Authored by Kimberly Hayek via The Epoch Times (emphasis ours),

A federal judge in Rhode Island has blocked the Trump administration’s plan to divert Homeland Security funding from states that fail to assist with certain federal immigration efforts.

U.S. District Judge Mary McElroy’s ruling on Monday sided with a coalition of 12 attorneys general that sued the administration this year after being informed that several states would receive reduced federal grants as a result of their sanctuary jurisdiction statuses.

The order affects funding from the U.S. Department of Homeland Security (DHS) and the Federal Emergency Management Agency (FEMA), which had cut more than $233 million from Connecticut, Delaware, the District of Columbia, Massachusetts, Minnesota, New York, Rhode Island, Vermont, and Washington. These funds are part of a $1 billion program tied to risk assessments and primarily go to local law enforcement and emergency services.

The group of a dozen attorneys general included those from California, Illinois, and New Jersey, who all wanted to participate in challenging the legality of the Trump administration’s policy.

In her 48-page ruling, McElroy ruled that the government’s funding decisions wrongly took into consideration states’ positions on immigration enforcement.

“What else could defendants’ decisions to cut funding to specific counterterrorism programming by conspicuous round numbered amounts—including by slashing off the millions-place digits of awarded sums—be if not arbitrary and capricious? Neither a law degree nor a degree in mathematics is required to deduce that no plausible, rational formula could produce this result,” McElroy wrote.

The judge then ordered DHS to reinstate the previously announced funding allocations to the plaintiff states.

“Defendants’ wanton abuse of their role in federal grant administration is particularly troublesome given the fact that they have been entrusted with a most solemn duty: safeguarding our nation and its citizens,” McElroy wrote. “While the intricacies of administrative law and the terms and conditions on federal grants may seem abstract to some, the funding at issue here supports vital counterterrorism and law enforcement programs.”

McElroy highlighted the recent Brown University attack, where a man killed two students and injured nine others, as an instance where the $1 billion federal program would be crucial in responding to such a tragedy.

“To hold hostage funding for programs like these based solely on what appear to be defendants’ political whims is unconscionable and, at least here, unlawful,” the Rhode Island-based judge stated in her ruling.

DHS Assistant Secretary for Public Affairs Tricia McLaughlin said the department will fight the order.

“This judicial sabotage threatens the safety of our states, counties, towns, and weakens the entire nation,” McLaughlin said in a statement. “We will fight to restore these critical reforms and protect American lives.”

The White House did not return a request for comment.

The lawsuit dates back to September, when 11 states and the District of Columbia took aim at the administration’s directive to slash funds to sanctuary areas, arguing it violated federal law and was meant to coerce compliance with immigration policies.

A federal judge permanently blocked DHS in October from withholding $34 million for New York City’s transportation security due to its sanctuary status, calling the action “arbitrary, capricious, and a blatant violation of the law.”

An August ruling barred funding blocks to 34 cities and counties over sanctuary policies, extending injunctions against immigration-related grant conditions.

In April, a judge blocked Trump’s broader defunding efforts against sanctuary cities such as San Francisco and Santa Clara, California, following suits against executive orders.

Reuters contributed to this report.

After two poor, disappointing coupon auctions earlier this week, when global yields were surging thanks to the circus that is Japan, we have come to the final note auction of the year, and yes… this one was not quite as bad. 

The sale of $44BN in 7Y notes priced at a high yield of 3.930%, up from 3.781% in November and the highest since July. That said, the auction stopped through the 3.933% When Issued by 0.3bps, and followed 4 consecutive tailing auctions.

The bid to cover was 2.509, up from 2.459 last month and the highest since July, if just below the six-auction average of 2.520.

Unlike the week’s previous coupon auctions, which saw a slide in foreign demand, the internals were stronger and Indirects took down 59.04%, up from 56.65% and the highest since August’s 77.5%. And with Directs rising to 31.6%, just shy of a record high, Dealers were left with just 9.34%, the lowest since July.

Overall, this was a stronger auction than the subpar fare observed earlier this week, which is handy since this was also the final auction of the year, helping push yields down to session lows. Of course, we now have an entirely new year to look forward to and with an onslaught of deficit-funding debt on deck, far more ugly auctions on deck.

Authored by Kimberly Hayek via The Epoch Times (emphasis ours),

A federal judge on Tuesday dismissed the Trump administration’s challenge to New York’s Green Light Law, upholding the state’s issuance of driver’s licenses to individuals without requiring proof of legal U.S. residency.

U.S. District Judge Anne M. Nardacci (Biden) in Albany determined that the Trump administration, which challenged the law under President Donald Trump’s enforcement of immigration laws, failed to back its claims that the state law usurps federal law or that it unlawfully regulates or unlawfully discriminates against the federal government.

The Justice Department filed the lawsuit against the state over the law in February, naming Gov. Kathy Hochul and the state’s attorney general, Letitia James, as defendants.

“As I said from the start, our laws protect the rights of all New Yorkers and keep our communities safe,” James said in a statement on Dec. 19. “I will always stand up for New Yorkers and the rule of law.”

Nardacci stated that her job was not to evaluate the desirability of the Green Light Law as a policy matter. Rather, she said in a 23-page opinion, it was to assess whether the Trump administration’s arguments established that the law violates the U.S. Constitution’s Supremacy Clause, which grants federal laws precedence over state laws.

The administration, she wrote, has “failed to state such a claim.”

The Green Light Law was framed as improving public safety on the roads, as people without licenses sometimes drove without one or without having passed a road test. The state also makes it easier for holders of such licenses to get auto insurance in an attempt to minimize accidents involving uninsured drivers.

Under the law, people without a valid Social Security number can submit alternative forms of ID, such as valid passports and driver’s licenses issued in other countries. Applicants must still obtain a permit and pass a road test to qualify for a “standard driver’s license.” The program does not apply to commercial driver’s licenses.

The Justice Department’s lawsuit sought to strike down the law as “a frontal assault on the federal immigration laws, and the federal authorities that administer them.”

