US Vetoes UN Resolution Urging Immediate Cease-Fire, Hostage Release In Gaza

Authored by Evgenia Filimianova via The Epoch Times,

The United States on Sept. 18 vetoed a U.N. Security Council resolution calling for an immediate cease-fire in Gaza, the release of hostages held by the terrorist group Hamas, and the lifting of Israeli restrictions on humanitarian aid, blocking a measure backed by the other 14 members of the 15-nation body.

U.S. Deputy Middle East Envoy Morgan Ortagus said Washington could not support the resolution because it would have locked in a cease-fire with Hamas still in control of Gaza.

“The United States will never accept this. President Trump will never accept this. He has made clear, all 48 hostages must be released now,” she said. “This resolution also refuses to acknowledge and seeks to return to a failed system that has allowed Hamas to enrich and strengthen itself at the expense of civilians in need.”

There has been mounting international pressure on Israel, including by governments and aid groups, as the conflict approaches its two-year mark.

The resolution was introduced by Denmark on behalf of the council’s elected members.

Denmark’s representative to the U.N., Christina Markus Lassen, said the measure aimed to address what she described as a “humanitarian and human failure” in Gaza and “contribute to the end of this abhorrent war.” Lassen said that famine in Gaza has been confirmed.

The Integrated Food Security Phase Classification (IPC), a U.N.-backed body, said in August that nearly 514,000 people in Gaza are experiencing famine, a claim Israel has rejected.

Ortagus said the resolution failed to “recognize the reality on the ground” and a “meaningful increase in the flow of humanitarian aid.” She said that U.N. data showed about 85 percent of aid sent to Gaza since May 19 had been intercepted, stressing that it must reach civilians in need rather than sustain Hamas.

Ortagus added that the U.N. and Security Council members should support the Gaza Humanitarian Foundation and other mechanisms, which deliver aid to civilians while denying resources to Hamas.

Ahead of the vote, Israel’s ambassador to the U.N., Danny Danon, said in a social media post that “resolutions against Israel will not free the hostages or bring security.”

“Israel will continue to fight Hamas and protect its citizens, even if the Security Council prefers to turn a blind eye to terrorism,” he said.

Speaking in London on Sept. 18, Trump also stressed the need to focus on the Israeli hostages.

“We have to remember October 7, one of the worst, most violent days in the history of the world,” he said. “We have to have the hostages back immediately.”

Israel says its actions in Gaza, including the ongoing military offensive in the enclave, aim to disarm Hamas, achieve the release of all Israeli hostages, and create a civilian administration unaffiliated with either Hamas or the Palestinian Authority.

Israel has rejected the findings of a Sept. 16 U.N. report stating that Israel is committing genocide in the Gaza Strip.

Security Council Frustration

The draft resolution on Thursday failed with 14 votes in favor and one against. Under council rules, a single negative vote by a permanent member prevents adoption. The U.S. veto drew criticism from council members and regional representatives.

France called on Hamas to be disarmed and excluded from governance, but also pressed Israel to allow unhindered humanitarian aid.

Algeria’s ambassador, Amar Bendjama, apologized to Palestinians for not doing enough to save civilians’ lives.

Somalia’s envoy, Abukar Dahir Osman, said not passing the resolution was “a profound moral failure” that reflects a dangerous logic that “the suffering of some is more tolerable than the suffering of others, and that the lives of certain people matter less.”

“The moment we measure the worth of human life by nationality, ethnicity or circumstances, we lose the very foundation upon which this institution was built,” he added.

Pakistan described the veto as a “dark moment,” while the Russian delegate warned “there will be no breakthrough” so long as the United States “does not change the lens through which it regards the crisis in Gaza.”

Other members, including Greece, Slovenia, Panama, and South Korea, echoed concerns about famine and called for renewed efforts to secure both a cease-fire and the release of hostages.

Palestinian observer Riyad Mansour said failure to pass the resolution came at “a great cost” for the council’s “credibility and authority,” adding that the use of the veto in such situations “should simply not be allowed.”

US Allies Expected to Back Palestinian Statehood

Key Western allies, including France, the UK, Canada, and Australia, are expected to recognize Palestinian statehood at the U.N. summit in New York City on Sept. 22.

Israel and the United States oppose the push for recognition, saying it rewards Hamas for the Oct. 7, 2023, attack on Israel, in which Hamas killed about 1,200 people and took 251 hostages.

Washington has said recognition can only come as part of a negotiated agreement with Israel.

According to the Hamas-run Gaza Health Ministry, 65,000 Palestinians have been killed since the onset of the conflict in Gaza. The ministry does not differentiate between civilians and combatants in the count. The Epoch Times cannot verify the accuracy of the figure.

Tyler Durden Fri, 09/19/2025 - 13:45

Goldman Raises Tesla Delivery Estimates, Notes Improving Brand Sentiment

Wall Street analysts are chasing Tesla stock as it trades above $400 a share, following news that Elon Musk purchased $1 billion worth of shares to start the week.

Looking ahead, Tesla's third-quarter delivery report is expected in less than two weeks, and Goldman analysts have raised both their delivery estimates and price targets. Goldman's data also shows sentiment around Tesla has improved after plunging earlier this year, when the Democratic Party's dark-money-funded NGO machine waged war on Musk over his DOGE efforts.

Members of the Socialist Rifle Association have been charged in the attack on the ICE facility in Alvaredo, TX in which a police officer was shot in the neck, and in two firebombings of Tesla dealerships (political attacks against @elonmusk). Another joined a foreign terror org. pic.twitter.com/StMPgjQtRS

— Luke Rosiak (@lukerosiak) September 18, 2025

A team of analysts led by Mark Delaney upgraded their third- and fourth-quarter delivery estimates for Tesla vehicles:

• 3Q25: 455K (prev. 430K; consensus 439K)

• 4Q25: 450K (prev. 443K; consensus 441K)

• 2026: Unchanged at 1.865M, in line with consensus

"We attribute the better 2H volumes in part to the recent Model Y L launch, in part based on somewhat better consumer survey data, and in part with IRA EV purchase credits set to expire on 9/30/25," Delaney wrote in a note to clients. 

Even with the upgraded quarterly delivery estimates, Delaney's team maintains a "Neutral" rating on the stock. However, they raised their 12-month price target to $395 from $300. Here's the explanation:

We remain Neutral rated on the stock. Longer term, we expect Tesla to grow its EPS driven in part by larger contributions from autonomy and robotics, although our base case expectation for profits in these areas is more measured than the company is targeting. As we detail in this note, we estimate that its 2030 EPS could be ~$2-3 to ~$20 (although we acknowledge there are outcomes beyond these ranges), and what we consider to be a middle of the road type scenario implies ~$7-$9 of EPS in 2030 and an EPS CAGR of ~40-50%. Given the move higher in market multiples more generally, as well as the growth rate we believe the business can support over the longer term, plus the increases we make to our forward EPS estimates, we raise our 12-month price target to $395 from $300. If Tesla can have outsized share in areas such as humanoid robotics and autonomy, then there could be upside to our price target, although if competition limits profits (as is happening with the ADAS market in China) or Tesla does not execute well, then there could be downside. 

New consumer survey data from HundredX and Morning Consult, which tracks net purchase intent and net buzz around the vehicle brand, shows sentiment improving. Earlier this year, Democratic Party–aligned dark-money-funded NGOs waged an informational war against Tesla over Musk's involvement with DOGE, but with that propaganda campaign subsiding many months ago, consumers appear to be returning to the brand.

App downloads are also showing a promising inflection point for the brand.

For the full report and chart pack, ZeroHedge Pro Subs can find the note in the usual place.

Tyler Durden Fri, 09/19/2025 - 13:25

CDC Advisers Recommend Against MMRV Combo Vaccine For Young Kids, Table Vote On Hep B Shot

Authored by Zachary Stieber via The Epoch Times,

The Centers for Disease Control and Prevention should stop recommending a specific combination measles shot to young children, the Advisory Committee on Immunization Practices (ACIP) said on Sept. 18.

The CDC should recommend only the measles, mumps, rubella (MMR) vaccine, and not the measles, mumps, rubella, varicella (MMRV) vaccine—which also prevents chicken pox—for children ages younger than 4, ACIP said.

The vote was 8 to 3. Dr. Robert Malone recused himself because he was in the past a paid expert for plaintiffs suing Merck, which manufactures MMR and MMRV vaccines.

If Jim O'Neill, the deputy health secretary and acting CDC director, accepts the recommendation, the CDC would change its vaccine schedule.

The CDC currently recommends either the MMRV vaccine, or the MMR vaccine along with a separate varicella shot, for the first dose against measles. It says the MMR vaccine is the preferred option for children ages 12 to 47 months, because the MMRV vaccine “is associated with a higher risk for fever and febrile seizures.”

About 85 percent of children receive the MMR and varicella vaccines, compared with 15 percent who receive an MMRV vaccine, for the first dose.

After MMR vaccination, there is about one additional febrile seizure per 3,000 to 4,000 of those vaccinated, compared with unvaccinated children. MMRV vaccination increases that risk twofold among young children, Dr. John Su, a CDC immunization official, said in a presentation. There’s no evidence of an increased risk following dose two of the MMRV vaccine among children ages 4 to 6, he said.

The second dose of a measles vaccine is recommended on the CDC schedule for children ages 4 to 6.

GlaxoSmithKline and Merck produce MMR vaccines cleared in the United States, but Merck also makes the only available MMRV vaccine. The companies did not respond to requests for comment by publication time.

