Homeland Security Secretary Kristi Noem personally led the pre-dawn operation against illegal immigrants Read Full Article at RT.com
A notorious Venezuelan gang leader is reportedly among the people detained
Heavily armed law enforcement agents have launched a series of pre-dawn raids across New York City on Tuesday, arresting scores of illegal immigrants suspected of violent crimes.
Homeland Security Secretary Kristi Noem oversaw Tuesday’s operation in person, on her fourth day on the job.
“We’re in New York City this morning, we’re getting dirtbags off these streets,” Noem posted on X. In another post, she said the DHS was doing “exactly what President [Donald] Trump promised the American people – making our streets safe.”
Noem shared several photos and videos of heavily armed officers of the Homeland Security Investigations (HSI), Immigration and Customs Enforcement (ICE), the US Secret Service, Drug Enforcement Administration (DEA), US Marshals and the New York Police Department’s Special Operations unit.
Just now.
Enforcement operation in NYC. Criminal alien with kidnapping, assault & burglary charges is now in custody - thanks to @ICE.
She identified one of the people detained by ICE early in the morning as “a criminal alien with kidnapping, assault and burglary charges.”
Another major catch of the day was Anderson Zambrano-Pacheco, 25, allegedly the ringleader of the notorious Tren de Aragua, a Venezuelan gang accused of terrorizing residents in Colorado.
Pacheco was identified as one of the men captured on CCTV forcing their way into an Aurora apartment last August. On Tuesday morning, heavily armed HSI agents stormed the Bronx apartments where he lived for months.
Neighbors told the New York Post that police broke down the door to get to Pacheco, who is wanted in Colorado for kidnapping, burglary and menacing. According to one tenant, the Venezuelan moved to New York in September or October and was “very cooperative, very friendly” with the neighbors.
Trump moved quickly after last Monday’s inauguration to close the US-Mexico border and launch immigration raids across major US cites, describing the illegal presence of millions of foreigners as an “invasion.”
The White House has also sought to deport thousands of convicted criminals to their countries of origin. Over the weekend, Colombia attempted to refuse a repatriation flight, but quickly backed down in the face of Trump’s threats to impose sanctions and tariffs on the South American country.
Homeland Security Secretary Kristi Noem personally led the pre-dawn operation against illegal immigrants Read Full Article at RT.com
A notorious Venezuelan gang leader is reportedly among those detained
Heavily armed US law enforcement agents launched a series of pre-dawn raids across New York City on Tuesday morning, arresting scores of illegal immigrants suspected of violent crimes.
Homeland Security Secretary Kristi Noem oversaw Tuesday’s operation in person, on her fourth day on the job.
“We’re in New York City this morning, we’re getting dirtbags off these streets,” Noem posted on X. In another post, she said the DHS was doing “exactly what President [Donald] Trump promised the American people – making our streets safe.”
Noem shared several photos and videos of heavily armed officers of the Homeland Security Investigations (HSI), Immigration and Customs Enforcement (ICE), the US Secret Service, Drug Enforcement Administration (DEA), US Marshals and the New York Police Department’s Special Operations unit.
Just now.
Enforcement operation in NYC. Criminal alien with kidnapping, assault & burglary charges is now in custody - thanks to @ICE.
She identified one of the people detained by ICE early in the morning as “a criminal alien with kidnapping, assault and burglary charges.”
Another major catch was the 25-year-old Anderson Zambrano-Pacheco, 25, allegedly the ringleader of the notorious Tren de Aragua, a Venezuelan gang accused of terrorizing residents in Colorado.
Pacheco was identified as one of the men captured on CCTV forcing their way into an apartment last August. On Tuesday morning, heavily armed HSI agents stormed the Bronx apartments where he has lived for months.
Neighbors told the New York Post that police broke down the door to get to Pacheco, who is wanted in Colorado for kidnapping, burglary and menacing. According to one tenant, the Venezuelan moved to New York in September or October and was “very cooperative, very friendly” with the neighbors.
Trump moved quickly after last Monday’s inauguration to close the US-Mexico border and launch immigration raids across major US cites, describing the illegal presence of millions of foreigners as an “invasion.”
The White House has also sought to deport thousands of convicted criminals to their countries of origin. Over the weekend, Colombia attempted to refuse a repatriation flight, but quickly backed down in the face of Trump’s threats to impose sanctions and tariffs on the South American country.
The Bulletin of Atomic Scientists moved their Doomsday Clock to 89 seconds before midnight on Tuesday, the closest to catastrophe in the timepiece's 78-year history. The Chicago-based group cited Russia's nuclear threats during its Ukraine invasion, growing tensions in the Middle East, China's military pressure near Taiwan, and the rapid advancement of AI as key factors. The symbolic clock, created in 1947 by scientists including Albert Einstein, moved one second closer than last year's setting.
Writes Patrick Foy: These terror bombs were not “bought and paid for by Israel” as Trump proclaims. Trump does not want to appear to be giving away anything. The American taxpayer is funding this madness. When it comes to Israel, Trump is an amoral fraud. Like Papa Joe Biden before him, Trump is in the pocket of his Zionist donors. Ergo, America is a full partner in whatever Netanyahoo does. Gaza having been reduced to rubble thanks to Washington’s unlimited assistance under Biden, Trump now suggests that the bombed-out Palestinians be transferred to Egypt and Jordan. I say why not allow them back into … Continue reading →
These terror bombs were not “bought and paid for by Israel” as Trump proclaims. Trump does not want to appear to be giving away anything. The American taxpayer is funding this madness. When it comes to Israel, Trump is an amoral fraud. Like Papa Joe Biden before him, Trump is in the pocket of his Zionist donors. Ergo, America is a full partner in whatever Netanyahoo does.
Gaza having been reduced to rubble thanks to Washington’s unlimited assistance under Biden, Trump now suggests that the bombed-out Palestinians be transferred to Egypt and Jordan. I say why not allow them back into Palestine proper whence they were driving out by Israel? In this way they might acquire equal rights as the Jews. What happened to Washington’s “peace process”?
The UK is considering making households who only use streaming services such as Netflix and Disney pay the BBC license fee, as part of plans to modernize the way it funds the public-service broadcaster. Bloomberg: Extending the fee to streaming applications is on a menu of options being discussed by Prime Minister Keir Starmer's office, the Treasury and the Department for Culture, Media and Sport, according to people familiar with the matter who asked not to be named discussing internal government deliberations. Alternatives under discussion include allowing the British Broadcasting Corp. to use advertising, imposing a specific tax on streaming services, and asking those who listen to BBC radio to pay a fee.
The government is the early stages of examining how to overhaul the funding of Britain's public broadcaster when its current 11-year charter ends on Dec. 31, 2027. Ministers are looking to either retain and alter the current television license fee model or scrap it and instead fund the BBC through alternative models such as taxation or subscription. That's because viewing habits have changed as users gravitate toward on-demand services. [...] The license fee dates back to 1946, when consumers watched programs at the time of broadcast. It currently costs households who watch live TV or use BBC iPlayer $210.6 a year, an amount that usually rises annually with inflation. Even if they don't watch BBC programs, households are required to hold a TV license to view or stream programs live on sites including YouTube and Amazon Prime Video. However it's not needed by those who only watch on-demand, non-BBC content.
