, which helped the STOXX 600 (+0.55%) to close less than half a percent beneath its record high.  

Those earnings from Oracle (-10.83%) on Wednesday night were a big story yesterday, as it revived fears about the sustainability of AI spending. As a reminder, they reported revenue that was beneath expectations, and capital expenditures that were above expectations. So that meant the share price fell to its lowest level since June, having now shed -39% since its closing peak back in September. Remember as well that Oracle’s CDS spreads have been used as a hedge against a potential AI bubble, and their 5yr CDS spreads rose +12bps to 134bps by the close, their highest level since 2009 around the GFC. It seems to me that since early October the AI trade has changed from everyone being a winner to winners and losers. In the period where Oracle is down nearly -40%, fellow hyperscaler Google is up around +30%. There are other examples of winners and losers with the likes of Coreweave down -39% since early October and the poster child of AI, namely OpenAI under much more scrutiny. I can’t help but think this trend would continue in 2026 where the AI story will result in more divergence. For markets overall it will depend on whether one of the mega cap stocks get on the wrong or right side of that winners and losers equation.   

Back to yesterday and while the Oracle news cascaded across US tech stocks, leaving the Magnificent 7 -0.66% lower on the day, the overall equity market managed to shake off initial negativity as the optimism we saw after the Fed’s rate cut on Wednesday again took hold. The S&P 500 (+0.21%) reversed a -0.77% decline early in the session, and outperformance by blue-chip and small-cap stocks also sent the Russell 2000 (+1.21%) and the Dow Jones (+1.34%) to new record highs.

The swing in AI sentiment continued with Broadcom’s earnings after the US close. Following a +78% advance YTD, the chipmaker now has a larger market cap than Meta and Tesla, playing a growing role in the tech market narrative. The stock initially advanced +4% after-hours after unveiling stronger-than-expected revenue guidance for the current quarter ($19.1bn vs $18.5bn est.). But it then turned sharply lower as management held off on giving an AI revenue forecast for the year, leaving Broadcom’s shares down -4.5% by the end of after-market trading. NASDAQ 100 futures are down a tenth and the S&P equivalent is flat.  

US Treasuries also had a mixed day yesterday. Yields initially moved lower as markets digested the Fed’s latest rate cut and reacted to messy set of weekly claims data. However that move reversed as the session went on, and 10yr yields (+0.9bps to 4.16%) inched higher late in the session after the Fed Board unanimously reappointed eleven Fed regional presidents to new five-year terms (Atlanta Fed President Bostic, who is retiring, was the lone exception). The regional presidents’ current terms expire in February so the advance announcement suggests that the Board was united in wanting to avoid the risk that the reappointment process raises questions over Fed independence.

At the frontend, 2yr Treasury yields (+0.2bps) were little changed, with their rise limited by a decline in breakevens as the 2yr inflation swap fell -2.0bps to 2.43%, its lowest level since November 2024. That was in part due to oil prices declining to their lowest since October, with Brent crude down -1.49% to $61.28/bbl. The amount of Fed cuts priced by December 2026 stayed at 55bps (-0.4bps on the day), so still consistent with at least two cuts next year. Meanwhile, the recent dollar weakness continued, with the dollar index (-0.45%) hitting an eight-week low.  

Over in Europe, markets put in a strong performance as investors dialled back their expectations for ECB rate hikes next year. By the close, the chance of a hike by the December 2026 meeting was down to 28%, which is still noticeable, but down from 40% the previous day when front-end yields hit their highest in months. So those more dovish expectations supported assets across the continent, with the STOXX 600 (+0.55%) closing half a percent beneath its record high, whilst Spain’s IBEX 35 (+0.72%) hit an all-time high. Similarly for sovereign bonds, yields on 10yr bunds (-0.8bps), OATs (-1.4bps) and BTPs (-2.0bps) all moved lower.