“Any policy decision that compromises the clarity or consistency of vaccination guidance for MMRV has the potential to further diminish public confidence,” a Merck official told the panel before the vote, after referencing falling vaccination rates among kindergartners.

Retsef Levi, one of the ACIP members who voted for the change, said that he thinks that it will lead to an increase in vaccination because there will be fewer adverse events. Dr. Cody Meissner, who voted against the change, said he wanted to let parents choose between MMR and MMRV because some will want one less injection for their children.

The panel had been scheduled to vote on changing hepatitis B vaccine recommendations, but pushed the vote back to Sept. 19, when advisers are set to also vote on updated COVID-19 vaccine recommendations.

Additionally, the advisors voted to postpone a vote on delaying the first dose of a hepatitis B vaccine, which is currently recommended for newborns within hours of birth.

Advisory Committee on Immunization Practices (ACIP) members in an 11–1 vote tabled a motion that would have advised the CDC to recommend pushing the first dose back to a minimum of 1 month of age.

Some members said they favored tabling the motion because of concerns that the CDC misrepresented the safety of the hepatitis B vaccine.

In a presentation on Thursday, Adam Langer of the CDC said that the Institute of Medicine (IOM), now known as the National Academy of Medicine, found the hepatitis B vaccine was “safe and effective,” citing a 2002 report from the institute.

Vicky Pebsworth, an ACIP member, pushed back against the CDC’s characterization, pointing out on Thursday that in its most recent report, in 2012, the institute said a review of available evidence resulted in being unable to reject—or accept—that the vaccine causes a variety of conditions, including encephalitis, or brain inflammation.

“IOM did not conclude that hepatitis B was safe, as has been said here,” she said.

Dr. Robert Malone, another member, who put forth the tabling motion, said Friday he had reviewed the assertions overnight and sided with Pebsworth.

“To interpret that the absence of data implies safety is, I think, a perversion,” he stated.

Other members indicated they voted to postpone the vote because they felt there was a lack of data supporting moving the birth dose back.

“No vaccine is 100 percent safe and no vaccine is 100 percent effective,” Dr. Cody Meissner, another ACIP member, stated. “What’s important for the provider before administering the vaccine is to think about that particular patient, and does the benefit exceed any possible side effect from the vaccine. And when you apply that to a newborn hepatitis B vaccine, I don’t think there’s any question whatsoever that the benefit far outweighs any adverse side effect.”

The Department of Health and Human Services did not immediately respond to a request for comment.

Most European countries do not recommend hepatitis B vaccination at birth unless the mother has hepatitis B. Some don’t recommend it at all for children.

“So far, the hepatitis B vaccine has been too costly to justify its inclusion in the program due to very low number of cases,” a spokesperson for the Finnish Institute for Health and Welfare, which does not recommend hepatitis B vaccination for most children, told The Epoch Times in an email.

Health Secretary Robert Kennedy, who oversees the CDC, had supported moving the birth dose, Dr. Debra Houry, a former top CDC official, testified earlier in the week. Stuart Burns, a Kennedy adviser, “told me that the secretary had suggested age 4,” she said, adding that a different health official told her that the secretary wanted the birth dose moved.

Hillary Blackburn, another ACIP member, was among those who had questioned how a minimum of 1 month of age had been decided, versus 2 months of age, which is when the first dose is recommended in certain other countries.

Martin Kulldorff, chair of ACIP, said he was involved in discussions with CDC officials on the matter.

“I think it has to do with that the second dose is recommended in the U.S. between one and two months,” Kulldorff said.

Several companies make hepatitis B vaccines available in the United States, including Merck and Sanofi.

“The reconsideration of the newborn hepatitis B vaccination on the established schedule poses a grave risk to health of children and to the public, which could lead to a resurgence of preventable infectious diseases,” a Merck official said during the hearing.

A Sanofi official said that “the hepatitis B birth dose and vaccination early in life remain the most effective option for prevention of hepatitis infections in infants and children.”

Tyler Durden Fri, 09/19/2025 - 13:05

Today, in the Calculated Risk Real Estate Newsletter: 3rd Look at Local Housing Markets in August

A brief excerpt:

The NAR is scheduled to release August Existing Home sales on Thursday, September 25th at 10:00 AM. The consensus is for the NAR to report sales of 3.98 million SAAR. Last year, the NAR reported sales in August 2024 at 3.93 million SAAR.

Housing economist Tom Lawler expects the NAR to report August sales of 3.90 million SAAR.

August sales will be mostly for contracts signed in June and July, and mortgage rates averaged 6.82% in June and 6.72% in July (somewhat lower than for closed sales in July).

In August, sales in these early reporting markets were down 2.2% YoY. Last month, in July, these same markets were down 0.6% year-over-year Not Seasonally Adjusted (NSA).

Important: There were one fewer working days in August 2025 (21) as in August 2024 (22). So, the year-over-year change in the headline SA data will be more than the NSA data (there are other seasonal factors).
...
More local markets to come!

There is much more in the article.

Teaching The Three Rs: Clinton & Weingarten Return To Republicans, Rage, & Recrimination As Schools Continue To Decline

Authored by Jonathan Turley,

Many people are calling out former Secretary of State Hillary Clinton for a posting supporting American Federation of Teachers (AFT) chief Randi Weingarten’s new book in which she paints her political opponents as “fascists.”

The timing was flagged as, at best, tone deaf in the wake of the assassination of Charlie Kirk by a shooter who wrote fascist references on his bullets and was clearly radicalized by such rage rhetoric.

For me, the timing was most notable in how Weingarten and Clinton are again pushing their extreme rhetoric as a new report emerged showing the utter failure of our schools to actually educate our children. Weingarten and Clinton cannot be bothered by the long-standing declines in education. They are returning to the three Rs: Republicans, Rage, and Recrimination.

Weingarten is “credited” with turning the teacher’s union into an extension of the Democratic Party, often appearing at political rallies with her signature high-volume screeds:

Clinton pushed the use of education to paint opponents as fascists: “Congratulations to my friend [Weingarten] on ‘Why Fascists Fear Teachers.’ From banning books to controlling curriculum, authoritarians go after public education because it’s a cornerstone of democracy.”

Schools have become the cornerstone of a political strategy as opposed to actual education. As Weingarten and Clinton were pushing the fascism attacks, a new study showed just how badly teacher’s unions and administrators have failed our students.

While Weingarten and other unions have poured millions into democratic  and liberal campaigns, they have done little to improve education for millions of students.

High school students, especially 12th graders, hit record lows this year, according to a new report from the National Assessment of Education Progress.

The new report, known as the Nation’s Report Card, shows almost half of high school seniors are now testing below basic levels in math and reading, and approximately 35% are at or above a proficient reading level, while 32% of them had a below “basic” reading proficiency.

In math, only about 22% of 12th graders are performing at or above proficiency standards.

*  *  *

*  *  *

A review of eighth graders and their science ability found 31% of them were performing at proficient or above proficient standards.

However, it is time to again attack your opponents as fascists in the name of education.

Teachers and school boards are killing the institution of public education by treating children and parents more like captives than consumers. They are force-feeding social and political priorities, including passes for engaging in approved protests.

Faced with abysmal scores, particularly for minority students, school boards and union officials have called for lowering or suspending proficiency standards or declared meritocracy to be a form of “white supremacy.” Gifted and talented programs are being eliminated in the name of “equity.”

At the same time, we have previously discussed how schools have been dropping the use of standardized tests to achieve diversity goals in admissions. Cal State dropped standardized testing “to level the playing field” for minority students.

The result is that colleges and universities are dealing with students who lack proficiency in basic subjects. This year, Harvard University was forced to introduce remedial, high-school-level math courses for its students due to falling scholastic standards.

The problem with a new diatribe about fascists is that many of your students may have little understanding of that term. Social studies proficiency has also been failing for years.

Tyler Durden Fri, 09/19/2025 - 11:45

Trump Hails 'Very Good' Call With Xi: 'I Appreciate The TikTok Approval'

Chinese President Xi Jinping has remarked on his 'positive and pragmatic' call with President Trump on Friday mid-morning (US local), saying also that he urged the US administration to avoid restrictive trade measures.

Also of note is that he conveyed to Trump that he respects the wishes of companies as they pursue a finalized agreement on the sale of the US operations of ByteDance, as part of a broader deal rolling back some tariffs and export restrictions, Xinhua writes. But the Chinese side suggests no breakthrough.

Via AP

Xi stipulated that the TikTok dispute should be resolved via 'market rules', according to state media - again, suggesting he's open to the US plan.

US Treasury Secretary Scott Bessent has indicated that negotiators recently reached a framework agreement on the popular social media app's ownership - however key questions remain even as talks appear to near toward a goal line.

Significantly, this is the first time the two have spoken directly since June, amid an ongoing standoff over trade restrictions centered on vital industries such as semiconductors and rare earths.

As for Trump's initial reaction, he quickly posted on Truth social that "progress" was made on trade, Fentanyl, TikTok, and bringing the Russia-Ukraine war to an end. 

He went so far as to hail the call as "a very good" one and that "[I] appreciate the TikTok approval."

Trump confirmed the pair would soon meet in person at the Asia-Pacific Economic Cooperation Forum in South Korea in November. He agreed "that I would go to China in the early part of next year, and that President Xi would, likewise, come to the United States at an appropriate time," Trump expressed.

For background on how the TikTok deal is shaking out, as we previewed earlier, after months of intense debate the fate of TikTok's US business appears to have been decided: according to the JPM, one of the world's most valuable media properties will be controlled by an investor consortium including Oracle, Silver Lake and Andreessen Horowitz under a framework the U.S. and China are finalizing as talks shift into high gear.

