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SYMBOL
LAST
BID
ASK
HIGH
LOW
NET CHG.
%CHG.
SPREAD
SPX
S&P 500 Index
6827.42
6827.42
6827.42
6899.86
6801.80
-73.58
-1.07%
--
DJI
Dow Jones Industrial Average
48458.04
48458.04
48458.04
48886.86
48334.10
-245.98
-0.51%
--
IXIC
NASDAQ Composite Index
23195.16
23195.16
23195.16
23554.89
23094.51
-398.69
-1.69%
--
USDX
US Dollar Index
97.990
98.070
97.990
98.020
97.980
+0.040
+ 0.04%
--
EURUSD
Euro / US Dollar
1.17383
1.17393
1.17383
1.17385
1.17285
-0.00011
-0.01%
--
GBPUSD
Pound Sterling / US Dollar
1.33670
1.33685
1.33670
1.33732
1.33580
-0.00037
-0.03%
--
XAUUSD
Gold / US Dollar
4306.17
4306.61
4306.17
4307.76
4294.68
+6.78
+ 0.16%
--
WTI
Light Sweet Crude Oil
57.271
57.308
57.271
57.348
57.194
+0.038
+ 0.07%
--

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Nomura CEO: Aim To Develop Japanese Direct Lending Market

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Nomura CEO: Aim To Bring Private Debt Know-How From Overseas

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HSBC - Scheme Consideration Refers To Proposal For Privatisation Of Hang Seng Bank

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[Report: SpaceX Launches Bake-Off Process To Select Underwriters For Potential IPO] According To Sources Familiar With The Matter, SpaceX Executives Have Initiated A Process To Select Wall Street Investment Banks To Advise The Company On Its Initial Public Offering (IPO). Several Investment Banks Are Scheduled To Submit Their First Round Of Proposals This Week, A Process Known As "bake-off," Which Represents The Most Concrete Step The Rocket Maker Has Taken Towards A Potentially "blockbuster IPO," According To The Sources

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RBNZ: ASB Has Co-Operated With The Reserve Bank And Has Admitted Liability For All Seven Causes Of Action

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RBNZ: Court Proceedings For Breaches Of Core Requirements Under Anti-Money Laundering And Countering Financing Of Terrorism Act From At Least December 2019

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Jose Antonio Kast Leads Chile Presidential Election's Runoff Vote With 4.46% Of Ballots Counted: Official Count

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Mayor: Russian Air Defence Units Destroy Drone Heading For Moscow

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Australia's ASIC - ASIC And Reserve Bank Of Australia Will Step Up Their Review To Uplift Their Joint Supervisory Model

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US Envoy Witkoff Says A Lot Of Progress Was Made At Berlin Talks On Russia/Ukraine War

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Syria's President Sharaa Sends Condolences To Trump Over Killing Of USA Soldiers In Syria - Syrian Presidency

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ECOWAS Commission President: ECOWAS Rejects Guinea-Bissau Junta Transition Plan, Demands Return To Constitutional Order

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On Sunday (December 14), The Bangladesh DSE Broad Index Closed Down 0.62% At 4932.97 Points

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US President Trump: A New Federal Reserve Chairman Will Be Chosen Soon

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US President Trump: Inflation Is “completely Offset” And You Don’t Want To See Deflation

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Trump: Will Be A Lot Of Damage Done To The People That Attacked Troops In Syria

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Trump: Terrible Attack In Bondi Beach

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Interior Ministry - Syria Arrests Five Suspects In Shooting Of USA And Syrian Troops In Palmyra

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France Says Conditions For EU Vote On MERCOSUR Deal Not Yet Met, Despite Recent Progress — Prime Minister's Office

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CEO: Tokyo Gas To Steer More Than Half Of Overseas Investments To US In Next 3 Years

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          BitMine Becomes the First Company to Surpass 1M ETH Holdings Worth Over $5B

          Manuel

          Cryptocurrency

          Summary:

          The company launched its treasury strategy on June 30, growing from zero to over 1 million ETH in a little over a month.