Otherwise in Europe, the main story was from the Swiss National Bank, who left their policy rate at 0% as expected. However, the perception was that a return to negative interest rates was unlikely in the next few meetings, and SNB Chair Schlegel said that the “hurdle is higher for the introduction of a negative interest rate”. That backdrop meant the Swiss franc was the top-performing G10 currency yesterday, up +0.57% against the US dollar. Meanwhile, yields on 10yr Swiss government debt rose +0.8bps, contrary to the declines across the rest of Europe.

Asian stock markets have gathered some positive momentum this morning with the Hang Seng index (+1.69%) leading the way, while the S&P/ASX 200 (+1.23%) is also notably higher, continuing the substantial increases from the previous session. Elsewhere, the Nikkei (+1.08%) and the KOSPI (+1.13%) are also strong supported by a recovery in technology stocks. The CSI (+0.57%) and the Shanghai Composite (+0.31%) are lagging a bit, as local semiconductor manufacturers are lower due to the anticipated rise in competition from NVIDIA Corporation.

Finally, there wasn’t much economic data yesterday, although we did get the weekly initial jobless claims from the US. They were higher than expected, at 236k in the week ending December 6 (vs. 220k expected). Treasuries saw a modest rally following the release but for the most part markets took the print in their stride. There were always expectations of choppiness around the Thanksgiving holiday, and the 4-week moving average was still at 216.75k, which is at the bottom of the range in recent months. We also had the trade balance for September, which had the US trade deficit falling to its smallest since June 2020, at just $52.8bn (vs. $63.1bn expected).  

To the day ahead now, and data releases include UK GDP for October. Otherwise, central bank speakers include the Fed’s Paulson, Hammack and Goolsbee.

Authored by ‘sallust’ via DailySceptic.org,

The tireless hacks at the BBC have emerged from their bunkers once again to terrorise the public by bravely touring the hospitals and whipping up hysteria about the latest outbreak of flu.

It seems “literally hundreds” of patients have been bombarding A&E departments, according to Health Editor Hugh Pym and Chloe Hayward who have been courageously touring the front line:

As one patient leaves his room at Leicester Royal Infirmary’s acute unit, cleaning staff are waiting outside.

He is barely out of the room before the bed is stripped and bleach is sprayed. The next patient is already waiting to come in.

Over two days the BBC was given access to the hospital to witness first-hand how it is coping with an early surge of winter bug cases.

Flu season has hit a month earlier than normal this year, with experts warning there appears to be a more severe strain of the virus – mutated H3N2 – circulating.

Hospitals around the country, like this one in Leicester, are doing all they can to avoid becoming completely overwhelmed.

“Completely overwhelmed.” Sounds familiar?

They’re at the Royal Infirmary in Leicester, and after citing some choice case studies, miss no opportunity to make it sound like the end of the world is imminent:

“There are patients in every cubicle,” Consultant Saad Jawaid says, as Paige is wheeled in. “Another ambulance has just rocked up.”

We watch as he works with colleagues in the resus unit to find desperately needed bed spaces.

“When beds are full we have to move people – sometimes that means those who can sit are moved out of beds and into chairs,” he says.

Regardless of the situation in the hospital and the range of conditions people are turning up with, on closer examination it things aren’t quite as bad as the story’s florid copy suggests:

Richard Mitchell has been the Chief Executive of University Hospitals Leicester NHS Trust since 2021 – and has witnessed first-hand how it gets harder to cope with each winter that passes.

”We are already seeing very high levels of flu,” he tells us. He expects numbers to climb into January. “That is one of the many things I am concerned about at the moment.

“At this point I feel we are working at the limits of our ability.”

What exactly was he expecting? An idle coast through to April before going on a well-unearned summer break? It raises the interesting question of what people who work for the NHS think they are likely to be confronted with in 21st century Britain.

The story ends up with the predictable exhortation to get a flu vaccine.

The other day the Telegraph reported that the currently available jab is a “poor match” for the strain that’s doing the rounds anyway.