The arrangement which was discussed by U.S. and Chinese negotiators in Madrid this week, would create a new U.S. entity to operate the app, with US. investors holding a roughly 80% stake and Chinese shareholders owning the rest. This new company would also have an American-dominated board with one member designated by the U.S. government.

Existing users in the US would be asked to shift to a new app, which TikTok has built and is testing. More importantly, TikTok engineers will re-create a set of content-recommendation algorithms for the app, using technology licensed from TikTok's parent ByteDance, although even the smallest deviation from the parent algo would likely doom the US-based app to failure as that particular highly addictive "secret sauce" is why the app is so popular. Oracle, a longtime TikTok partner, would handle user data at its facilities in Texas, the WSJ noted. 

Tyler Durden Fri, 09/19/2025 - 11:30

From BofA:

Since our last weekly publication, 3Q GDP tracking moved up to 2.1% q/q saar from 1.7% & 2Q GDP is up two-tenths to 3.4%. [September 19th comment]
emphasis added

From Goldman:

We left our Q3 GDP tracking estimate unchanged at +2.2% (quarter-over-quarter annualized). Our Q3 domestic final sales estimate stands at +1.3%. [September 17th estimate]

And from the Atlanta Fed: GDPNow

The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2025 is 3.3 percent on September 17, down from 3.4 percent on September 16. After this morning’s housing starts release from the US Census Bureau, the nowcast of third-quarter real residential investment growth decreased from -4.6 percent to -6.3 percent. [September 17th estimate]

Nuclear Stocks Surge With Trump's Uranium Enrichment Plan Due Today

For those wondering why uranium stocks and the entire nuclear complex is exploding higher today, this may have something to do with it. Recall back in May, President Trump issued an executive order titled “Reinvigorating the Nuclear Industrial Base”  (we discussed this extensively in "Trump's Nuclear Order And How To Profit: All You Need To Know About The Coming Nuclear Energy Transition") aimed at reviving America’s nuclear energy sector and reducing dependence on foreign suppliers for uranium and advanced reactor technology.

The sweeping directive, signed on May 23, 2025, laid out an aggressive timeline for federal agencies to produce plans, reports, and policy recommendations—some of which are now coming due this week. Specifically, the order's requirement that the President be given a plan to expand domestic uranium conversion and enrichment capacity within 120 days (from May 23, 2025) is due tomorrow, but since that's a Saturday, it's very likely that the announcement will come some time later today. 

The order otherwise emphasized the need to accelerate the United States’ nuclear capabilities in the face of global competition and national security concerns. It tasked the Department of Energy (DOE), in coordination with the Departments of Defense, Transportation, and Labor, among others, with rebuilding the nuclear fuel cycle, expanding uranium enrichment and reprocessing capabilities, and jumpstarting the construction of new nuclear power plants.

Key deadlines outlined in the order include:

• 30 days: DOE was required to initiate voluntary agreements with domestic nuclear companies to secure fuel supply chains.
• 90 days: DOE had to update its uranium management policy, aligning it with national security and energy independence goals.
• 120 days (this Saturday, September 20, 2025): A plan to expand domestic uranium conversion and enrichment capacity was due, along with steps from the Departments of Labor and Education to boost training and apprenticeships in nuclear energy careers.
• 240 days: DOE, working with Defense and other agencies, must deliver a comprehensive report to the President. This report is expected to recommend a national policy for managing spent nuclear fuel, evaluate recycling and reprocessing programs, and propose ways to strengthen U.S. nuclear supply chains and waste disposal strategies.

The executive order also set ambitious goals for the industry: adding 5 gigawatts of power uprates to existing reactors and ensuring that 10 new large reactors are under construction by 2030.

The results due this week—particularly the 240-day report—are seen as critical for shaping the nation’s nuclear energy strategy for the next decade. Policymakers, industry leaders, and international observers will be watching closely to see whether the administration’s push translates into actionable steps and sustained investment.

Certainly, the stock market seems to think so today. And we believe that if implemented successfully, the order could mark the most significant federal intervention in the U.S. nuclear industry in decades, aiming to ensure energy independence, strengthen national security, and secure America’s role in the global race for advanced nuclear technology.

Tyler Durden Fri, 09/19/2025 - 11:00

The Real Story Behind Jimmy Kimmel's Firing

After Wednesday's decision by Disney / ABC to fire late-night host Jimmy Kimmel for lying about the suspect in Charlie Kirk's assassination, the left (the architects of cancel culture) exploded with rage - saying that Kimmel's firing was because major affiliate Nexstar needs the FCC to sign off on its $6.2 billion acquisition of Tegna. 

To recap, during Kimmel's opening monologue on Monday, he suggested that Tyler Robinson - the 22-year-old charged in the fatal shooting at Utah University - was aligned with conservatives. “The MAGA gang [is] desperately trying to characterize this kid who murdered Charlie Kirk as anything other than one of them."

By Wednesday, he was fired - leading to cries of censorship and 'free speech' by the left, which is hilarious.

Yet, according to an insider report by the Wall Street Journal, Kimmel's ouster was prompted by an immediate revolt by viewers and affiliate networks including Nexstar, and concerned advertisers. 

Advertisers and affiliates soon called the network expressing concern about Kimmel’s show... -WSJ

"Mr. Kimmel’s comments about the death of Mr. Kirk are offensive and insensitive at a critical time in our national political discourse, and we do not believe they reflect the spectrum of opinions, views, or values of the local communities in which we are located," said Andrew Alford, president of Nexstar's broadcasting division. "Continuing to give Mr. Kimmel a broadcast platform in the communities we serve is simply not in the public interest at the current time, and we have made the difficult decision to preempt his show." 

Federal Communications Commission Chairman Brendan Carr blasted Kimmel on Wednesday, telling podcaster Benny Johnson that Kimmel's comments were "truly sick," and that there's a "strong case" for legal action against both ABC and Disney (ABC is a Disney subsidiary). "This is a very, very serious issue right now for Disney," said Carr. "These companies can find ways to take action on Kimmel or there is going to be additional work for the FCC ahead."

BREAKING: The FCC Chairman is threatening immediate action against Jimmy Kimmel, ABC, and Disney for deliberately misleading the public by claiming Charlie Kirk’s assassin was a MAGA Conservative.

Chairman Brendan Carr calls Kimmel’s malicious lies are “truly sick” and says they… pic.twitter.com/mGhtGMPReI

— Benny Johnson (@bennyjohnson) September 17, 2025

Yet according to Nexstar, Carr's comments weren't a factor. "The decision to preempt ‘Jimmy Kimmel Live!’ was made unilaterally by the senior executive team at Nexstar, and they had no communication with the FCC or any government agency prior to making that decision," a Nexstar spokesman said. 

Disney executives weighed whether Kimmel should address the controversy directly on Wednesday night’s program. According to people familiar with the matter, Dana Walden, co-chairman of Disney Entertainment, and Chief Executive Robert Iger decided his planned remarks risked inflaming the situation further.

After the conversation between Kimmel and Walden, she and other senior executives thought that the star’s approach could make the situation worse, people familiar with their conversations said. Executives also discussed staff safety, including threatening emails staff on Kimmel’s show had received after Carr’s remarks and the posting of some of their personal information online, the people said.

Walden huddled with her team and Disney Chief Executive Bob Iger before the two executives decided to temporarily take “Jimmy Kimmel Live!” off the air, the people said. She then informed Kimmel of the decision. -WSJ

According to a person close to the show, Kimmel was planning to say that MAGA was purposefully twisting his words. So, another lie. 

Industry and Political Response

Hollywood unions and producers criticized Disney’s move, calling it corporate capitulation. Damon Lindelof, co-creator of the ABC drama Lost, said he would not want to work for a company that sidelined Kimmel. Former late-night host David Letterman described the decision as “managed media” and warned of broader consequences.

“We all see where this is going, correct? It’s managed media. And it’s no good,” David Letterman, the former late-night host, said at an Atlantic magazine event Thursday.

Actor Ben Stiller said (and then blocked replies) "This isn't right," to which Elon Musk replied "He went full retard. Never go full retard." 

He went full retard. Never go full retard.

— Elon Musk (@elonmusk) September 19, 2025

Democratic lawmakers and former President Barack Obama accused the Trump administration of censorship, while Trump applauded the decision and urged other networks to follow. “They give me only bad press, but they’re getting a license,” he told reporters aboard Air Force One.

Some media critics said Kimmel’s benching, coupled with CBS’s recent decision to cancel its late-night show hosted by frequent Trump critic Stephen Colbert when its season ends in May 2026, will lead shows to self-censor. 

Kimmel’s removal comes as CBS prepares to sunset Stephen Colbert’s late-night program in 2026. Media critics say the combination of events could have a chilling effect on political commentary in late-night television.

“The degree of capitulation going forward will to some extent be a function of what kind of financial cudgel the administration has to wield,” said Lee Levine, a retired media lawyer. “Whenever the cudgel has been pretty significant, sooner or later the network caved in the recent past.”

For Disney, the choice to take Kimmel off the air was the product of overlapping political pressure, regulatory risk, affiliate revolt, and advertiser anxiety - a convergence that left little room for delay. By late Wednesday afternoon, the decision was made: Jimmy Kimmel Live! would be “preempted indefinitely.”

Of course, who was even watching?

HOLY SHIT

Kimmel was ONLY Getting 129,000 Viewers

hahahahah

I can post a picture of a cat and get more views than that pic.twitter.com/gUd3sUgwa7

— Tim Pool (@Timcast) September 19, 2025

Also, WTF...