          BitMine has become the first corporate treasury to surpass 1 million Ethereum (ETH) in holdings after its stash climbed to 1.17 million ETH on Aug. 15, valued at over $5 billion.
          The firm added 317,126 tokens worth approximately $2 billion in a single week. BitMine chairman Tom Lee said on August 4 that the firm intends to move with “lightning speed” in its pursuit to acquire 5% of ETH’s total supply.
          Notably, the company launched its treasury strategy on June 30, growing from zero to over 1 million ETH in a little over a month.

          Treasury competition accelerates

          BitMine now leads the Ethereum treasury sector, surpassing SharpLink Gaming’s 728,804 ETH holdings.
          SharpLink reported on August 15 that it raised over $2.6 billion in capital for ETH acquisitions and has staked nearly 100% of its holdings, generating cumulative rewards of approximately 1,326 ETH.
          Data from the Strategic ETH Reserve lists 71 ETH-focused treasury firms collectively holding 3.7 million ETH valued at $16.3 billion, representing 3.06% of the total supply.
          These companies indicate plans to allocate roughly $27 billion toward additional ETH acquisitions, which could push corporate holdings to 10% of total supply.
          BitMine filed an amendment to expand its at-the-market equity program by $20 billion to fund continued acquisitions.
          The aggressive strategy has driven significant stock performance, with shares surging up to over 1,100% and an average daily trading volume of $2.2 billion, ranking it 25th among all US-listed stocks.

          Institutional adoption context

          The rapid accumulation could be a sign of growing institutional recognition of Ethereum as foundational infrastructure for future financial systems.
          The corporate broad view could align with BitMine’s understanding that staking ETH secures the network and generates yield while aligning firms with Ethereum’s long-term success.
          On July 21, Cathie Wood’s Ark Invest shifted approximately $175 million from traditional crypto stocks like Coinbase and Robinhood into BitMine. The move demonstrates institutional confidence in Ethereum treasury strategies.
          BitMine’s achievement positions it as the third-largest crypto treasury globally behind Bitcoin-focused Strategy and MARA Holdings.

          Source: Cryptoslate

          Risk Warnings and Disclaimers
          You understand and acknowledge that there is a high degree of risk involved in trading. Following any strategies or investment methods may lead to potential losses. The content on the site is provided by our contributors and analysts for information purposes only. You are solely responsible for determining whether any trading assets, securities, strategy, or any other product is suitable for investing based on your own investment objectives and financial situation.
          Add to Favorites
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          Trump, Putin Talks Enter Second Hour at Ukraine Summit in Alaska