Stop Press: The BBC’s Nick Triggle (often a voice of relative sanity in the Covid years) has questioned how unprecedented this year’s flu wave really is, pointing out that the NHS’s data only go back to 2021!

NHS England says the number of patients with flu in hospital is the worst on record for this time of year, describing it as an unprecedented situation.

It is, but that’s because the data only goes back to 2021-22. In doing so, it misses several really difficult flu seasons during the 2010s.

The 2014-15 and 2017-18 winters were particularly bad – more than 20,000 deaths from flu were recorded.

Both were far worse than what we have seen over the past four years.

So when the NHS talks about being in an unprecedented situation it is not taking into account what happened just a decade ago.

Could this flu season match those? It is quite possible. The strain that is dominant this year – H3N2 – was the one behind the 2014-15 and 2017-18 spikes.

But it is worth remembering what is being seen now is not something that has never happened before.

Enough said. But if you’re feeling nostalgic and suffering from Covid-era withdrawal symptoms, the BBC’s story will take you back to the good old days. The only thing missing is some reckless modelling.

Worth reading in full – unless you’re of a nervous disposition.

Americans may be preparing for holiday sales and gift lists, but a new survey shows that growing anxiety over safety and scams is shaping how they shop in 2025. Concerns about home security, crowded retail environments, and package theft are pushing changes in buying behavior, from delivery choices to how—and when—people visit stores, according to a study from Hanwah Vision. The key findings were:

• 62% of Americans are concerned about porch pirates this year.
• 59.5% would pay more for secure delivery options.
• 40.5% of Americans say that safety concerns influenced their decision to shop online or in-store this year. That share rises to 61% among Gen Z.
• 31% of Americans lack confidence that retailers provide adequate security during the holidays.
• 35.5% often avoid crowded stores or peak hours because of safety concerns.
• 40% of Gen Zers plan to do most of their holiday shopping online.
• 21% say they feel less safe in stores this year compared to last.
• 42% of men would buy from a website they’ve never heard of if it offered a big discount, compared to 32% of women.
• Only 31% expect their overall holiday spending to rise.

The study found that fear of package theft remains one of the biggest concerns of the season. Sixty-two percent of shoppers worry about porch pirates, and nearly 60 percent say they are willing to pay extra for delivery options that promise greater protection. Those worries are driving homeowners to beef up security with cameras, motion-sensing lights, doorbell alerts and locked delivery boxes. Shoppers are no longer just hoping their gifts arrive—they want assurance that they will arrive safely.

Safety is also influencing where people shop. Forty-point-five percent of Americans say concerns about crime, scams or crowded stores played a role in whether they chose in-person shopping or online purchasing this year. Among Gen Z shoppers, that figure climbs to 61 percent, with 40 percent planning to do most of their holiday shopping online. Younger shoppers are especially wary of in-store risks, with one in five saying they feel less safe in shops this year than last. Their shift online might protect them from in-store theft or crowds, but it brings new vulnerabilities such as phishing scams and counterfeit retailers.

The study says that security doubts extend to brick-and-mortar stores. Nearly a third of shoppers say they don’t trust retailers to provide adequate protection during the holidays, and more than a third say they avoid crowded stores or peak hours because of safety concerns. For retailers already battling competition from e-commerce, a sense of insecurity could become another reason customers choose to shop elsewhere. Shoppers want visible signs that stores are investing in protection, whether through trained staff, monitoring systems or stronger cybersecurity for payment data.

Meanwhile, financial pressure is pushing many consumers to take risks they might normally avoid. Only 31 percent expect to spend more on gifts this year, suggesting that tight budgets are pushing shoppers toward steep discounts and unfamiliar online sellers. That desire for bargains has a cost: 42 percent of men and nearly a third of women say they would purchase from a site they’ve never heard of if the deal was compelling enough. Temptation fuels vulnerability, making scams and fraudulent sites more effective at a time when shoppers are more focused on savings than verification.