*  *  *

Deal starts today, ends next Sept. 28 Tyler Durden Fri, 09/19/2025 - 10:45

 

 

This week, I speak with Jaime Magyera. She was recently tapped as Head of Retirement and US wealth for BlackRock. We discuss her career and unique experience working at one of the world’s largest asset managers, trends in retirement and wealth management, the rise of alternative investments and more. Shi is also on the Board of Directors of iCapital.

She explains how and why Blackrock is pushing into alternatives as an “uncorrelated diversifier.” BlackRock believes their technology can offer RIAs a simple one-stop platform for all of their alt needs.

A list of her favorite books is here; A transcript of our conversation is available here Tuesday.

You can stream and download our full conversation, including any podcast extras, on Apple Podcasts, Spotify, YouTube, and Bloomberg. All of our earlier podcasts on your favorite pod hosts can be found here.

Be sure to check out our Masters in Business next week with Dmitry Balyasny, co-founder of Balyasny Asset Management, and the firm’s managing partner and chief investment officer. BAM nmanages $28B for clients. Balyasny began his trading career with Schonfeld Securities in 1994; he just received Institutional Investor’s 2025 Hedge Fund Lifetime Achievement Award.

 

Favorite Books

 

 

 

 

The post MiB: Jaime Magyera, Head of U.S. Wealth & Retirement, BlackRock appeared first on The Big Picture.

The post Lessons from Jimmy Kimmel: The Media Don’t Have to Be Controlled by the Rich appeared first on CEPR.

Senate Passes 'National Day Of Remembrance For Charlie Kirk' Resolution

Authored by Aldgra Fredly via The Epoch Times,

The U.S. Senate passed a resolution on Sept. 18 expressing support for Oct. 14, 2025, to be designated a “National Day of Remembrance for Charlie Kirk,” the conservative commentator who was assassinated during an event at a Utah university on Sept. 10.

The resolution, introduced by Sen. Rick Scott (R-Fla.), recognizes Kirk’s contributions to civic education and public service. The date coincides with what would have been Kirk’s 32nd birthday.

“Charlie was taken from us in a disgusting act of political violence on September 10, 2025, but his legacy lives on,” Scott told the Senate floor before the resolution’s passage.

In his remarks, Scott described Kirk as a “good man” whose life was “shaped by his faith and the idea that in America, debate and discussion are crucial to the betterment of our country.”

“We have the opportunity to carry on his memory by believing in the power of our ideas, discussion, and the values of our nation,” he added.

The simple resolution encourages educational institutions, civic organizations, and citizens to observe Oct. 14, 2025, “with appropriate programs, activities, prayers, and ceremonies” promoting civic engagement and the principles that Kirk championed.

A simple resolution is used to express the sentiments of a single house and does not create a federally mandated holiday.

Kirk’s death has been mourned at vigils and memorial services across the country, where students and community members have gathered to honor his life.

This included vigils in Salt Lake City, Washington, Houston, Phoenix, Florida, and cities around the world.

A similar resolution was introduced in the House of Representatives by Rep. Jimmy Patronis (R-Fla.).

House Speaker Mike Johnson said the House will pass the resolution to honor Kirk and to condemn the “political violence that led to his untimely passing.”

“Charlie Kirk was more than a conservative thought leader. He was a fearless warrior of free speech, faith, and the principles that make America the greatest country in the world,” Patronis said on Sept. 16.

Kirk, who co-founded nonprofit organization Turning Point USA, was shot and killed on Sept. 10 while speaking to a crowd of students at Utah Valley University in Orem, Utah. He is survived by his wife, Erika Kirk, and their two young children.

Erika was appointed CEO and board chair of Turning Point USA on Sept. 18. In a live-streamed message on Sept. 12, she emphasized that her late husband’s mission would continue.

“I will never let your legacy die,” she said. “I'll make Turning Point USA the biggest thing this nation has ever seen.”

Authorities have arrested Tyler Robinson, 22, as the suspected gunman. He faces multiple charges, including aggravated murder, felony discharge of a firearm causing serious bodily injury, witness tampering, and committing a violent offense in the presence of a child.

Tyler Durden Fri, 09/19/2025 - 08:55

"Lost Control" - Surprise UK Budget Deficit Blowout Batters Sterling & Gilts

The fiscal farce in the UK went from bad to worse this morning as government borrowing came in significantly higher than forecast in August.

In yet another blow to Chancellor of the Exchequer Rachel Reeves - ahead of a challenging budget in the fall (autumn) - the deficit stood at £18 billion ($24.4 billion), the Office for National Statistics said Friday, well above the £12.5 billion the Office for Budget Responsibility had forecast and the highest borrowing for the month in five years...

Source: Bloomberg

As Bloomberg reports, this left the deficit after five months of the fiscal year at £83.8 billion - £11.4 billion above the OBR forecast and the second-highest since records began in 1993 after the pandemic in 2020. The deficit was £67.6 billion a year earlier.

Source: Bloomberg

The disappointing August figures were compounded by a series of revisions to the previous four months that added £5.9 billion to the deficit, much of it due to lower-than-previously-estimated VAT receipts and higher local-government spending and borrowing.

Reeves had looked on track this year with stronger tax receipts offsetting higher spending but the latest figures are a significant setback, underscoring the perilous state of the public finances and potentially further eroding the slim £9.9 billion headroom set aside against her main fiscal rule. 

The pound and gilts fell.

The yield on 10-year bonds rose two basis points to 4.70%, while the 30-year rate rose three basis points to 5.54%.

Source: Bloomberg

Sterling dropped as much as 0.5% to $1.3483, the lowest since Sept. 8.

Source: Bloomberg

“The chancellor has lost control of the public finances,” Mel Stride, the opposition Conservative shadow chancellor, said.

Reeves already faced a difficult budget on Nov. 26, when she is expected to announce billions of pounds of growth-sapping tax rises to offset higher borrowing costs, policy u-turns and an anticipated growth downgrade by the OBR.

James Murray, Chief Secretary to the Treasury, said the government “has a plan to bring down borrowing because taxpayer money should be spent on the country’s priorities, not on debt interest.”

Bloomberg Economics reckons £35 billion is needed to plug the borrowing gap that has opened up since the March Spring Statement.

Tyler Durden Fri, 09/19/2025 - 08:40

Futures Flat Ahead Of Massive $5.3 Trillion Option Expiration

US stocks are set for a quiet finish to a busy week in which the Fed's first step in what will be a series of rapid interest rate cuts propelled markets to fresh highs. After all four major indexes - DJIA, SPX, Nasdaq and Russel - closed at a record high for the first time since November 2021, futures are flat this morning, with the S&P unchanged and Nasdaq up 0.1%, as Mag 7 stocks are mostly higher led by the +1.1% and +0.7% in TSLA and AAPL. Overnight the BOJ spooked risk assets when it kept rates as expected but surprised markets by announced a 330BN yen annual sale of its massive ETF holdings. The yield on 10-year Treasuries climbed three basis point to 4.13% after yesterday's sharp move higher, which helped the dollar rise for a third day. Commodities are mixed: oil is lower, while previous metals/ags are both higher this morning. Today sees a much-anticipated call between Xi and Trump at 9am New York, with TikTok and trade likely on the agenda.

In premarket trading, Mag 7 stocks are mostly higher, with NVDA the sole laggard. Tesla (TSLA) climbs 0.6% as Baird upgrades the electric-car maker to outperform, noting that the company is increasingly viewed as the leader in physical AI (Nvidia -0.2%, Alphabet +0.1%, Microsoft +0.1%, Apple +0.9%, Amazon +0.4%, Meta +0.2%). 

• FedEx (FDX) rises 3% after the parcel company reinstated its profit and sales forecasts. Shares of peer United Parcel Service (UPS) are up 1.3%.
• Intel (INTC) shares tick 0.4% lower as Citigroup downgrades to sell, pointing to the chipmaker’s rich valuation. The stock rallied 23% on Thursday after Nvidia agreed to invest $5 billion in the company.
• Lennar (LEN) is down about 3% after the builder forecast new orders for the fourth quarter that missed the average analyst estimate.
• Orla Mining Ltd. (ORLA) slips 4% after Newmont Corp. sold a stake in the company worth C$605.4 million via a non-registered block trade late Thursday, according to a person familiar with the offering.
• Replimune (REPL) drops 1.7% after JPMorgan downgraded the drug developer to underweight from neutral, citing a challenging drug approval.
• Scholastic (SCHL) falls 10% after the publishing company reported a wider adjusted first-quarter loss per share than the same period a year ago. The company also posted steeper revenue declines from the year-ago period.

In corporate news, Apple is rolling out several new iPhone designs with the iPhone 17 Pro, Pro Max and iPhone Air going on sale Friday. Jefferies has approved a proposal by SMFG to raise its ownership to about 20% from 15% as their partnership deepens. OpenAI is being probed over risks to teen safety after a senate hearing. Nvidia plans to invest £2 billion ($2.7 billion) to support the UK’s AI industry in partnership with several VC firms

Today is record, for September, quad-witching Friday with over $5.3 trillion of notional options exposure set to expire including $3.0 trillion of SPX options and $935 billion notional of single stock options

Thursday’s price action saw the S&P 500 Index, the Nasdaq 100, the Dow Jones Industrial Average and the Russell 2000 all close at all-time highs - a rare occurrence seen on just 25 other days this century, data compiled by Bloomberg show.

The bullish momentum has defied seasonal headwinds as strategists lift their outlook for the year; indeed, not even Friday’s $5 trillion quarterly triple-witching options expiry is expected to drive volatility - at least not immediately - with traders focusing rather on the next nonfarm payrolls report for bigger moves.