          Manuel

          Political

          Russia-Ukraine Conflict

          Discussions between President Donald Trump and Russian counterpart Vladimir Putin stretched into a second hour at a summit in Alaska, as the US leader pushes to secure an end to the war in Ukraine.Trump, Putin Talks Enter Second Hour at Ukraine Summit in Alaska_1
          Reporters were ushered into a room at the start of the formal talks, but the two leaders did not take any questions. Alongside Trump were US Secretary of State Marco Rubio and special envoy Steve Witkoff, while Putin was joined by Foreign Minister Sergei Lavrov and Kremlin foreign policy aide Yuri Ushakov.
          A prior summit between the two leaders in Helsinki in 2018 lasted roughly two hours. A joint press conference with Trump and Putin is planned to take place after their meeting.
          Friday’s summit, being held at a military facility — Joint Base Elmendorf-Richardson — opened with a highly-choreographed spectacle that saw the US president greet Putin on American soil for their first face-to-face encounter of Trump’s second term. The two leaders disembarked from their planes, walking across the tarmac to red carpets in a scripted opening. Trump clapped as he watched Putin approach and then greeted him with a warm handshake and pat on the arm.
          The two leaders paused for a moment to watch a flyover and the US president was seen putting his hand on the Russian leader’s back as they walked down a set of steps. Trump and Putin appeared to be engaged in friendly conversation as they entered the Beast, as the US president’s armored limousine is known, and departed. The Russian leader was seen laughing in the vehicle as he began a visit that marked his first invitation to the US in nearly a decade.
          The haphazard nature of the quickly arranged meeting — only announced last week — was apparent from the start. White House Press Secretary Karoline Leavitt said that a previously planned one-on-one meeting between Trump and Putin would be a three-on-three session with aides participating. Still, the ride in the presidential vehicle to the summit site allowed Putin time to speak directly to Trump without aides present, giving him valuable one-on-one time with the US leader.
          The summit is laden with peril for Trump, who campaigned on a pledge to quickly end Europe’s deadliest war in decades — but also opportunity for a president who has repeatedly cast himself as the only leader who can deliver peace.
          The president has downplayed expectations for the summit, claiming that he envisions it as a “feel-out” discussion laying the groundwork for a second more important meeting that could include Ukrainian President Volodymyr Zelenskiy and potentially European allies and where Moscow and Kyiv could “make a deal.” And he’s sought to dispel anxiety in European capitals that he may concede too much to Putin or strike a deal that involves exchanging territory or Ukraine ceding land without the input of Kyiv.
          In an interview earlier Friday with Fox News’ Bret Baier aboard Air Force One, Trump insisted he would “walk away” if the talks with Putin did not go well. The US president also told reporters that he may provide security guarantees to Ukraine “along with Europe and other countries,” but added “not in the form of NATO.” Trump has long said that Ukraine may need to agree to swap land with Russia, but said it was not his decision to make.
          “I’ve got to let Ukraine make that decision,” Trump said of land swaps. “I’m not here to negotiate for Ukraine. I’m here to get them at the table.”
          For Putin, the visit has already delivered a win. An international pariah since he launched the full-scale invasion of his neighbor in 2022, Putin is being welcomed on US soil without having made any concessions, giving him his best chance to reset ties between Washington and Moscow in recent years. The Russian president has had little incentive to stop the fighting, confident that his military holds a dominant position on the battlefield as it slowly advances in a brutal, grinding war.
          Putin launched a full-court charm offensive ahead of the summit, praising the US leader for “energetic and sincere efforts” to stop the war and floating the prospect of renewed economic cooperation and a new arms control treaty, playing to Trump who regularly casts himself as a peacemaker and dealmaker.
          Putin’s entourage is expected to include finance ministers. The Russian president has been eager to divide the US from Europe and seek sanctions relief for an economy at home that may be on the verge of slipping into a recession.
          “I noticed he’s bringing a lot of business people from Russia, and that’s good. I like that because they want to do business,” Trump told reporters on Air Force One. “But they’re not doing business until we get the war settled.”
          Trump’s team is set to also include Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick.
          Still, the risk for Ukraine and others in Europe is that Putin makes a sales pitch Trump finds hard to dismiss, or shifts the attention from Ukraine to improving US-Russia economic ties.
          Another potential challenge would be if Putin extends an invitation for Trump to meet with him in Russia, placing Zelenskiy and other allies with the difficult choice of being sidelined or rewarding the Kremlin by traveling there.
          The last summit between the two leaders — a 2018 meeting in Helsinki — has cast a shadow over Friday’s gathering and highlighted what has been at times an imbalanced relationship. At that time the two leaders spent time alone without aides.
          At the news conference wrapping up that summit, Trump publicly sided with Putin over his own intelligence officials, drawing bipartisan condemnation for saying he believed the Russian leader’s assurances that Moscow had not meddled in the 2016 US election.

          Source: Bloomberg

          Risk Warnings and Disclaimers
          You understand and acknowledge that there is a high degree of risk involved in trading. Following any strategies or investment methods may lead to potential losses. The content on the site is provided by our contributors and analysts for information purposes only. You are solely responsible for determining whether any trading assets, securities, strategy, or any other product is suitable for investing based on your own investment objectives and financial situation.
          Add to Favorites
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          Oil Market Awaits Crucial Trump-Putin Meet as Prices Drift Lower