With budgets stretched and more consumers modifying their traditions, every purchase carries a little more weight. Losing a gift to theft, fraud or delivery issues isn’t just frustrating—it represents money carefully saved and spent. This year’s Holiday Security Sentiment Index suggests that the season has two priorities: what people buy, and how safe they feel buying it.

The findings are based on a nationwide survey of 1,000 adults conducted ahead of the 2025 holiday season. Participants were asked how worries about theft, scams and personal safety are influencing where they shop, how much they spend and what precautions they take at home and in stores. Responses were analyzed across age groups, gender and income to identify emerging trends that link security and spending behavior.

Authored by Andrew Korybko via Substack,

Unlocking this mutually profitable opportunity requires the US to first successfully manage the Turkish-Russian tensions in Central Asia that it’s responsible for exacerbating through TRIPP.

The US’ management of Turkish-Russian tensions in the South Caucasus and Central Asia, which was proposed here as part of a larger NATO-Russian Non-Aggression Pact, could lead to the merger of its planned rare earth mineral (REM) investments in Central Asia and related post-Ukraine joint projects in Russia. Regarding the first, Trump clinched such deals with Kazakhstan and Uzbekistan during the latest C5+1 Summit in DC, while the second were described by the Wall Street Journal in a recent report.

If Turkish-Russian tensions worsen in Central Asia and the Ukrainian Conflict continues raging, thus delaying the US’ joint REM projects in Russia, then the US will be fully dependent on Turkiye for importing its REMs from Central Asia. That’s because the Afghan and Iranian routes are unviable for security and political reasons, so the only realistic one is from Turkiye, the western anchor of the “Trump Route for International Peace and Prosperity” (TRIPP) across Armenia to Azerbaijan and Central Asia.

TRIPP will gradually replace Russia’s regional influence with Turkish-led Western influence, but this will also turbocharge Turkiye’s rise as a Eurasian Great Power, which might empower it to defy the US even more than it already does. The forms that this could take include cooperating more closely with China in Central Asia to break the US’ planned containment of the latter, funding more (possibly US terrorist-designated) Muslim Brotherhood chapters, and weaponizing its pivotal role in TRIPP to blackmail the US.

These dark scenarios can be averted if the US manages Turkish-Russian tensions and brokers an end to the Ukrainian Conflict. In that event, the US could diversify from its dependence on TRIPP and therefore Turkiye for importing its REMs from Central Asia by relying on Russia’s nearby Trans-Siberian Railway (TSR), which can conveniently deliver these resources to Vladivostok from where they can then be shipped to the US’ Californian tech hub. This can then lead to the merger of its two REM investments.

Not only would joint REM projects with Russia be unlocked, but the same US companies investing in Central Asian ones could then more easily scale their regional operations northward, with resources from both projects being shipped to the Pacific via the TSR. The increased logistical and resource importance of Siberia and the Russian Far East for the US could then lay the basis for more joint projects there and in the neighboring Arctic, thus advancing Putin’s master development plan for these regions.

The US and others who invest in Mongolia’s mineral sector might also begin rerouting exports through the TSR instead of continuing to rely on the US’ systemic Chinese rival. The gradual result could be the creation of complex strategic interdependence between the US and Russia, which was non-existent prior to the special operation, for reducing the risk of another crisis. The US would also establish a strategic economic presence along China’s western and northern peripheries that could be flaunted for prestige.

Amidst the Sino-US rivalry, the US has an interest in obtaining access to Russian resources that ipso facto denies them to China, whose superpower trajectory would be turbocharged by unlimited access at bargain-basement prices like would otherwise be the case without robust US competition. This makes the proposed arrangement of grand strategic importance to the US, which is why it should broker an end to the Ukrainian Conflict and then manage Turkish-Russian tensions in Central Asia without delay.

Whether launched from shipping containers, robotic arms, commercial box trucks, or delivered by heavyweight jet-powered mothership drones, the creativity of military technology developers in designing and deploying loitering-munition swarms has been remarkable to watch.

