From BofA:

Since our last weekly publication, 3Q GDP tracking remains unchanged at 2.8% q/q saar. [November 14th estimate]
emphasis added

From Goldman:

We boosted our Q3 GDP tracking estimate by 0.1pp to +3.8% (quarter-over-quarter annualized). Our Q3 domestic final sales estimate stands at +2.7%. [November 19th 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 4.2 percent on November 21, unchanged from November 19 after rounding. After recent releases from the US Census Bureau, the US Bureau of Labor Statistics, and the National Association of Realtors, a slight decrease in the nowcast of third-quarter real personal consumption expenditures growth was offset by an increase in the nowcast of third-quarter real gross private domestic investment growth from 4.8 percent to 4.9 percent. [November 21st estimate]

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 October, Realtor.com reported active inventory was up 15.3% YoY, but still down 13.2% compared to the 2017 to 2019 same month levels. 
Here is their weekly report: Weekly Housing Trends: U.S. Market Update (Week Ending Nov. 15, 2025)

• Active inventory climbed 12.6% year over year

The number of homes active on the market climbed 12.6% year-over-year, as the streak of annual gains stretched past two years in length. There were about 1.1 million homes for sale last week, marking the 29th week in a row over the million-listing threshold. Active inventory is growing due to both new listings hitting the market, but mostly listings taking longer to sell in this weak 2025 sales year.

• New listings—a measure of sellers putting homes up for sale—rose 1.7% year over year

New listings edged up on an annual basis, the second straight week of gains and a return to more typical levels after last week’s surge. Mortgage rates held in the low 6.2s range last week the low-6% range, which may be enticing some homeowners to make a move.

• The median listing price fell 0.4% year-over-year

he median list price dropped compared to the same week one year ago. Adjusting for home size, price per square foot fell 1.0% year-over-year, dropping for the 11th consecutive week. Price per square foot grew steadily for almost two years, but the weak sales activity has finally caught up and shaken underlying home values despite stable prices.

US & Qatar Force EU Climate Policy U-Turn – End of the ESG Era?

Submitted by Thomas Kolbe

While former German Foreign Minister Annalena Baerbock calls for a fight against climate-driven global apocalypse at COP30, Brussels is being forced into political restraint by pressure from the US and Qatar. On the horizon, the end of the EU’s grand climate machinations is becoming visible.

November 13, 2025, could mark a turning point in European Union history. We may have witnessed the beginning of the end of European climate socialism. 

Media coverage of the day in Parliament downplayed its significance, focusing instead on the reform of the supply chain law, while fundamental changes unfolded at a different level.

Politically, the event cannot be overstated; perhaps it should even be called a singularity in recent EU policy: The European Parliament paved the way for a dramatic dilution of corporate reporting obligations under the Corporate Sustainability Reporting Directive (CSRD) and the so-called due diligence rules (CSDDD). The unstoppable march toward a climate dictatorship has been abruptly halted.

The End of the ESG Machine

Advocates of the ESG doctrine—under which private industry is forced by lawmakers to integrate party-circulated environmental and social standards into corporate governance—suffered their first major setback. Reporting and due diligence obligations for companies have been so weakened that previously required climate-aligned transition plans at the corporate level are now eliminated. Responsibility for violations of the remaining rules now rests with national authorities, not Brussels, freeing multinational supply chains from massive oversight. The economy can, to some extent, escape the regulators’ grip—good news.

For companies in the fossil energy sector, new market incentives emerge: exports to Europe can be conducted more easily, as regulatory hurdles are lowered and bureaucratic reporting requirements drastically reduced. Overall, the adjustment allows companies greater flexibility in supply chains, reduces the compulsion to invest in renewable or CO₂-neutral projects, and makes European markets more attractive to fossil energy exporters.

Reality Check

The EU Commission has recently faced mounting pressure from both Washington and the key LNG supplier, Qatar. US Trade Secretary Howard Lutnick had months earlier called on US companies to simply ignore Europe’s ESG framework if it significantly impeded operations—a direct affront to Ursula von der Leyen, who likes to portray herself as the morally superior, untouchable guardian of EU trade.

Together, these forces launched an offensive to bring Brussels’ climate defense to its knees, where cognitive dissonance had taken hold and the undeniable drift of geopolitical power was being ignored.

We have clearly entered the era of resource dominance. Europe imports roughly 60% of its required energy. Its irrational war on baseload energy sources such as nuclear and coal has only deepened dependence.

In Brussels and EU branch capitals, the lesson is now unavoidable: being a resource-poor trading partner in negotiations reveals how Europe’s capital base has been massively weakened by EU policy. Europe has lost its historic dominant position. US President Trump, during negotiations with the EU, merely displayed what behind closed doors was already clear to everyone.

Fear Wins in the End

Ultimately, Brussels’ capitulation to Washington was a logical consequence of this dependence. The post-colonial extraction era—when France accessed uranium cheaply or Europe leveraged its Middle East dominance—is definitively over. Resource-rich regions now set the rules. Europe must comply, seek alliances, and become economically more robust if it wants a role in the future. Its path into eco-socialism was an illusion that has now burst. Germany’s crisis, its accelerated deindustrialization, is only the beginning—a snapshot of the global economic realignment.

In the end, political fear of street unrest prevailed. A Europe facing regular blackouts would simply be ungovernable, with chaos in the streets, lawlessness, and near-civil war conditions, reminiscent of recurring riots in French banlieues.

Baerbock Plays Climate Theater

While reality has long arrived in Brussels and officials are forced to make initial concessions, former German Foreign Minister Annalena Baerbock—now UN General Assembly President—continues to play the unshakable lead role in the disillusioned climate theater.

On Saturday in Belém, Brazil, at COP30, Baerbock performed with maximum emphasis, trying to give legs to a footsore, limp climate club. She proclaimed that “the climate crisis is the greatest threat of our time,” and that “3.6 billion people—almost half of the global population—are currently highly vulnerable to the effects of climate change.” Droughts, floods, extreme heat, and resulting supply insecurity deepen the “vicious cycle of hunger, poverty, displacement, instability, and conflict.”

A bit of Thunberg-style climate apocalypse, performed for a select audience—climate profiteers among themselves. The theater now smells of a support group, struggling to maintain mutual rhetoric reinforcement. Of the purported 3.6 billion sufferers, few are likely interested in the climate club unless they are tied to its subsidy mechanism.

No one doubts that drastic climate changes throughout history caused massive upheavals—migrations, famine, misery. Yet it is high time to end the current CO₂ circus, a carousel revolving around an artificially constructed world with vanishing relevance to everyday life.

The climate business was designed as a classic insider-outsider model. Profiteers of the climate subsidy machine tolerate the occasionally bizarre, childlike savior attitude of Baerbock and other symbolic figures—or even actively side with them. In this sense, Baerbock could indeed be considered a UN ambassador—of those shaping the global climate extraction economy. They pursue policies knowingly destabilizing societies.

The Double Standard of Green Extraction Politics

Perhaps Baerbock can explain to indigenous participants at COP30, protesting deforestation, why Europe’s green lobby cuts entire forests to install uneconomic wind turbines.

She could also offer an economic seminar on how systematic taxation of productive society members—leading only to poverty and relocation of production—supposedly lowers global temperatures. Historical indulgences offer a handy argumentative analogy.

Baerbock’s moral punch has likely suffered due to Brussels’ gradual retreat from climate orthodoxy. No coercion for Qatar, none for Washington—but the small corner bakery is milked with climate levies until closure.

Internally, pressure; externally, bowing. That is the new EU strategy. For those still not seeing it: this fight is not about saving the world’s climate. It is about legislatively sanctioned, corporately executed extraction of wealth—and the US has repeatedly shown the red card.

In Baerbock’s words: the US forces the EU into a 360-degree climate volte-face.

Tyler Durden Fri, 11/21/2025 - 07:45

Futures Slide As Bitcoin Flash Crashes To April Low Ahead Of $3.1 Trillion Opex

10 Things You Shouldn’t Miss This AM…

1) Japan on Friday escalated its warning of currency intervention and the central bank governor signaled the chance of a near-term interest rate hike, as authorities sought to combat unwelcome yen falls blamed for pushing up the cost of living. RTRS

2) Japan’s inflation ticked higher and exports rose. National CPI for Oct is inline w/the Street, including on headline at +3% (up from +2.9% in Sept) and core (ex-food/energy) at +3.1% (up from +3% in Sept). BBG

3) India’s rupee fell to a record low against the dollar, pressured by uncertainty around a potential US trade deal. BBG

4) The US is open to lifting tariffs on EU goods such as beef and other foods to help keep grocery prices affordable. FT

5) The U.K. government’s borrowing continued to run ahead of projections in October, a deterioration in its finances that it will aim to correct with tax rises and some spending cuts in its annual budget statement next week. WSJ

6) Trump has lifted a 40% tariff on certain Brazilian agricultural products, including coffee, beef and fruits, as Brazil reaps the benefit of the US administration’s attempt to bring down domestic food prices. FT

7) The Fed’s Anna Paulson struck a cautious tone ahead of December’s meeting, saying, “Each cut raises the bar for the next.” Still, she remains more worried about labor market weakness. Stephen Miran reiterated that policy is very restrictive. BBG

8) America’s middle class is weary. After nearly five years of high prices, many middle-class earners thought life would be more affordable by now. Costs for goods and services are 25% above where they were in 2020. Even though the inflation rate is below its recent 2022 high, certain essentials like coffee, ground beef and car repairs are up markedly this year. WSJ

9) The Congressional Budget Office now estimates that Trump’s tariffs will reduce deficits by ~$3T over the next 10 years, down from a prior forecast of $4T. CBO

10) Including yesterday (dating back to since 1957) there have been 8 instances where the S&P 500 gaps up more than 1% only to reverse and close in the red. On the bright side here is S&P 500’s average performance after these 8 instances: 1 day later +233bps, 1 week later +288bps, 1 month later +472bps.

US stock futures continued to sink following yesterday’s remarkable reversal - from +2% to -2% intraday, a move which according to Goldman has only happened 2 other times before: April 7th 2020 (after COVID crash) April 8th 2025 (after Liberation Day crash) - and broad underperformance in Asia (NKY -2.4%, HSI -2.4%, Kospi -3.8%). As of 7:15am, S&P futures were down 0.3% and Nasdaq futures slid 0.4% with a $3.1 trillion option expiration on today's calendar. Pre-mkt, Mag 7 were mixed, with Nvidia falling more than 1% in premarket trading as the biggest artificial-intelligence stocks remained under pressure. Meanwhile the collapse in bitcoin is accelerating, and after a flash crash in overnight trading, it's on pace for its worst month since the June 2022 crypto crash. Bond yields are 1-3bp lower; USD is largely unchanged. Commodities are mostly lower: oil -2.6%, Silver -3.3%. Today's we’ll get the global flash November PMIs, the November Kansas City Fed services activity update, and the Final UMIch numbers.Central bank speakers include the Fed's Williams and Logan, the ECB's Lagarde, de Guindos, Kocher, Muller and Nagel, and the BoE's Pill.

In premarket trading, Mag 7 stocks are mixed: Nvidia falls 1.4%, on track to extend losses, with shares in the semiconductor giant lagging other Magnificent Seven stocks in premarket trading (Alphabet +0.7%, Tesla +0.8%, Amazon +0.2%, Meta +0.3%, Apple +0.1%, Microsoft -0.4%)

• AnaptysBio (ANAB) fell 15% after GSK initiated litigation against the company in the Delaware Chancery Court.

• Cryptocurrency-exposed stocks (MSTR -2.9%, COIN -1.3%, MARA 1.5%) tumble as Bitcoin is on track for its worst monthly performance since a string of corporate collapses rocked the wider crypto sector in 2022.

• Gap Inc. (GAP) rises 4.5% after it reported stronger-than-expected sales, a sign that celebrity-fueled marketing, flashy collaborations and a revamped inventory are luring in consumers.

• New Fortress Energy (NFE) rises 12% after it reported third quarter earnings.

• VinFast Auto (VFS) falls 5.1% after it reported total revenue for the third quarter that missed the average analyst estimate.

• Enviri shares (NVRI) rise 34% after Veolia agreed to buy the US hazardous waste firm Clean Earth for an enterprise value of $3b.

In corporate news, Netflix, Comcast and Paramount Skydance submitted bids for Warner Bros. Discovery by the Nov. 20 deadline. OpenAI is partnering with Hon Hai to design and manufacture hardware for data centers and Hon Hai aims to spend up to $5 billion growing its US manufacturing footprint. 