          Manuel

          Commodity

          Russia-Ukraine Conflict

          Oil drifted lower, settling below $66 a barrel, as investors awaited a face-to-face summit between Donald Trump and Vladimir Putin later Friday, an encounter with the potential to reshape crude flows from one of the world’s largest producers.
          Putin stepped up his charm offensive, praising Trump’s efforts to broker an end to the war in Ukraine. The US president downplayed hopes for a breakthrough in the more than three-year-old conflict, saying there’s a 25% chance the meeting won’t succeed.
          Any signs of progress toward peace would remove a layer of geopolitical risk from an oil market that’s expected to be heavily oversupplied in coming months. Before the summit was arranged, Trump threatened Moscow’s largest oil buyers with secondary tariffs, putting at risk flows that have remained robust since the war began.
          Russia is the world’s largest crude exporter after Saudi Arabia, and has become reliant on buyers in China and India eager to purchase oil at a discount to international benchmarks.
          Trump announced a doubling of tariffs on Indian goods to 50% last week as a penalty for the nation’s purchases of Russian crude, and has mulled further crackdowns on the so-called “shadow fleet” that transport Moscow’s supplies. However, he has so far avoided targeting China — possibly because of concerns a total blockade would send oil prices skyrocketing and hurt US consumers.
          On Thursday, Trump warned he would impose “very severe consequences” if Putin didn’t agree to a ceasefire. He also said he hoped to use the summit to set up a “quick second meeting” with Ukrainian leader Volodymyr Zelenskiy after being pressed by allies.
          “We judge that tonight’s meeting is unlikely to deliver significant results,” said Arne Lohmann Rasmussen, chief analyst at A/S Global Risk Management. “In the near term, new US sanctions are unlikely; a relaxation cannot be ruled out unless the meeting collapses.”
          Oil prices have lost about 10% this year on concerns about the demand implications of Trump’s trade policy and the rapid return of OPEC+ barrels. Expectations for a record glut in 2026 are weighing on the market.

          Source: Bloomberg

          Risk Warnings and Disclaimers
          You understand and acknowledge that there is a high degree of risk involved in trading. Following any strategies or investment methods may lead to potential losses. The content on the site is provided by our contributors and analysts for information purposes only. You are solely responsible for determining whether any trading assets, securities, strategy, or any other product is suitable for investing based on your own investment objectives and financial situation.
          Add to Favorites
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          Fed's Goolsbee: Want More Assurance on Inflation to Cut in Sept or Autumn

          Manuel

          Economic

          Central Bank

          Chicago Federal Reserve Bank President Austan Goolsbee on Friday left the door open to supporting an interest-rate cut in September should fresh data prove reassuring, but said recent reports showing a rise in services inflation give him some pause amid what he calls the "stagflationary" impulse from tariffs.
          "I feel like we still need another one at least to figure out if we're still on the golden path," Goolsbee told CNBC.
          "If we can assure ourselves or get a hint that for this meeting, or the meetings this fall, that we aren't on an inflationary spiral that looks to be persistent, I still think it makes sense given the strength of the economy to move rates more back to where we think they're going to settle."
          The U.S. central bank has kept its policy rate unchanged all year as it monitors the impact of the Trump administration's higher tariffs, which Fed policymakers expected would drive up inflation and unemployment and slow the economy.
          So far the data has not validated their worst fears. With the economy slowing, both economists and financial markets expect the Fed to begin cutting rates again next month.
          Still, there have been some concerning signs on inflation, along with mixed signs about whether still-strong consumer spending will continue.

          Data on Friday was a case in point

          U.S. retail sales increased 0.5% last month after an upwardly revised 0.9% in June, the Commerce Department reported,. This allayed some concerns that a drop in monthly job gains to just 35,000 on average over the last three months signaled a potential plunge in economic activity.
          Factory output was unchanged compared to June, a separate report showed, a touch better than forecast, but heavy truck output, which is seen as a forward proxy for demand for equipment to deliver goods, fell to the lowest since last October.
          Yet a different report Friday showed import prices increased 0.4% in July amid a strong rise in the cost of consumer goods. This was a potential warning sign for inflation that followed reports earlier this week that showed a jump in services prices helped push up producer prices in July, and kept consumer prices more elevated than otherwise.
          "That makes me a little uneasy because that's very unlikely to be caused by tariffs, so I'm hoping that was a blip," Goolsbee said of the producer price index and consumer price index reports.
          "Let's not overreact to one month of import price data for sure. Let's not overreact to one month of CPI or PPI inflation. But it's at least an area of concern," he said.