It noted a provision that requires the state’s Department of Motor Vehicles commissioner to notify people who are in the country illegally when a federal immigration agency has requested their information.

In 2020, during Trump’s first term, his administration sought to push New York into changing the law by preventing anyone from the state from enrolling in trusted traveler programs.

Then-Gov. Andrew Cuomo offered to restore limited federal access to driving records, but stated he would not allow immigration agents to see lists of people who applied for the special licenses available to immigrants who couldn’t prove legal residency in the country. The administration restored New Yorkers’ access to the trusted traveler program after a short-lived legal battle.

In the lawsuit thrown out Tuesday, the administration contended that it would be simpler to enforce federal immigration priorities if federal authorities had unhindered access to New York’s driver data. Nardacci, agreeing with a 2nd U.S. Circuit Court of Appeals ruling in a county clerk’s prior challenge to the law, stated that such information “remains available to federal immigration authorities” via a lawful court order or judicial warrant.

In December 2019, former ICE acting director Tom Homan, now Trump’s border Czar, called the law an “enticement” that minimizes the illegality of illegal immigration by providing benefits.

“There’s absolutely no reason to give a privilege of a driver’s license to someone who is here in violation of the law,” Homan stated.

In February 2020, a New York sheriff said the law hinders human trafficking investigations by restricting DMV data sharing with federal agents.

“So, if Border Patrol came and said, ‘Hey, we want to look through your records because we’re looking for this guy,’ I can’t share our investigation with them if it has DMV data,” Wayne County Sheriff Barry Virts said.

That same month, the Department of Homeland Security banned New Yorkers from enrolling in trusted traveler programs, with acting Secretary Chad Wolf citing the law’s barriers to DMV data access as the reason.

New York responded with a lawsuit, alleging the ban was punitive and harmed residents.

The Associated Press contributed to this report 

Update (1120ET):

U.S. Coast Guard forces remain in a holding pattern this week, awaiting the arrival of specialized teams to assist in the interdiction and seizure of the Venezuela-linked oil tanker Bella 1.

Reuters reports that the Coast Guard is awaiting one of two specialist units, known as Maritime Security Response Teams (MSRTs), which can board the tanker by rappelling from helicopters under hostile conditions.

MSRT units are called in for non-compliant vessels, hostile crews, or situations involving weapons, sanctions evasion, or national security threats. Regular Coast Guard boarding operations are not equipped to handle such situations.

Earlier this month, President Trump ordered a “blockade” of sanctioned oil shipments to disrupt Venezuela-Cuba-China flows, aiming to pressure and create instability in Caracas that would ultimately lead to further economic ruin across Cuba.

“There are limited teams who are trained for these types of boardings,” Corey Ranslem, chief executive of maritime security group Dryad Global and previously with the U.S. Coast Guard, told Reuters.

The problem with a limited number of MSRT units is that it will complicate President Trump’s gunboat diplomacy, as hundreds of dark tankers are operating to ensure 900,000 barrels per day of Venezuelan crude flows to Asia.

*   *   * 

President Trump’s reposturing of the U.S. military forces toward the Western Hemisphere – effectively Monroe Doctrine 2.0 – reinforced this week by the deployment of additional special-operations aircraft, troops, and equipment into the Caribbean, as U.S. forces apply gunboat diplomacy against Venezuela to disrupt crude oil flows routed through Cuba and onward to China, a campaign that, if successful, could spark regime instability in Caracas, and amplify economic and political stress in Cuba as well.

The Wall Street Journal reported Tuesday that a “large number of special-operations aircraft, troops, and equipment” arrived in the Caribbean region early this week – a movement of military assets and personnel confirmed by U.S. officials and flight-tracking data.

According to the WSJ:

At least 10 CV-22 Osprey tilt-rotor aircraft, which are used by special-operations forces, flew into the region Monday night from Cannon Air Force Base in New Mexico, according to an official. C-17 cargo aircraft from Fort Stewart and Fort Campbell Army bases arrived Monday in Puerto Rico, according to flight-tracking data. A different U.S. official confirmed that military personnel and equipment were transported on planes.

It isn’t clear what types of troops and equipment the aircraft were transporting. Cannon is home to the 27th Special Operations Wing, while the 160th Special Operations Aviation Regiment, an elite U.S. special operations unit, and the 101st Airborne Division are based at Fort Campbell. The first battalion of the 75th Ranger Regiment is based at Hunter Army Airfield, at Fort Stewart.

The 27th Special Operations Wing and 160th Special Operations Aviation Regiment are trained to support high-risk infiltration and extraction missions and provide close air and combat support. Army Rangers are trained to seize airfields and provide security for specialized forces, such as SEAL Team Six or Delta Force, during a precise kill or capture mission.

In a separate report, defense and security media outlet Army Recognition, citing open-source intelligence accounts on X, indicated that the U.S. military is ramping up deployments of F-35A stealth fighter jets, intelligence aircraft, and electronic warfare platforms across the Caribbean.

David Deptula, a retired Air Force lieutenant general and dean of the Mitchell Institute for Aerospace Studies, an aerospace think tank, told WSJ that the “prepositioning forces” in the region are “to take action.” He said the movement of such assets indicates that the administration has already decided on a course of action.

“The question that remains is to accomplish what?” Deptula said.

Trump’s gunboat diplomacy – seizing two sanctioned tankers and targeting a third earlier this week – should be viewed as a pressure campaign to disrupt Venezuela-Cuba-China oil flows. It’s always about following the money, and in this case, that oil money props up the Maduro regime.

Jorge Piñón, a Cuban exile who tracks the island’s energy ties to Venezuela at the University of Texas at Austin, told WSJ earlier this week that once crude oil flows are cut, this would act as a domino effect and create regime instability in Caracas, warning that “it would be the collapse of the Cuban economy, no question about it.”

According to analytics firm Kpler, Caracas has shipped nearly 900,000 barrels per day this year and relies on 400 dark-fleet tankers to transport the crude, much of which is bound for China.