Writes Tim McGraw: Filmed in Galway and Connemara, it’s a good movie. The Irish humor is on full display. The scenery is true to life, as are the Irish. I had to use the headphones to understand the accents and the jokes. There are jokes and witty sayings by all the characters. It’s good writing and acting. I like the soundtrack, too.
Filmed in Galway and Connemara, it’s a good movie. The Irish humor is on full display. The scenery is true to life, as are the Irish. I had to use the headphones to understand the accents and the jokes. There are jokes and witty sayings by all the characters. It’s good writing and acting. I like the soundtrack, too.
Thousands of still-classified documents have fueled speculation about spy misdeeds, nuclear secrets and government conspiracies Read Full Article at RT.com
Thousands of records about the US president’s assassination in 1963 still remain classified
US President Donald Trump has ordered the declassification of all remaining records pertaining to the assassination of President John F. Kennedy. Almost 5,000 documents are still veiled in secrecy.
Kennedy was killed in November 1963, while visiting Dallas, Texas. A congressional commission chaired by Supreme Court Justice Earl Warren concluded in 1964 that “lone gunman” Lee Harvey Oswald was to blame. The CIA coined the pejorative term “conspiracy theory” to describe alternate scenarios regarding JFK’s death, which has not stopped many Americans from doubting the Warren Commission’s conclusions.
Trump’s order also applies to the remaining classified records about the 1968 assassinations of Senator Robert F. Kennedy and civil rights campaigner Reverend Martin Luther King Jr.
The National Archives and Records Administration (NARA) says it has declassified 99% of some 320,000 documents related to the JFK assassination, as required by a law passed by Congress in 1992. The final deadline for declassification was October 2017, but the US intelligence community claimed it needed more time to review and redact the records.
According to multiple estimates, 2,140 documents remain fully or partially redacted, while another 2,500 records have been kept secret for other reasons, such as court orders or donor restrictions.
What is in the secret files?
One item of particular interest is a June 1961 memorandum written by White House adviser Arthur Schlesinger, outlining how JFK could accomplish his goal of “splintering the Agency [CIA] into a thousand pieces and scattering it to the winds.” One page is redacted in full, while two more have partial redactions. Kennedy was frustrated with the CIA after the botched invasion of Cuba at the Bay of Pigs in April that year.
1. Partial redactions on page 8 and 10 and the full redaction of page 9 from the June 1961 memo written by White House adviser Arthur Schlesinger to Kennedy on how the president could best accomplish his goal of “splintering the Agency [the CIA] into a thousand pieces and… pic.twitter.com/nbTOcvmfAd
Another partially redacted record is the transcript of the testimony that CIA Counterintelligence Chief James Jesus Angleton gave to the Church Committee in January 1976. Some scholars believe Angleton had lied to Congress about Israel obtaining nuclear weapons in the 1960s – something the Jewish State has neither confirmed nor denied.
Other potentially revealing records relate to CIA surveillance activities in Mexico in the early 1960s, when Oswald visited the country, and the work of a CIA officer with Cuban exiles in Miami that intersected with Oswald.
What can be expected of the revelations?
Historians and researchers that have spoken to major US outlets seem to agree that there will be no “smoking gun” in the remaining documents.
“There will be some puzzle pieces that will be put back in that will tell a more robust and rich story,” Tom Samoluk, a board member of the JFK Library Foundation, has told CNN.
Journalist Gerald Posner has warned that “anybody waiting for a smoking gun that’s going to turn this case upside down will be sorely disappointed.”
Kennedy’s nephew Robert F. Kennedy Jr. has lauded the declassification as a step against the “60-year strategy of lies and secrecy, disinformation, censorship, and defamation” used by the intelligence agencies to suppress “troubling facts” about the JFK assassination. He claimed that this “provided the playbook for a series of subsequent crises – the MLK and RFK assassinations, Vietnam, 9/11, the Iraq war and COVID – that have each accelerated the subversion of our exemplary democracy by the Military/Medical Industrial Complex.”
RFK Jr. has said that he believes there is “overwhelming evidence” tying the CIA to the assassination of both his uncle and his father.
When can we expect the release?
Trump’s executive order gave the Director of National Intelligence and the Attorney General 45 days to review the records and “present a plan” for their full and complete release. Both offices are currently held by acting officials, as the Senate still needs to confirm Pam Bondi as the attorney general and Tulsi Gabbard as the DNI.
“We’re hoping this is going to be a mechanical plan,” Larry Schnapf, a New York-based attorney who has sued the government to compel the release of JFK files, told ABC News. If the government opts for a “substantive” review, going document-by-document, “it’s going to be a while,” he added.
Garmin smartwatches are freezing in boot loops, users are reporting globally, with devices displaying a "blue triangle of death" when attempting GPS activities, affecting models across the Epix, Venu, Forerunner, Descent, and Fenix lines.
Thousands of Russian civilians suffered as a result of “Ukrainian aggression” in 2024, according to a Foreign Ministry report Read Full Article at RT.com
Over 5,000 civilians, including children as young as four, suffered as a result of “Ukrainian aggression” in 2024, according to the document
The Russian Foreign Ministry released a report on Tuesday on war crimes committed by the Kiev regime in 2024 against the country’s civilians.
The document, published on the ministry’s website, provides detailed information on Kiev’s attacks against Russian territory, mainly along the combat line and territories controlled by Ukrainian forces.
According to the report, at least 5,399 civilians suffered from “Ukrainian aggression” last year, with 809 killed, including 51 children – the youngest being a four-month-old girl.
The Russian regions of Belgorod, Kursk, Kherson, and Bryansk, as well as Russia’s Donetsk People’s Republic, all of which border Ukraine, have been targets of Kiev’s shelling and drone attacks. On average, at least 15 civilians were reported as victims of Ukrainian military actions daily.
The report said that in total, there were over 87,880 recorded cases of Russian civilian targets being hit last year.
“On average, 240 strikes were carried out daily over the year, using the entire available arsenal of weapons supplied by the West at the expense of taxpayers of these countries,” the document stated.
The Ukrainian military predominantly used 155mm NATO artillery shells equipped with fragmentation, high-explosive, and cluster munitions, according to Rodion Miroshnik, the official tasked by the Russian Foreign Ministry to record alleged Ukrainian atrocities.
Speaking at a press briefing following the release of the ministry’s report, the senior diplomat stated that Ukrainian drones (UAV) were the second most frequently used weapon to target civilians, resulting in significant casualties.
Kiev also repeatedly engaged in “energy and nuclear terrorism,” according to the report, citing repeated attempts to attack the Zaporozhye Nuclear Power Plant and nearby infrastructure in Energodar.
More than 3,500 UAV attacks targeted various energy facilities, such as the Kursk Nuclear Power Plant and others, posing significant risks of radiation contamination. Daily strikes on power substations and energy infrastructure left hundreds of thousands of people without electricity, while residential homes, hospitals, maternity wards, and educational institutions were also targeted.
Kiev also deliberately targeted ambulances, medical facilities, and medical institutions, thus violating international law. According to the report, Ukrainian drones often hovered over impact sites, targeting rescuers and medics to increase the casualties and deny victims access to lifesaving aid.
The report further documented a “large number of attacks” on churches, monasteries, and sacred buildings of the Russian Orthodox Church in frontline zones, resulting in casualties among clergy, parishioners, and novices.