          Source: Reuters

          To stay updated on all economic events of today, please check out our Economic calendar
          Risk Warnings and Disclaimers
          You understand and acknowledge that there is a high degree of risk involved in trading. Following any strategies or investment methods may lead to potential losses. The content on the site is provided by our contributors and analysts for information purposes only. You are solely responsible for determining whether any trading assets, securities, strategy, or any other product is suitable for investing based on your own investment objectives and financial situation.
          Add to Favorites
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          Brevan Howard reports $2.3B Bitcoin exposure via BlackRock´s IBIT ETF, Becoming Second-Largest Holder

          Manuel

          Cryptocurrency

          Brevan Howard became the largest institutional shareholder of BlackRock’s iShares Bitcoin Trust (IBIT) by increasing its holdings by 71% between the first and second quarters of 2025.
          According to a filing with the US Securities and Exchange Commission (SEC) of its latest 13F form, the hedge fund now holds approximately 37.5 million IBIT shares valued at roughly $2.3 billion as of June 30, up from 21.9 million shares in the first quarter.
          Additionally, Brevan Howard has a $25 million exposure to Bitcoin put calls through 400,000 shares of IBIT. The London-based firm’s dollar-denominated holdings grew from both the share increase and Bitcoin’s (BTC) price appreciation during the period.
          Bitcoin surged from its March closing of $82,511.47 to a June closing of $107,168.23. This price movement amplified the value of Brevan Howard’s expanded position.
          Brevan Howard previously ranked as the second-largest IBIT investor, trailing Goldman Sachs, which held over $1.4 billion worth of IBIT shares as of March.
          The accumulation in the second quarter vaulted Brevan Howard past Goldman Sachs to claim the top position among institutional holders.
          The hedge fund also added exposure to BlackRock’s iShares Ethereum Trust (ETHA) during the last quarter.

          Crypto dive

          Brevan Howard formed BH Digital in September 2021 to provide digital asset exposure across investing and business operations in public and private markets.
          The dedicated crypto division has delivered strong performance, with BH Digital returning 34.5% in the first quarter of 2024 while managing around $1.7 billion in assets.
          Brevan Howard raised more than $1 billion for its flagship crypto vehicle, representing the largest crypto hedge fund launch ever.
          The firm’s dual approach combines direct crypto investments through BH Digital with exchange-traded funds (ETFs) holdings in traditional portfolios.
          IBIT has attracted substantial institutional interest since launching in January 2024, with over $91 billion in assets under management, according to Bold Report data.
          Furthermore, Farside Investors’ data revealed that IBIT accumulated $58.5 billion in positive net flows since launch, dwarfing the second-largest spot Bitcoin ETF by nearly five times.
          Brevan Howard’s Bitcoin ETF accumulation reflects broader institutional adoption of crypto through regulated investment products.
          The firm’s substantial IBIT position demonstrates how traditional asset managers are incorporating digital assets into institutional portfolios while maintaining operational efficiency through ETF structures.

          Source: Cryptoslate

          Risk Warnings and Disclaimers
          You understand and acknowledge that there is a high degree of risk involved in trading. Following any strategies or investment methods may lead to potential losses. The content on the site is provided by our contributors and analysts for information purposes only. You are solely responsible for determining whether any trading assets, securities, strategy, or any other product is suitable for investing based on your own investment objectives and financial situation.
          Add to Favorites
          Share