Despite rising risks and record valuations, FOMO keeps pushing the market higher in what is typically a bearish month. The S&P 500 has gained 2.7% so far in September, hitting fresh record highs on brisk volumes, with small and mid-caps notably outperforming as they play catch up to Big Tech.  The prevailing narrative is that the Fed is cutting into a soft landing, a scenario seen as very bullish for stocks. That outlook will be tested when focus again turns to employment data. 

Investors still see plenty to keep equities climbing after a stellar rally, with looser policy adding to the buoyant mood from upbeat earnings and a resilient economy. Fed Bank of Minneapolis President Neel Kashkari, a prominent dove, said Friday he supported this week’s rate decision and penciled in two additional cuts this year.

“It’s clear the Fed is willing to support growth and the jobs markets, versus caring too much about inflation, though we have to see how that translates into the economy,” said Andrea Gabellone, head of global equities at KBC Global Services. “Financial conditions are now easier.”

Both global and US equity funds enjoyed their biggest week of inflows since December, according to BofA's Michael Hartnett citing EPFR Global data. That said, sentiment could reverse if earnings from AI companies end up being disappointing; these pose a bigger risk to the tech-driven global stock rally than ongoing geopolitical tensions, according to JPMorgan Asset Management. Ray Dalio warned that the US is unable to cut back on runaway spending that is risking monetary order. 

In Europe, the Stoxx 600 is little changed, erasing a gain, with autos the top sub-sector after Stellantis NV was upgraded at Berenberg and auto supplier Aumovio was listed on the Frankfurt Stock Exchange on Thursday. Man Group rises as much as 5.4% after an upgrade from UBS. Here are some of the biggest European movers today:

• Man Group shares rise as much as 5.4%, the most since April, as UBS upgrades the stock to buy from neutral on a rebound in the group’s AHL strategies since the end of July
• PureTech Health shares gain as much as 8.1%, the most in more than four months, after a stock exchange filing showed Tang Capital Management has a 3.07% stake in the biotherapeutics company
• Nexity shares jump as much as 13%, the most since July, as Oddo upgrades its rating on the French real estate group to outperform from neutral
• Spire Healthcare shares rise as much as 9% after the company confirmed it has started a process to hold talks with a number of parties on options, including a potential sale
• Wickes shares rise as much as 4.9% after Jefferies initiates coverage of the UK retailer with a buy rating
• Kuehne + Nagel shares fall as much as 8.2%, the most since April, after Deutsche Bank downgraded the transport company to hold from buy on macroeconomic challenges
• Scout24 shares drop as much as 4.6% after agreeing to buy online real estate platforms in Spain for about €153 million, which Bloomberg Intelligence sees as a lofty valuation
• Victrex shares tumble as much as 7.5% after Jefferies downgraded the firm, warning that it will struggle to grow profits in FY26 as they slashed their estimates
• Ashtead Group shares fall as much as 1.6%, hitting a one-month low, after analysts at RBC Capital Markets downgraded the equipment-rental play, citing an array of concerns
• Stabilus shares slide as much as 5.8% after the manufacturer said it is launching a transformation program and warned FY25 profits are set to come in below expectations
• Stroeer shares fall as much as 4.1% to the lowest in three years after the German advertising firm reduced its guidance for FY revenue and Ebitda growth

The pound and long-end gilts slide after the UK’s budget deficit blew past forecasts, intensifying fiscal fears. Sterling falls around 0.5% and is the worst performer in the G-10. UK 30-year yields rise as much as five basis points before paring. European bonds and Treasuries are falling too.

Earlier in the session, Asian equities wiped out earlier gains to fall on Friday, as investor sentiment weakened following the Bank of Japan’s plan to offload its exchange-traded fund holdings. The MSCI Asia Pacific Index fell as much as 0.5%, with TSMC, Sony Group and MediaTek among the biggest drags.  Equities in Japan dropped following the BOJ’s decision to leave the interest rate unchanged and announcement of the plan to sell its stockpile of ETFs valued at more than 75 trillion yen. Stock benchmarks in South Korea and Taiwan also fell, while those in the Philippines and Australia edged higher.  The ETF sales announcement “led to worsening sentiment, on expectation that selling pressure will rise particularly among large-cap tech stocks where the BOJ holds a high ownership ratio,” said Hiroki Takei, a strategist at Resona Holdings Inc. “In addition, with two policy board members voting against holding rates, speculation about a rate hike has quickly emerged, further weighing on the market.” Despite Friday’s decline, MSCI’s regional benchmark was still on track for a third consecutive weekly gain — the longest streak since May — supported by optimism around the tech sector outlook and hopes for easing trade tensions.

In FX, the dollar rose 0.2%, setting it on course for its longest winning streak since July and extending a rebound from a 2022 low. The pound and long-end gilts slide after the UK’s budget deficit blew past forecasts, intensifying fiscal fears. Sterling falls around 0.5% and is the worst performer in the G-10. UK 30-year yields rise as much as five basis points before paring.

In rates, Japanese two-year yields hit the highest since 2008 after the Bank of Japan’s ETF sales plan and rate hold in a contested vote. Gold is higher by about $12 to $3,655/oz. European bonds and Treasuries are falling too. Treasury yields cheaper by 1bp to 2bps across the curve with spreads trading broadly within a basis point of Thursday’s close. US 10-year yields trade around 4.125% with bunds and gilts trading broadly inline. On the UK curve, long-end yields underperform, steepening the UK curve following the borrowing overshoot

In commodities, oil prices are falling, with Brent slipping below $67 and crude’s weekly gain on a knife-edge.

US economic data slate empty for the session. Fed speakers scheduled include Miran (11 a.m. and 4 p.m.), Daly (2:30 p.m.).

Market Snapshot

• S&P 500 mini little changed
• Nasdaq 100 mini little changed
• Russell 2000 mini little changed
• Stoxx Europe 600 +0.1%
• DAX +0.1%
• CAC 40 +0.7%
• 10-year Treasury yield +2 basis points at 4.12%
• VIX -0.2 points at 15.53
• Bloomberg Dollar Index +0.1% at 1197.26
• euro -0.2% at $1.1767
• WTI crude -1% at $62.95/barrel

Top Overnight News

• Jimmy Kimmel wanted to address the firestorm over his remarks about Charlie Kirk’s killing on Wednesday’s show. Company leaders worried it would make matters worse: WSJ
• Disney Executives to Meet With Kimmel, Assess Talk Show’s Future: BBG
• US lawmakers plan bipartisan bill to exempt coffee from tariffs, may be introduced on Friday: WaPo
• Erika Kirk named CEO of Turning Point USA after husband's murder: RTRS
• Trump's administration is considering a plan to spur the construction of factories and other infrastructure to boost the US manufacturing sector using the USD 550bln fund established through negotiations with Japan, according to WSJ.
• Trump posted that House Republicans will vote to pass a clean funding bill on Friday and that "The Leader of the Democrats, Cryin’ Chuck Schumer, wants to shut the Government down. Republicans want the Government to stay open. Every House Republican should UNIFY, and VOTE YES!"
• House Speaker Johnson said he believes they have the votes to pass the stopgap funding bill, while US Senate Majority Leader Thune said the Senate will also vote on a House stopgap bill on Friday.
• White House is considering additional candidates for CFTC chair as the confirmation process for Brian Quintenz has stalled, while possible candidates include government officials focused on crypto policy, according to Bloomberg.
• US Government’s Intel Stake Worth $13 Billion After Nvidia Deal: BBG
• FedEx Sees Sales Growth in Sign of Parcel Demand Rebound: BBG
• CDC Vaccine Panel Votes Against Merck Shot for Kids Under 4: RTRS
• They didn't see that coming: SoftBank Vision Fund Mulls 20% Job Cuts After Son’s Pivot to AI: BBG
• Boeing Sees Latin America Aircraft Almost Doubling by 2044: BBG

Tariffs/Trade

• Mexico's President Sheinbaum said she had an excellent conversation with Canadian PM Carney and agreed with Canada to strengthen the USMCA free trade agreement, while she added they will continue to work together with respect.
• Canadian PM Carney said they are committed to a shared partnership with the US and will create a new bilateral security dialogue with Mexico, as well as commented that they can find adjustments to boost competitiveness in North America.

BOJ

• Kept rates unchanged at 0.50%, as widely expected, with the decision made by a 7-2 vote in which Board members Takata and Tamura proposed a 25bps rate hike. Nonetheless, the central bank surprised markets with the announcement to begin selling its ETF and J-REIT Holdings at a pace of JPY 330bln per year and JPY 5bln per year, respectively, with the decision on ETF and J-REIT sales made by unanimous vote, while it stated the pace of sales may be modified at future MPMs after the start of ETF and J-REIT disposals, based on fundamental principles and experience from sales conducted. BoJ also stated that Japan's economy is recovering moderately, although some weakness has been seen and noted that private consumption has been resilient and inflation expectations have risen moderately, but exports and output remain more or less flat as a trend. Furthermore, it stated that Japan's economic growth is likely to slow due to the impact of trade policies on global growth, but re-accelerate, and Japan's underlying inflation to stagnate due to a slowdown in economic growth, but gradually accelerate thereafter.
• BoJ Press Conference: Governor Ueda says Japan's economy is recovering moderately, albeit with some weakness; will continue to raise policy rate if economy and prices move in line with forecast.
• On the economy: Downside risks to economy still present.
• On policy: Not considering changing pace of ETF sales to adjust monetary policy. Not thinking now of repurchasing ETFs as monetary policy tool. Decision on timing of next rate hike would depend on the risk of US tariff impact materialising and the course of food inflation.
• On trade/tariffs: The domestic economy is withstanding tariff impact. Tariff costs likely to be passed down to consumers in the US from November. Not seeing negative impact in Japan's economy from US tariffs.
• In summary, Ueda didn’t really give too much away with his focus on the economy, data and tariffs, unsurprisingly. Overall, it seems that an October move is on the cards assuming that data, October 1st Tankan in focus, presents no surprises and the October 4th LDP leadership contest occurs without a major curveball; helpfully, Ueda is scheduled to speak on October 8th.
• The implied odds of a hike stand at around 45% for October, vs c. 30% on Thursday.