Investigations into the crimes are ongoing, according to the report, with new evidence of mass murders, violence, and looting by Ukrainian forces being uncovered. The number of confirmed murders and other crimes will inevitably increase, Miroshnik stated.
In 2024 alone, the Russian authorities completed 163 criminal investigations involving 185 Ukrainian servicemen and foreign mercenaries accused of crimes against civilians, the report concluded.
Google says it will end Chrome Sync support for browser versions more than four years old starting in early 2025. Users running outdated Chrome versions will see error messages prompting them to update their browsers to maintain access to synced data across devices. Those unable to update to newer versions will permanently lose the syncing feature, according to the firm.
Serbian PM Milos Vucevic has resigned amid protests over alleged government corruption sparked by a deadly railway station collapse Read Full Article at RT.com
Milos Vucevic has stepped down following mass demonstrations over alleged government corruption and negligence
Serbian Prime Minister Milos Vucevic officially announced his resignation on Tuesday following weeks of anti-government protests over alleged corruption and negligence.
His decision comes after sustained public outcry over the collapse of a concrete canopy at the Novi Sad railway station three months ago, resulting in 15 deaths.
The protests, which began in Novi Sad last November and have since spread to the capital Belgrade, have been primarily led by students. Demonstrators have staged daily traffic blockades and rallies, demanding the resignation of top officials and a full investigation into the railway station collapse.
Classes at dozens of university faculties and schools were also canceled due to student boycotts. Many protesters have blamed the tragedy on government mismanagement and inadequate oversight of infrastructure projects.
In his resignation statement, Vucevic said his decision to step down was “irrevocable” and that he had opted for the move in order to defuse tensions and meet “all demands of the most radical protesters.” He also said he believed it was a way to “demonstrate the responsibility of those who were elected to be responsible,” adding that the mayor of Novi Sad would also resign.
Vucevic stated that he would continue to perform his duties until a new prime minister is elected, and that the Serbian government would “professionally and responsibly perform our duties until a new government is elected or a new or other political decision is made.”
However, he claimed that the ongoing protests across the country were being organized from abroad with the ultimate goal of staging a coup d’etat. “I can say with certainty that this is an absolutely deliberate action, organized from abroad, I have no doubt about that,” Vucevic said, adding that a blow had been dealt to the most “sensitive area of society – children’s education,” with the aim of “threatening Serbia as a state.”
While the student protests have been mostly peaceful, some violence has broken out, with three protesters in Novi Sad being attacked on Monday. Demonstrators have blamed members of the ruling Serbian Progressive Party (SNS) for the attack.
The prime minister condemned the violence and announced that an investigation into the incident was underway, but suggested that foreign interference was stoking the protests. He noted that no matter how much Belgrade authorities had tried to call for calm and tried to establish dialogue, “some invisible hand kept creating new incidents and fueled tensions in society.”
Previously, Serbian President Aleksandar Vucic had also accused the country’s opposition of collaborating with foreign intelligence agencies to destabilize the country, describing the protests as an attempt at a “color revolution,” referring to movements aimed at achieving political change, often perceived as being supported by foreign interests. He specifically claimed that a coalition of Western, Croatian, and Albanian interests was working to “to destroy Serbia from within.”
The UK's competition watchdog has found that its $11.2 billion cloud services market "is not working," with Amazon Web Services and Microsoft each controlling up to 40% of the market. In provisional findings released Tuesday, the Competition and Markets Authority said the lack of competition likely leads to higher costs and reduced innovation for UK businesses. The regulator has recommended designating both companies with "strategic market status," which would allow closer scrutiny of their practices, including Microsoft's software licensing and AWS's data transfer fees.
A Hamas spokesman says Palestinians’ return to north Gaza is a clear manifestation of Netanyahu’s defeat in the genocidal war against the coastal sliver.
A senior UN official has criticized Western politicians for their inaction as the Israeli regime’s military kills Palestinian children in the West Bank.
The newspaper claims that Denmark has requested that confrontational reactions to US President Trump’s aggressive overtures be avoided Read Full Article at RT.com
The newspaper claims that Denmark has requested that confrontational reactions to US President Trump’s aggressive overtures be avoided
Denmark has asked NATO and the European Union not to comment on the recent threats issued by US President Donald Trump regarding Greenland, the Financial Times has claimed, citing several anonymous officials. Copenhagen reportedly hopes that by refusing to openly confront the new US president it can appease him.
The US head of state first floated the idea of purchasing the island during his first term in office, and revived the idea following his return to the White House. Trump has cited Greenland’s significance for US national security and has refused to rule out the use of military force to obtain it.
Denmark, which rules the autonomous territory, has insisted that Greenland is not for sale.
In its article on Tuesday, the FT alleged that NATO and the EU “have taken a vow of silence over Greenland” at Copenhagen’s behest. The Nordic nation is supposedly anxious to avoid public confrontation with the US president in the hope of averting further escalation.
The media outlet quoted an unnamed senior European official as explaining that a “low profile seems to be the safest bet with Trump. Hopefully he will be distracted by something else.”
The FT pointed out that there was no joint statement forthcoming regarding Greenland following a meeting on Sunday between Danish Prime Minister Mette Frederiksen and her Norwegian and Swedish counterparts, despite the issue apparently having been discussed. Similarly, both European Commission President Ursula von der Leyen and European Council President Antonio Costa have remained conspicuously silent on the topic, the newspaper wrote.
Addressing the spat between the US and Denmark, NATO Secretary General Mark Rutte told the European Parliament last week that “this is not about who rules or controls Greenland,” but rather “about making sure that the Arctic stays safe.” He also stressed the importance of maintaining dialogue with Trump.
Touching on the issue while on board Air Force One on Saturday, the US president expressed confidence that “we’ll get [Greenland] – because it really has to do with freedom of the world.”
He also appeared to ridicule Denmark’s recently announced plan to increase its military presence on the Arctic island.
The FT, citing several anonymous European officials, reported last Friday that Trump and Frederiksen earlier this month had what was characterized as a “horrendous” phone conversation. Trump allegedly came across as “very firm” about his intention to purchase Greenland and threatened Copenhagen with tariffs unless it acquiesces.
The White House also plans to impose tariffs on pharmaceuticals and steel in a bid to bring production back to the US Read Full Article at RT.com
The White House also plans to impose tariffs on pharmaceuticals and steel in a bid to bring production back to the US
US President Donald Trump has said he plans to impose tariffs as high as 100% on imported chips and semiconductors from foreign manufacturers such as Taiwan. He also pledged to place sweeping tariffs on pharmaceuticals and steel in order to compel manufacturers to relocate production to the US.
Addressing Republican Party members on Monday, Trump said that his administration will implement the tariffs “in the very near future,”“to return production of these essential goods to the United States of America.”
The US president argued that production of computer chips and semiconductors “left us and went to Taiwan, which is about 98% of the chip business, by the way.”
“And we want them to come back, and we don’t want to give them billions of dollars, like this ridiculous program that Biden has,” Trump said.
He was referring to former President Joe Biden’s program of providing subsidies to chip makers such as Intel to produce in the US. Biden’s CHIPS and Science Act, signed into law in 2022, earmarked $53 billion in subsidies for microchip companies in an effort to boost US competitiveness and catch up with China.
The remarks are the latest in a series of trade-related threats issued by Trump in recent days. He has also vowed to impose 25% tariffs on imports from Canada and Mexico, unless both countries address US demands regarding border security and drug trafficking issues.