The Trump administration is proposing to open new areas off of California, Florida and Alaska to crude drilling that would dramatically expand the sale of oil and natural gas rights. Trump’s 28-point peace plan would force Ukraine to cede large chunks of territory taken by Russia, cap the size of its military and lift sanctions on Moscow over time.

A $5 trillion slide in global equities has left investors questioning how much further the tech-led pullback can go. The S&P 500 saw its sharpest intraday reversal since April’s tariff turmoil on Thursday as concerns over lofty valuations and waning prospects for US interest-rate cuts rattled sentiment.

“This is a rational selloff after the rally in tech stocks this year,” said Rory McPherson, chief investment officer at Magnus Financial Discretionary Management. “It could go even further as the market’s not oversold yet. The Fed’s rates policy outlook at the next meeting will absolutely be key.”

US stock futures struggled for direction after the S&P 500 sank to its lowest level since September amid a sustained retreat from the market’s riskier corners. Bitcoin fell below $82,000, after suffering a 3000 point flash crash just before the European open.

Bitcoin is now down 35% from its October highs, with the November drop wiping out a quarter of bitcoin's value, and is on pace for the worst monthly drop since the June 2022 Crypto collapse.

Fed’s Barr, who had supported rate cuts in September and October, added to the hawkish narrative signaling discomfort over inflation. Meanwhile, JPMorgan abd Morgan Stanley’s economists said they no longer expect a December rate cut, citing the bounce back in payrolls for September lowering the risk of a higher unemployment rate.

Thursday’s dramatic reversal in equities failed to deliver the “all clear” for risk that traders sought, instead sending them for cover against further losses, said Goldman partner John Flood. Today’s November options expiry, including $1.7 trillion of S&P 500 options and $725 billion notional of single stock options, has the potential to fuel erratic moves in the index.

Other concerns include brewing worries about over investment in AI, frothy valuations and the ongoing vacuum of macro data. Oracle is emerging as the credit market’s barometer for AI risk and the price of the company’s CDS have surged. Big tech’s debt binge isn’t limited to just Oracle, with risks rising in the race to create an AI world, as highlighted by Ryan Vlastelica in today’s Tech Watch column.

Stocks in Europe are also sliding, following from the sharp reversal in sentiment on AI and tech stocks in yesterday’s US session and heavy declines in Asia. Stoxx 600 down by 1.1% with technology and energy stocks the biggest drags. The benchmark is on track for its worst week since April. Here are the biggest movers Friday: 

• CTS Eventim surges as much as 12%, the most in five years, after the events firm delivered adjusted Ebitda growth above analyst expectations in the third quarter and reiterated its full-year guidance
• Ubisoft shares turn higher, reversing initial declines, as the stock resumes trading following a week-long suspension caused by a delay to the publication of second-quarter results
• Hammerson shares rise as much as 2.8%, , after the real estate firm said it has taken full control of The Oracle retail and leisure destination in Reading after buying a 50% stake from its joint venture partner
• Canal+ shares rise as much as 9.6%, after the broadcaster announced it has retained exclusive rights to the Champions League and two other UEFA cup competitions in France for the period 2027-2031
• ITM Power gains as much as 8.4% after being selected by Stablegrid Group as the technology partner and supplier for two energy infrastructure projects in Germany
• European defense shares fall on Friday after Ukrainian President Volodymyr Zelenskiy said he’s agreed to work on a peace plan drafted by the US and Russia and expects to talk with Donald Trump in the coming days about the proposals
• Tullow Oil shares plummet as much as 32% to a new record low after the company issued a trading update. Analysts said there has been a lack of progress on the refinancing of its mountain of debt
• Babcock drops as much as 6.7% following its first-half results, and amidst wider weakness in defense stocks on Friday after Ukrainian President Volodymyr Zelenskiy said he’s agreed to work on a peace plan
• Ithaca Energy shares fall as much as 11%, the most in two months, as Goldman Sachs downgrades its rating on the North Sea oil company to sell from neutral, with a 180p price target

Earlier in the session, Asian equities posted their steepest weekly decline since April as technology shares followed a sharp selloff in US peers, driven by renewed concerns over stretched AI valuations. The MSCI Asia Pacific Index fell as much as 1.7%, bringing the week’s losses to nearly 4%. Benchmarks in Taiwan  and South Korea led declines in the region, with shares in China and Hong Kong also traded lower. Some banks, such as HSBC, are starting to look at countries with lower exposure to AI, including India and Indonesia, as alternatives. Asia’s leading chip suppliers to Nvidia led losses on the regional gauge. TSMC and Samsung Electronics dropped more than 4% each before paring some of those losses.

In FX, the Bloomberg Dollar Spot Index slightly higher, with the yen outperforming after Japan’s government unveiled its biggest stimulus plan since the pandemic. Indian rupee hit a record low.

In rates, bonds rallying in the risk-off environment, with outperformance in gilts after weak retail sales data, a borrowing overshoot and scant growth shown in PMIs. Eurozone activity remained solid, boosted by services.

In commodities, oil prices dragging on energy companies, with Brent down over 2% below $62/barrel as traders weigh a Ukraine-Russia peace plan and sanctions on two Russian oil majors. Bitcoin sliding below $82,000 and set for worst month since 2022. Gold prices lower, down about $40 to $4,038/oz.

The US economic calendar includes September real average hourly earnings (8:30am), November preliminary S&P Global US PMIs (9:45am), November final University of Michigan sentiment, August wholesale inventories (10am) and November Kansas City Fed services activity (11am). Fed speaker slate includes Williams (7:30am), Collins (8am), Barr and Miran (8:30am), Jefferson (8:45am) and Logan (9am)

Market Snapshot

• S&P 500 mini -0.4%
• Nasdaq 100 mini -0.8%
• Russell 2000 mini -0.4%
• Stoxx Europe 600 -1.1%
• DAX -1.2%
• CAC 40 -0.7%
• 10-year Treasury yield -3 basis points at 4.05%
• VIX +1.1 points at 27.54
• Bloomberg Dollar Index little changed at 1227.51
• euro -0.1% at $1.1516
• WTI crude -2.5% at $57.53/barrel

Top Overnight News

• OpenAI CEO Sam Altman is bracing for possible economic headwinds in catching up to a resurgent Google (GOOGL), according to The Information. He told colleagues last month that Google’s recent AI progress could “create some temporary economic headwinds” for OpenAI, and the company’s narrowing tech lead and rising cash-burn projections have raised questions among investors.
• Treasury Secretary Bessent said the Fed should keep going with its cutting cycle and should be looking at the data, via Bloomberg.
• JPMorgan no longer expects the Federal Reserve to cut rates in December, vs its prior forecast of a 25bp cut.
• Standard Chartered no longer expects the Fed to cut by 25bps in December following the jobs data; expects a Q1-2206 cut, most likely January (prev. forecast no 2026 cuts)
• Republican senators have been privately lobbying US President Trump to support a limited short-term extension of Obamacare subsidies, according to Punchbowl. Adds that save the GOP from a 2026 drubbing and buy time for Congress to pass a more favourable longer-term health care plan. Multiple GOP senators were set to meet with US President Trump on Thursday, but the meeting was cancelled for unrelated reasons.
• Fed’s Paulson (2026 voter) said she is approaching the December rate decision cautiously and that the September labour-market report was encouraging overall, though she remains, on balance, more worried about the labour market than inflation. She said rate cuts so far have been appropriate but each one raises the bar for the next, and with upside risks to inflation and downside risks to employment, monetary policy must walk a fine line. She expects to learn a lot between now and the December meeting and said her longer-term policy thinking is focused on balancing inflation and labour-market risks. Paulson said the US economy is doing OK, but aggregate growth is unusually dependent on high-income earners and is particularly sensitive to equity valuations. She added that tariff effects are smaller than feared and that the overall demand environment is helping contain inflation, according to Reuters.

Trade/Tariffs

• US President Trump signed an order modifying the scope of tariffs on Brazil, stating that certain agricultural products will not be subject to the additional ad valorem duty imposed under Executive Order 14323, according to the White House. Bloomberg reported that Trump has expanded his reductions of certain food tariffs by extending them to the 40% surcharge placed on Brazil over the Bolsonaro case, noting that last week’s exemptions did not apply to that portion of the tariffs. White House said US President Trump's order on Brazilian imports removes tariffs announced on July 30th on imports of Brazilian beef, coffee, and orange juice.
• EU Trade Commissioner said momentum is improving on the Australia–EU trade deal and expects another round of talks early next year, according to Reuters.

A more detailed look at global markets courtesy of Newsquawk

APAC stocks traded lower across the board as the sharp Wall Street selloff reverberated through the region despite the absence of fresh catalysts. ASX 200 was dragged down by all sectors, with gold and mining leading declines; tech held up relatively better alongside defensive names. Nikkei 225 slipped at the open, pressured by mining and metals, while financials found some relief as yields eased off highs. No move was seen on the budget, which came in line with expectations. Hang Seng and Shanghai Comp both opened softer but recovered to trade firmer, though still reflecting the cautious global tone.

Top Asian News

• Japan’s cabinet approved a JPY 21.3tln economic stimulus package (vs expectations of JPY 20–21.3tln), with JPY 17.7tln in fresh spending via the extra budget and an overall impact of JPY 42.58tln, according to Bloomberg. Japan PM Takaichi said new bonds will be issued to fund the package if tax revenue falls short, but total JGB issuance will be smaller than last year, adding that sustainable state finances must be achieved through economic growth, according to Reuters.
• Japanese Finance Minister Katayama said she will take appropriate action if there are excessive FX moves, noting that FX intervention is an option as it was mentioned in the Japan–US agreement in September. She said the government will issue debt to fund part of the stimulus package as needed, is not trying to increase the size of spending, and is alarmed by recent one-sided and rapid foreign-exchange moves, according to Reuters.
• Japanese Finance Minister Katayama said she is closely watching FX moves with a high sense of urgency and will take appropriate action based on the US–Japan forex agreement. She declined to comment on FX levels, noted that recent moves have been sharp and one-sided, and stressed that currencies should move in a stable manner reflecting fundamentals. She said that at her meeting with BoJ Governor Ueda and the Economy Minister, Ueda explained the BoJ will gradually adjust monetary support in line with economic and price improvements, adding that specific policy decisions are up to the BoJ. She said the three officials also reaffirmed they will coordinate closely on market developments, according to Reuters.
• Japanese Finance Minister Katayama said JGB yields move based on domestic economic, price and monetary-policy developments, fiscal conditions, and overseas market moves. She added that Japan will guide appropriate debt-management policy to ensure it does not lose market trust in its finances, according to Reuters.
• Japanese Finance Minister Katayama said Japan is only halfway toward achieving sustainable, stable price increases accompanied by wage gains. She also said Japan’s debt-to-GDP ratio should edge down from last year, even after an extra budget for the stimulus package, according to Reuters.
• BoJ Governor Ueda said a weak JPY lifts import prices and contributes to higher consumer inflation, and that FX moves may have a larger impact on prices given current conditions. He said companies are increasingly willing to raise wages and prices, noted he is mindful that FX moves could affect inflation expectations and underlying inflation, and said the BoJ will scrutinise the impact of FX volatility on prices, according to Reuters.
• Japan may intervene before USD/JPY reaches 160, according to Bloomberg, citing a government panellist.
• Foxconn (2317 TT) said it will launch a joint venture with Intrinsic to build an AI factory and plans to invest USD 2–3bln per year in AI. Foxconn and OpenAI will also collaborate to strengthen US manufacturing across the AI supply chain, with OpenAI receiving early access to evaluate Foxconn’s systems and an option to purchase them, according to Reuters.
• Foxconn’s (2317 TT) VisionBay AI unit said it plans to deploy 27MW using NVDA’s GB300 chips in the first half of 2026. This will be Taiwan’s largest advanced GPU cluster and the first GB300 AI datacenter in APAC, according to Reuters.
• Singapore raised its 2025 GDP growth estimate to around 4%, from the previous 1.5–2.5%, according to Reuters.
• Japan's Finance Minister Katayama says she can't comment on expected size of additional bond issuance to fund the latest package. She believes markets have stabilised after various announcement. Also adds that she doesn't believe the latest package is sufficiently big to ignite demand driven inflation.

European bourses (STOXX 600 -0.6%) have opened lower across the board, as Europe plays catch-up to the hefty losses seen on Wall St, where NVIDIA fell into negative territory - erasing all of its initial post-earnings strength. AEX (-1.5%) underperforms in Europe with ASML sinking nearly 6%. European sectors are broadly in the red, with a clear defensive bias given the risk tone. Energy is hampered by pressure in the oil complex amidst constructive Russia-Ukraine developments. Basic Resources and Tech have been hit by the risk tone.