A more detailed look at global markets courtesy of Newsquawk

APAC stocks traded mixed as the region only partially sustained the momentum from Wall St, where the S&P 500, DJIA and NDX climbed to fresh record highs as risk sentiment was supported by encouraging data, while participants digested a surprise announcement by the BoJ to begin selling its ETF and J-REIT holdings. ASX 200 climbed higher with a couple of the defensive sectors leading the advances and with most industries in the green aside from telecoms. Nikkei 225 rallied at the open after the latest CPI data mostly matched estimates but softened from the previous, although the index has slightly pulled back from all-time highs with some jitters seen as participants awaited the 'delayed' BoJ announcement, while downside accelerated after the BoJ decided to begin selling ETF and J-REIT holdings. Hang Seng and Shanghai Comp were rangebound amid tentativeness ahead of the scheduled Trump-Xi call and with ongoing trade-related uncertainty, while the US House Select Committee on the CCP urged action in a letter to US President Trump in response to China's weaponisation of critical minerals supply chains.

Top Asian News

• Japanese LDP lawmaker Takaichi is to propose an income tax cut and cash payout to households in a campaign pledge for the ruling party leadership race, while she will call for gradually lowering the ratio of government debt to GDP in her campaign pledge, according to Nikkei. Adds, Ministry of Finance should present an economic growth plan.
• PBoC says 14-day Reverse Repo operations in the open market will be conducted via fixed volume and interest rate bidding with multiple price allocation.
• Chinese FX regulator says commercial banks purchased net USD 14.7bln in FX in Aug (vs net USD 22.8bln purchase in Jul), purchased a net USD 12.1bln in Jan-Aug (vs net 2.5bln sale in Jan-Jul).
• BoJ Governor Ueda is to speak at the Paris Europlace Forum in Tokyo on October 8th.

European bourses (STOXX 600 +0.3%) are mostly firmer; outperformers in Europe today include the CAC 40 and FTSE MIB, whilst the AEX (pressured by a pullback in Tech names) and the FTSE 100 (UK assets shunned today) underperform. European sectors hold a slight positive bias, with only a few industries found in negative territory. Autos takes the top spot today, with gains driven by upside in Stellantis (+4.5%) which benefits from a broker upgrade at Berenberg. The Construction & Materials sector follows behind, and is buoyed by strength in Vinci (+1%) after the Co. received a EUR 885mln contract related to Rail Baltica Electrification. Tech is very marginally lower, seemingly scaling back some of the significant upside seen in the prior session after the IT sector surged more than 5.6% in the prior session. Much of Thursday’s upside was driven by ASML (-0.5%), which received a PT upgrade at BofA following the NVIDIA-Intel partnership

Top European News

• ECB's Centeno say still sees inflation risks to the downside; ECB cannot tolerate inflation below 2% for too long; 2028 inflation forecast likely to be below 2%.
• UBS Wealth Management, Morgan Stanley & BofA no longer look for a BoE rate cut this year.

FX

• DXY is extending its winning streak to a third session and building on yesterday's gains, which were in part driven by a downtick in weekly claims data and a strong Philly Fed report. Dovish dissenter Miran will be explaining his decision to back a larger 50bps move at some point today. However, given he is such an outlier on the FOMC and was not joined by Waller or Bowman, his views will likely prove non-incremental for the market. Focus will also be on the potential read-out of a President Trump-Xi meeting, and then Daly thereafter. DXY sits just a touch below Thursday's peak at 97.60.
• EUR is softer vs. the broadly firmer USD with incremental macro drivers for the Eurozone lacking, as has been the case throughout the week. After printing a multi-year high earlier in the week at 1.1919, the pair has since delved as low as 1.1750 on Thursday.
• JPY is the only of the majors firmer vs. the USD, following the BoJ policy announcement. As expected, the Bank stood pat on rates. However, the decision to do so was subject to hawkish dissent from Takata and Tamura on account of concerns over upside inflation risks. The other source of surprise came from the BoJ's decision to begin selling its ETF and J-REIT Holdings at a pace of JPY 330bln per year and JPY 5bln per year, respectively. The hawkish dissent knocked USD/JPY lower and sent the pair to a session trough at 147.21 before fading a bulk of the downside heading into Governor Ueda's press conference. During which, he reiterated that the Bank will continue raising rates if prices move as forecast. From a hawkish perspective, he noted that the domestic economy is withstanding tariff impact and the Bank does not necessarily need to wait to see the full impact of US tariffs on inflation to make a decision on additional tightening. That being said, he acknowledged that downside risks to the economy are still present and didn't make any explicit signals to a move next month, which could have been a driver for the fading of JPY strength. USD/JPY has moved back above its 50DMA @ 147.65 and sits towards the top end of Thursday's 146.76-148.26 range.
• GBP is extending yesterday's losses vs. the EUR and USD as markets digest yesterday's BoE policy announcement and the latest batch of UK data. UK retail sales printed better-than-expected (M/M 0.5% vs. Exp. 0.3%). However, the release was overshadowed by a marked rise in UK public sector net borrowing (17.962bln vs, Exp. 12.75bln, prev. 2.818bln). Cable currently trades around 1.3496.
• Both antipodes are softer vs. the USD in quiet newsflow for Australia and New Zealand, with a decline in NZ exports having little follow-through into NZD.
• PBoC set USD/CNY mid-point at 7.1128 vs exp. 7.1174 (Prev. 7.1085).

Fixed Income

• JGBs were pressured overnight on the BoJ. While the decision was unchanged at 0.50% as expected, that was subject to two hawkish dissenters (Takata and Tamura) who wanted a 25bps cut. Additionally, the bank is to commence sales of its ETF and J-REIT holdings at a very slow pace; underscored by Ueda, who said it would take over 100 years to exit their position at the current pace. Ueda didn’t really give too much away with his focus on the economy, data and tariffs, unsurprisingly. However, while familiar, his underlying message that the normalisation process can continue if the economy and prices proceed as forecast is notably in the context of domestic political instability.
• Gilts are underperforming. Opened lower by 28 ticks and then slumped another 18 to a 90.72 trough. Pressure stemmed from the lead from peers with JGBs in the red, Bunds at a fresh WTD base and the morning’s UK data. Retail Sales was stronger-than-expected, but ultimately overshadowed by the PSNB which stood at GBP 17.96bln, eclipsing the newswire consensus and the GBP 12.5bln forecast by the OBR. Figures that add to the pressure Chancellor Reeves is under as we look to the Autumn Budget at the end of November. UK 30yr yield back above 5.55% and now looking to the YTD peak at 5.75% if the fiscal situation deteriorates further.
• USTs are waiting for Fed speak as the post-FOMC blackout period lifts. Dissenter Miran will draw focus to gauge just how much easing he wants to see (though the dots provided some indication) and his views on the September meeting; Daly is also due. Fed aside, the Trump-Xi call is another major point of focus. USTs are in the red, echoing peers, though with action more contained ahead of the discussed catalysts. At a 112-24+ trough, just above Thursday’s 112-23+ WTD base.
• Bunds are softer, following the above. Down to a fresh WTD low at 128.18. If the pressure intensifies, we look to support at the figure before 127.82, 127.63 and 127.61 from recent weeks. August producer prices hit this morning, coming in negative and printing beneath the forecast range. Destatis determined the drop was primarily due to lower energy prices, and when adjusted for energy the figure was actually 0.8% Y/Y vs the -2.2% reported. Focus now turns to DBRS' review on France.

Commodities

• WTI and Brent remain subdued following a similar APAC session and after the choppy performance seen during the prior day. Headwinds were seen on Thursday following US President Trump's comments on oil, suggesting there is a lot of oil left in the North Sea and oil prices need to come down further. Trump also repeated the call for countries to stop buying from OPEC+ members. WTI currently resides in a tight USD 63.15-63.65/bbl range while Brent sits in a USD 67.11-67.57/bbl range.
• Precious metals are mixed with spot gold, gradually edging higher overnight before falling victim to the USD once again, following the same headwind yesterday. Volatility in the yellow metal was seen during the China open, albeit this was short-lived, whilst some upticks were seen during the BoJ announcement as the firmer JPY pushed down the USD at the time. Spot gold currently resides in a USD 3,632.38-3,661.35/oz range, well within yesterday's USD 3,627.96-3673.20/oz parameter.
• Mixed trade across base metals this morning, with the red metal overnight trading rangebound near this week's trough amid the ultimately mixed risk appetite in Asia.
• EU is reportedly considering a provision in the 19th sanctions package against Russia to phase out Russian LNG purchases a year earlier than currently planned, via Bloomberg citing sources.
• Democratic Republic of Congo considers extending cobalt export ban for at least two months, according to Reuters sources.

Geopolitics

• Israel PM Netanyahu says "We will strike Hamas hard, we will not stop and we will not end this war until we achieve all our goals", via Al Jazeera
• Iranian Deputy Foreign Minister says actions by European nations to reimpose sanctions would be politically biased and a pretext for escalation.
• EU Council President Costa is inviting leaders to an informal summit on October 1st. Focus will be on strengthening European common defence, and reinforcing support for Ukraine.