Responding to Trump’s tariff threats on Tuesday, Taiwan’s Economy Ministry said that the semiconductor trade between Taiwan and the US is mutually beneficial, describing it as a “win-win” model.
Home to the world’s largest contract chipmaker, Taiwan Semiconductor Manufacturing Co. (TSMC), the island is a vital link in the global technology supply chain.
“Taiwan and the US semiconductor and other technology industries are highly complementary to each other, especially the US-designed, Taiwan-foundry model, which creates a win-win business model for Taiwan and US industries,” the Taiwanese Economy Ministry said as cited by Reuters.
TSMC produces semiconductors for major US customers, including Nvidia and Apple. In 2024, North American buyers accounted for 70% of TSMC’s total revenue, according to estimates by Reuters. Beijing considers self-governed Taiwan part of its territory under its ‘One China’ principle and opposes foreign interference.
While the US officially adheres to the ‘One-China’ policy, it has continued to supply arms to the island and engage in military cooperation with the government in Taipei.
The White House also plans to impose tariffs on pharmaceuticals and steel in a bid to bring production back to the US Read Full Article at RT.com
The White House also plans to impose duties on pharmaceuticals and steel in a bid to bring production back to the US
US President Donald Trump has said he plans to impose tariffs as high as 100% on imported chips and semiconductors from foreign manufacturers such as Taiwan. He also pledged to place sweeping tariffs on pharmaceuticals and steel in order to compel manufacturers to relocate production to the US.
Addressing Republican Party members on Monday, Trump said that his administration will implement the tariffs “in the very near future,”“to return production of these essential goods to the United States of America.”
The US president argued that production of computer chips and semiconductors “left us and went to Taiwan, which is about 98% of the chip business, by the way.”
“And we want them to come back, and we don’t want to give them billions of dollars, like this ridiculous program that Biden has,” Trump said.
He was referring to former President Joe Biden’s program of providing subsidies to chip makers such as Intel to produce in the US. Biden’s CHIPS and Science Act, signed into law in 2022, earmarked $53 billion in subsidies for microchip companies in an effort to boost US competitiveness and catch up with China.
The remarks are the latest in a series of trade-related threats issued by Trump in recent days. He has also vowed to impose 25% tariffs on imports from Canada and Mexico, unless both countries address US demands regarding border security and drug trafficking issues.
Responding to Trump’s tariff threats on Tuesday, Taiwan’s Economy Ministry said that the semiconductor trade between Taiwan and the US is mutually beneficial, describing it as a “win-win” model.
Home to the world’s largest contract chipmaker, Taiwan Semiconductor Manufacturing Co. (TSMC), the island is a vital link in the global technology supply chain.
“Taiwan and the US semiconductor and other technology industries are highly complementary to each other, especially the US-designed, Taiwan-foundry model, which creates a win-win business model for Taiwan and US industries,” the Taiwanese Economy Ministry said as cited by Reuters.
TSMC produces semiconductors for major US customers, including Nvidia and Apple. In 2024, North American buyers accounted for 70% of TSMC’s total revenue, according to estimates by Reuters. Beijing considers self-governed Taiwan part of its territory under its ‘One China’ principle and opposes foreign interference.
While the US officially adheres to the ‘One-China’ policy, it has continued to supply arms to the island and engage in military cooperation with the government in Taipei.
Polaris Reports "Alarming" 2025 EPS Outlook As RZR & ATV Demand Slide
Polaris shares fell 6% in premarket trading after the company, known for producing ATVs, UTVs, jet skis, and snowmobiles, surprised investors with guidance for a 65% year-over-year decline in adjusted EPS for 2025, coming in far below expectations.
Citi analyst James Hardiman told clients earlier that the downward revision was very "alarming," warning about President Trump's tariff battle with China could result in additional downward pressure for EPS for the full year.
"While management suggested on their 3Q call that a good starting point for 2025 EPS would be flat with 2024, which was guided to $3.25, at the time, management officially initiated 2025 adjusted EPS guidance at just $1.10," Hardiman said, adding his team maintained a "Neutral" rating on PII shares.
Polaris' Yearly Forecast (courtesy of Bloomberg):
Sees adjusted EPS about -65% from 2024's $3.25; estimate $3.06
Sees sales -1% to -4%
However, Polaris reported better-than-expected revenue in the fourth quarter, though sales fell 23% year-over-year to $1.76 billion. High interest rates deterred consumers from purchasing RZRs, Sportsman ATVs, and other offroad vehicles.
Off Road sales $1.44 billion, -25% y/y, estimate $1.36 billion
On Road sales $180.8 million, -21% y/y, estimate $209.8 million
Marine sales $137.4 million, -4.1% y/y, estimate $118.3 million
Adjusted gross profit margin 21.1% vs. 20.8% y/y, estimate 21.3%
Cash and cash equivalents $287.8 million, -22% y/y, estimate $397.8 million
Adj. EPS 92c, estimate 90c
Covid bump ended in 4Q22.
Polaris's YoY revenue growth is the worst since GFC.
Bloomberg noted:
For 2025, expects margin headwinds from negative mix, planned reductions in production leading to negative absorption in addition to the restoration of the company's employee profit- sharing program
Primary factors affecting fourth-quarter sales were lower volume due to planned reductions in shipments as we actively managed dealer inventory in a subdued retail environment
Shares are back to Covid crash levels.
Bottoming fishing is a dangerous game...
Several months ago, Polaris CEO Mike Speetzen warned that "consumer confidence and retail demand remained challenging."
Bookshop.org has launched an e-book platform and mobile app that allows independent bookstores to sell digital books, marking its latest effort to compete with Amazon in the online book market. The platform enables bookstores to sell e-books directly through their websites, with stores receiving all profits from direct sales. When customers buy e-books through Bookshop.org without selecting a specific store, 30% of profits will be shared among member bookstores.
The move comes as most independent bookstores remain shut out of the growing digital book market. Only 18% of independent stores currently sell e-books, according to a 2023 American Booksellers Association survey. Since its 2020 launch, Bookshop.org has generated more than $35 million in profits for over 2,200 independent bookstores through physical book sales. The site will initially offer more than one million digital titles and plans to add self-published works later this year.
US Home Prices Surge To New Record High (Except In Tampa)
US home prices in America's 20 largest cities rose 0.41% MoM in November (far better than the 0.3% MoM expected) according to the latest data from S&P CoreLogic's Case-Shiller Index. That leaves prices up 4.33% YoY (up from 4.23% YoY in October) and the first acceleration in YoY price gains since March 2024
Source: Bloomberg
So 100bps of rate-cuts prompted a re-acceleration in home prices...
Source: Bloomberg
Arguably, (lagged) mortgage rates increased during that period, and dipped since (positive short-term for the highly smoothed and lagged Case Shiller series), but as is clear, things do not end well...
Source: Bloomberg
Tampa stands out with the only price drop on a YoY basis...
In fact Tampa prices are at their lowest since Oct 2023...
However, home price appreciation does seem to track very closely with bank reserves at The Fed (6mo lag)...
Source: Bloomberg
Which suggests the pace of home price appreciation is set to slow further from here.