Top European News

• NBH's Virag has quit, Bloomberg reports citing the NBH; to be replaced with Banai. Virag will now be an advisor to the Governor.
• ECB's Lagarde says the ECB will continue to adjust policy as needed to ensure that inflation remains at the 2% target. Internal barriers in services and good markets are equivalent to tariffs of around 100% and 65% respectively.
• SNB's Tschudin says inflation will rise slightly in upcoming quarters.

FX

• DXY is flat/modestly firmer today and trades at the lower end of a 99.98 to 110.26 range. Not much driving things for the index this morning, focus remains firmly on the NFP report in the prior session, which led to some major banks adjusting their calls for a December rate cut. JPMorgan no longer sees a cut in December; Standard Chartered also looks for unchanged, instead favouring a Q1'26 move, likely January. Money markets currently assign a 27% chance of a Dec. cut. Focus ahead now on US Flash PMIs and UoM Sentiment data. Most recently, the USD has picked up a touch and continues to make fresh highs - seemingly as the risk tone continues to deteriorate. Nothing fresh to explain the dip in sentiment, but comes as NVIDIA continues to slip in the pre-market, hawkish Fed re-pricing, and negative growth implications of European PMIs.
• EUR is a little lower and trades within a 1.1514 to 1.1552 range. Some choppy two-way action on the French/German PMI metrics, before then moving lower as the USD attempts to move higher in recent trade. To recap the PMI figures, the EZ-wide PMI didn't have much impact as the woes for the manufacturing sector were clearly illustrated by France and Germany before. HCOB notes that, for France in particular, the political instability in the region is weighing and is expected to remain complicated, "meaning that the EZ is unlikely to receive any positive impetus from this quarter in the short term". In terms of price action, EUR/USD moved a touch lower on the French figures (which were weaker across the board), before then moving higher on the German metrics (strong across the board).
• GBP is a little lower vs USD, with much of the downside seen in recent trade amidst some broader Dollar demand; currently at the bottom of a 1.3051 to 1.3102 range. Earlier, UK PMIs were mixed - Services missed expectations, whilst Manufacturing surprisingly climbed into expansionary territory; nonetheless, Composite dipped more than expected. The inner report suggested that the "debate will shift further away from inflation worries toward the need to support the struggling economy, hence adding to the chances of interest rates being cut in December".
• JPY the strongest G10 currency, buoyed by the risk tone and comments via Finance Minister Katayama, who suggested that intervention was on the table. USD/JPY traded within a 157.10-157.54 range, before edging to fresh session lows at 156.57 as the risk tone deteriorated in the European morning. Japanese nationwide CPI printed in-line with expectations, with PMIs also constructive; the internal PMI report suggested that "inflation remains a key concern". Figures which play in favour of a hike in December. On fiscal developments, Japan’s cabinet approved a JPY 21.3tln economic stimulus package (vs expectations of JPY 20–21.3tln), with JPY 17.7tln in fresh spending via the extra budget and an overall impact of JPY 42.58tln, according to Bloomberg.
• Antipodeans are mixed, with the Kiwi marginally firmer whilst the Aussie remains pressured. Overnight activity currencies were buoyed by an improving risk tone - and were unreactive to the region's own data figures. This morning has seen a scaling back of initial upside, as the risk tone dips.

Fixed Income

• Fixed firmer this morning and climbing as the risk tone deteriorates.
• USTs at a 113-10+ peak with gains of 14 ticks at most. Specifics for the US light, strength in USTs derived from the increasingly risk-off tone seen across markets with NVIDIA once again a primary driver. If the move continues, we look to resistance at 113-18+ from the last week of October before 113-29, the figure and then 114-02. Today's docket features Real Weekly earnings for September, Flash November PMIs and several Fed speakers. Text expected from Williams, Barr, Jefferson & Logan in addition to TV appearances from Collins and Miran.
• Bunds bid given the tone, in-fitting with USTs. In addition, the complex benefits from a poor set of Flash PMIs which speak to tepid economic performance and ongoing political concerns. For the ECB, the data is unlikely to change much as the inflation-related components were subject to two-way movements and we await the December forecasts. Bunds as high as 129.09, firmer by 47 ticks at most. If the move continues, we look to 129.40 from November 13th.
• Gilts opened with gains of 11 ticks after weak Retail Sales data, despite the offsetting influence of PSNB. Additionally, and as outlined above, the risk tone is playing a role. As such, the benchmark is firmer by just over 50 ticks at best, notching a 92.43 peak, eyeing the WTD high of 92.60.
• The Retail Sales data is itself unlikely to move the dial for the BoE, as Governor Bailey is focused on inflation and caveats apply to the series re. Black Friday and the Budget. However, the subsequent PMI release highlighted increased growth concerns and a "real chance that this pause may turn into a downturn", points that factor in-favour of further BoE easing, and moves some of the focus away from inflation in assessing the BoE's near-term outlook; BoE pricing unreactive, remains around an 83% chance of a cut.

Commodities

• WTI and Brent Jan'26 trends lower from USD 58.80/bbl to 57.50/bbl and USD 63.02/bbl to USD 61.98/bbl, respectively, as the global risk tone weakens and further reporting on the 28-point peace plan. Reported by Axios, Kyiv would have to give up additional territory in the east, cap the size of its military, and agree that it will never join NATO. On Ukrainian security, Kyiv would be given a guarantee modelled on NATO's Article 5, which would commit the US and European allies to treat an attack on Ukraine as an attack on the "transatlantic community".
• Spot XAU has grinded lower from a peak of USD 4089/oz to a trough of USD 4023/oz before paring back earlier losses to USD 4063/oz as the market continues to consolidate above USD 4k/oz. Despite the recent choppiness in XAU, investors still see further upside in the yellow metal driven by further Fed rate cuts, persistent geopolitical uncertainties and rising fiscal concerns.
• 3M LME Copper is ultimately trading lower as it follows the global risk tone. The red metal initially followed on from Thursday's selloff, forming a low at USD 10.66k/t before bouncing to a peak of USD 10.72k/t. As the session continues, 3M LME Copper has fallen back to new session lows and remains near lows at USD 10.64k/t.
• Global crude steel output fell 5.9% Y/Y in October and China's crude steel output fell 12.1% Y/Y, according to World Steel.

Geopolitics

• US President Trump’s 28-point plan for peace in Ukraine would force Kyiv to give up additional territory in the east, cap the size of its military, and agree never to join NATO, according to a draft obtained by Axios.
• US President Trump's peace plan for Ukraine includes a security guarantee modelled on NATO's Article 5, which would commit the US & European allies to treat an attack on Ukraine as an attack on the "transatlantic community", via Axios.
• US officials reportedly intend to brief EU ambassadors in Kyiv on the draft peace proposal, via Reuters citing sources.
• European officials are reportedly still analysing the US-Russia peace proposal re. Ukraine, via FT; a diplomat cited says it "basically means capitulation [to Moscow]", another said the focus is to "...work for a more reasonable outcome".
• UK PM Starmer, German Chancellor Merz, French President Macron and Ukrainian President Zelensky is to hold a call today at 11:00GMT, via Bloomberg.

Event Calendar

• 9:45 am: Nov P S&P Global U.S. Manufacturing PMI, est. 52, prior 52.5
• 9:45 am: Nov P S&P Global U.S. Services PMI, est. 54.55, prior 54.8
• 9:45 am: Nov P S&P Global U.S. Composite PMI, est. 54.5, prior 54.6
• 10:00 am: Nov F U. of Mich. Sentiment, est. 50.6, prior 50.3
• 10:00 am: Aug F Wholesale Inventories MoM, prior -0.2%

Central Bank Speakers

• 7:30 am: Fed’s Williams Delivers Keynote Speech
• 8:00 am: Fed’s Collins on CNBC
• 8:30 am: Fed’s Barr Gives Welcoming Remarks at the College Fed Challeng
• 8:30 am: Fed’s Miran Appears on Bloomberg TV
• 8:45 am: Fed’s Jefferson Speaks on Financial Stability
• 9:00 am: Fed’s Logan Speaks at Conference in Switzerland

DB's Jim Reid concludes the overnight wrap

I’m writing this on a bitterly cold, frosty morning, trying to keep an eye on equally frosty markets while resisting the stress of watching the first day of the Ashes live from Perth. England are chasing their first Test win in Australia since 2011, but so far, it’s gone about as well as the markets have over the past day.

Indeed it’s been a truly remarkable 24 hours, with a sequence of moves that were almost impossible to predict. Any time between 9:30pm GMT on Wednesday night and around 3pm yesterday, if I’d been able to quietly delete Wednesday’s chart of the day (link here) – the one pointing out that Nvidia doesn’t tend to do well on the day and week after earnings – I would have done so without hesitation. After the world’s largest company reported spectacular results, the stock was up around +5% by 3pm London time. It closed down -3.15%. The broader market followed a similar pattern: the S&P 500 initially climbed +1.93%, only to fade and close down -1.56% as doubts about AI valuations crept back in. That marked the biggest intra-day swing for the S&P since the six days of extreme market turmoil that followed the Liberation Day tariffs in early April. Adding to the negative backdrop for crypto were lingering questions over the crypto market structure bill that’s being worked on in Congress.

There were plenty of signs of financial stress underneath the surface. The VIX jumped +2.76pts to finish at 26.42, its highest level since late April. Crypto weakness also resumed in earnest, with Bitcoin down -3.65% yesterday to a 7-month low and another -1.44% lower at around $86,000 this morning. With the cryptocurrency now more than -30% below its peak, that reawakened concerns about a further wave of forced selling, amid worries that retail investors might need to liquidate other assets to meet margin calls.

In Asia the KOSPI (-3.73%) stands out as the largest underperformer overnight, dragged down by major index tech heavyweights Samsung Electronics and SK Hynix. The Nikkei (-2.42%), Hang Seng (-2.08%), ASX (-1.59%), and Shanghai Composite (-1.49%) are also all sharply lower. S&P 500 (+0.25%) futures are edging higher with Nasdaq futures (+0.07%) only just edging back into positive territory.

It's hard to pin the blame for the global sell-off on the delayed September payrolls report—unless everyone was late back from an early Christmas lunch—since risk assets initially took the data well. That said, the release did offer enough moving parts that you could construct completely different narratives depending on which line you chose to focus on.

On the bright side, nonfarm payrolls were up +119k (vs. +51k expected), which took the 3-month average back up to +62k. Plus the broader U6 measure of underemployment fell back to 8.0%. However, there was more negative news in -33k of revisions, and the unemployment rate, which ticked up to 4.4% (vs. 4.3% expected), and it nearly rounded up further given it was at 4.44% to two decimal places. To be fair, that could partly be explained by a higher participation rate, which unexpectedly moved up to 62.4% (vs. 62.3% expected), but it was still the highest unemployment rate in nearly four years. See our economists’ interpretation of this Rorschach test of a payrolls report here. Following the print, they are just about sticking to their baseline of a December rate cut, but will be reassessing this with upcoming data, most notably jobless claims, ADP and JOLTS.

We did get some good news from the Department of Labor, who released the backlog of weekly initial jobless claims over recent weeks. That came in lower than expected at 220k in the week ending November 15 (vs. 227k expected). So while the jobs report only went up to September, the initial claims data reassured investors that the labour market had broadly held up through the shutdown too. However, an uptick in continuing claims (1,974k vs 1,950k expected) diluted this more positive take a bit.

Net net, investors dialled up the likelihood of a December rate cut from the Fed, with futures moving that up to a 35% chance (from 29% the day before). That was driven by the higher unemployment rate and concern that labour demand was weakening. This initially led to a steepening reaction in Treasuries, which then turned into a broader rally as the risk-off tone took hold. By the close, the 2yr yield (-5.9bps) fell to 3.53%, with the 10yr yield (-5.3bps) down to 4.08% and the 30yr yield (-3.3bps) posting a smaller decline to 4.72%. Remember as well that this is the last payrolls report the Fed will have before their decision on December 10, as the October and November reports are coming out together on December 16.

Digging deeper into the equity sell-off, the S&P 500 -1.56% decline means the index is now down -5.11% from its peak, which is the furthest its been away from its record since May. Tech stocks led those declines, with the NASDAQ (-2.15%) seeing its worst day in two months, whilst Nvidia itself fell -3.15%. Few segments were spared from the sell-off, with the small cap Russell 2000 (-1.82%) and the equal-weighted S&P 500 (-1.17%) also seeing sharp declines. Consumer staples (+1.11%) were the only top-level S&P sector to advance, which came thanks to a strong earnings report from Walmart (+6.46%). By contrast momentum tech stocks got a hammering, with Robinhood (-10.11%) and Micron (-10.87%) two of the three worst performers in the S&P on the day. And CoreWeave saw a remarkable intra-day swing, from +11.44% just after the open to -7.97% by the close.