The latest piece of military hardware to hit our radar is China’s Jiutian (“Nine Heavens”) unmanned aerial mothership, capable of hauling up to six tons of guided bombs, air-to-air and anti-ship missiles, or entire racks of kamikaze drones.

Jiutian’s internal bay can deploy up to 100 kamikaze drones for a saturation-swarm attack, flying in coordinated patterns to strike targets simultaneously and overwhelm defenses.

Jiutian was first revealed at the air show in Zhuhai, in China’s southern Guangdong province near the border with Macau, last year. Now footage has surfaced of the mothership drone taking off for the first time.

The short footage on Weibo (11 December 2025) pic.twitter.com/yYm5MtU5vZ

— Dragon Wong 黄龙 (@DragonWong2024) December 11, 2025

Military and defense-related:

• Did China Trigger A “DeepSeek Moment” In Hypersonic Missiles 

Remember one year ago when New Jersey Rep. Jeff Van Drew, a Republican, speculated the mysterious drone sightings in the Northeast U.S. could be coming from an Iranian “mothership”… 

Submitted by Thomas Kolbe

After German Foreign Minister Johann Wadephul was forced to cancel his October trip to China due to a lack of scheduled meetings, he has now finally met with Foreign Minister Wang Yi and Commerce Minister Wang Wentao. At the center of the talks was one issue with immense strategic weight for Germany and Europe: the future handling of critical raw materials—above all rare earths.

The relationship between Germany and the EU on the one hand and China’s political leadership on the other is clearly creaking. The growing trade tensions between both sides have become impossible to ignore.

In October, rising diplomatic friction culminated in China’s export halt on rare earth elements.

Rare earths, put simply, are a foundational pillar of modern industrial production and high-end technology. Without them, production stalls—and China’s sudden export freeze sent shockwaves through the executive floors of German industry, especially the automakers, prompting warnings of immediate production shutdowns.

Raw Materials and China’s Leverage in Ukraine

Pressure was therefore immense ahead of Wadephul’s visit. His originally planned trip had been scrapped after Beijing denied him meetings with the key ministers he needed—his counterpart Wang Yi and Commerce Minister Wang Wentao. It was a humiliation that exposed the real power imbalance between Berlin and Beijing.

Wadephul also witnessed firsthand that Beijing is deadly serious about using its geopolitical levers—partly as a way to counter U.S. tariffs and rising trade pressure.

Europe is trapped: on the one hand, it suffers from China’s dumping exports that hollow out European industry. On the other hand, it relies heavily on Chinese rare earths, 90% of which are refined and exported under Chinese licensing authority.

Second Attempt

Thus, on December 8 and 9, the German delegation attempted a second round of engagement with Beijing. Central to the agenda: access to rare earths, chips, raw materials—and China’s stance on Russia’s war in Ukraine. Wadephul described the exchanges as “open and intensive,” with progress on economic issues and some signs of de-escalation in the raw materials dispute. He insisted it had been wise to pause, regroup, and attempt talks once more—talks that should also help pave the way for the German Chancellor’s upcoming visit.

Berlin wants to stay engaged, possibly even through a broader European mission, in order to shore up supply security for its industrial base.

But a genuine thaw between Berlin, Brussels, and Beijing remains nowhere in sight. Wadephul’s vague assessment that Beijing, like Germany, was interested in “serious and concrete” dialogue remains noncommittal.

For now, Wadephul leaves with Beijing’s signal that export licenses for rare earths may be issued more readily. But he emphasized that much work remains before supply can be considered truly secure.

China and the U.S. Play Their Cards

Germany imports around two-thirds of its rare earths from China. For key magnet metals—like neodymium, praseodymium, and samarium—the dependence is nearly total. The EU’s strategy to reduce this dependency remains limited to recycling and attempts at building partnerships in South America—none of which have delivered meaningful results.