Over a dozen Justice Department officials who led criminal probes against the US president have been dismissed Read Full Article at RT.com
A lack of trust that the individuals would implement the president’s policy was cited as the reason for the dismissals
The US Department of Justice has terminated more than a dozen officials who were involved in criminal investigations against President Donald Trump. The firings, effective Monday, were ordered by Acting Attorney General James McHenry, who cited a lack of trust in these individuals’ ability to implement the president’s agenda.
Among those dismissed were prosecutors who worked under Special Counsel Jack Smith, who previously led investigations into Trump’s handling of classified documents and alleged attempts to overturn the 2020 election. Both cases led to criminal charges against Trump, who pleaded not guilty, but the cases were closed after his November election victory due to Justice Department regulations barring the prosecution of a sitting president.
Smith was appointed in 2022 to oversee the Justice Department’s investigations into Trump. While Trump had vowed during his campaign to fire Smith “within two seconds” of taking office, Smith resigned before the president’s inauguration. The dismissals follow Trump’s longstanding criticism of the Justice Department, which he has accused of being “weaponized” against him and his allies.
Critics have denounced the firings as undermining the independence of the Justice Department. Former US Attorney Joyce Vance called the move “anti-rule of law” and a threat to democracy.
Supporters of the dismissals argue that the administration is entitled to appoint officials who align with its policy goals. Trump’s nominee for attorney general, Pam Bondi, has echoed his claims of politically motivated investigations, describing the Justice Department as having been “weaponized for years.”
Many of the dismissed prosecutors were career officials with expertise in corruption and national security. A department official told CBS News that the individuals were deemed unsuitable for their roles due to their involvement in prosecuting Trump.
This development is part of a broader reshuffling within the Justice Department. Dozens of senior officials have been reassigned, with some joining a new task force focused on enforcing immigration laws against sanctuary cities. Meanwhile, acting US Attorney Edward Martin announced an internal review of the previous administration’s charges against hundreds of Trump supporters involved in the January 6 Capitol protests.
Nvidia shares plunged 17% on Monday, wiping nearly $600 billion from its market value, after Chinese AI firm DeepSeek's breakthrough, but analysts are questioning the cost narrative. DeepSeek said to have trained its December V3 model for $5.6 million, but chip consultancy SemiAnalysis suggested this figure doesn't reflect total investments. "DeepSeek has spent well over $500 million on GPUs over the history of the company," Dylan Patel of SemiAnalysis said. "While their training run was very efficient, it required significant experimentation and testing to work."
The steep sell-off led to the Philadelphia Semiconductor index's worst daily drop since March 2020 at 9.2%, generating $6.75 billion in profits for short sellers, according to data group S3 Partners. DeepSeek's engineers also demonstrated they could write code without relying on Nvidia's Cuda software platform, which is widely seen as crucial to the Silicon Valley chipmaker's dominance of AI development.
Chaos On Border: Mexican Cartels Fire At US Border Patrol Agents
Chaos erupted along the US-Mexico border on Monday when cartel members opened fire on US Border Patrol agents. This incident came just one week after President Trump ramped up border security efforts, deployed the military, and formally designated cartels as foreign terrorist organizations.
Late Monday night, Texas Department of Public Safety Lt. Chris Olivarez wrote on X:
Earlier today, @TxDPS responded to assist the US Border Patrol after agents received gunfire from cartel members in Mexico while patrolling in Fronton, Starr County.
DPS Drone Operators captured the gunmen fleeing Mexico due to military presence, & seeking refuge on an island between the US & Mexico.
The State of Texas will continue to monitor the area closely & use every resource available to prevent transnational threats to our law enforcement partners & the homeland.
VIDEO: Earlier today, @TxDPS responded to assist the US Border Patrol after agents received gunfire from cartel members in Mexico while patrolling in Fronton, Starr County. DPS Drone Operators captured the gunmen fleeing Mexico due to military presence, & seeking refuge on an… pic.twitter.com/oPf5l7wltO
Fox News' Bill Melugin commented on Olivarez's post:
Texas DPS releases drone footage showing the cartel gunmen suspected of shooting at US Border Patrol agents in the RGV earlier today. The men can be seen armed with rifles, and appear to aim at the TX DPS drone.
One user on X, asked: "Where are our Marine snipers at?"
U.S. Soldiers and Marines have deployed to the Southern Border to help protect our homeland and national security.
On Jan. 20, President Trump designated Mexican drug cartels as foreign terrorist organizations.
More than 10,000 US troops are being deployed to the southern border to restore national security following globalist policies under the Biden-Harris regime. These policies resulted in a ten million unvetted migrant invasion into the US from third-world countries.
Also, nationwide Immigration and Customs Enforcement raids have resulted in thousands of arrests of criminal illegal aliens so far, who will be deported to their home countries. Deportation flight began last week.
Meanwhile, far-left corporate media, Hollywood elites, progressive think tanks, and radical leftist politicians are melting down over Trump deporting criminal illegal aliens. These folks are out of touch, failing to recognize that restoring national and border security was a very clear mandate given to Trump by a majority of voters.
Our view is that the designation of Mexican drug cartels as foreign terrorist organizations sets up the pathway for US federal investigators to follow the money trail and disrupt cartel operations by sanctioning Mexican banks that wash their dirty money. Pain is likely coming for Mexican banks.
US Durable Goods Orders Tumbled In December As Boeing Bloodbath Continues
US Durable Goods Orders tumbled in December, according to preliminary data, dropping 2.2% MoM (vs +0.65 MoM expectations). Worse still, November's 1.2% MoM decline was revised down to a 2.0% MoM decline...
Source: Bloomberg
The large decline appears to be Boeing related as Ex-Transports, durable goods rose 0.3% MoM as expected with non-defense aircraft and parts orders plunging 45.7% MoM...
Source: Bloomberg
The value of core capital goods orders, a proxy for investment in equipment excluding aircraft and military hardware, increased 0.5% last month after a revised 0.9% jump in November.
The bottom line - who knows? Ignore the noise and all is well. But what if the noise is the signal?
Futures Rebound After Historic Nvidia Rout; Dollar, Yields Bounce
US futures rose slightly after Monday’s rout over valuations in the artificial-intelligence sector, while the dollar advanced after US President Donald Trump said he wants to enact across-the-board tariffs that are “much bigger” than 2.5%. After suffering a record drop on Monday, Nvidia led a rebound in premarket trading one day after Chinese upstart DeepSeek prompted traders to rethink the extent of US tech dominance. As of 8:00am ET, futures on the Nasdaq 100 rose about 0.2% after the tech index suffered its worst one-day drop since mid-December as Nvidia shares climbed as much as 5% in premarket, poised to claw back some of their 17% slump. Contracts tracking the S&P 500 gained 0.2% with semis poised to recoup some of yesterday’s losses. In Europe, stocks climbed on the back of upbeat earnings. Keep an eye on USD and bond yields, which moved higher as Trump looked set to add a blanket tariff on Feb 1 which could start with a 2.5% blanket tariff and ramp from there. The commodity complex is seeing strength in Energy, weakness in Ags, and Metals are mixed. Today’s macro focus is on Durable/Cap Goods, Housing Pricing, Consumer Confidence, and regional activity indicators ahead of tomorrow's Fed decision. Starbucks, GM and Boeing are among companies to report results today.