It might feel like ancient history now, but before the US selloff, European equities had risen on the back of Wednesday night’s Nvidia announcement. Multiple indices were higher, with the STOXX 600 (+0.40%) rising, along with others including the CAC 40 (+0.34%), the DAX (+0.50%) and the FTSE MIB (+0.62%). European futures are down -1 to -1.5% this morning in Asia. In fixed income, the earlier risk-on tone meant yields were generally higher with those on yields on 10yr bunds (+0.5bps) and OATs (+2.9bps) both rising.

Overnight in Japan, core inflation in October increased by +3.0% year-on-year, marking its highest rate since July but aligning with market expectations. Moreover, the headline inflation rate also rose to +3.0%, remaining above the BOJ’s 2% target for 43 consecutive months, but again in line with consensus.

Also overnight, Japanese Prime Minister Sanae Takaichi's cabinet have sanctioned a 21.3 trillion yen ($135.5 billion) economic stimulus package, representing the first significant policy action under the new leadership, which has committed to implementing expansionary fiscal policies. This package encompasses general account expenditures of 17.7 trillion yen, significantly surpassing the previous year's 13.9 trillion yen and marking the largest stimulus since the COVID pandemic. It will also feature 2.7 trillion yen in tax reductions. However, this stimulus initiative has raised concerns about exacerbating Japan's already substantial debt burden, resulting in government bond yields reaching unprecedented levels earlier this week and the yen depreciating against the dollar. The global risk-off may have actually helped the package land today with bonds rallying across the board so 10yr JGBs are -3.0bps lower trading at 1.79% as we go to print.

In geopolitical news, Ukraine’s President Zelenskiy said he agreed to work on a peace plan that was drafted by the US after contacts with Russia, and that he would expect to speak with Trump in the coming days. The reported details of the proposals would require major concessions by Ukraine on territorial and military issues, and there was little in Zelenskiy’s comments to suggest these were acceptable to Kyiv. Still, with the news of talks coming just as US sanctions on Russia’s two oil largest companies are due to take effect today, oil markets saw some relief on risks to Russian oil supply. WTI crude is trading -1.20% lower this morning at $58.30/bbl, following at -0.50% decline yesterday.

To the day ahead now, we’ll get the global flash November PMIs, US November Kansas City Fed services activity, UK November GfK consumer confidence, October retail sales, public finances, France November manufacturing confidence, October retail sales, and Canada retail sales. Central bank speakers include the Fed's Williams and Logan, the ECB's Lagarde, de Guindos, Kocher, Muller and Nagel, and the BoE's Pill.

Tyler Durden Fri, 11/21/2025 - 07:28

NASA Debunks Rumors About Interstellar Comet 3I/Atlas

Authored by T.J.Muscaro via The Epoch Times,

With the federal government shutdown over, NASA leadership was finally able to provide an update to the public about an interstellar object that was caught passing through the solar system in July.

A press conference was livestreamed on Nov. 19, and it began with Associate Administrator Amit Kshatriya confirming that the object known as 3I/Atlas was an interstellar comet and nothing else.

“I think it’s important that we talk about [the fact] that this object is a comet,” he said.

”It looks and behaves like a comet, and has and all evidence points to it being a comet. But this one came from outside the solar system, which makes it fascinating, exciting, and scientifically very important.”

The name 3I/Atlas comes from the fact that it is only the third interstellar object (3I) NASA has discovered that originated from outside the solar system, and it was first picked up by the NASA-funded Atlas Survey Telescope located in the mountains of Chile.

Discovered on July 1 by its planetary defense network—which also found it posed no threat to Earth—NASA retasked a large portion of its fleet of interplanetary science spacecraft to track the comet as it made its closest pass to the sun at the end of October.

Nicky Fox, associate administrator for NASA’s Science Mission Directorate, said that 20 mission teams and counting contributed to collecting whatever data they could on the comet, including the Hubble Space Telescope, the Parker Solar Probe, Europa Clipper, and the James Webb Telescope.

The planet 3I/Atlas came closest to was Mars, so NASA also tasked its Perseverance rover on the Martian surface, the Mars Reconnaissance Orbiter, and the MAVEN spacecraft to take pictures and learn what they could.

That flyby took place at a distance of less than 20 million miles from the Red Planet on Oct. 3, and then the comet proceeded to make its closest approach to the sun while Earth was on the opposite side. Before that, 3I/Atlas was monitored through September by spacecraft sent to study asteroids named Psyche and Lucy.

It takes time for NASA scientists to receive the images and data from deep space, process them, and prepare and make the initial findings ready for publication.

The space agency’s website showed its last update on the comet published on Aug. 25.

A shutdown of the federal government began on Oct. 1, which suspended public relations teams for nearly all government agencies, and did not end until Nov. 12.

Amid NASA’s silence, speculation spread that the so-called comet was actually a spaceship of some kind built and sent by an extraterrestrial intelligence.

While he did not specifically call out theories of aliens, Kshatriya saw it all in a positive light.

“I’m actually very excited that a lot of the world was speculating about the comet while NASA was in a period where we couldn’t speak about it due to the recent government shutdown,” he said.

“I think what I took away from that whole experience, and watching that as we were working during the shutdown, was just how interested and how excited people were about the possibility of what this comet could be.

“What I think is really awesome is that folks are interested in this incredible finding that we observed and that we have that came from the heavens, and what that means. It expanded people’s brains to think about how magical the universe could be, and I'll tell you here at NASA, we think that every day.”

Along with unveiling their backlog of images, NASA leadership shared that this comet likely came from a solar system much older than the Earth’s, though it is unclear which system. Moving at more than 60 kilometers per second (134,000 mph), it had an icy nucleus estimated to be between 1,400 feet and 3.5 miles in diameter, surrounded by a cloud of gas and dust called a coma, made mostly of carbon dioxide, vaporized water, nickel, and iron.

Solidified in the extreme freezing temperatures of deep space, a comet’s elements vaporize as it is warmed by the sun’s rays. While the rate at which the object was losing those elements, which the scientists coined “bake off,” appeared similar to comets originating in this solar system, 3I/Atlas appeared to have an unusually large ratio of water ice to carbon dioxide, as well as unusually more nickel than iron.

Scientists also addressed two things that could allow speculation that 3I/Atlas was not just a comet: the appearance of a tail forming on the sunward side instead of streaking behind the main body, and any recording of acceleration as it came around the sun that would not be solely due to gravitational forces.

They said that a sunward tail had been observed before on several comets and would most likely be due to a lack of solar radiation pressure on escaping gases. While teams are still monitoring for any non-gravitational acceleration, the slight change that has been detected so far has been on par with other comets experiencing slight changes in orbit due to gas burn off.

“Every time something gets pushed off the comet, that acts like a little rocket engine at that moment, pushes in the other direction,” said Tom Statler, lead scientist for solar system small bodies. ”And so it’s very, very common to see comets have subtle changes in their orbits as a result of these little rocket forces, just called non-gravitational acceleration.”

NASA and its partners will continue observing the interstellar visitor, and more opportunities will become available as it moves closer to Earth in December before heading back toward the outer planets.

Meanwhile, more and more data already captured continues to come in, including some from the Parker Solar Probe that Fox said came in right before the press conference. And more revelations about this comet are anticipated to be found and shared from that still-unpublished data.

“It’s a long way from where we are today,” Statler said.

“Seeing the initial images to then making sure that they are accurately calibrated and processed to do science with, and then doing the analysis, combining the data sets, understanding them, and finally producing the scientific understanding—the knowledge of what this all means—which will be published in peer-reviewed scientific journals.

“The answers will come later on. We are still at this phase ... where we’re figuring out what are even the right questions to ask about interstellar objects. This is a snapshot of where we are very early in the scientific process.”

Tyler Durden Fri, 11/21/2025 - 07:20

Bitcoin Flash-Crashes Below $82,000 As UBS Says A "Flush" Is Needed Before "Turning More Constructive" 

As we joked earlier this week about the overnight Bitcoin dump - the "Korean Krypto Kamikazes" - the selling has continued with no clear catalyst. The largest crypto asset briefly plunged to $81,569 and is now on track for its worst month since 2022. 

BTC dropped as much as 6% early Friday to $81,569, while Ether and smaller tokens plunged into the abyss as risk-off sentiment hit both crypto and equity futures (market wrap). Bitcoin is now down roughly 25% for the month.

Nearly $1 billion in positions were liquidated during the overnight flush, stoking fears that the bear market could deepen. This forced selling comes despite a pro-crypto White House and rising institutional adoption. 

Testing weekly 100sma

IG Australia analyst Tony Sycamore wrote in a note that the market "may also be seeking to test Strategy's pain threshold," referring to Michael Saylor's Bitcoin hoarding firm.

A JPMorgan analyst pointed out to clients the potential exclusion of MSTR from upcoming MSCI and Nasdaq reviews. 

Overall, the crypto market is certaintly gripped by forced selling, thin liquidity, and extreme fear - a market environment very similar to the last crypto meltdown in June 2022. 

Related:

• What's Behind Today's Brutal Selloff: Goldman's "Technical Checklist"

• Bitcoin: Store of Value? More Like You’re Shorting Volatility Without Knowing It

• Fractured Fed Feeds Hawkish Flows; Bitcoin, Bullion, & Big-Tech Pump'n'Dump

• ZH On X: The last time bitcoin was here, global liquidity was $7 trillion lower

• So, WTF Happened Today!?

"The risk now is that continued downside forces retail investors to sell favorites, sidelining dip buyers and triggering systematic supply," UBS analyst George Redma told clients. He warned that the crypto slump "may amplify risk-off sentiment into year-end." 

Redma continued, "The desk may need to see this flush before turning more constructive into year-end. Given the attention on CTA levels, a meaningful washout could set up a better risk backdrop heading into next year as stimulus returns to focus."

"For now, uncertainty around this overhang seems to be preventing re-risking despite traditionally strong seasonality," he concluded in a brief note to clients. 

Goldman Sachs trader John Flood told clients, "Sharp reversals in NVDA and Crypto suggestive that an NVDA beat was not the "all clear" for risk that we were hoping for (after what has already been a very difficult 2 week stretch). Plenty of scar tissue out there right now. We remain eerily quiet on our trading desk."

Goldman analyst Jack McFerran commented on the crypto bear market, saying, "I don't pretend to be a crypto expert and admittedly the 'why' is harder, but the confluence of whale selling seems to be leading risk." 

The question now is whether the slide to $81,569 was the full flush, or if more panic selling lies ahead as we head into the Thanksgiving holiday week.

Tyler Durden Fri, 11/21/2025 - 07:00

"Rigging The News Is Heinous" - FCC Chair Carr Probes BBC 'Corruption'

Authored by Steve Watson via Modernity.news,

FCC Chairman Brendan Carr has launched a probe into the BBC “intentionally distorting” edit of President Trump’s January 6 2021 speech, demanding U.S. broadcasters NPR and PBS reveal if they aired the fake clip—escalating the scandal that forced BBC brass to quit as Trump threatens a $1 billion+ lawsuit.

Carr’s letter to BBC’s Tim Davie, NPR’s Katherine Maher, and PBS’s Paula Kerger accuses the BBC of splicing Trump’s speech to “depict President Trump voicing a sentence that, in fact, he never uttered.”

“That would appear to meet the very definition of publishing a materially false and damaging statement,” Carr urged.

He noted the edit joined portions “54 minutes apart,” receiving “widespread condemnation.”

Carr demanded transcripts and video to determine if the clip aired in the U.S., citing broadcasters’ “legal obligation to operate in the public interest,” including “prohibitions on news distortion and broadcast hoax.” 

He warned: “The FCC has stated that ‘rigging or slanting the news is a most heinous act against the public interest.’”

Trump has slammed the BBC as “100% fake news,” vowing a $1 billion suit, with lawyers declaring “The BBC is on notice.” 

On the BBC resignations, Trump noted  “The TOP people in the BBC, including TIM DAVIE, the BOSS, are all quitting/FIRED, because they were caught “doctoring” my very good (PERFECT!) speech of January 6th.”

“These are very dishonest people who tried to step on the scales of a Presidential Election,” Trump added, further urging, “On top of everything else, they are from a Foreign Country, one that many consider our Number One Ally. What a terrible thing for Democracy!”

Carr looped in NPR and PBS for distributing BBC content, probing if they aired the distorted speech—emphasizing U.S. broadcasters’ duty to avoid “news distortion.” 

This ties into broader media accountability, as the UK’s Ofcom investigates, but Carr’s FCC move amps up pressure on foreign “fake news” influencing Americans.