“Venezuela has been remarkably effective at masking both origin and ownership of crude and therefore at evading financial and trade-related controls,” Kpler analyst Dimitris Ampatzidis told Bloomberg. “That’s why Washington has increasingly moved from purely financial measures to physical disruption.”

The military buildup across the region and the use of gunboat diplomacy are clear signals of the U.S. intent to force regime change in Venezuela by disrupting Maduro’s funding lifelines; China responded earlier this week, and Beijing is not pleased about crude oil disruptions.

Authored by Melanie Sun via The Epoch Times,

A federal judge in Tennessee overseeing the criminal case involving El Salvador national and long-time Maryland resident Kilmar Abrego Garcia has canceled a trial date for the human smuggling case, pending a decision on whether to dismiss the case entirely over the defendant’s allegations of vindictive prosecution.

A trial date in the case had been set for Jan. 27, but U.S. District Judge Waverly Crenshaw of Nashville, Tennessee, in a Dec. 23 filing ordered to change the proceedings to an evidentiary hearing for the government to make its case against the allegations at 9 a.m. on Jan. 28, 2026.

From the arguments and evidence made in the proceedings, which could span a few days, Crenshaw will determine whether the case will proceed to trial or be dismissed.

“The Court has already found that Abrego has made such a showing, entitling him to discovery and an evidentiary hearing on why the government is prosecuting him,” Crenshaw wrote in the order.

“Given this, the burden has shifted to the government to ’rebut [the presumption] ”with objective, on-the-record explanations“’ for charging Abrego.”

The indictment in Tennessee against Abrego Garcia came in May, which the defense noted was after a judge in Maryland—overseeing a separate civil case that will determine whether the government can deport the defendant—ordered his return from a prison in El Salvador to Maryland.

Abrego Garcia was indicted by a grand jury and charged with conspiracy to transport aliens and unlawful transportation of illegal aliens.

The alleged crimes happened during a 2022 traffic stop by Tennessee Highway Patrol troopers, in which he is accused of having worked with co-conspirators to knowingly smuggle illegal immigrants into the United States.

However, an immigration judge in 2019 ordered that, while Abrego Garcia had entered the United States unlawfully in 2011, the government was not allowed to deport him to El Salvador over a credible fear of persecution by gangs in his home country.

While the order did not bar his removal to safe third countries, Abrego Garcia stayed in the United States with a deportation hold for El Salvador.

Despite this hold, the Trump administration did indeed deport Abrego Garcia to El Salvador’s maximum security CECOT prison in March, which the administration later said was an “administrative error.” In April, the Supreme Court ordered the Trump administration to facilitate his return.

In its appeal, the defense argues that the government only started pursuing charges against Abrego Garcia after his deportation to El Salvador made national headlines. He pleaded not guilty in June, and in August, he rejected a plea deal to be deported to Uganda.

Abrego Garcia’s lawyers are attempting to have the case dismissed, arguing that the government is pursuing a vindictive and selective prosecution against their client for successfully fighting his removal to El Salvador in the other case.

The Department of Justice has denied the allegations and provided internal emails and an affidavit from acting U.S. Attorney for the Middle District of Tennessee Robert McGuire, who said he sought the indictment based on his belief that Abrego Garcia committed a federal crime.

“I received no direction from anyone at the White House, the Department of Homeland Security, the Department of Justice, or any other source on the question of whether to seek or not to seek an indictment in this case,” he said.

The Trump administration maintains that Abrego Garcia is an illegal immigrant who should face the law if found guilty of human smuggling.

Crenshaw said in a ruling on Oct. 3 that there was a “realistic likelihood that the prosecution against [Abrego Garcia] may be vindictive.” The ruling allowed for the defense to seek discovery and testimony from government officials about their decision to bring the charges.

However, Crenshaw said in the Dec. 23 order that the subpoenas requested by the defense for three high-ranking Justice Department officials—Deputy Attorney General Todd Blanche, acting Principal Associate Deputy Attorney General James McHenry, and Associate Deputy Attorney General Aakash Singh—will only be approved if the case is allowed to proceed to the next step.

The evidentiary hearing will focus on the government’s rebuttal of the defense’s motion to dismiss on grounds of vindictive prosecution.

The government has said it will call on testimony from Supervisory Special Agent John VanWie of Homeland Security Investigations (HSI) Baltimore, Special Agent Rana Saoud of HSI Nashville, and perhaps McGuire in the hearing.

In the Maryland case, the government continues pursuing the deportation of Abrego Garcia, now to Liberia.

Maryland Federal Judge Paula Xinis is overseeing that case. Xinis has expressed concern that the country to which Abrego Garcia is deported could eventually send him back to El Salvador. He has requested to be deported to Costa Rica, but the Trump administration is pursuing deportation to a list of countries in Africa.

“If the government were to say today, we’re going to remove Mr. Abrego Garcia to Costa Rica,” a defense attorney told a court on Dec. 22, his client is prepared to go “as soon as this afternoon.”

Abrego Garcia remains out on bond in Maryland with his family after being released from the custody of Immigration and Customs Enforcement, due to a temporary restraining order that prevents him from being taken into custody while Xinis considers the case.

America finally draws a line in the sand against foreign meddlers…

Modernity.news Steve Watson details below that the Trump administration has slapped visa bans on former EU Commissioner Thierry Breton and four other ‘anti-disinformation’ activists, accusing them of coercing American social media companies to censor viewpoints they dislike.

The move signals a zero-tolerance policy toward extraterritorial censorship, especially after the EU’s recent assaults on Elon Musk’s X.

Secretary of State Marco Rubio laid it out clearly: “For far too long, ideologues in Europe have led organized efforts to coerce American platforms to punish American viewpoints they oppose. The Trump Administration will no longer tolerate these egregious acts of extraterritorial censorship.”

For far too long, ideologues in Europe have led organized efforts to coerce American platforms to punish American viewpoints they oppose. The Trump Administration will no longer tolerate these egregious acts of extraterritorial censorship.

Today, @StateDept will take steps to…

— Secretary Marco Rubio (@SecRubio) December 23, 2025

Under Secretary of State for Public Diplomacy and Public Affairs Sarah B. Rogers stated “These sanctions are visa-related. We aren’t invoking severe Magnitsky-style financial measures, but our message is clear: if you spend your career fomenting censorship of American speech, you’re unwelcome on American soil.”