In premarket trading, Nvidia jumped 4% after plunging 17% yesterday as Chinese artificial intelligence upstart DeepSeek prompted traders to rethink the extent of US tech dominance. Chip-related stocks advanced (Broadcom (AVGO) +2%, KLA Corp (KLAC) +1%, Marvell Technology (MRVL) +2%) as did AI infrastructure-related stocks (Constellation Energy (CEG) +2%, Oracle (ORCL) +1%, NuScale (SMR) +2%). Mag7 names were mostly higher after yesterday's rout: Magnificent Seven: Alphabet (GOOGL) +0.7%, Amazon (AMZN) -0.5%, Apple (AAPL) +0.2%, Microsoft (MSFT) +0.1%, Meta Platforms (META) +0.5%, Nvidia (NVDA) +2% and Tesla (TSLA) -0.2%. Here are some other notable premarket movers:
Royal Caribbean (RCL) climbs 5% after the cruise operator forecast adjusted earnings per share for 2025 that beat the average analyst estimate, and said its busiest booking period is off to a record start.
Roper Technologies (ROP) rises 1% as TD Cowen upgraded the software firm to buy, citing revenue acceleration into 2025 and saying that the company’s “US centric portfolio” could also be attractive to many investor groups.
Sanmina (SANM) gains 1% after the electronics contract manufacturing services company reported adjusted earnings per share for the first quarter above what analysts expected.
Synchrony Financial (SYF) falls 5% after posting fourth quarter results.
Nvidia was poised to recover some of its 17% slump on Monday as DeepSeek’s cost-effective AI model added fuel to the debate over the outlook for big spending by tech companies on the chipmaker’s expensive products, when lower-cost solutions are possible by fine-tuning models. That potential threat to semiconductor demand — albeit too early to gauge, according to Bloomberg Intelligence — was enough to spur concerns among investors over whether the tech megacaps deserve their premium valuations.
“Nvidia has been the number one driver of S&P 500 earnings growth over the past 18 months,” said Mike O’Rourke, chief market strategist at Jonestrading. “If Nvidia does not deliver on earnings growth, an expensive S&P 500 becomes much more expensive.”
Meanwhile, the dollar strengthened against its major peers and copper fell on President Trump's latest comments about tariffs to reporters on Monday night. The US president said he wants to enact across-the-board tariffs that are “much bigger” than 2.5%. In a speech from Florida, he also pledged tariffs on specific sectors, including semiconductors, pharmaceuticals, steel, copper and aluminum.
“I remain an equity bull, and would view this as a dip to be bought,” said Michael Brown, senior research strategist at Pepperstone Group Ltd. “That said, understandably, conviction to ‘catch a falling knife’ might be a little lacking for the time being.” The new US administration has been debating trade levies through January, with FT reporting Trump’s advisers were considering a gradual increase of about 2% to 5% a month.
European stocks also gain with the Stoxx 600 rising and set for a record close thanks to upbeat earnings offering additional support while SAP and Siemens Energy gain after upbeat results. Retail and utilities are the best performing sectors with miners and banks lagging behind. Europe’s largest lender HSBC will wind down some of its investment banking operations in Europe, the UK and the Americas as part of its restructuring efforts. Here are some of the biggest movers on Tuesday:
Sartorius shares jump as much as 17%, the most since Oct. 17, after the German lab equipment maker reported better-than-expected adjusted Ebitda for the full year and said it expects a moderate increase in sales revenue in 2025.
Siemens Energy shares gain as much as 5.1% after it pre-released strong fiscal 1Q results.
Mercedes shares rise as much as 2.4% after a pre-close call late Monday during which the German automaker indicated it had a stronger-than-expected end to the year, according to analysts.
SAP shares rise as much as 3.1% to an intraday record, after the software company raised full-year guidance on cloud revenue and operating profit, helped by its clients’ migration to cloud.
Comet shares jump as much as 6.3%, the most since October, after the Swiss supplier of radio-frequency tools to the semiconductor industry posted a strong revenue growth update that shows recovery has gained momentum, according to ZKB.
Foxtons shares rise as much as 6.7% after the London-focused estate agent said annual earnings for 2024 will be ahead of expectations.
Xvivo Perfusion gains as much as 14%, the most since July, after Bryan Garnier & Co raised its view on the Swedish organ-transplant technology firm to buy from neutral, saying solid 4Q financials bolstered the broker’s view on the firm.
Schneider Electric falls as much as 4.9%, extending declines following a DeepSeek-driven selloff. Citi (neutral) said valuation support may be 20% below Monday’s closing price.
Swatch shares fall as much as 2.1% after Morgan Stanley downgrades the watchmaker to underweight from equal-weight ahead of earnings, flagging further softness in the Swiss watch industry.
Netcompany falls as much as 17%, the most in two years, after the Danish IT consultancy reported adjusted Ebitda, revenue, margins and gross profits for the fourth quarter that missed average analyst estimates.
Earlier in the session, Asian shares fell on concerns surrounding AI-inflated tech valuations, while several markets were closed or held shortened trading sessions for the Lunar New Year holiday. The MSCI Asia Pacific Index fell as much as 0.6%. Japanese chip-tester maker Advantest and Australian data center REIT Goodman were among the biggest decliners after DeepSeek’s cheap AI model triggered a selloff in related stocks. Stocks edged higher in Hong Kong, as Tencent and other Chinese internet stocks extended gains. Large-cap shares in India advanced, while Japan’s benchmarks were mixed. Bourses in mainland China, South Korea and Taiwan were shut.
“It’s too early to call the future impact from DeepSeek, but what it has demonstrated is the crowded positioning within the potentially impacted sectors,” said Matthew Haupt, a fund manager at Wilson Asset Management. “Questions around growth outlooks are now not a 100% foregone story, so probabilities have shifted and that’s all that’s needed for a selloff.”
In FX, the Bloomberg Dollar Spot Index rose 0.3% as the dollar strengthened against most major currencies after comments from US President Trump and his Treasury Secretary stoked concern about widespread US trade tariffs. The Japanese yen and euro are among the weakest of the G-10 currencies, each falling around 0.6% against the greenback.
In rates, treasuries fell with US 10-year yields rising 2 bps to 4.56%. Bunds also dip while gilts slightly outperform Treasuries and bunds across the curve.
In commodities, oil prices advance, with WTI rising 0.5% to $73.50. Spot gold is steady around $2,744/oz. Bitcoin rises toward $103,000.
On today's calendar, we get the December durable goods orders (8:30am), November FHFA house price index, S&P CoreLogic home prices (9am), January consumer confidence and Richmond Fed manufacturing index (10am) and January Dallas Fed services activity (10:30am)
Market Snapshot
S&P 500 futures up 0.2% to 6,061.75
MXAP down 0.5% to 182.26
MXAPJ down 0.3% to 572.54
Nikkei down 1.4% to 39,016.87
Topix little changed at 2,756.90
Hang Seng Index up 0.1% to 20,225.11
Shanghai Composite little changed at 3,250.60
Sensex up 0.6% to 75,821.14
Australia S&P/ASX 200 down 0.1% to 8,399.07
Kospi up 0.8% to 2,536.80
STOXX Europe 600 up 0.5% to 532.45
German 10Y yield little changed at 2.56%
Euro down 0.5% to $1.0442
Brent Futures up 0.6% to $77.55/bbl
Gold spot up 0.1% to $2,743.52
US Dollar Index up 0.44% to 107.82
Top Overnight News
Trump spoke after the Mon close and said “in the very near future” he would be placing tariffs on computer chips, semiconductors, pharmaceuticals, steel, aluminum, and copper. BBG
Trump said he wants universal tariffs much larger than 2.5% and has a tariff level in mind but had not set it yet, which followed an earlier report in FT that Treasury Secretary Bessent is pushing for a gradual 2.5% universal tariffs plan in which the 2.5% levy would move higher by the same amount each month.