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

Tyler Durden Fri, 11/21/2025 - 06:30

Visualizing The Impact Of Terrorism Around The World

According to the Global Guardian Terror Index 2026, countries in Africa, Asia and some in Latin America and the Middle East are being heavily affected by acts of terrorism.

However, as Statista's Katharina Buchholz details below, in major economies in Europe, the terror threat also continued to be high.

You will find more infographics at Statista

Within Africa and Asia, unstable countries like Sudan, Mali, Somalia and the Democratic Republic of the Congo were classified as extremely impacted by terror, as were the usual suspects like Syria, Afghanistan and Pakistan.

However, the extreme classification was also applied to Nigeria, India, Myanmar, Colombia and Mexico, were armed groups and insurgents continue to carry out violent attacks.

In Europe, Germany, France, Austria and the United Kingdom were classified as subject to a high impact, similar to the situation in the United States, Russia, Australia and much of the Middle East and North Africa.

In the U.S. and Western Europe, lone-wolf attacks made up much of the tally, driven by islamist or other extremist ideologies.

The 2026 index now marks Iraq and Libya only in the "high" category, indicative of a broader trend which saw the epicenter of terrorism shift from the Middle East into Sub-Saharan Africa, with Burkina Faso and Niger also high on the list.

Areas of relative calm were sparse, according to the ranking, but could still be found in Southern-Central Africa, Central American and parts of Central Asia.

The ranking takes into account terror incidents, casualtites, fatalities and hostages by groups, insurgents and individual perpetrators.

Tyler Durden Fri, 11/21/2025 - 05:45

Germans Pay 4 Times More For Electricity Than Hungarians In Capital Cities

Via Remix News,

A report out of the International Energy Agency reveals that the Hungarian capital of Budapest had the lowest electricity prices in the EU in October. Meanwhile, the German capital of Berlin ranked as having the most expensive rate in Europe.

German households paid more than four times higher electricity prices on average than Hungarian households in the second half of 2024, reports Magyar Nemzet, based on the IEA study. 

In one section of its report, the agency noted the importance of investments in renewables and efforts to make electricity affordable, adding that prices can vary greatly between countries.

Világgazdaság recently wrote on the latest Eurostat figures from October, which show that Germany had the highest household electricity unit price of 41.08 euro cents, while Hungary’s was 9.34 euro cents per kilowatt hour. The EU and slightly lower European averages were about 2.8 times higher than the Budapest tariff, based on a report by the Finnish VaasaETT analysis company. In addition to Germany, electricity was more expensive than 30 euro cents in eight other capitals.

Hungary has maintained such a low level due to its government’s policy of keeping a cap on utility prices. The Hungarian price regulation has been two-tiered since August 2022: The “classic” reduced utility price (36 forints per kilowatt-hour) is valid up to 2,523 kWh of electricity per year, after which a higher, but still reduced, and non-market-based, official price comes into effect. This 70.10 forint tariff was 10.76 euro cents in October, which is the second lowest among the capitals examined.

It is also worth comparing how much the tariffs, whether low or high in absolute terms, burden households. Based on the October figures, the Hungarian Energy and Public Utilities Regulatory Office calculated that the average amount of electricity and gas consumed by a two-earner household with an average income among the capitals examined. 

Among the households modeled in this way, a Budapest resident spent 1.7 percent of their income on utilities, while a Brussels resident spent 2.2 percent. Lisbon had the worst figure at 6.1 percent. Berlin came in seventh place with 2.5 percent.

An earlier Eurostat calculation from October showed that in the first half of 2025, the Czech Republic had the highest electricity prices (39.16) in classical purchasing power parity (PPS), followed by Poland (34.96) and Italy (34.40).

Hungary once again performed excellently in this comparison with a value of 15.01, which put it in second place after Malta (13.68).

Opposition parties in Hungary have repeatedly called for the Hungarian caps to be cancelled, arguing that the cost is too great. 

Brussels has also shown little sympathy for Hungary’s reliance on Russian gas.

The EU has called for the government to drop this energy, but if Hungary were to stop importing Russian gas, heating prices for Hungarians would spike, as the caps would no longer be sustainable. 

Despite the United States exempting Hungary from its own ban on Russian energy, EU commission head Ursula von der Leyen has been clear that Brussels still expects Budapest to submit a plan to divest itself of Russian energy sources. 

Government calculations show that if Hungary were forced by the EU to forego Russian natural gas and oil, tariffs would increase threefold, directly hurting Hungarian citizens. In addition, the price of energy used by businesses would also rise, which, even if they survived, would be passed on to consumers.

The question may arise as to why Brussels has an interest in weakening the economy of a member state and worsening the financial situation of its population, and why politicians who want to take over the government of Hungary support these efforts, Magyar Nemzet asks. ​​

Read more here

Tyler Durden Fri, 11/21/2025 - 05:00

Inflation Watch: Countries Losing The Most Purchasing Power In 2025

Imagine earning $100 in January, only to have it buy less than $80 worth of goods or services by December. That’s how fast inflation is eating away at purchasing power in some countries.

This graphic, created by Visual Capitalist's Jenna Ross in partnership with Plasma, highlights countries with the highest inflation rates and what $100 could be worth by the end of 2025. It’s part of our Money 2.0 series, where we highlight how finance is evolving into its next era. 

The Declining Value of $100 Due to Inflation

Some countries are facing high inflation rates, which means that prices are rising very quickly. As prices rise, money you already hold will buy you less than it did before.

What does this look like in dollar terms? Using projected 2025 inflation rates from the International Monetary Fund (IMF), we estimated what the equivalent of $100 at the start of the year will be worth by the end of 2025.

Source: IMF World Economic Outlook, Oct. 2025.

The IMF expects Venezuela will have an inflation rate of nearly 549% in 2025. In practical terms, this means $100 saved at the start of the year would only buy goods worth $15 by December. Economic sanctions from the U.S. have worsened the financial crisis in the country. 

Even outside this extreme example, many countries are on track to see the local currency lose about a quarter of its purchasing power over the course of the year. This means wages and savings lose value quickly, making everyday essentials like food and rent harder to afford.

How to Protect Purchasing Power

When local money is rapidly losing purchasing power, residents can move their savings into a currency experiencing much lower inflation and more stability.

For instance, stablecoins are primarily pegged to the U.S. dollar and can help people preserve the value of their money. With Plasma One, a global U.S. dollar card, people can quickly sign up on their phone and use their stablecoin balance in more than 150 countries.

Tyler Durden Fri, 11/21/2025 - 04:15

Netanyahu Visits Israeli Troops Inside Southern Syria In Provocative First

Via Middle East Eye

Israeli Prime Minister Benjamin Netanyahu met with Israeli soldiers in occupied Syria on Wednesday, where the faces of the troops were blurred out in photos and videos to protect them from the risk of legal action over allegations of involvement in war crimes.

Netanyahu, Defense Minister Israel Katz, Foreign Minister Gideon Saar, Eyal Zamir, the Israeli military chief of staff, and several other security officials toured military positions in the buffer zone area unilaterally seized by Israel in December. 

PM Benjamin Netanyahu meets Israeli soldiers, whose faces are blurred, in an Israeli military outpost in southern Syria on November 19, 2025. via X

Israel, which has already occupied Syria’s Golan Heights in contravention of international law since 1967, expanded its territory in southern Syria following the fall of Bashar al-Assad’s government. It seized all of a UN-patrolled buffer zone which had previously separated Israeli and Syria forces in the Golan Heights. 

Addressing Israeli soldiers at the outpost on Wednesday, Netanyahu said: "We attach immense importance to our capability here, both defensive and offensive, safeguarding our Druze allies, and especially safeguarding Israel and its northern border opposite the Golan Heights."

He added: "This is a mission that can develop at any moment, but we are counting on you."cEarlier this year, the Israeli military placed new restrictions on media coverage of soldiers on active combat duty because of growing concern about the risk of legal action.

In response to the visit, Syria’s foreign ministry condemned the visit as "illegal".

"Syria firmly condemns the illegal visit of the Israeli prime minister, defense and foreign ministers, along with other occupying officials, to the south of the Syrian Arab Republic. This constitutes a clear violation of Syria’s sovereignty, territorial integrity, and relevant UN Security Council resolutions," it said in a statement. 

The ministry said it was part of Israel's "ongoing policy of aggression and continued breaches against Syrian territory" and that all actions by Israel in southern Syria were "null, void, and legally invalid under international law".

Ibrahim Olabi, Syria's ambassador to the United Nations, told the UN Security Council on Wednesday that it should halt Israeli violations, and enforce relevant resolutions including the 1974 disengagement agreement which followed the 1973 Middle East war.

Stephane Dujarric, spokesperson for the UN secretary-general, said the "very public visit" by Israeli officials was "concerning, to say the least". Dujarric said that UN Resolution 2799, which was recently passed by the Security Council, "called for the full sovereignty, unity, independence, and territorial integrity of Syria".

During the Security Council meeting this week, Israeli ambassador Danny Danon spoke about Syria but did not address Netanyahu's visit.  "Show us that Syria is moving away from extremism and radicalism, that the protection of Christians and Jews is not an afterthought but a priority. Show us that the militias are restrained and justice is real and the cycle of indiscriminate killings has ended," Danon said.

Israeli Prime Minister Benjamin Netanyahu illegally toured areas in Syria beyond the designated ceasefire line, visiting Israeli troops and inspecting the site. Syria condemned the visit, calling it “a serious violation of Syria's sovereignty and territorial integrity” pic.twitter.com/KeKnC6tT0c

— TRT World (@trtworld) November 19, 2025

Olabi hit back: "The proving, Mr Ambassador, tends to be on your shoulders. You have struck Syria more than 1,000 times, and we have responded with requests for diplomacy… and responded with zero signs of aggression towards Israel." He added: "We have engaged constructively. and we still await for you to do the same."

Syrian President Ahmed al-Sharaa said recently Israel had conducted over 1,000 air strikes in Syria since December 8 2024, when Assad's government collapsed. Last week, Sharaa confirmed that his country was in direct talks with Israel on reaching a new security agreement.

Tyler Durden Fri, 11/21/2025 - 03:30

Putin In Military Fatigues Announces Another Key Ukrainian City Captured

Kupiansk, an important rail junction in the northeastern Kharkiv region, has been taken by Russia's military on Thursday, in another example of Moscow forces steadily, even if slowly, gobbling up territory along the front lines.

President Putin was all business, showing up in military fatigues as commander-in-chief for a televised briefing from the defense ministry. Without doubt these optics were crafted to signal strength to the West, at a moment the Trump White House is floating a new 28-point peace plan.

Chief of the Russian General Staff Valery Gerasimov informed Putin, "Units of the Battlegroup West have liberated the city of Kupyansk and continue to destroy Ukrainian formations encircled on the left bank of the Oskol River."

In follow-up the president asked for clarification: "So, that’s it? Did they finish everything?" – and the Battlegroup West commander replied in the affirmative.

As of several weeks ago, Ukraine rejected reports that the city was surrounded, calling it a fabrication. But today's declaration of victory over the city shows that the case was otherwise.

The same goes for the even more important city of Pokrovsk - as Ukraine has either downplayed or rejected Russia's claims to have encircled it. But here's what Reuters is reporting Thursday:

Russia's defense ministry released video on Thursday showing its soldiers moving freely through the southern part of the Ukrainian city of Pokrovsk, patrolling deserted streets lined with charred apartment blocks.

Russia has been threatening Pokrovsk for more than a year, using a pincer movement to attempt to encircle it and threaten supply lines. Russian maps now show the city under Russian control and Ukrainian troops encircled in neighboring Myrnohrad.

President Putin wants to drive home that his forces continue to be in the driver's seat and have overwhelming, steady momentum on the ground.

Moscow also finally seems to be making headway with the Trump administration, as it puts forward the new 28-point peace plan which features territorial concessions (for the first time).

Russian forces walking around Pokrovsk.

Note the heavy fog still present as well as very little auditable fighting in the city. pic.twitter.com/n8sIe3nZRu

— ayden (@squatsons) November 20, 2025

Purported location of the video released by the Russian Ministry of Defense:

Source: Google Maps

The US side appears to be bringing pressure to bear on Zelensky, toward ending the war based on serious compromise:

The White House says Army Secretary Dan Driscoll felt optimistic following a meeting with Ukrainian leader Volodymyr Zelensky, who is now planning to speak with President Trump about the 28-point peace plan reportedly hashed out mostly with Russia in recent weeks. 

“Sec. Driscoll did meet with President Zelensky today,” Karoline Leavitt, the White House press secretary, told reporters on Thursday. 