US Event calendar

• No macro events scheduled

Fed Speakers

• 11:00 am: Fed’s Miran Appears on CNBC
• 2:30 pm: Fed’s Daly Speaks on a Fireside Chat About AI
• 4:00 pm: Fed’s Miran Appears on Fox Business

DB's Jim Reid concludes the overnight wrap

 

 

Tyler Durden Fri, 09/19/2025 - 08:30

Elected Officials Arrested At Manhattan Immigration Facility

Authored by Travis Gillmore via The Epoch Times,

Federal agents arrested at least a dozen New York State elected officials inside a federal facility in Manhattan used to house illegal immigrants on Sept. 18. Dozens more individuals were arrested outside the building.

“Another day, another sanctuary politician pulling a stunt in [an] attempt to get their 15 minutes of fame while endangering [Department of Homeland Security] personnel and detainees,” Tricia McLaughlin, assistant secretary for the Homeland Security Department, said in a statement.

After refusing to obey law enforcement orders, eleven elected officials were detained after attempting to access an area on the 10th floor of the facility that was being used to temporarily house the illegal immigrants.

Protesters outside the building were in front of an entrance used by vehicles transporting illegal immigrants to the facility.

Seventy-seven people were detained in all.

Brad Lander, the city’s comptroller, was arrested for the second time at the federal building after being previously detained in June.

In the most recent incident, he entered 26 Federal Plaza with a group of protesters and media and declared that he was not leaving until the illegal immigrants detained in the cells were released.

According to the Homeland Security Department, among those currently incarcerated awaiting immigration proceedings or deportation are an MS-13 gang member, a man ordered removed from the country who was repeatedly arrested for flying drones near the White House, an individual convicted of illegally possessing a firearm, and multiple drug traffickers—one who was convicted with 2 kilograms of fentanyl, enough of the deadly opioid to kill approximately 1 million people, based on Drug Enforcement Agency calculations.

The group sat down on the ground and displayed an anti-Immigration and Customs Enforcement (ICE) banner that had ICE with a strike through it.

When the protesters refused to leave, they were detained in plastic zip-tie handcuffs.

The protesters’ behavior jeopardized the safety of federal agents and set a dangerous precedent, McLaughlin said.

“Brad Lander’s obsession with attacking the brave men and women of law enforcement, physically and rhetorically, must stop NOW,” she said.

“The men and women of ICE put their lives on the line every day to arrest violent criminal illegal aliens to protect and defend the lives of American citizens. This type of rhetoric is contributing to the 1000% surge in assaults of ICE officers through this repeated vilification and demonization of ICE.”

Calling the matter a human rights issue, Lander told reporters after he was subsequently released that more oversight is needed.

“A federal judge has indicated that the federal law is not being followed — the conditions are cruel and inhumane, that ICE is not respecting their rights,” he said.

According to the protesters, the group was attempting to verify whether authorities were complying with a court order issued on Sept. 17 directing the federal agency to reduce overcrowding and improve living conditions.

After the arrests ensued, the building was placed on lockdown after a bomb threat was called in, according to McLaughlin.

Tyler Durden Fri, 09/19/2025 - 08:20

What this means: On a weekly basis, Realtor.com reports the year-over-year change in active inventory, new listings and median prices. On a monthly basis, they report total inventory. For August, Realtor.com reported active inventory was up 20.9% YoY, but still down 14.3% compared to the 2017 to 2019 same month levels. 
Here is their weekly report: Weekly Housing Trends: Latest Data as of Sept. 13

• Active inventory climbed 17.6% year over year

The number of homes active on the market climbed 17.6% year over year, easing slightly compared to the previous week for the 13th consecutive week. Nevertheless, last week was the 97th consecutive week of annual gains in inventory. There were roughly 1.1 million homes for sale last week, marking the 20th week in a row over the million-listing threshold. Active inventory is growing significantly faster than new listings, an indication that more homes are sitting on the market for longer.

• New listings—a measure of sellers putting homes up for sale—rose 2.1% year over year

New listings rose 2.1% last week compared with the same period last year. This is an increase from the previous week, though the number of new listings remains below the spring and early summer norm. Homeowners are less eager to get into the market as inventory continues to build and buyers keep to the sidelines.

• The median listing price was flat year over year

The median list price was flat compared to the same week one year ago. Adjusting for home size, we also see price per square foot fall year over year for the second consecutive week. Price per square foot had been growing steadily for almost two years, but the weak sales activity has finally caught up and stalled out this metric, suggesting underlying home values are starting to soften.

Intel Reminds Me Of Apple In 1997

Submitted by QTR's Fringe Finance

Maybe this is just because I watched Pirates of Silicon Valley too many times as a kid.

This was before Apple was “cool” and Steve Jobs was “iconic”, before I worked for Apple during the very first iPhone launch, and back when I just loved disassembling my LC, writing programs in HyperCard and using ResEdit to brick System 7 on my Performa 400.

But Intel today reminds me of Apple in 1997.

Back in August 1997, Apple was on life support. Its market share had cratered, it was bleeding cash, and most analysts thought bankruptcy was inevitable. Then came a lifeline: Microsoft announced it would invest $150 million in Apple. The deal wasn’t just money—it included a commitment to keep developing Microsoft Office for Mac, a settlement of ongoing lawsuits, and a public show of support from Bill Gates himself.

In the 45 year chart of Apple stock below, it looks like it was at $0 back then because, basically, it was. Apple traded at a split adjusted price of $0.16 per share.

At the time, Microsoft was the undisputed king of the software world—worth over $200 billion—while Apple’s market cap had collapsed to around $2–3 billion. Microsoft was roughly 100 times Apple’s size. That imbalance made the partnership look like charity, and Gates was even booed when his face appeared via satellite at Macworld to announce the deal. Hell, I was absolutely crestfallen to see it as an Apple fan my whole life. Gates was my sworn enemy, and it felt like he had won.

Most people thought Apple was finished. But that investment gave Steve Jobs the runway to rebuild. First came the iMac, then the iPod, and eventually the iPhone. Since that moment, Apple stock has risen roughly 1,450-fold, making it one of the most valuable companies on earth. Of course, that transformation took nearly 30 years, but it all began with one bold vote of confidence from a much larger rival.

Fast forward to 2025, and Intel finds itself in a strikingly similar place. Once the undisputed king of chips, Intel was the world’s most valuable company at the peak of the dot-com boom in 2000, worth over $500 billion. Today, after two decades of missteps, it’s worth a fraction of that—around $140 billion. Its rivals AMD and TSMC have eaten away at its dominance, and its reputation as the “Intel Inside” innovator has faded.

Enter Nvidia. Nvidia’s $5 billion investment instantly makes it one of Intel’s largest shareholders. The two companies will co-develop chips for PCs and data centers, combining Nvidia’s GPUs with Intel’s CPUs and packaging. Unlike Microsoft in 1997, Nvidia isn’t 100 times bigger—but it is close to thirty times Intel’s size today, with a market cap hovering near $4.2 trillion. In other words, it has the same role Microsoft did: the giant throwing a lifeline to a fallen icon.

And just like Microsoft’s move with Apple, Nvidia’s investment is not philanthropy. It’s strategic. Nvidia needs additional U.S.-based manufacturing partners as demand for AI chips surges and geopolitical tensions rise over Taiwan. Intel’s foundry business has looked shaky on its own, but backed by Nvidia’s scale, it suddenly looks relevant. If Nvidia eventually shifts some of its most advanced chip production from TSMC to Intel, that could be transformational.

Skeptics argue Intel is too far gone, that this is just the prelude to a breakup or eventual takeover. But that’s exactly what people said about Apple in the late ’90s. I remember it clearly because Apple was the first stock I ever bought back in 2000. I believed in it then—but I didn’t hold long enough.

That lesson has stuck with me: iconic companies can look dead, only to roar back bigger than ever. That’s why I won’t make the same mistake with Intel. I have been buying Intel and writing about it since $19. I predicted the Trump administration would take a stake. And I wrote just 24 hours ago in my latest market outlook that it was only one of two tech stocks across the entire market I liked. Now, despite taking some short dated options off, I’ll have exposure for the long term.

No one should expect Intel to match Apple’s 1,450x miracle—lightning rarely strikes twice. But the larger truth remains: companies this iconic don’t die quietly. They pivot, they reinvent, and—when the right partners step in at the right time—they surprise everyone.

$140 billion in market cap is hardly trading as an equity stub. But in a global market where semis are the future and “infinite” Fed cash provides such a perpetual bid that 50x earnings is now “cheap” because of “growth” or “AI” or whatever bullshit CNBC is touting today, all of a sudden Intel trading in the triple digits doesn’t seems like such a wild idea.

In 1997, Microsoft’s bet on Apple looked foolish. In 2025, Nvidia’s bet on Intel looks risky. But if history is any guide, it could mark the beginning of a stunning second act.

QTR’s Disclaimer: Please read my full legal disclaimer on my About page here. This post represents my opinions only. In addition, please understand I am an idiot and often get things wrong and lose money. I may own or transact in any names mentioned in this piece at any time without warning. Contributor posts and aggregated posts have been hand selected by me, have not been fact checked and are the opinions of their authors. They are either submitted to QTR by their author, reprinted under a Creative Commons license with my best effort to uphold what the license asks, or with the permission of the author.