Trump said he will work with Congress on a plan to secure the borders and that they need a massive increase in funding for border security, while he will work with Congress on tax cuts and must permanently extend tax cuts previously passed under the Trump administration. Trump reiterated "drill baby drill" and said he will give fast approval to anyone building a plant for electric generation. Trump also stated that tariffs will be placed on computer chips in the near future and he will place tariffs on producers of pharmaceuticals, while he added that steel and other industries will be considered for tariffs and tariffs will also be placed on aluminium and copper. Furthermore, he said if you want to stop placing the tariffs, companies need to build plants in the US and it is good that companies in China have come up with a faster method of artificial intelligence whereby Chinese startup DeepSeek should be a wake-up call.
US Senate voted 68-29 to confirm Scott Bessent as Treasury Secretary who is pushing for new universal tariffs on US imports to start at 2.5% and rise gradually. The 2.5% levy would move higher by the same amount each month, giving business time to adjust and countries a chance to negotiate with the Trump’s administration. FT
Speaker Johnson said he doesn’t think Trump’s tariffs will hit “whole countries or whole industries with across-the-board levies.” Politico
NVDA (Nvidia) said on Monday that the need for its chips would rise as a result of increased demand for DeepSeek’s services (Nvidia also said that DeepSeek appears to be telling the truth when it said its model was made without access to the highest-end GPUs). BBG
Pimco and Apollo are among asset managers considering buying a portion of the next $3 billion of debt tied to Elon Musk’s buyout of X, people familiar said. BBG
Japan’s government risks rejection of its annual budget if it doesn’t concede more ground to a small opposition party seeking a larger tax-free allowance. BBG
Japan is considering an ordinance to allow GPIF to participate directly in government bond auctions, people familiar said. The fund at present purchases JGBs from auctions via securities companies. The change will make it easier for the fund to rebalance its portfolio. BBG
Prime Minister Keir Starmer said the UK economy is starting to turn around and indicated he wanted a better trading relationship with the US. BBG
A handful of GenAI stocks are pushing higher in the pre-mrkt: NVDA +5% (>8mn shares already trading) and ALAB, GEV, VRT, AVGO types up 4%+ on light volume.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks were mixed amid holiday-thinned conditions on Chinese New Year's Eve and after the recent US tech sell-off. ASX 200 traded rangebound on return from the long weekend as gains in the consumer, healthcare, telecoms and financial sectors offset the losses in real estate, utilities, tech and miners, while improved Business surveys did little to spur demand. Nikkei 225 extended on the recent selling but was off worst levels amid a weaker currency and softer Services PPI data. Hang Seng kept afloat but with upside capped amid the absence of mainland participants and Stock Connect flows, while markets in Hong Kong closed early ahead of Chinese New Year celebrations.
Top Asian News
US President Trump said they will have a lot of people bidding on TikTok and don't want China involved in TikTok, while he confirmed Microsoft (MSFT) is in talks on TikTok and said he would like a bidding war over TikTok.
US federal maritime official said the US is not without options in addressing the growing presence of China and Chinese companies in Panama, while the US seeks to increase support for American companies in Panama and throughout the Americas, ensuring Chinese companies are not the sole bidders on contracts.
Japan's government nominated Waseda University professor Junko Koeda as BoJ Board Member to replace Board Member Adachi whose term ends on 25th March 2025.
Sentiment has stabilised vs the considerable tech-induced losses seen in the prior session. NVIDIA (+5%) is higher in the pre-market, after sinking as much as 17% on Monday. US equity futures are mixed, but with very clear outperformance in the tech-heavy NQ +0.7% as AI-names jump higher in the pre-market, following the tech-rout seen in the prior session; NVDA +5.0%, AVGO +4.0%, MSFT +0.8%. In Europe, the Tech sector is found towards the middle of the pack; ASML (+0.8%), BE Semi (+0.3%) are both a little higher, but were initially on the backfoot. SAP (+0.2%) post earnings where the name lifted FY25 guidance. European bourses (Stoxx 600 +0.5%) opened the session on a modestly firmer footing, and have generally traded sideways throughout the morning thus far. SAP (SAP GY) Q4 Earnings: Beat on Revenue, Net Income, adj. EBIT and Cloud Revenue. Lifts FY25 guidance and expects strong FY Cloud Revenue growth. CEO: Our strong position in data and business AI gives us additional confidence that we will accelerate revenue growth through 2027”.
Top European News
ECB Euro area bank lending survey: Credit standards tightened for firms in the fourth quarter of 2024, driven by higher perceived risks and lower risk tolerance. Credit standards remained unchanged for loans to households for house purchase but continued to tighten for consumer credit. Housing loan demand continued to rebound strongly, while demand for firm loans remained weak.
German economy output forecast to fall by 0.1% in 2025, according to BDI, while global economy expected to grow by 3.2%; must assume a leading role in Brussels with ambitions economic policy agenda.
German Regulator BaFin says property markets correction among top risks in 2025; other top risks include financial market corrections and corporate loan defaults
UK PM Starmer has reportedly requested that the relinking of the UK and EU emissions trading scheme is on the agenda for spring talks, via FT citing EU officials.
FX
USD is bouncing back after being sold yesterday alongside the sell-off in the large cap global tech stocks and failing to act as a safe-haven. The rebound has been bolstered by overnight commentary from US President Trump who pushed back on reports that his administration could impose a gradual 2.5% universal tariff that would increase by 2.5% each month. DXY briefly made its way onto a 108 handle with a current session peak at 108.02.
EUR is softer vs. the USD and to a lesser extent the GBP. Despite the global risk-aversion yesterday, EUR was actually able to eke out gains vs. the USD. However, this upside has been swiftly reversed on account of the aforementioned inflammatory tariff rhetoric from Trump overnight. EUR/USD is below yesterday's trough at 1.0453 and the 50DMA at 1.0433.
JPY has given back the bulk of yesterday's gains vs. the USD that were triggered by the sell-off in global large-cap tech stocks. However, this move has been tempered during today's session in the wake of the broadly stronger USD, which has been bolstered by inflammatory tariff rhetoric from US President Trump. USD/JPY is currently tucked within yesterday's 153.71-156.24 range.
GBP is softer vs. the USD but firmer vs. the EUR. Fresh macro drivers for the UK are light aside from the BRC Shop Price Index for January showing a 0.7% Y/Y decline vs. prev. 1.0%. Cable matched the bottom-end of yesterday's 1.2426-1.2524 range.
Another session of losses for the antipodes after suffering yesterday alongside the tech sell-off. This time around, the broader recovery in the USD is acting as a drag.
Fixed Income
Overall, USTs are pulling back this morning as tech/market sentiment looks set to attempt a slight recovery from the substantial pressure seen on Monday, with NVDA higher by around 5% in pre-market trade. Supply the scheduled point of focus for the session ahead. Follows on from mixed auctions on Monday where the 2yr tap was a soft auction but was followed by the 5yr which experienced a much better reception. Today, USD 44bln of 7yr Notes are on offer after a 2yr FRN sale. As it stands, USTs are softer to the tune of c. 10 ticks at a 108-25+ low.