“We spoke with him. He was very optimistic following that meeting. And so again, we are having good conversations with both sides with respect to ending the war.”

But it remains that Zelensky has throughout the war consistently rejected any proposal which features territorial concessions. He is supported especially be Ukrainian hardliners, both in the military and in parliament.

Minerals deal 2.0?

LATEST: Ukraine is coming under intense pressure to accept a sweeping peace plan drawn up by the Trump administration with Moscow’s input to end Russia’s war in the country, according to Ukrainian officials.

The officials said the Trump administration told Zelenskyy and other…

— Christopher Miller (@ChristopherJM) November 20, 2025

Zelensky will likely be encouraged by hawkish European allies to resist any significant concessions which benefit Moscow. But the situation for Kiev is likely desperate on the battlefield, and few options remain.

Tyler Durden Fri, 11/21/2025 - 02:45

Japan Might Challenge China Sooner Than Expected

Authored by Andrew Korybko via Substack,

It was recently assessed that “Japan Will Play A Much Greater Role In Advancing The American Agenda In Asia”, which its new ultra-nationalist Prime Minister Sanae Takaichi has wasted no time in doing.

Her first move in this direction was telling parliament that “If there are battleships and the use of force (by China against Taiwan), no matter how you think about it, it could constitute a survival-threatening situation.”

That lingo refers to a legal term for activating the use of Japan’s “Self-Defense Forces” (SDF).

Although she didn’t elaborate, her controversial logic is presumably that China’s post-war control over Taiwan’s semiconductor industry (provided that it survives the conflict) could lead to it coercing Japan into unilateral strategic concessions, the possibility of which fuels fears of Chinese hegemony over Asia. Takaichi then evaded answering whether her government will abide by Japan’s three non-nuclear principles of no possession of nuclear weapons, no production thereof, and no hosting of others’.

The US’ nuclear submarine deal with South Korea, which was assessed here as making it an informal member of AUKUS, was followed by reports that Japan might clinch its own with the US. In that event, the maritime SDF would pose an even more formidable threat to the People’s Liberation Army-Navy than it already does, which the analysis hyperlinked to at the beginning of this one assessed to already pose a challenge to Russia per the opinion of Putin’s senior aide and leading naval specialist Nikolai Patrushev.

Recalling Japan’s close defense ties with the Philippines, both of which are the US’ mutual defense allies and between whom lies Taiwan, it’s clear that Japan is being empowered by the US to re-establish part of its lost regional sphere of influence in order to contain China on the Asian front of the New Cold War. This parallels the US’ empowerment of Poland for containing Russia on the European front of the New Cold War through the partial re-establishment its own lost regional sphere of influence.

The larger trend is that the US is inciting security dilemmas along the periphery of what can now be described as the Sino-Russo Entente, correspondingly through its mutual defense allies in Japan and Poland who are in turn part of Asia’s NATO-like AUKUS+ and NATO, for dividing-and-ruling Eurasia. Interestingly, just like Japan is now flirting with nuclear weapons, so too did Poland recently reaffirm that it wants to host French nukes and one day even develop its own. The US is expected to back these plans.

Trump 2.0 is therefore fine-tuning the Biden Administration’s “dual containment” of the Sino-Russo Entente, as Russian Foreign Minister Sergey Lavrov described the US-led West’s policy as being, to which end it’s focusing more on “Leading From Behind” in order to optimize “burden-sharing”.

The emerging result is a “return to history” in the sense of former regional leaders restoring their lost spheres of influence with US support and all that entails for worsening tensions with the Sino-Russo Entente.

China will never forget the Japanese genocide of its people during World War II while Russia commemorates the expulsion of the Poles from Moscow in 1612 every year on National Unity Day. Neither of these historical traumas are repeatable nowadays due to their nuclear deterrents, but the revival of their historical rivals certainly unsettles them, though it also unites their people in the face of these US-backed threats as the New Cold War continues to intensify with no end in sight.

Tyler Durden Fri, 11/21/2025 - 02:00

Collagen Could Be A Natural Way To Ease Osteoarthritis

Authored by Zena le Roux via The Epoch Times (emphasis ours),

The word “collagen” comes from the Greek word for glue, and for good reason—it’s the main protein holding our bodies together. It’s especially critical for cartilage, the tissue that cushions our joints.

When osteoarthritis causes cartilage to wear down, collagen provides more than just structural support—it actively protects joints and helps them move more comfortably. That’s why collagen supplements are gaining ground as therapy for early osteoarthritis. The key is using the right type and amount.

Why Collagen Matters for Joint Health

Collagen is the most abundant protein in the human body. It forms a big part of tendons and ligaments, but unlike muscle or bone, it breaks down faster as we age. In fact, collagen loss starts as early as our 20s and 30s, and by the time we reach 80, up to 75 percent of the body’s collagen may be gone. Collagen loss can increase our susceptibility to injury and joint problems.

That’s where supplementation comes in.

“Collagen has shown potential as a supplement for managing osteoarthritis,” Dr. Deepak Ravindran, a pain medicine specialist, told The Epoch Times. Collagen supplements stimulate the body to produce more of its own collagen, which strengthens cartilage and lowers inflammation, he said.

Research suggests collagen can reduce joint pain and improve mobility. A systematic review involving 870 participants found that oral collagen supplementation relieved osteoarthritis symptoms. Other research has shown that approximately 40 milligrams per day may support cartilage preservation and repair, while providing meaningful pain relief.

“While some may dismiss collagen as hype, the research is gradually catching up, and it suggests measurable benefits,” Jodi Duval, a naturopathic physician and owner of Revital Health, who has seen collagen help patients with injury recovery, postnatal repair, and osteoarthritis, told The Epoch Times.

*  *  * Yes, we sell collagen. It's extremely pure, potent, and features three types of peptides (joints, skin, muscles) and it's on sale right now. Whether you buy it from us or not, please read the rest of this article and absorb the information.

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Collagen appears to benefit joints in two primary ways. First, it supports cartilage directly, helping cartilage cells produce more of the building blocks they need, boosting bone-forming cells and slowing the activity of bone-breaking cells.

Second, it works on inflammation—another driver of osteoarthritis. When cartilage breaks down, it can trigger an immune response that increases inflammatory molecules. Collagen appears to ease inflammation and slow further cartilage damage.

Type and Absorption

Not all collagens are the same. The type of collagen you choose—and how your body absorbs it—makes a big difference for joint health.

Hydrolyzed Collagen: The most studied form is hydrolyzed collagen. These are large collagen proteins that have been broken down into smaller peptides and amino acids, making them easier to absorb in the gut. Once in the bloodstream, they can travel directly to joint tissue, where they encourage cartilage cells to produce more cushioning tissue. This high level of absorption, known as bioavailability, is why hydrolyzed collagen is often favored in supplements for joint health.

Native (Undenatured) Collagen: This form functions in a distinctly different manner. Because it isn’t fully digested in the gut, it keeps its natural shape and interacts with the immune system. This process, called oral tolerance, essentially teaches the immune system not to attack joint cartilage. In doing so, native collagen helps reduce inflammation and protect the joints.

In simpler terms, hydrolyzed collagen provides building blocks for new cartilage, while native collagen helps calm the immune system to prevent further damage.

There are also different types of collagen based on where they’re found in the body.

Type 1 is found in skin, tendons, and bones, where it provides structure and strength. Type 2 is concentrated in cartilage and is critical for keeping joints resilient and flexible. Type 3 collagen is found in soft tissues, often working alongside type 1 collagen.

“Type 1 and 3 are better suited for skin and bones; type 2 for cartilage,” Duval said.

When assessing collagen products, Duval generally recommended focusing on hydrolyzed collagen peptides with proven absorption, ideally specifying type 2 if the goal is joint health.

Absorption can be further boosted by pairing collagen with other supportive compounds. Ingredients such as vitamin C, hyaluronic acid, or glucosamine have been shown to enhance both the absorption and efficacy of collagen.

Duval also highlighted the importance of source transparency, noting that grass-fed bovine, wild-caught marine, or eggshell membrane collagen often provides higher quality than generic blends.

Avoid supplements with unnecessary fillers, sweeteners, or synthetic flavors, as they can interfere with absorption or increase inflammation, she said.

How Much Collagen Do You Need?

The next question is whether you’re actually getting enough to make a difference.

“For someone wanting to boost collagen, a mix of both diet and supplements is ideal,” Duval said.

On the dietary side, she pointed to slow-cooked broths, bone marrow, collagen-rich cuts of meat such as oxtail or beef cheeks, as well as chicken skin and fish skin. These foods naturally provide a spectrum of collagen types and gelatin, a protein derived from collagen.

Supplements can help fill the gap. Based on both research and her clinical experience, Duval generally recommends 10 to 15 grams per day, often split into smaller doses, specifically for joint pain and osteoarthritis. Clinical studies suggest that 10 to 20 grams daily, taken consistently over six to nine months, can improve daily function and ease symptoms in mild to moderate osteoarthritis. In severe cases, it’s less likely to reverse damage but may still provide some symptom relief. Side effects are rare, but some people may experience slight digestive discomfort or an allergic reaction if collagen is derived from fish, eggs, or other allergens.

More isn’t necessarily better. “Consistency matters more than mega-dosing,” Duval noted.

Timing may also play a role. Taking collagen peptides 30 to 60 minutes before exercise or rehabilitation therapy could enhance local collagen production, due to the boost in blood flow during activity, Duval said.

As each person’s health situation may differ, it’s best to consult a dietitian before taking supplements. Below is a recipe that most people can enjoy.

Read the rest here...

Tyler Durden Thu, 11/20/2025 - 21:45

Verizon Axes 13,000 Workers Just One Week Before Thanksgiving

Verizon CEO Dan Schulman released a public letter to the company's 100,000-person workforce on Thursday morning, revealing that more than 13,000 job cuts will begin today. The timing is optically displeasing, coming just one week before the Thanksgiving holiday.

"Today, we will begin reducing our workforce by more than 13,000 employees across the organization, and significantly reduce our outsourced and other outside labor expenses," Schulman wrote in the letter.

Schulman said Verizon established a $20 million Reskilling and Career Transition Fund for departing workers, focused on training, digital skills, and job placement in the era of artificial intelligence.

"This fund will focus on skill development, digital training and job placement to help our people take their next steps. Verizon is the first company to set up a fund to specifically focus on the opportunities and necessary skill sets as we enter the age of AI," the CEO noted.

Schulman's letter comes one week after the Wall Street Journal reported that Verizon was planning about 15% in job cuts, or about 15,000 workers.

Bloomberg's latest data suggests that 13,000 job cuts equal about 13% of its roughly 100,000-person workforce. WSJ notes this would be the largest workforce reduction on record for the carrier.

Also, last week, Verizon chairman Mark Bertolini told CNBC's Becky Quick on "Squawk Box" that the company needs to "do something different" as it undergoes its leadership change.

Separate but notable... 

So we guess that the "something different" is making 13,000 workers have a miserable holiday season.

Tyler Durden Thu, 11/20/2025 - 21:40

Federal Judge Issues Fiery Dissent From Ruling Striking Down Texas Redistricting

Authored by Matthew Vadum via The Epoch Times (emphasis ours),

A federal judge who was outvoted in a judicial panel’s decision to strike down a redrawn election map in Texas issued a blistering 104-page dissent on Nov. 19.

Texas state Rep. Matt Morgan holds a map of proposed new congressional districts in Texas during a legislative session at the Texas State Capitol in Austin on Aug. 20, 2025. Sergio Flores/Reuters

Judge Jerry E. Smith of the U.S. Court of Appeals for the Fifth Circuit, who was appointed to a three-judge U.S. District Court panel hearing the case, said the 2–1 majority opinion of Nov. 18 invalidating the map was the “most blatant exercise of judicial activism that I have ever witnessed.”

The majority opinion “has dramatic political consequences by meddling in the orderly processes of a duly-elected state government,” he said.

“The main winners from Judge [Jeffrey V.] Brown’s opinion are George Soros and Gavin Newsom. The obvious losers are the People of Texas and the Rule of Law,” Smith said.

Soros is a high-profile financier and billionaire philanthropist known for heavily funding Democratic Party candidates and progressive nonprofits. Newsom, a Democrat, is the governor of California, who recently championed Proposition 50, a statewide redistricting referendum approved by voters on Nov. 4 that was designed to reduce Republican representation in his state’s congressional delegation. Newsom said the referendum was called to counteract the Texas redistricting that favors Republicans. The U.S. Department of Justice (DOJ) is suing to block the California redistricting plan.