China’s licensing strategy mirrors Washington’s latest move in the chip war. The U.S. this week unveiled a model under which Nvidia’s H200 chips may be exported to China—provided Beijing pays a 25% levy.

Both superpowers are ruthlessly leveraging their strategic advantages to reorder global trade and secure long-term dominance.

Brussels, meanwhile, must bend, concede, and build new trade alliances. The EU’s failure—after years of talks—to finalize the Mercosur agreement shows Brussels’ inability to compromise, tripping over its own feet even in an area of existential importance.

Europe Caught Between Weakness and Geopolitical Pressure

Brussels and Berlin would have been wise to realign strategically with Washington, drop their resentment toward President Trump, accept U.S. frameworks, and leverage America’s geopolitical umbrella for their own advantage. Europe’s resource and energy dependency is fast becoming its Achilles heel in this global contest for power, markets, and influence.

This makes Wadephul’s largely fruitless visit all the more troubling—German industry is desperate for clarity on rare earth supply security.

It may also have been tactically unwise for Wadephul to press Beijing to use its influence on Moscow and bring Russia back to the negotiating table over Ukraine. Beijing surely noticed that it has been European governments, not China, who have opposed any negotiation track with maximalist rigidity.

In contrast to most assessments of this unimpressive trip, Reuters reported that China may offer priority access to rare earths for European manufacturers as part of a supply-chain stabilization effort. Diversion tactic—or a genuine first step toward rapprochement? The coming weeks will tell.

* * * 

About the author: Thomas Kolbe, a German graduate economist, has worked for over 25 years 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.

Authored by Thomas Brooke via Remix News,

The European Union must expand legal migration channels and intensify pressure on the criminal networks behind illegal border crossings, European Commission President Ursula von der Leyen said on Wednesday at a global migration conference in Brussels.

Von der Leyen argued that creating structured, regulated routes into the EU is essential if the bloc wants to reduce reliance on smuggling networks.

“We must open more safe pathways, legal pathways to Europe,” she said, urging closer cooperation between Europe and partner countries, including the G7.

“We must make sure that people can find a job where their talent is needed … bring skills across our borders.”

The Commission president highlighted the EU’s new “talent partnerships” — arrangements that allow non-EU citizens to work legally in Europe — saying five countries have already joined and that Brussels hopes more will follow.

She said a newly established “talent pool” would match European employers with qualified workers from outside the bloc, with a pilot “gateway office” in India launching to help jobseekers access legal routes.

If successful, she said, it could become “a blueprint for partnership with other countries.”

NEW – Ursula von der Leyen says that to prevent illegal border crossings, “we must open more safe and legal pathways to Europe,” and announces, as part of the new “talent partnerships,” an office opening in India to connect European employers with non-European jobseekers. pic.twitter.com/UMnxqKIKSc

— Disclose.tv (@disclosetv) December 10, 2025

She portrayed these initiatives as beneficial to both Europe and partner states through developing skills, creating opportunities, and keeping young people engaged. “By working in partnerships, we have found safe alternatives to the lethal criminal smuggling networks,” she added.

Alongside legal pathways, von der Leyen announced a significant escalation in the EU’s enforcement strategy. Brussels is preparing a new sanctions regime aimed directly at migrant smugglers and the financial channels that sustain them. “We need stronger legal tools to dismantle this criminal business,” she said. “This is why Europe is developing a stringent new sanctions regime against smugglers … Our goal is simple. We want to bankrupt their businesses through all means available.”

The Commission chief said the measures could include travel bans and asset seizures, developed in coordination with G7 partners. She argued that migrants who enter the EU illegally often fall prey to “networks of modern slavery,” and said that expanding legal migration routes was essential to cutting these groups out.

The president also called for a major expansion of the EU’s border agency, Frontex, which she said should be tripled to 30,000 staff as part of wider efforts to reinforce border management and combat illegal immigration. According to von der Leyen, irregular entries have fallen by 37 percent this year, with a 26 percent decline on the most frequently used routes.