Bunds are pulling back in tandem with the above though magnitudes are slightly more contained today on account of Bunds, relatively speaking, paring more of Monday’s upside in that session than USTs managed to do. No reaction to the latest ECB Bank Lending Survey or Germany’s BDI Industry Association forecasting a domestic output contraction in 2025. Bunds at a 131.42 base vs Monday’s 132.14 high, as such Bunds are back to within touching distance of Monday’s 131.38 opening level/trough.
Gilts are echoing the above, at a 92.13 trough vs Monday’s 92.68 peak. A low which brings Gilts comfortably below the week’s 92.32 open and at an incremental fresh low for the week.
UK DMO announces gilt tender for up to GBP 1.5bln of their 0.125% 2026 conventional gilt on Jan 30th.
Netherlands sells EUR 2.45bln vs exp. EUR 2-2.5bln 2.50% 2030 DSL; average yield 2.493% (prev. 2.481%)
UK sells GBP 1.5bln 1.125% 2035 I/L Gilt Auction: b/c 3.12x and real yield 1.128%.
The crude complex is a little firmer and ultimately taking a breather from yesterday's losses, whilst prices could also be underpinned to an extent from reports that protesters at Libya's Es Sidra port prevent tankers from loading, according to engineers cited by Reuters. Brent Apr resides in a USD 76.12-76.90/bbl parameter.
Mixed/flat trade across precious metals as prices take a breather from yesterday's volatility and with newsflow somewhat light during European hours awaiting any impulse from Wall Street. Spot gold currently resides in a USD 2,734.81-2,745.30/oz range.
Mixed trade across metals amid an overall cautious tone in the market and with Trump tariff threats continuing to cap gains. Adding to bearish sentiment, US President Trump is reportedly set to impose tariffs on steel, aluminium, and copper imports. 3M LME copper resides in a USD 9,016.00-9,115.50/t range
Russia's Kremlin says Russia is interested in the continuati
Nvidia, OpenAI's Sam Altman Respond To DeepSeek Developments
The entire AI complex sold off violently on Monday after China's "AI Sputnik" moment, driven by the low-cost DeepSeek chatbot, raised doubts about the market's future expectations for massive investments in new computing infrastructure and upgraded power grids to support large language models and other AI technologies.
Uh-oh, Mag5... ROI concerns now enter the picture.
Goldman's Rich Privorotsky told clients Monday that DeepSeek is allegedly "40-50x more efficient than other large language models."
"If you can do more with less, it naturally leads to the question of whether you need so much capacity," Privorotsky said.
Privorotsky continued, "From a few conversations I have had with various investors this morning, the initial thoughts are similar -negative capex impact and a meaningful change of narrative in the US AI space is worrisome, in terms of R and I in ROI."
Following Monday's AI massacre, Nvidia has finally responded to DeepSeek's developments of cheaper and more energy-efficient LLMs, calling them an "excellent AI advancement" that complies with US technology export controls.
"DeepSeek's work illustrates how new models can be created" using the Test Time Scaling technique, the chip giant told Bloomberg in an emailed statement, adding, "leveraging widely available models and compute that is fully export control compliant."
Bloomberg's Ian King pointed out, "The statement also appears to dismiss some analysts' and experts' suspicions that the Chinese startup couldn't have made the breakthrough it has claimed."
OpenAI's CEO Sam Altman also responded to the DeepSeek development. On X, he called the R1 model "impressive, particularly around what they're able to deliver for the price."
"We will obviously deliver much better models and also it's legit invigorating to have a new competitor! we will pull up some releases," Altman said.
deepseek's r1 is an impressive model, particularly around what they're able to deliver for the price.
we will obviously deliver much better models and also it's legit invigorating to have a new competitor! we will pull up some releases.
An anonymous reader quotes a report from Ars Technica: [A] company called Retro Remake is reigniting the console wars of the 1990s with its SuperStation one, a new-old game console designed to play original Sony PlayStation games and work with original accessories like controllers and memory cards. Currently available as a $180 pre-order, Retro Remake expects the consoles to ship no later than Q4 of 2025. The base console is modeled on the redesigned PSOne console from mid-2000, released late in the console's lifecycle to appeal to buyers on a budget who couldn't afford a then-new PlayStation 2. The Superstation one includes two PlayStation controller ports and memory card slots on the front, plus a USB-A port. But there are lots of modern amenities on the back, including a USB-C port for power, two USB-A ports, an HDMI port for new TVs, DIN10 and VGA ports that support analog video output, and an Ethernet port. Other analog video outputs, including component and RCA outputs, are located on the sides behind small covers. The console also supports Wi-Fi and Bluetooth.
The Retro Remake SuperStation console offers an optional tray-loading CD drive in a separate "SuperDock" accessory that will allow you to play original game discs. Buyers can reserve the SuperDock with a $5 deposit, with a targeted price of around $40.
The report also notes the console uses an FPGA chip that's "based on the established MiSTer platform, which already has a huge library of console and PC cores available, including but not limited to the Nintendo 64 and Sega Saturn." And because it's based on the MiSTer platform, it makes the console "open source from day 1."
A 45-year-old Ukrainian citizen was arrested in Stockholm after trying to ram the Russian embassy with a car Read Full Article at RT.com
The culprit was arrested by the Swedish police, with no major damage to the mission
Swedish police have arrested a Ukrainian national who tried to force his way into the Russian Embassy in Stockholm by ramming a car into its gates, the embassy said, adding that no serious damage was caused.
The incident took place on Tuesday morning, when an unnamed 45-year-old Ukrainian citizen attempted to drive his car through the entrance, the embassy said in a statement. Police officers swiftly apprehended the individual.
While noting that the embassy suffered no serious damage and no one was injured, the embassy criticized law enforcement for apparent negligence and failure to prevent such incidents in the first place. “The perpetrator of the incident is well known to the Embassy and local police,” it stressed.
The embassy stated that the suspect had already carried out attacks on Russian diplomatic facilities in Sweden in 2015 and 2018, and “was deemed mentally unfit and was sent by Swedish authorities for appropriate treatment.”
The Ukrainian has since resumed his sabotage activities, the statement read. “However, no serious measures were taken by the police against this individual, which led to today’s incident,” it added.
Swedish police have confirmed the incident, with local newspaper Expressen reporting that it is being investigated for attempted aggravated trespassing. Officials, however, declined to comment on the nationality of the culprit.
In November, an unidentified drone dropped paint on the Russian embassy in the country. According to Russian diplomats, the building and other property belonging to the embassy faced at least ten similar vandalism attempts in 2024 alone.
Since the escalation of the Ukrainian conflict in February 2022, Russian diplomatic missions have frequently been harassed and attacked, with vandals often throwing eggs at the buildings or defacing them with spray paint.
According to the 1961 Vienna Convention on Diplomatic Relations, the country hosting a diplomatic mission is responsible for protecting its premises from intrusion or other acts of violence.
Homeland Security Secretary Kristi Noem personally led the pre-dawn operation against illegal immigrants 
A 45-year-old Ukrainian citizen was arrested in Stockholm after trying to ram the Russian embassy with a car