U.S. District Judge Jeffrey V. Brown wrote the majority opinion in League of United Latin American Citizens v. Abbott. U.S. District Judge David C. Guaderrama joined it.

Brown said the state may not use the new map because “substantial evidence shows that Texas racially gerrymandered the 2025 Map.”

Gerrymandering refers to the manipulation of electoral district boundaries to benefit a particular party or constituency. The Supreme Court has previously ruled that race-based gerrymandering violates the U.S. Constitution, but redrawing boundaries to boost partisan fortunes passes constitutional muster.

In the majority opinion, Brown said that earlier this year, President Donald Trump urged Texas to redraw its map for U.S. House of Representatives elections “to create five additional Republican seats.”

When the Trump administration characterized its request “as a demand to redistrict congressional seats based on their racial makeup, Texas lawmakers immediately jumped on board,” Brown said.

On July 7, Harmeet Dhillon, who heads the DOJ’s Civil Rights Division, sent a letter to Texas Gov. Greg Abbott and Texas Attorney General Ken Paxton “making the legally incorrect assertion that four congressional districts in Texas were ‘unconstitutional’ because they were ‘coalition districts’—majority-non-White districts in which no single racial group constituted a 50% majority,” Brown said.

The department said it would take legal action if the state didn’t immediately redraw these districts, which was “a threat based entirely on their racial makeup,” Brown said. “Any mention of majority-White Democrat districts—which DOJ presumably would have also targeted if its aims were partisan rather than racial—was conspicuously absent.”

Brown said that two days after the letter was sent, Abbott added redistricting to the agenda of the state Legislature’s special session, and in doing so “explicitly directed the Legislature to draw a new U.S. House map to resolve DOJ’s concerns.” This meant the governor “plainly and expressly disavowed any partisan objective and instead repeatedly stated that his goal was to eliminate coalition districts and create new majority-Hispanic districts,” he said.

Various senior lawmakers said the Legislature had acted “to achieve DOJ’s racial goal of eliminating coalition districts,” Brown added.

Dissenting Opinion

Smith said he was given inadequate time to respond to Brown’s 160-page opinion, which means the dissenting opinion is “far from a literary masterpiece.”

“If, however, there were a Nobel Prize for Fiction, Judge Brown’s opinion would be a prime candidate,” Smith said.

Not giving Smith enough time to prepare has the effect of “diminishing the impact of the dissent,” the judge said, because the majority could not address Smith’s concerns in its opinion. Because Smith was unable to assemble his dissent in time for the release of the majority opinion, it had to be listed separately in the court docket, making it less accessible to the public, the judge said.

Smith said the question at hand was whether Texas state lawmakers carried out a “mid-decade congressional redistricting to gain political advantage,” or “to slash the voting rights of persons of color.”

Because the “obvious reason” for the redistricting was “partisan gain,” Brown “commits grave error in concluding that the Texas Legislature is more bigoted than political,” Smith said.

Smith also suggested Brown acted hastily in issuing the injunction blocking the new map instead of waiting for the Supreme Court to rule in Louisiana v. Callais, a case in which Smith said the high court is poised to resolve the tension between the federal Voting Rights Act and racial-gerrymandering jurisprudence.

During oral argument in that case on Oct. 15, the justices seemed likely to limit the use of race-based districting concerning Louisiana’s congressional map.

Smith said Brown should have considered denying the injunction, “recognizing that a fundamental shift in voting-rights jurisprudence” will likely happen soon.

“It is reckless for this court to proceed with opining on the merits, which amounts to nothing more than a general guess as to whether existing voting-rights jurisprudence will survive Callais,” Smith said.

Because certain statute-mandated election deadlines for the 2026 cycle “kicked in in September 2025,” and candidates began filing for federal and state office on Nov. 8 of this year, the injunction “turns the Texas electoral and political landscape upside down,” Smith said.

Hours after the majority opinion was made public on Nov. 18, Texas Gov. Greg Abbott (R) said the claim that the map was discriminatory was “absurd and unsupported” by testimony, adding the state would appeal directly to the Supreme Court.

“The Legislature redrew our congressional maps to better reflect Texans’ conservative voting preferences–and for no other reason,” Abbott said.

Republicans currently enjoy a razor-thin majority over Democrats in the U.S. House. Republicans now hold 25 of the U.S. House seats in Texas. Democrats hold 12 seats. Congressional elections are scheduled for Nov. 3, 2026.

Tyler Durden Thu, 11/20/2025 - 20:55

Queer Socialist NYC Councilman To Challenge Jeffries For House Seat

Hoping to ride New York City's wave of surging Marxism, socialist City Council member Chi Osse has filed federal paperwork to challenge House Minority Leader Hakeem Jeffries. The move adds new a new dimension of entertainment value to next year's midterms, but has sparked some discouragement from prominent members of the far left.

“The Democratic Party’s leadership is not only failing to effectively fight back against Donald Trump, they have also failed to deliver a vision that we can all believe in. These failures are some of the many reasons why I am currently exploring a potential run for New York's 8th Congressional District," Osse told Axios. 

A comrade of mayor-elect Zohran Mamdani, the 27-year-old Osse represents a diversity triple-play, as he's queer, black and Chinese. His late father was a prominent hip-hop media personality known as Combat Jack. Osse will be vying to represent New York's 8th district, which includes areas of south and east Brooklyn. Jeffries has held that seat since 2013. 

Can socialist Chi Osse take down House Minority Leader Hakeem Jeffries?  

Osse has been weighing a big against Jeffries for weeks, according to the New York Times, ruffling the feathers of figures who readers would otherwise assume to be supportive, including New York Rep. Alexandria Ocasio-Cortez and New York City mayor-elect Zohran Mamdani. While both are allies, each has expressed disapproval of Osse's run. 

Mamdani's reluctance to be associated with Osse's attempt to unseat the top Democrat in the US House is so strong that Mamdani reportedly disinvited Osse from Mamdani's election night watch party -- this despite the fact that Jeffries refused to endorse Mamdani until the eleventh hour, and even then did so with language that didn't exactly exude enthusiasm. 

To this point, Mamdani has largely kept his criticism of Osse's bid private -- or at least opaque. When asked about Osse's potential bid on Monday, before the run became official, Mamdani told reporters, "I believe that there are many ways right here in New York City to both deliver on an affordability agenda and take on the authoritarian administration in the White House." 

Supposed class warrior Chi Osse at the 2023 Met Gala 

According to Times sources, Mamdani and his advisors worry that another far-left targeting of an establishment Democrat could undermine the mayor-elect's attempt to nudge establishment Dems into supporting his ambitious socialist agenda, which includes "free" child care for all, rent-freezes for a million apartments, "free" buses, a higher minimum wage, city-run groceries, and higher taxes for corporations and top earners. 

Another New York City leftist luminary has been publicly pointed with her dismay. "I certainly don't think a primary challenge to the leader is a good idea right now," AOC told Axios. Similarly, at the national level, Progressive Change Campaign Committee leader Adam Green told Politico, "It is not the right moment to launch a primary challenge against Hakeem Jeffries."

AOC's throwing of cold water on Osse's run against a powerful establishment Democrat has a waft of hypocrisy. After all, AOC took down Rep. Joseph Crowley, who was the fourth-ranked Democrat in the House and viewed as a potential successor to then-Democratic leader Nancy Pelosi. Mamdani similarly seems to be saying, "Establishment upsets for me, but not for thee." 

Alexandria Ocasio-Cortez unseated a top establishment Democrat, but is throwing cold water on Osse's bid against Jeffries (Dayton247Now)

Some of Osse's fellow leftists have questioned his devotion to socialism. He rankled some by joining the New York City Democratic Socialists of America in October 2020, only to ditch the group a month later, but then rejoin the group earlier this year. Writing this week at The Socialist Tribune on Substack, Holden T unloaded on Osse:

Chi is dedicated to himself and his career. During the George Floyd Uprising, he and a clique of models and influencers donned black berets, called themselves ‘the Warriors in the Garden’, and sought out attention at every turn with few political principles to guide them. Now, he comes sprinting back to NYC-DSA after Zohran’s historic success in the mayoral primary and general election.

Last month, Jeffries pledged legal retaliation against Trump officials and associates if Democrats retake power, telling MSNBC's Chris Hayes: 

"These people don’t have immunity. And the reality is the statute of limitations is five years, and there will be accountability with the next administration, if not before, when Democrats take back control of the House of Representatives." 

Tyler Durden Thu, 11/20/2025 - 20:30

Note: Mortgage rates are from MortgageNewsDaily.com and are for top tier scenarios.

Friday:
• At 10:00 AM ET, University of Michigan's Consumer sentiment index (Final for November).

Socialism Is A Political Doctrine, Not An Economic One

Authored by William Andersen via The Mises Institute,

The doctrines of socialism have been with us for more than 150 years, but no one had really tried it in a total way until the advent of the Soviet Union from the 1920s to the early 1990s. During that period, a number of communist/socialist revolutions occurred in Asia, Cuba, and Africa, all of which provided a laboratory to observe how these socialist economies would perform.

The socialist economies failed spectacularly, as Ludwig von Mises had predicted. His works on socialism published in 1920 and in 1923 show that, as an economic system, it was doomed before it ever was implemented because it had no practical system of economic calculation. Despite the propaganda beamed at people both from socialist governments and the western media that socialist economies were lifting vast numbers of people from poverty, the reality of socialism was what Mises had predicted.

By 1989, even die-hard socialists like Robert Heilbroner had to admit that socialism had been a huge failure. Indeed, by the mid-1990s, the only countries attempting to continue with the socialist experiment were Cuba and North Korea, and neither economy was one to be envied. Heilbroner wrote in The New Yorker:

The Soviet Union, China & Eastern Europe have given us the clearest possible proof that capitalism organizes the material affairs of humankind more satisfactorily than socialism: that however inequitably or irresponsibly the marketplace may distribute goods, it does so better than the queues of a planned economy…. the great question now seems how rapid will be the transformation of socialism into capitalism, & not the other way around, as things looked only half a century ago.

Yet, Heilbroner—echoing Joseph Schumpeter’s belief that capitalism could not survive in the modern age—was not convinced that a capitalist economy would do well under the cultural and political assaults coming from academic, social, and government elites that would always demand more from it than it could produce. Heilbroner admitted that Mises was right, that a socialist economy lacked the necessary economic calculation to flourish, but he could never get himself to endorse the capitalist system itself.

Today, when we see poverty, prices of goods increasing, housing shortages in New York City, or high food prices, the usual suspects blame capitalism, and they blame what has become the overriding symbol of capitalism—the billionaire. It does not matter that the housing problems are caused by rent control and other supply-restricting government interventions, that inflation is a government-caused phenomenon, and that Federal Reserve policies of creating financial bubbles have created a lot of on-paper billionaires, as the critics will blame free markets no matter what. Their arguments do not need to be coherent or logical to have an effect. As I recently wrote, many of the most economically-illiterate people in our midst have become wealthy by making public statements on economics. In our modern media age, even the most ignorant sage is considered an “expert” if one has the “correct” politics.

But despite socialism’s many failures as an economic system, it is more popular than ever as a political system. Declares the socialist publication Jacobin:

For socialists, establishing popular confidence in the feasibility of a socialist society is now an existential challenge. Without a renewed and grounded belief in the possibility of the goal, it’s near impossible to imagine reviving and sustaining the project. This, it needs emphasis, isn’t a matter of proving that socialism is possible (the future can’t be verified) nor of laying out a thorough blueprint (as with projecting capitalism before its arrival, such details can’t be known), but of presenting a framework that contributes to making the case for socialism’s plausibility. (emphasis theirs)

In other words, socialists don’t need to be successful in actually producing goods and services and ensuring people receive them. Instead, all that is needed is for them to promise those things, even if they cannot deliver on their promises, and then win elections. The socialist publication The Nation emphasized five years ago that the only victories needed are at the ballot box:

Most importantly for DSA (Democratic Socialists of America), Democrats cannot control their ballot lines like they once did. There are no mechanisms for dissuading DSA challengers from running; blocking a candidate from the ballot is far more difficult than it used to be. Today’s Democratic Party is a shell waiting to be inhabited by whoever claims the prizes of elected office.

If Bernie Sanders, a democratic socialist, is elected president of the United States, the Democratic Party will slowly become his party. And if he loses, inspiring still more DSA recruits and fueling down-ballot victories, socialists can continue to win council, legislative, and even congressional seats on Democratic lines, wielding tangible clout.

In New York, there is one socialist in the state legislature: DSA member Julia Salazar. She has helped lead campaigns for public control of power companies and a universal right to housing. Five DSA-backed candidates are seeking legislative seats this June, challenging establishment-backed Democrats. If they all win, they will start to gain back the momentum of the 1920s.