          Busy September US Corporate Bond Market Expected Despite Lower Rate cut Odds

          Manuel

          Bond

          Companies' U.S. dollar bond issuance will likely carry September to one of the heaviest months for investment-grade supply this year, despite more volatility in Treasury yields as hopes for a bigger Federal Reserve interest rate cut were dimmed by recent data that pointed to still-sticky inflation, said bankers and strategists.
          September has historically averaged roughly $140 billion of investment-grade bond issuance, according to data from Informa Global Markets.
          But last year set a record for the busiest September with over $172 billion in new deals, as companies rushed to seize on healthy investor appetite for higher yields, according to the IGM data.
          The latest inflation data this week showed U.S. producer prices surged while consumer prices rose in line with forecasts, in turn leading the market to place lower odds on a substantial interest rate cut from the Federal Reserve next month.
          But bond bankers expect this September could again tally robust corporate bond volumes despite the high inflation print and a change in the Fed's expected rate-cutting path, as corporate treasurers are not expected to let this sway their planned issuance.
          "Data pointing to some delay in interest rate cuts probably does not influence corporate bond issuance in September," said Victor Forte, head of IG capital markets and U.S. debt syndicate at New York City-based investment bank Mizuho Americas.
          "It is traditionally a busy month and is expected to be so again regardless of small changes in spreads (or) yields,” Forte added.
          Corporate credit spreads, or the premium over Treasuries paid by companies, widened a few basis points on some corporate bonds this week, but they have not moved materially enough to shift company treasurers' September bond issuance plans next month, Forte said.
          “Their decision to issue bonds in September hinges more on corporate finance needs than it is trying to predict when the Fed may cut interest rates," he said.
          Corporate spreads on average moved about 1 bp tighter this week and were last at 77 bps, making them just 3 bps closer to their tightest levels since reaching 74 bps on July 28, 1998, according to ICE BAML index. Bond yields were at 4.94% or 41 bps inside levels they touched in January, the same index data showed.
          Bond bankers and analysts similarly expect a busy August for IG bond issuance heading into the expected high September volume, even with an expected quiet period in the two weeks before Labor Day.
          "With expectations for annual IG supply wrapped around $1.5 trillion in future years, you can expect busier calendars as we approach end of summer going forward,” said Kyle Stegemeyer, head of IG debt capital markets and syndicate at Minneapolis-based U.S. Bank.

          Source: Reuters

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          Why Trump’s Use Of Military In US Is So Controversial

          Kevin Du

          Economic

          In his two terms, President Donald Trump has repeatedly deployed the US military for domestic assignments. In 2018 and again in early 2025, Trump stationed National Guard troops and active-duty military personnel along the southern border to crack down on illegal immigration. In June, he summoned the Guard and the Marines to Los Angeles — over the objections of local leaders — to subdue protests against his administration’s mass arrests of migrants. And in August, Trump called up the Guard to combat violent street crime in Washington, DC, and suggested he may do the same in other cities, including New York and Chicago.

          Trump’s actions mark a sharp departure from his predecessors. Historically, US presidents have made sparing use of the armed forces for missions within the nation’s borders, a legacy of resistance to the presence of British soldiers in the colonies in the 1700s. Trump’s mobilization of the military domestically has drawn sharp criticism from Democrats as an authoritarian abuse of power.

          In 2018, Trump’s defense secretary, James Mattis, authorized the deployment of up to 4,000 National Guard troops to the US-Mexico border to support federal agents with surveillance and logistics for immigration enforcement.

          In 2020, more than 30 state governors used National Guard troops to curb protests that erupted after the murder of George Floyd in Minneapolis. Two years later, former Defense Secretary Mark Esper testified to a House committee that he and others had needed to persuade Trump not to deploy active-duty troops — those serving in the Army, Navy, Air Force and Marines — in US cities as well. At the time, Trump felt the widespread unrest made the US look weak, Esper told the committee.

          As Trump campaigned for a second term, he made clear he wanted to be more aggressive in using the military. At an event in Iowa in 2023 he labeled several big cities “crime dens” and said he had previously been held back from sending in the military.

          Following up on his vow to target an estimated 11 million immigrants who are in the country illegally, Trump in January ordered a new deployment of Army soldiers and Marines to the border to help block migrants from crossing without authorization. The Defense Department said at least four military planes would be used to help carry out deportations of about 5,000 detained migrants from El Paso and San Diego. As of early July, about 8,500 military personnel were stationed at the border.

          In June, the president sent 4,000 National Guard troops and about 700 US Marines to Los Angeles for 60 days amid protests against immigration raids in the nation’s second-largest metropolitan area. In July, after protest activity faded, most of the troops were recalled.

          In early August, Trump announced he would take federal control of Washington, DC’s police department and deploy 800 National Guard troops there, escalating his push to exert power over the nation’s capital. On August 12, troops began arriving in the city.