Today, the United States issued SANCTIONS reinforcing the “red line” I invoked on @GBNEWS. Namely: extraterritorial censorship of Americans.

Today’s sanctions target the censorship-NGO ecosystem.? https://t.co/kaefDo11uh

— Under Secretary of State Sarah B. Rogers (@UnderSecPD) December 23, 2025

The list includes Thierry Breton, who notoriously threatened Elon Musk over hosting a 2024 interview with Donald Trump on X. Others barred are Imran Ahmed, CEO of the Center for Countering Digital Hate (CCDH), who worked with Democrats like Amy Klobuchar to “kiII Musk’s Twitter”; Joan Donovan, founder of The Critical Internet Studies Institute; Kate Starbird, co-founder of the University of Washington’s Center for an Informed Public; and Jim Davey, co-founder of the Institute for Strategic Dialogue.

WE’VE SANCTIONED: Thierry Breton, a mastermind of the Digital Services Act. In August 2024, while serving as European Commissioner for Internal Markets and Digital Services, he published a letter using the DSA to threaten @elonmusk ahead of his livestream interview with President…

— Under Secretary of State Sarah B. Rogers (@UnderSecPD) December 23, 2025

WE’VE SANCTIONED: Clare Melford. She leads Global Disinformation Index (GDI), a UK-based organization that monitors websites for “hate speech” and “disinformation”. If you question Canadian blood libels about residential schools, you’re engaging in “hate speech” according to… pic.twitter.com/5F3fU4hf4R

— Under Secretary of State Sarah B. Rogers (@UnderSecPD) December 23, 2025

WE’VE SANCTIONED: Josephine Ballon, co-leader of HateAid, who flags disfavored speech throughout Europe under the Digital Services Act. In addition to her running an official “trusted flagger” body under the DSA, she serves on Germany’s Advisory Council of the Digital Services…

— Under Secretary of State Sarah B. Rogers (@UnderSecPD) December 23, 2025

Our targets are foreign, but you’ll notice that some collaborated with U.S. bureaucrats on Murthy-style speech suppression. Don’t worry: we’re pursuing transparency, truth, and reconciliation at the @StateDept, too.

— Under Secretary of State Sarah B. Rogers (@UnderSecPD) December 23, 2025

As @SecRubio has noted, today’s list is illustrative not exhaustive. We stand “ready and willing to expand” it.https://t.co/eS65g6i8OP

— Under Secretary of State Sarah B. Rogers (@UnderSecPD) December 23, 2025

This retaliation comes amid escalating tensions between the Trump administration and the EU. As we previously detailed, Brussels hit X with a $140 million fine under the Digital Services Act for refusing to comply with their censorship demands, marking a blatant attack on free expression.

Musk fired back fiercely, declaring the “EU commissars are responsible for the murder of Europe” and calling to “Dissolve the EU and return power to the people.” He highlighted X’s surge in popularity across Europe despite the fine, noting it became the top news app in every EU country.

The broader feud intensified when EU Council President Antonio Costa warned Trump to “keep his hands off Europe” amid the free speech crackdown. Costa condemned U.S. “interference” in European affairs, ignoring the bloc’s own slide into authoritarian control over online content.

Trump himself has blasted Europe’s direction, urging citizens to confront unchecked migration and over-regulation that’s “endangering the continent as we know it.” In interviews, he stressed, “Europe has to be very careful… We want to keep Europe Europe,” and called the EU’s fine on X “nasty” and unjust.

Breton, who left the European Commission in 2024, has slammed the ban as a “witch hunt,” comparing the situation to the US McCarthy era when officials were chased out of government for alleged ties to communism.

“To our American friends: Censorship isn’t where you think it is,” he declared on X.

Is McCarthy’s witch hunt back? ?

As a reminder: 90% of the European Parliament — our democratically elected body — and all 27 Member States unanimously voted the DSA ??

To our American friends: “Censorship isn’t where you think it is.”

— Thierry Breton (@ThierryBreton) December 23, 2025

France also condemned the visa ban on Breton, but the Trump team remains unmoved. This action underscores America’s commitment to protecting its tech giants from foreign regulatory harassment, prioritizing sovereignty and open discourse over globalist dictates.

As Brussels doubles down on surveillance tools like the DSA and proposed Chat Control laws, which threaten privacy by scanning private messages, the U.S. pushback exposes the hypocrisy of EU elites preaching democracy while building an Orwellian framework.

With Trump in charge, expect more defense of freedoms against such overreach. This ban on Breton and his allies is a clear message: Attempts to censor U.S. platforms from abroad will face consequences. The era of tolerating globalist bullying is over.

[ZH: To all of this we have one simple response: ]

Hey Imran, f**k you!

The number of Americans filing for first time jobless benefits tumbled to 214k (from 224k) in the week ending Dec 20th. This is the same level of claims seen back in Nov 2021 and shows absolutely no stress in the labor market (like ADP showed a rebound in hiring) while JOLTS, Payrolls, and surveys all suggest pain…

Source: Bloomberg

Illinois, New York, and Pennsylvania are the states with the biggest decline in jobless claims while Rhode Island and Massachusetts saw a small rise in jobless claims…

Continuing jobless claims rebounded from the shutdown/Thanksgiving seasonal SNAFU but remain well off YTD highs…

Source: Bloomberg

Not exactly the kind of data that supports more rate-cuts…

And there it is: the Santa Rally which we predicted would begin a week ago after Abu Dhabi removed much of the AI capex fears festering the OpenAI ecosystem, the S&P has rocketed to a new record high on Tuesday, with stocks looking set for a quiet start to the abbreviated Christmas Eve session. As of 8:00am ET, S&P 500 futures and Nasdaq 100 contracts were little changed following four days of gains in US stocks which signal confidence among investors that 2026 will bring decent corporate earnings growth and easing inflation, not to mention the restart of the Fed’s QE Lite which has so far injected $40bn into the market. The result is relative calm in equities, with no down month since April and a VIX which is below 14. In premarket trading, Nike gained 2.1% after a filing shows that Apple CEO Tim Cook purchased $2.95 million worth of shares. Intel shares fall as much as 3.1% in premarket trading after Reuters reported that Nvidia halted a test that uses the chip manufacturer’s 18A technology to produce its chips, while a Commerce Department official said Intel is not “too strategic to fail.” Wednesday’s shortened cash trading session finishes at 1 p.m. ET. Most of the drama is playing out in commodities, with gold, silver and platinum all hitting fresh record highs. On today’s economic calendar we have the latest MBA Mortgage Applications (-5.0%) and the weekly Initial and continuing jobless claims.