This time, there will be no reactionary legislative leaders to unseat the new socialists, no Red Scare to feed a public frenzy against their anti-capitalist views. Salazar is a member of the Democratic majority, an ally of the progressive block, unlikely to lose an election anytime soon. The DSA members seeking to join her will be free to advocate for radical change. It’s a future that would have surprised the class of 1920 because Socialists never took over New York, let alone America. But today’s socialists march into the 2020s without the daunting roadblocks of a century ago. They don’t need their own party anymore. They can just take someone else’s.

Today, the socialists not only have captured the mayor’s office of New York City, but also Seattle, where yet another so-called democratic socialist won by emulating Zohran Mamdani’s “affordability” campaign in New York, and the movement looks to capture the Democratic Party. Understand that neither Mamdani nor Katie Wilson in Seattle will be able to successfully keep even a fraction of their campaign promises, and whatever they impose will make life even more difficult for the people who voted them into office but their failures not only will not matter but rather will be reinterpreted as successes.

In his review of Paul Hollander’s Political Pilgrims, in which Hollander wrote about how western elites idealized communism, Paul Schlesinger, Jr., wrote:

In his account of the mechanisms of self-deception, Professor Hollander makes effective use of the concept of “contextual redefinition.” By this he means the way that activities are transformed by their context, so that what is detestable in one society becomes uplifting in another. Thus the left-wing intellectual feels that any society based on state ownership, whatever its superficial flaws, is essentially good; any society based on private ownership, whatever its superficial attractions, is essentially corrupt. Poverty represents a shameful failure in capitalism; but when associated with egalitarianism and the subordination of material to spiritual needs, it expresses a simple, uncorrupted way of life. Manual labor is demeaning under capitalism, ennobling under Communism. Child labor is abominable in the United States, but in Cuba the sight of children working 15 hours a week in the fields is symbolic of high and unified purpose. As Angela Davis once said, “The job of cutting cane had become qualitatively different since the revolution.” Contextual redefinition, Professor Hollander writes, also produces “euphoric response to objects, sights, or institutions in themselves unremarkable and also to be found in the visitors’ own societies.” “There is something about a Russian train standing at a station that thrills,” wrote Waldo Frank. “The little locomotive is human.... The dingy cars are human.”

Moreover, socialists (and especially socialists in higher education) are able to use words to create the imaginary capitalist hellhole that we supposedly inhabit. John Fea—history professor at the Christian college Messiah University—wrote the following screed in the now-defunct webpage “Current”:

As capitalists, we have a deep and abiding trust in financial markets. We believe that the economy, complete with the conspicuous consumption that fuels it, will be our salvation. We stare at the bottom of our screens as the ticker streams by, praying fervently that this will be the day the gods of the Dow perform their magic and bestow us with blessings.

But the prophet Adam Smith has only heard the prayers of a few. The invisible hand has done little to prevent inequality, instability, and environmental degradation. As historian Eugene McCarraher writes in Enchantments of Mammon: How Capitalism Became the Religion of Modernity, we worship at the throne of “capitalism’s ontology of pecuniary transubstantiation, its epistemology of technological dominion, and its morality of profit and productivity.” These gods have few answers when the pandemic comes, or when Black men and women are killed in the streets, or when we give birth to children who will live in a world that is becoming more uninhabitable by the year.

That Fea is describing an imaginary world is irrelevant in his domain and the domain of academic and media elites. To Fea and his fellow faculty members at Messiah and at most colleges and universities, the US economy is a living hell in which most people live in squalor (except for the billionaires), only a few people receive healthcare benefits, the capitalists have utterly polluted our planet, and where profits are gouged from the broken bodies of American workers. Nothing is permitted to contradict this belief. As Thomas Sowell has written about people like Fea:

It is usually futile to try to talk facts and analysis to people who are enjoying a sense of moral superiority in their ignorance.

Socialism, Fea claims, “is based on the fundamental belief in the worth and sacredness of man,” and it is the only moral form of social organization. Fea also argues that democratic socialism has nothing to do with communism and the dictatorships that accompanied that ideology. Yet, many of his blog posts show alliances with the hard leftists that did support those communist dictatorships.

Understand that Fea is not a fringe character in Christian higher education. He writes regularly for Christianity Today and is a sought-after speaker at Christian colleges.

Someone like Fea does not want to be bothered with issues of economic calculation—and since economic calculation depends upon things like market prices and profits, all of which Fea believes are immoral, any argument based upon economic calculation fails to pass the morality test in his view. What matters is intent and only intent. Socialism, he argues, is founded upon the highest ideals of the founding of the United States, so to oppose it is to oppose truth and decency itself.

Fea does address the so-called human nature argument against socialism, claiming that it is easily discredited, since good government via democracy will offset any innate selfishness in human beings. He quotes Ben Burgis of the radical socialist publication Jacobin:

The core of socialism is economic democracy. Whether we’re talking about decision-making in an individual workplace or bigger decisions with a broad impact on the course of society, socialists think that everyone who’s impacted should have a say.

One of the reasons that’s so important is precisely that giving anyone too much power over their fellow human beings creates the danger that their power will be abused. No system is perfect, of course, but the best recipe for minimizing the possibility of abuse as much as possible is to spread around power — political and economic — as much as possible.

The idea that the political process is a morally superior substitute for economic processes is not surprising coming from a college professor who would never accept free markets. But Fea and his allies believe that as long as people can vote in elections, then we can have “economic democracy,” which is little more than an abstract concept that has never squared with reality.

Note that in none of the current socialist writings does anyone actually attempt to deal with real economic questions. Instead, as Jeff Deist has written, socialists practice what he calls “antieconomics”:

Antieconomics…starts with abundance and works backward. It emphasizes redistribution, not production, as its central focus. At the heart of any antieconomics is a positivist worldview, the assumption that individuals and economies can be commanded by legislative fiat. Markets, which happen without centralized organization, give way to planning in the same way common law gives way to statutory law. This view is especially prevalent among left intellectuals, who view economics not as a science at all, but rather a pseudointellectual exercise to justify capital and wealthy business interests.

While socialists like Fea will appeal to “economic democracy,” in reality, the only entity that can carry out the kind of economic organization socialists demand is government. Granted, one will not ever read anything but abstract reasoning from socialists, since a successful socialist economy functions only in imaginary space. After all, Fea and the socialist journalists at The Nation and Jacobin don’t need to concern themselves with ever having to make large-scale economic decisions but they can score points simply by denouncing capitalism and demanding a “just” economy without having a clue as to how an economy even works. They don’t have to be right; all that is needed is for them to be seen as moral by their peers.

In the end, socialists are very good at discussing election strategies, not economics. They speak of their attractive candidates and the prospects for electing new socialists to office. What they cannot do is to present a coherent view on the economy, and when elected, they will have no more success than did the commissars and economic planners of the former Soviet Union who at least had the good sense in 1991 to close shop and turn out the lights.

Tyler Durden Thu, 11/20/2025 - 20:05

MAHA And GLP-1s Are About To Deal A Big Blow To The Processed-Foods Industrial Complex 

The US processed-food industrial complex, partly controlled by globalist mega-corps, is beginning to reckon with a new reality: Make America Healthy Again and rising weight-loss drug use are reshaping what Americans eat - and what they're walking away from, mostly junk food loaded with toxic seed oils, as well as alcohol. 

In the coming weeks, Robert F. Kennedy Jr., President Donald Trump's Health and Human Services (HHS) Secretary, will be releasing new dietary guidelines to reset America's food supply chain away from toxic seed oils and highly processed foods toward real food. This is part of the MAHA trend. 

MAHA, combined with the expected surge in GLP-1 demand (thanks to Trump's deal with Novo Nordisk and Lilly to cut costs), is likely to wipe out tens of billions in food and beverage sales in the coming years. 

Bloomberg Intelligence analysts Jibril Lawal and Jennifer Bartashus forecast that the rapid adoption of GLP-1 weight-loss drugs will reduce US and European food and beverage sales by $53 billion by 2035.

Weight-loss drugs are reshaping consumption, and our analysis shows GLP-1s are set to erase $53 billion in food and beverage sales by 2035. Volume losses will be steepest in snacks, baked goods and confectionery -- a 4-6% sales drag in the US and 3-5% in Europe. Alcohol also faces a 2-4% drop as consumers shift to healthier options. -Lawal

Here are the key takeaways from the report that only suggest a coming food revolution across the West:

1. GLP-1s Could Cut Food, Beverage Sales by Billions

The adoption of GLP-1 drugs will significantly reduce US and European food and beverage consumption if uptake reaches 19.5% and 13.1% of the adolescent and adult population (ages 12-65+) by 2035, BI's high-end scenario analysis shows. Our model isolates volume impact only and excludes pricing increases or reformulations that might offset lower consumption. Under these assumptions, baked-goods sales are expected to drop by $11.5 billion and confectionery $8 billion -- the largest food declines -- while beer and spirits may fall by $12.5 billion and $9.2 billion, the steepest beverage contractions. Concurrently, we anticipate demand to shift toward healthier alternatives, with bottled water, fruits and vegetables each gaining more than $4 billion over the period. 

2. Food Losses Exceed $21 Billion in US and Europe

3. Sweet, Salty Sales to Drop $25 Billion on GLP-1s

Consumption of salty snacks and sweet treats, including confectionery, baked goods and cookies, looks set to significantly decline if GLP-1 use expands over the next decade, with our scenario analysis showing as much as a $25.1 billion decrease in total category sales by 2035 -- $13 billion in the US and $12.1 billion in Europe. In the US, confectionery intake is expected to drop 28% per GLP-1 user, followed by baked goods and biscuits (23.7% each), translating to a 4-6% category sales drag by 2035, based on our model. Europe could have even sharper reductions, with confectionery down 31% and baked goods and salty snacks off 28%, weighing on sales 3- 5%.

Companies most exposed, like PepsiCo, Mondelez, Hershey, General Mills and Conagra, may accelerate R&D investments to reformulate products and retain demand.

4. Beer and Spirits Face $29 Billion GLP-1 Hangover

Use of weight-loss drugs stand to deepen alcohol's demand slump in the US and Europe, as moderation and wellness trends gain ground. By 2035, consumption of beer and spirits is expected to drop 20.3% and 19.2% among GLP-1 users, and 22.5% and 23.2% in Europe, according to our analysis. Total losses could reach $28.5 billion, which translates to a 3-4% sales drag in the US and 2-3% in Europe. Major players at risk include Diageo (17.5% share of the $112 billion US spirits market, 16.7% of the $109 billion Western Europe market), AB InBev (31.9% of the $111 billion US beer market), and Heineken (18.3% of the $166 billion Western Europe beer market), based on Euromonitor data

5. Total Beverage Net Losses Could Reach $32 Billion

6. Beer and Spirits Face $29 Billion GLP-1 Hangover

7. Weight-Loss Drugs Trim Soft Drinks' Fizz

As the use of GLP-1s widens, demand for full-calorie sodas will likely erode. BI's model shows US consumption of regular (full calorie) soda will fall about 19.2% among these drug users and 17.2% in Europe a year between 2024-35, equating to a combined $4.7 billion sales hit -- about 3.3% in the US and 2.3% in Europe. The effect on low- or no-sugar drinks might be less pronounced at under 1% in both regions. Leading soft-drink makers such as Coca-Cola, with a 36% share of the $99 billion US soda market, and PepsiCo (20.5%) are most adversely affected. In Western Europe, Coca-Cola has a 48.6% share, while PepsiCo holds 12.9%, according to Euromonitor data. 

8. Fresh Produce Sales to Get $9 Billion GLP-1 Bump

Demand for fresh fruits and vegetables is rising, fueled in part by greater GLP-1 use, and food retailers can benefit as sales for produce are expected to climb to $9.3 billion across the US and Europe by 2035, according to BI's model. Each GLP-1 user is expected to consume about 11.6% more produce, driving a 1-3% sales boost, our analysis shows. Consumer trends emphasizing wellness and nutrition support this as health-focused baskets shift. Retailers such as Kroger, Albertsons, Sprouts, and Walmart are investing in fresh supply chains to enhance produce quality and extend shelf life, while an uptick in consumption of perishables could drive store visits and long-term loyalty.

MAHA and soaring GLP-1 adoption are pushing consumers away from ultra-processed junk food, seed-oil-laden snacks, and alcohol. The emergence of this trend has already been observed, read here and here. The shift is set to accelerate once RFK Jr. unveils new federal dietary guidelines aimed at steering the nation back to real, whole foods after mega corps hijacked the food supply with toxic processed foods and seed oils.

Tyler Durden Thu, 11/20/2025 - 19:40