Her remarks came amid continued controversy over the EU’s recently adopted Asylum and Migration Pact, which includes faster procedures for returning people without authorization to stay and a mandatory solidarity mechanism. Under the system, member states must accept relocated migrants or make a “solidarity payment” of €20,000 per person if they refuse. Hungary, Slovakia, and Czechia have all declared their opposition, while countries such as Poland will receive temporary adjustments to their quotas due to the high number of Ukrainian refugees already hosted.

Von der Leyen acknowledged the political challenges but said the EU’s overarching principle must remain clear: “Europeans decide who crosses the borders and under what conditions, not the smugglers.”

“We all have one common goal,” she told delegates.

“The common goal is to drive the smugglers out of business. To save the lives of thousands of people who dream of a better life.”

At no point in her speech did she mention the effect that illegal immigration has on European citizens. She did not refer to the disproportionate percentage of crimes committed by migrants across the bloc, nor the plummeting levels of security felt among citizens.

Instead, she told attendees, “We must create more bridges between our continents. We must make sure that people can find a job where their talent is needed, match the skills, and bring skills across our borders.”

Read more here…

Authored by Dave DeCamp via AntiWar.com,

The New York Times editorial board released a video this week calling for the US to “prepare for the future of war” and urged the Pentagon to take drastic steps to be better prepared for a potential fight with China, a conflict that could quickly turn nuclear.

“US politicians often boast that America has the ‘Strongest and most powerful military in the history of the world’ but behind closed doors, they’re being told a different story,” the editorial board said. “New York Times Opinion has learned that the Pentagon has been delivering a classified, comprehensive overview of US military power called the Overmatch brief. The report shows what could happen if a war were to break out between China and the United States. The results are alarming.”

The video said that a war with China might seem “purely hypothetical,” but claimed that Chinese President Xi Jinping ordered the Chinese military to be ready to seize the island of Taiwan by 2027. However, that timeline is based on claims from the CIA and has never been confirmed by Chinese officials. Xi reportedly told President Biden last year that there were “no such plans” to be ready to invade Taiwan by 2027.

The Times editorial board said that defending Taiwan “won’t be easy” and called on the US to invest more in new technologies, such as drones, rather than “symbols of might,” referring to large aircraft and warships.

“America must prepare for the future of war. This is the opinion of The New York Times editorial board. You might be thinking America should focus on peace, not war. But one of the most effective ways to prevent a war is to be strong enough to win it. That’s why it’s imperative that we change,” the board said.

The board suggested several steps for the US to take to prepare for war with China, including building “new autonomous weapons and leading the world in controlling them” and relaxing rules on purchasing weapons to “make bets on young companies.”

The video comes after Congress unveiled a $901 billion National Defense Authorization Act (NDAA) that, when added to a supplemental spending bill passed earlier this year, will bring the official US military budget to over $1 trillion.

“It’s been nearly 10 years since the Overmatch brief was first delivered. Its warnings have been updated and delivered again to the new Trump administration. We’ve been warned about the urgent need for change. The question is whether we’ll change in time,” the video concluded.

This refers to this NYT story (https://t.co/rdFRYttqF9) in which they reveal there now exists an “overmatch brief” at the Pentagon that details China vs US military power. The name says it all…

Apparently when a senior US official read the brief he “turned pale” as he realized… https://t.co/fJBKMKzR08

— Arnaud Bertrand (@RnaudBertrand) December 11, 2025

For years now, the Pentagon has named China as the top “pacing threat” facing the US and has been openly preparing for war with China. President Trump’s War Department is expected to prioritize the Homeland and the Western Hemisphere in its coming National Defense Strategy, as outlined by the recently released National Security Strategy, but it will still be putting a focus on a military buildup in the Asia Pacific to get ready for a future clash with China, while stressing that US allies in the region should spend more on their militaries.