In premarket trading, Mag 7 stocks trade mixed after four straight days of gains (Alphabet +0.5%, Tesla +0.2%, Amazon +0.1%, Microsoft little changed, Apple -0.2%, Meta -0.3%, Nvidia -0.4%)

• AST SpaceMobile Inc. (ASTS) is up 2.7% after launching its largest-ever satellite from India, the first in a series of deployments to help the company compete against Elon Musk’s SpaceX in delivering space-based connectivity to mobile phones.
• Dynavax (DVAX) jumps 38% after Sanofi says it will start a cash tender offer to acquire all outstanding shares of the vaccine maker for $15.50 per share in cash, reflecting a total equity value of ~$2.2 billion.
• Intel (INTC) falls 3.2% after Reuters reported that Nvidia halted a test that uses the chip manufacturer’s 18A technology to produce its chips.
• Nike (NKE) gains 2.1% after a filing shows that Apple CEO Tim Cook purchased $2.95 million worth of shares on Dec. 22.
• Ramaco (METC) is up 7.7% after the coal mining company announced a share repurchase program of up to $100 million of the currently outstanding shares of its Class A common stock.

In other corporate news, Sanofi agreed to buy Dynavax Technologies for about $2.2 billion, as the French drugmaker tries to expand a vaccines business currently anchored by its flu shot franchise. Emeryville, California-based Dynavax soared 38% in premarket.

Investors are drawing optimism from a US economy that continues to outperform expectations, supporting earnings prospects in the year ahead. At the same time, money markets still see scope for at least two Federal Reserve rate cuts in 2026, a backdrop that could lift a broader range of stocks even as valuation concerns linger around pace-setting tech shares.

“Recent sessions suggest Santa may still arrive,” wrote Ipek Ozkardeskaya, analyst at Swissquote. After that “reality may bite. Parts of the technology market probably look bubbly, and next year’s earnings season will be less about shiny numbers and more about where revenues actually come from.”

In commodities action, precious metals hit more record highs, buoyed by geopolitical concerns and expectations for more interest-rate cuts in 2026. Gold touches $4,500 an ounce for the first time, while silver and platinum also surge to all-time highs. The moves put gold and silver on track for their best yearly gains since 1979. Copper is also at a new record around $12,200 a ton, and is set for its biggest annual rise since 2009

Gold has climbed more than 70% this year and silver is up about 150%, putting both on track for their strongest performance since 1979. The gains have been underpinned by elevated central-bank purchases, the return of Fed QE and huge inflows into exchange-traded funds. Momentum was also boosted by President Donald Trump’s push to reshape global trade and his threats to the Fed’s independence.

“Even though equity markets are doing well, even though data points to a bit of a risk-on environment, I do think that, on the margins, that people want to be defensive against inflation and other risks as much as possible,” Geoff Yu, EMEA macro strategist at BNY, told Bloomberg TV. “Hence, gold is doing well.”

With most European markets either closed or on a half-day, the Stoxx 600 equity index is little changed after nothing a fresh record high Tuesday and is set for a third straight year of gains. The benchmark is also on track for one of its strongest quarters in two years amid lingering optimism around global economic growth and lower borrowing costs.  France’s CAC 40 Index gained 0.1% and the UK’s FTSE 100 was down 0.2% as of 9:09 a.m. in London. Stock exchanges in Germany, Italy, Denmark, Switzerland and Finland are shut through the day. The UK, France and Spain will be open for half-day of trading. 

Ipek Ozkardeskaya, senior analyst at Swissquote, said stocks are still likely to rally in the final days of the year. “And after that? Reality may bite. Parts of the technology market probably look bubbly, and next year’s earnings season will be less about shiny numbers and more about where revenues actually come from.”

Among individual movers, Sanofi SA dipped after the French drugmaker said the US Food and Drug Administration has issued a complete response letter for its experimental multiple sclerosis drug. The French pharmaceutical firm also agreed to buy Dynavax Technologies for about $2.2 billion. BP Plc edged higher after agreeing to sell a majority stake in its Castrol division to US investment firm Stonepeak Partners in a deal valuing the business at $10.1 billion including debt.

Asian stocks eked out a small gain, as losses in Japan and South Korea were offset by gains in China and Vietnam. The MSCI Asia Pacific Index rose as much as 0.4% before paring slightly, on course to cap its fourth day of gains. Tech names including TSMC, SK Hynix and Advantest led the rise.  

In FX, the dollar fell for a third day, extending its decline for the year to 8.4% and marking the greenback’s biggest annual slide since 2017.The Bloomberg Dollar Spot Index fell 0.2%, adding to its 0.3% slip on Tuesday; USD/JPY dropped 0.4% to 155.84. The pair has been under pressure on increasing concerns about that Japan may intervene to support the yen

In rates, gilts reverse an early decline, and yields are now little changed, while other European bond markets are closed.  US yields richer by up to 1bp across the curve in a flattening move, tightening 2s7s and 7s30s spreads a touch on the day. Treasury 10-year yields trade around 4.155%, richer by 0.8bp on the day with gilts lagging in the sector. Treasury is selling $44 billion 7-year notes at 11:30 am New York. Ahead of today’s sale, the WI 7-year yield is about 3.934% which is ~15bp cheaper than the November stop-out of 3.781%

In commodities, precious metals hit more record highs, buoyed by geopolitical concerns and expectations for more interest-rate cuts in 2026. Gold touches $4,500 an ounce for the first time, while silver and platinum also surge to all-time highs. The moves put gold and silver on track for their best yearly gains since 1979. Copper is also at a new record around $12,200 a ton, and is set for its biggest annual rise since 2009. Oil prices are edging higher, with Brent trading around $62.50/barrel.