This is not a recommendation to buy or sell any stocks or securities, just my opinions. I often lose money on positions I trade/invest in. I may add any name mentioned in this article and sell any name mentioned in this piece at any time, without further warning. None of this is a solicitation to buy or sell securities. I may or may not own names I write about and are watching. Sometimes I’m bullish without owning things, sometimes I’m bearish and do own things. Just assume my positions could be exactly the opposite of what you think they are just in case. If I’m long I could quickly be short and vice versa. I won’t update my positions. All positions can change immediately as soon as I publish this, with or without notice and at any point I can be long, short or neutral on any position. You are on your own. Do not make decisions based on my blog. I exist on the fringe. If you see numbers and calculations of any sort, assume they are wrong and double check them. I failed Algebra in 8th grade and topped off my high school math accolades by getting a D- in remedial Calculus my senior year, before becoming an English major in college so I could bullshit my way through things easier.

The publisher does not guarantee the accuracy or completeness of the information provided in this page. These are not the opinions of any of my employers, partners, or associates. I did my best to be honest about my disclosures but can’t guarantee I am right; I write these posts after a couple beers sometimes. I edit after my posts are published because I’m impatient and lazy, so if you see a typo, check back in a half hour. Also, I just straight up get shit wrong a lot. I mention it twice because it’s that important.

Tyler Durden Fri, 09/19/2025 - 08:05

Tesla Eases Full Self-Driving Rules, Slashes 'FSD Jail' Time In Half

Tesla is making its Autopilot and Full Self-Driving (FSD) system a lot more forgiving. Repeat offenders who receive five "strikes" and are booted off the AI driving system for seven days will now only spend 3.5 days in "FSD jail." This change occurs five weeks before the release of Version 14 software, which Elon Musk has described as "the second biggest update ever," following Version 12.

Tech blog Not A Tesla App reports:

• Balance of safety & convenience: Tesla's strike system is meant to keep drivers attentive, but the shorter reset time gives users more flexibility.

• FSD V14 & reduced monitoring: With FSD v14, Tesla plans to relax driver monitoring further, making it less likely that users "strike out."

• Hardware considerations: The change may apply mainly to newer Hardware 4 (HW4) vehicles, which will soon run FSD v14. Hardware 3 cars remain on older software until late next year.

• Confidence in FSD: The policy shift signals Tesla's growing confidence in FSD's ability to handle roads safely, reducing the need for strict punishments.

Why does this matter for Tesla drivers? Well, the days of constant nagging by the vehicle to pay attention are about to ease with the next major over-the-air update that will be pushed out by Tesla sometime this fall. This suggests higher confidence in FSD. 

"Once we confirm real-world safety of FSD 14, which we think will be amazing, the car will nag you much less," Musk recently wrote on X. 

The FSD release in about 6 weeks will be a dramatic gain with a 10X higher parameter count and many other improvements. It’s going through training & testing now.

Once we confirm real-world safety of FSD 14, which we think will be amazing, the car will nag you much less.

— Elon Musk (@elonmusk) August 11, 2025

On a recent All-In podcast, Musk stated, "Your car is going to feel like it is sentient by the end of the year." 

"Version 14 will be the biggest upgrade in terms of software since Version 12." — Elon Musk pic.twitter.com/M1eIehdFrY

— Tesla Owners Silicon Valley (@teslaownersSV) September 18, 2025

"I just want to be able to drink my coffee in the morning without FSD nagging me because my hat blocks its view while I take a slow sip of hot coffee," one X user emphasized. 

Tyler Durden Fri, 09/19/2025 - 07:45

My end-of-week morning train WFH reads:

• How to Build a Million-Dollar Future for Your Kids: Setting your child up for life doesn’t require a windfall — just time, consistency and a willingness to think beyond bonds and birthday cards. (Bloomberg)

• The Cities Young People Are Flocking to in 2026: This generation is changing the housing landscape. (House Beautiful) see also She Found a New Way to Sell High-End Houses: Mock the Rich: In minute-long video tours of Florida real estate, Breanna Banaciski lampoons the rich — and the upscale houses she wants you to buy. (New York Times)

• Gold Hasn’t Rallied This Much Since 1979: A 39% price jump this year outpaces Covid-19 pandemic, 2007-09 recession. (Wall Street Journal)

• A Historic Dislocation: Opportunity at the Long End of the Municipal Curve: The recent weakness in long-end municipal bonds reflects a combination of technical factors shaping the market’s behavior. Following a record-setting 2024, the municipal market may be on pace for another year of elevated issuance.” (Morgan Stanley)

• How the Math of Shuffling Cards Almost Brought Down an Online Poker Empire: Card dealers create a unique deck with each shuffle, something computers cannot replicate. (Scientific American)

• Why your attention keeps slipping away (and how to get it back) Strengthen your focus like a muscle. Modern life scatters our attention across endless “urgent” demands, often leaving us busy but unproductive. It can help to think of attention as a set of trainable muscles — visual focus, connection to the future, obstacle planning, and cognitive flexibility. (Big Think)

• Used E.V. Sales Take Off as Prices Plummet: Electric vehicles on the used market often cost less than comparable gasoline models, making the technology affordable to many more buyers. (New York Times)

• How Gen Z Is Rewriting the Rules of Sobriety: From influencers to #sobertok, a new generation is finding community and support for alcohol use—and bucking once closely held beliefs about addiction. (Slate) but see How the Trump tariffs boomerang to hurt U.S. winemakers: The wine business doesn’t operate the ways those trying to help it seem to think it does. (Washington Post)

• How to Tell the Difference Between a Lone Wolf and a Coordinated Effort by the Radical Left: All political violence is wrong. But some political violence is more wrong than others. (McSweeney’s)

• Zen and the Art of Being Jennifer Aniston: The Morning Show star opens up about how she has overcome years of tabloid absurdity (hint: a few famous friends have been key) and is channeling a quiet power in her new era. (Vanity Fair)

Be sure to check out our Masters in Business this week with Jaime Magyera, Head of U.S. Wealth & Retirement Business at BlackRock. She has driven the firms adoption of alternatives as a fast growing part of the Blackrock platform for advisors and RIAs. The firm manages over $11 trillion in client assets, and Magyera’s Wealth and Retirement divisions are a substantial portion of that.

 

What people use ChatGPT for

Source: @simongerman600

 

Sign up for our reads-only mailing list here.

 

The post 10 Friday AM Reads appeared first on The Big Picture.

Assessing Russia's Claims That Ukraine Is Responsible For Terrorism All Across Africa

Authored by Andrew Korybko via Substack,

RT recently published a report about late August’s claims by Deputy UN Representative Dmitry Polyansky and Director of the Officers Union for International Security Alexander Ivanov that Ukraine is responsible for terrorism all across Africa.

According to them, its drone pilots assist terrorist-designated forces in Mali, Sudan, the Central African Republic (CAR), Chad, and the Democratic Republic of the Congo (DRC).

Kiev has also supplied Libya with drones for use in its civil war despite a Turkish prohibition.

Ukraine boasted about backing Tuareg separatists in Mali after they ambushed Wagner in summer 2024 so that part of Russia’s accusation is undeniable, which lends credence to claims that they’re also backing similar forces in the pro-Russian CAR, but questions arise about their role in Sudan and the DRC. Western media reported in early 2024 that Ukrainian special forces were contracted by Sudan’s UN-recognized government while Trump has bragged about brokering peace between the DRC and Rwanda.

It would therefore be a startling reversal for Ukraine to now militarily aid the Sudanese rebels, not to mention do anything that could risk plunging the DRC back into any sort of serious conflict and thus embarrassing Trump after how proud he was that his peace deal helped to finally stabilize it.

Cynics might also suspect that Russia’s accusation that Ukraine’s diplomatic missions in Algeria, Mauritania, and the DRC are smuggling arms to groups in Libya, Mali, and the northeast DRC is meant to sow discord.

Nevertheless, there are compelling reasons to take these claims seriously, which will now be explained.

Trump’s capriciousness might have prompted Ukraine to pursue non-Western business opportunities, including those that contradict US interests like in the DRC, as part of a backup plan in case the US one day cuts it off or at least significantly curtails financial-military aid. It’ll likely comply with US demands to abandon them if they’re made, but thus far, the US seemingly doesn’t have a problem with any of this.

In fact, Trump might even support Zelensky’s “entrepreneurialism” in principle, especially if his advisors inform him that Ukraine’s newfound strategic role in Africa could potentially be leveraged by the US for “plausibly deniable” divide-and-rule purposes in certain future scenarios. As for Ukrainian diplomatic missions’ alleged role in smuggling arms from Algeria and Mauritania to Libya and Mali, Russia might have tipped off the host governments sometime back but wasn’t satisfied with their response.

RT mentioned that Mauritania’s nonchalance towards this claim might be due to it simply being unaware of Ukraine’s activities on its soil while praising Algeria for investigating this matter. It’s also possible that Russia either suspects those two of facilitating Ukraine’s activities, or might even have proof of this, but is giving them a “face-saving” way to end everything by solely blaming Ukraine’s diplomatic missions. Algeria’s investigation might therefore be meant to improve recently troubled ties with Russia over Mali.

Returning to the substance of Russia’s claims, it can therefore be assessed that they’re all likely true, though it’s also possible that some aspects might be revealed to be slightly inaccurate or exaggerated. In any case, the point is that Ukraine has indeed increasingly involved itself in terrorism all across Africa, but to different extents in each instance. The US has the power to put a stop to this by threatening to cut Ukraine off if it refuses but won’t because it believes that this might become useful down the line.

Views expressed in this article are opinions of the author and do not necessarily reflect the views of ZeroHedge.

Tyler Durden Fri, 09/19/2025 - 05:00