          The law strictly limits the federal deployment of troops within US borders.

          The US Constitution provides that neither the president nor Congress can use the armed forces to carry out their policy agenda without consent from the other branch. Domestic deployment of active-duty military personnel has historically been viewed as an option of last resort.

          The 1878 Posse Comitatus Act, along with amendments and supporting regulations, generally bars the use of the active-duty US military from carrying out domestic law enforcement. Important exceptions to the 1878 law are contained in the 1807 Insurrection Act and its modern iterations, which allow the president, without congressional approval, to employ the military for domestic use in certain extreme circumstances. The Insurrection Act has been used very rarely to deploy troops under federal control domestically without a request from a state government, and modern examples mostly date from the Civil Rights era.

          Occasionally, a president has deployed National Guard troops to respond to civil unrest and rioting, but almost always at the request of a state’s governor. President Lyndon Johnson, for example, sent National Guard soldiers under federal control to Detroit, Chicago and Baltimore to help quell race riots in the late 1960s after governors asked for help. Likewise, President George H.W. Bush activated the California National Guard in 1992 at the request of Governor Pete Wilson and Los Angeles Mayor Tom Bradley when rioting broke out in the city following a jury’s acquittal of police officers charged with severely beating a Black man, Rodney King, after a high-speed car chase.

          The last time a president activated a state’s National Guard without a request from the governor was in 1965, when Johnson used the guard to protect civil rights demonstrators in Alabama after the governor refused to do so.

          In recent decades, both Republican and Democratic presidents, including George W. Bush and Barack Obama, have relied on the National Guard and active-duty military members to reinforce US Customs and Border Protection with tasks including engineering, aviation and logistical support. But Trump has gone further by creating military zones along the US-Mexico border where troops can detain migrants without running afoul of restrictions on their involvement in domestic law enforcement.

          Trump has repeatedly signaled he might invoke the Insurrection Act, though he has not done so. Instead, the Trump administration has justified deployments by arguing that local and state officials have failed to restore order in their jurisdictions. In his takeover of policing in the District of Columbia, Trump declared a public safety emergency under a provision of DC’s Home Rule Act that allows him to temporarily assume control of the city’s Metropolitan Police Department.

          In Trump’s announcement of the DC deployment, he painted a nightmarish picture of a Washington that’s been “overtaken” by “bloodthirsty criminals” and “roving mobs of wild youth.” That was at odds with a finding from the Justice Department in January that violent crime in the capital reached a 30-year low in 2024.

          To unilaterally dispatch the California National Guard to Los Angeles, Trump cited a provision of Title 10 of the US Code that permits the president to deploy the guard in cases of invasion by a foreign nation, a rebellion, or danger of a rebellion. Under this statute, troops are still not permitted to do civilian law enforcement.

          On June 7, the president issued a proclamation giving Defense Secretary Pete Hegseth the authority to direct troops to take “reasonably necessary” actions to protect immigration agents and other federal workers and federal property. It also permits him to use members of the regular armed forces “as necessary to augment and support the protection of federal functions and property in any number determined appropriate in his discretion.”

          In Los Angeles, the president’s move to stop what he called “migrant riots” was condemned as inflammatory and unnecessary by local officials, including Mayor Karen Bass and California Governor Gavin Newsom, who would normally be responsible for requesting such a mobilization.

          Newsom argued that the president abused his authority, saying there was no rebellion or invasion that justifies Trump sending troops into Los Angeles. The governor has also said the troops were diverted from more important duties, including wildfire suppression and helping battle drug smuggling at the Mexican border.

          In June, Newsom filed a lawsuit challenging the LA deployment. A federal appeals court declined to block the deployment, finding that the president likely acted lawfully. In August, US District Judge Charles Breyer held a three-day trial to evaluate whether the deployment violated the Posse Comitatus Act. As of August 15, he had not issued a decision.

          DC Attorney General Brian Schwalb sued Trump on Aug. 15, alleging the president exceeded his authority in taking control of the Metropolitan Police Department and deploying hundreds of National Guard troops to the nation’s capital.

          Source: Bloomberg Europe

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