The US economic calendar includes weekly jobless claims at 8:30 am.

Market Snapshot

• S&P 500 mini little changed
• Nasdaq 100 mini little changed
• Russell 2000 mini little changed
• Stoxx Europe 600 little changed
• CAC 40 +0.1%
• 10-year Treasury yield little changed at 4.16%
• VIX +0.1 points at 14.13
• Bloomberg Dollar Index -0.2% at 1199.44
• euro little changed at $1.1798
• WTI crude +0.2% at $58.52/barrel

Top Overnight News

• American Economy Keeps Powering Ahead, Defying Dire Predictions: WSJ
• Trump posted “Growth is up and Inflation is down in President Trump’s first year”.
• NEC Director Kevin Hassett said President Trump has “a bunch of great Fed chair candidates”, via Fox Business; Precious metals are skyrocketing for good reason.
• Gold tops $4500 while silver, platinum surge to new peaks: RTRS
• China Is Worried AI Threatens Party Rule—and Is Trying to Tame It: WSJ
• Russia to Demand Changes to US Peace Plan Seen as Starting Point: BBG
• Ukrainian troops withdraw from eastern town of Siversk: RTRS
• Zelenskiy seeks meeting with Trump to hammer out issue of territory: RTRS
• Two police officers killed by bomb in Moscow near site of Russian general’s killing: RTRS
• Russia plans a nuclear power plant on the moon within a decade: RTRS
• Italy Orders Meta to Allow Competing AI Chatbots on Whatsapp: BBG
• Snowflake is reportedly in talks to purchase Observe for around USD 1bln, according to The Information.
• Apple CEO bought some USD 3mln of Nike stock: BBG
• Sanofi to acquire hepatitis B vaccine maker Dynavax for $2.2 billion: RTRS
• BP to sell 65% stake in Castrol to Stonepeak for $6 billion: RTRS
• Lockheed Martin awarded USD 10bln modification to previously awarded US Air Force contract: Pentagon
• Boeing awarded USD 2bln contract by US Air Force: Pentagon
• Whoever Trump Picks, the Next Fed Chair Won’t Be Independent: WSJ

Trade/Tariffs

• Chinese Commerce Ministry holds roundtable with foreign trade firms.
• China’s Foreign Ministry said we firmly opposes the indiscriminate use of chip tariffs and unreasonable suppression of China by the US. Urges the US to correct its wrong practices. Will take corresponding measures to safeguard rights and interests if the US persists.
• Japan and US agree to expedite the USD 550bln investment project, according to Bloomberg, citing a statement.

A more detailed look at global markets courtesy of Newsquawk

APAC stocks traded mixed and within narrow ranges following a largely positive lead from Wall Street. APAC lacked conviction amid light newsflow and anaemic volumes as markets wound down ahead of the holidays. ASX 200 edged lower, with weakness in Tech and Healthcare outweighing strength across the mining complex. Nikkei 225 held onto modest gains, oscillating around the 50.5k level despite JPY strength, supported by a calmer domestic bond market. Hang Seng and Shanghai Comp varied, with little in the way of fresh domestic catalysts. Price action broadly reflected the indecisive regional risk tone.

Top Asian News

• Earthquake of magnitude 5.50 hits Taipei, via Reuters witnesses.

The FTSE 100 (-0.1%) is incrementally this morning, whilst the CAC 40 is posting marginal gains; cash trade for DAX 40, FTSE MIB and the SMI remain shut on account of Christmas Eve.

Top European News

• Italy Orders Meta to Allow Competing AI Chatbots on Whatsapp
• Belgium’s Central bank Says Will Appeal €300K FSMA Fine
• BNP Paribas’ Farber Sees Value in Single B European Credit

Central Banks

• BoJ Oct 29–30 meeting minutes (two meetings ago): Members agreed the BoJ will continue to raise rates if economic and price forecasts materialise. Many members said the likelihood of economic and price forecasts materialising has heightened, but must maintain policy to confirm whether positive wage-setting behaviour will not be disrupted. One member said the timing of a rate hike is approaching, but authorities should wait a bit longer to scrutinise the direction of the new administration’s policies.

FX

• DXY is essentially flat and trades within a narrow 97.74 to 97.96 range. Nothing really driving things for the index this morning, given the usual holiday-lull. Traders will await Jobless Claims later today, but aside from that the docket is void of anything pertinent from a Dollar perspective. G10s are also broadly little changed vs the USD, aside from the JPY which is the marginal outperformer this morning.
• JPY marginally strengthened against the USD in overnight trade, but without a specific catalyst. The strength likely a continuation of the more aggressive jawboning heard via Finance Minister Katayama earlier in the week, where she stated they had a “free hand” to take bold action in the FX market. Thereafter, in the European session, Reuters reported that Japan is to reduce its new issuance of super-long JGBs next fiscal year to around JPY 17tln. A source report which comes after PM Takaichi rejected any “irresponsible bond issuance or tax cuts”. USD/JPY currently trading at the lower end of a 155.57 to 156.28 range.
• South Korean Presidential office said they are closely watching FX.
• South Korea’s pension fund said to implement strategic foreign exchange hedging measures, according to Reuters sources.
• Brazilian Central Bank to offer USD 2bln in Dollar auction with repurchase agreements on 26th December.

Fixed Income

• EGBs closed.
• JGBs were firmer for much of the overnight session but spent it drifting lower, paring recent Takaichi-inspired gains. The main move came in the European morning as Reuters reported that Japan is set to cut 2026 ultra-long JGB issuance by around JPY 17tln, a report that in a somewhat delayed reaction, lifted JGBs by around 20 ticks to a test of 133.00 to the upside. Reminder, BoJ’s Ueda is tentatively scheduled to speak on Christmas Day.
• USTs in a thin 112-08 to 112-12+ band. Docket ahead features US weekly jobless claims and then a 7yr auction after the 5yr auction on Tuesday, a tap that was mixed overall with a better tail though the b/c was below the prior.
• Gilts opened flat just above 91.00 before dipping to a 90.80 trough and then rebounding back to the figure with specifics light.
• Japan is to reduce its new issuance of super-long JGBs next fiscal year to around JPY 17tln, according to Reuters sources. JGB Mar’26 lifted from 132.78 to a test of 133.00 to the upside in the 15-minutes from 09:10GMT following this report.

Commodities

• As Christmas Eve trade gets underway, WTI and Brent briefly pulled back to USD 58.25/bbl and USD 62.22/bbl before extending on Tuesday’s gains to peak at USD 58.76/bbl and USD 62.76/bbl as the European session continues.
• Spot XAU briefly extended above USD 4500/oz, continuing the gains made in the metal space this year, before a sharp pullback as traders take profit going into Christmas. XAU peaked at USD 4526/oz early in the APAC session before the sharp pullback to USD 4471/oz. Thus far, the yellow metal continues to hover just below USD 4500/oz as light European trade continues.
• 3M LME Copper is set for its best year since 2009, helped by the near 7% gains made in December. After setting a new ATH of USD 12.17k/t in Tuesday’s session, the red metal opened just shy of the ATH but pulled back to a trough of USD 12.06k/t, filling the price gap. Just as the European session got underway, 3M LME Copper surged higher to a new ATH of USD 12.28k/t and holds above USD 12.2k/t as the European morning continues.
• Naftogaz announces that Russia attacked Ukraine’s oil and gas infrastructure overnight.
• Shell’s (SHEL LN) manufacturing centre, Corunna, reported potential for increased flaring and noise for the next few hours due to process interruption.
• US Private Inventory (bbls): Crude +2.4mln (exp. -2.4mln), Distillate +0.7mln (exp. +0.4mln), Gasoline +1.1mln (exp. +1.1mln), Cushing +0.6mln.
• US Private Inventory Expectations (bbls): Crude (exp. -2.4mln), Distillate (exp. +0.4mln), Gasoline (exp. +1.1mln).

Geopolitics

• Russia’s Kremlin announces that Special Envoy Dmitriev has reported to Putin on the trip to the US; On peace deal, says Russia will now formulate its position and continue contacts in very near future.
• Naftogaz announces that Russia attacked Ukraine’s oil and gas infrastructure overnight.
• Ukrainian President Zelensky said we are significantly closer to finalising a plan with the US but mainly split on territorial issues. Ukraine expects an answer from Russia on Wednesday to end the war. Draft plan opens the way for ‘potential’ demilitarised zones and freeze combat on current lines. Plan does not require Kyiv to formally renounce NATO bid.
• Ukrainian drone attack sparks fire at industrial site in Russia’s Tula region, according to the regional governor.
• Russian President Putin said Russia “reject Israel’s repeated violations of Syrian territory”, via Al Arabiya.

US Event Calendar

• 7:00 am: US Dec. MBA Mortgage Applications, prior -3.8%
• 8:30 am: US Dec. 20 Initial Jobless Claims, est. 223,000, prior 224,000
• 8:30 am: US Dec. 13 Continuing Claims, est. 1.9m, prior 1.9m

Authored by Steve Watson via Modernity.news,

As radical Islamist threats continue to plague Australia, politicians are pivoting to policing speech and tightening gun laws on law-abiding citizens—now openly admitting curbs on free expression are needed to shield their multicultural agenda.

Victorian Premier Jacinta Allan has unveiled a sweeping plan to combat what she calls rising anti-Semitism, but the measures conveniently sidestep the core issue of unchecked radical Islamism behind recent attacks, focusing instead on doxxing anonymous social media users and reviewing gun laws.

In a joint news conference, Allan announced legislation that would force social media platforms to reveal identities behind anonymous accounts accused of spreading ‘hate’. “Under Victoria’s civil anti-vilification scheme which starts in 2026, the speaker of a vilifying statement generally needs to be identifiable and held accountable,” she stated.

?BREAKING: Victorian Premier Jacinta Allan will push to legislate stronger hate speech laws by compelling social media platforms to identify people behind anonymous accounts used to ridicule another person or group, with a specially appointed jurist to make it legally possible. pic.twitter.com/EaeIwSM0TY

— Australians vs. The Agenda (@ausvstheagenda) December 22, 2025

She continued, “We recognise that this could protect cowards who hide behind anonymous profiles to spread hate and stoke fear.” emphasising, “That is why Victoria will spearhead new laws to hold social media companies and anonymous users to account and will appoint a respected jurist to unlock the legislative path forward.”

The move comes in the wake of the horrific Bondi Beach attack, where Pakistani radicals with ISIS ties slaughtered 16 people, including Jews celebrating Hanukkah. Yet, rather than addressing the importation of radical ideologies through porous borders, Allan’s response echoes the deflection seen from federal leaders.

Allan also announced a review of Victoria’s gun laws, appointing former police chief commissioner Ken Lay to examine ways to “toughen” them further. This aligns with a national push for stricter controls, even as Australia’s existing laws are among the world’s toughest—proving once again that disarming citizens does little to stop determined terrorists.

Allan’s government is also granting police new powers to ban protests in the aftermath of terror incidents, following New South Wales’ lead. While framed as a response to anti-Semitism, the timing—right after an Islamist massacre—highlights a pattern of Aussie politicians avoiding direct confrontation with radical Islam.

Instead, figures like Allan and Prime Minister Anthony Albanese repeatedly spotlight “right-wing extremists” and “neo-Nazis” as the supposed primary threats. In the days following Bondi, Albanese warned of the “rise of right-wing extremists,” despite the attackers’ clear Islamist motivations.

This unwillingness to name radical Islamism head-on persists. Clips from recent press conferences show leaders dodging questions on Islamist radicalization, pivoting to vague warnings about “extremism” from all sides—but with a heavy emphasis on the far-right. For instance, in a Sky News appearance, Albanese reiterated concerns over “neo-Nazis” infiltrating protests, even as intelligence agencies thwart Islamist plots weekly.

Reporter: “Is radical Islam the greatest domestic security threat Australia faces?”

Albanese: “Neo-Nazis” pic.twitter.com/qFWcJqNPVG

— chris mate ? (@ChrisLXXXVI) December 19, 2025

As we detailed previously, Albanese doubled down on the “diversity is our strength” mantra while cops smashed yet another Islamist terror cell en route to Sydney. That incident saw seven suspects from Victoria—Allan’s own state—rammed off the road, underscoring the real dangers festering under lax migration policies.

Victoria’s latest measures, including potential civil liability for social media giants if users can’t be identified, reek of a surveillance state expansion. Platforms could face lawsuits for “hate speech” posted anonymously, effectively ending online anonymity for critics of government policy.

In a stunning admission during a joint news conference, New South Wales Premier Chris Minns also defended Australia’s restrictive speech laws, explicitly linking them to preserving multiculturalism amid rising tensions.

Minns pushed back against calls to repeal vilification statutes, stating, “There’s been some that have been agitating in the Parliament to nullify The laws, To remove them off the statute books.”

He warned, “Think about what kind of toxic Message That would send to the New South Wales community.”

Challenging opponents, Minns demanded, “Advocates for those changes need to explain What do they want people to have the right to say? What kind of racist abuse do they want to see or be able Lawfully see on Streets of Sydney.”

Minns openly contrasted Australia with the U.S., declaring, “I recognise and I’ve fully said from beginning, we don’t have the same freedom of speech laws That they have in the United States. And the reason for that is we want to hold together our multicultural community and have people live In peace free from the kind of vilification and hatred that we do see around the world.”

Australia continues to respond to a massacre by Islamic terrorists by censoring the ability to say multiculturalism doesn’t work. https://t.co/u7ReOUnxiH

— Paul Joseph Watson (@PrisonPlanet) December 22, 2025

The clip, widely shared on X, exposes how leaders view free speech as a threat to their imported diversity model—preferring censorship over addressing the Islamist violence eroding public safety.

Australia’s slide toward authoritarianism accelerates as leaders exploit tragedies to muzzle dissent. From hate speech crackdowns to gun grabs, the focus remains on controlling citizens rather than securing borders against radicals.

If history teaches anything, it’s that sacrificing freedoms for “safety” never ends well. True security demands confronting the Islamist menace directly—not hiding behind laws that punish speech and disarm the innocent.

Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.

President Trump’s reposturing of the U.S. military forces toward the Western Hemisphere – effectively Monroe Doctrine 2.0 – reinforced this week by the deployment of additional special-operations aircraft, troops, and equipment into the Caribbean, as U.S. forces apply gunboat diplomacy against Venezuela to disrupt crude oil flows routed through Cuba and onward to China, a campaign that, if successful, could spark regime instability in Caracas, and amplify economic and political stress in Cuba as well.

The Wall Street Journal reported Tuesday that a “large number of special-operations aircraft, troops, and equipment” arrived in the Caribbean region early this week – a movement of military assets and personnel confirmed by U.S. officials and flight-tracking data.

According to the WSJ:

At least 10 CV-22 Osprey tilt-rotor aircraft, which are used by special-operations forces, flew into the region Monday night from Cannon Air Force Base in New Mexico, according to an official. C-17 cargo aircraft from Fort Stewart and Fort Campbell Army bases arrived Monday in Puerto Rico, according to flight-tracking data. A different U.S. official confirmed that military personnel and equipment were transported on planes.

It isn’t clear what types of troops and equipment the aircraft were transporting. Cannon is home to the 27th Special Operations Wing, while the 160th Special Operations Aviation Regiment, an elite U.S. special operations unit, and the 101st Airborne Division are based at Fort Campbell. The first battalion of the 75th Ranger Regiment is based at Hunter Army Airfield, at Fort Stewart.

The 27th Special Operations Wing and 160th Special Operations Aviation Regiment are trained to support high-risk infiltration and extraction missions and provide close air and combat support. Army Rangers are trained to seize airfields and provide security for specialized forces, such as SEAL Team Six or Delta Force, during a precise kill or capture mission.

In a separate report, defense and security media outlet Army Recognition, citing open-source intelligence accounts on X, indicated that the U.S. military is ramping up deployments of F-35A stealth fighter jets, intelligence aircraft, and electronic warfare platforms across the Caribbean.

David Deptula, a retired Air Force lieutenant general and dean of the Mitchell Institute for Aerospace Studies, an aerospace think tank, told WSJ that the “prepositioning forces” in the region are “to take action.” He said the movement of such assets indicates that the administration has already decided on a course of action.

“The question that remains is to accomplish what?” Deptula said.

Trump’s gunboat diplomacy – seizing two sanctioned tankers and targeting a third earlier this week – should be viewed as a pressure campaign to disrupt Venezuela-Cuba-China oil flows. It’s always about following the money, and in this case, that oil money props up the Maduro regime.

Jorge Piñón, a Cuban exile who tracks the island’s energy ties to Venezuela at the University of Texas at Austin, told WSJ earlier this week that once crude oil flows are cut, this would act as a domino effect and create regime instability in Caracas, warning that “it would be the collapse of the Cuban economy, no question about it.”

According to analytics firm Kpler, Caracas has shipped nearly 900,000 barrels per day this year and relies on 400 dark-fleet tankers to transport the crude, much of which is bound for China.

“Venezuela has been remarkably effective at masking both origin and ownership of crude and therefore at evading financial and trade-related controls,” Kpler analyst Dimitris Ampatzidis told Bloomberg. “That’s why Washington has increasingly moved from purely financial measures to physical disruption.”

The military buildup across the region and the use of gunboat diplomacy are clear signals of the U.S. intent to force regime change in Venezuela by disrupting Maduro’s funding lifelines; China responded earlier this week, and Beijing is not pleased about crude oil disruptions.