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SYMBOL
LAST
ASK
BID
HIGH
LOW
NET CHG.
%CHG.
SPREAD
SPX
S&P 500 Index
6939.02
6939.02
6939.02
6964.08
6893.47
-29.99
-0.43%
--
DJI
Dow Jones Industrial Average
48892.46
48892.46
48892.46
49047.68
48459.88
-179.09
-0.36%
--
IXIC
NASDAQ Composite Index
23461.81
23461.81
23461.81
23662.25
23351.55
-223.30
-0.94%
--
USDX
US Dollar Index
96.990
97.070
96.990
96.990
96.150
+1.020
+ 1.06%
--
EURUSD
Euro / US Dollar
1.18491
1.18514
1.18491
1.19743
1.18491
-0.01211
-1.01%
--
GBPUSD
Pound Sterling / US Dollar
1.36835
1.36880
1.36835
1.38142
1.36788
-0.01258
-0.91%
--
XAUUSD
Gold / US Dollar
4894.49
4894.49
4894.49
5450.83
4682.14
-481.82
-8.96%
--
WTI
Light Sweet Crude Oil
65.427
65.456
65.427
65.832
63.409
+0.175
+ 0.27%
--

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[Ethereum Drops Out Of Global Top 50 Asset Market Cap Ranking, Now 56Th] January 31, According To 8Marketcap Data, After A 14.43% Cumulative Decline In 7 Days, Ethereum'S Current Market Cap Is $305.6 Billion, Falling Out Of The Top 50 Global Asset Market Cap Ranking, Currently Ranked 56Th

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[Ethereum Plunges Below $2600, 24-Hour Loss Extends To 4.9%] January 31, According To Htx Market Data, Ethereum Dropped Below $2600, With A 24-Hour Decline Widening To 4.9%

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[Melania Trump's Documentary Released, Costing Over 500 Million Yuan, Fails At Global Box Office, Receives 1.7 Rating] According To Xinhua News Agency, The Documentary "Melania: 20 Days To History" (hereinafter Referred To As "Melania"), Featuring First Lady Melania Trump, Was Released In Theaters Worldwide On January 30th, But Has Been Met With A Lukewarm Reception In Many Countries. Multiple International Media Outlets Reported That Ticket Sales In Theaters In The UK, Canada, And Even The US Have Been Dismal, With Some Screenings Almost Entirely Empty. On Rotten Tomatoes, A Globally Renowned Film And Television Rating Website, The Film Received A Low Score Of 1.7. The Film's Production And Promotion Costs Reached A Staggering $75 Million (approximately 521 Million Yuan, Similar To The Rumored Cost Of "Ne Zha 2"), Drawing Criticism For Amazon Founder Jeff Bezos's Massive Investment

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Two Israeli Officials: Israel Is Not Involved In Iran Blasts

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Putin Envoy Dmitriev Heads For Talks With US Delegation

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Source With Knowledge Of Talks: Russia - US Talks Started In Miami At 8 Am Local Time

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Pakistan Says 67 Militants Killed After Coordinated Attacks In Balochistan

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Four Killed In Gas Explosion At Residential Building In Iran's Ahvaz - Iran's State-Run Tehran Times

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IAEA: Chornobyl Site Briefly Lost All Off-Site Power. Ukraine Working To Stabilize Grid And Restore Output, No Direct Impact On Nuclear Safety Expected

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IAEA: Ukrainian Npps Temporarily Reduced Output This Morning After Technological Grid Issue Affected Power Lines

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Tigrayan Official And Humanitarian Worker: One Person Killed, Another Injured In Drone Strikes In Ethiopia's Tigray Region

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Explosion In Iran's Southern Port Of Bandar Abbas , Iranian Media Denies Report Commander Of Revolutionary Guards Targeted

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[Epstein Documents Continue To Be Released, Involving Multiple US Political And Business Figures] The US Department Of Justice Announced On January 30 That It Would Release The Remaining Documents, Totaling Over 3 Million Pages, Related To The Case Of The Late Billionaire Jeffrey Epstein. According To US Media Reports, The Documents Reveal That Numerous Prominent US Political And Business Figures Knew And Associated With The Businessman, Who Was Suspected Of Sex Crimes And Died Mysteriously In Prison. These Include Commerce Secretary Howard Lutnick, Entrepreneur Elon Musk, And Stephen Bannon, An Advisor During Trump's First Presidential Term

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Health Ministry: Israeli Strikes Kill 12 In Gaza

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Moldova's Government: Problems In Ukraine's Power Grid Led To Moldova's Energy System Emergency Shutdown

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Defence Ministry: Russian Forces Capture Two Villages In Eastern Ukraine

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[Bitcoin Falls Below $83,000, 24-Hour Gain Narrows To 0.53%] January 31, According To Htx Market Data, Bitcoin Fell Below $83,000, With A 24-Hour Growth Narrowing To 0.53%

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Kazakhstan Says Oil Output At Tengiz Oilfield Resumed

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[Canada Plans To Establish Defense Bank With Multiple Countries] Canadian Finance Minister François-Philippe Champagne Said On January 30 That Canada Will Work Closely With International Partners In The Coming Months To Establish A Defense Bank To Raise Funds For Maintaining Collective Security. Champagne Posted On Social Media Platform X That Day That More Than 10 Countries, Under Canada's Auspices, Discussed The Establishment Of A "Defense, Security And Reconstruction Bank." He Did Not Specify Which Countries Were Involved In The Discussions. According To Reuters, Supporters Hope The Proposed Defense Bank Will Be A Global Nation-support Institution With A AAA Credit Rating, Raising $135 Billion For Defense Projects In Europe And NATO Member States

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Kevin Warsh On The Fed's Mistakes And The Consequences

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          Senate Renews Push for Crypto Bill Amid Tight Deadlines

          Saunders

          Cryptocurrency

          Political

          Summary:

          U.S. senators are fast-tracking a pivotal crypto bill, yet deep partisan divides on ethics and stablecoin yields imperil its passage.

          U.S. senators have resumed negotiations on a pivotal cryptocurrency bill designed to establish a market structure for digital assets. While talks have restarted, significant disagreements between Democratic and Republican negotiators remain, casting uncertainty on the path forward.

          An Accelerated Timeline Emerges

          Momentum for the bill appears to be building. According to Senator John Kennedy, Senate Banking Committee Chairman Tim Scott is preparing for a bill markup as early as next week, on January 15. This accelerated schedule had been previously suggested by David Sacks, President Donald Trump's crypto czar, though Scott has not yet made a public commitment to that date.

          An official markup would require the committee to release an updated draft of the legislation, which has not been seen in months.

          Partisan Divides Threaten Bipartisan Deal

          A rushed vote next week would likely proceed without bipartisan support unless negotiators can quickly find common ground on several key Democratic demands. These issues have become major points of contention and potential deal-breakers for industry support.

          Key areas of disagreement include:

          • Ethics Rules: Democrats are pushing for standards that would ban senior government officials from profiting from digital asset activities, a response to President Donald Trump's involvement in the space.

          • DeFi Regulation: The bill may include new constraints on decentralized finance (DeFi) platforms.

          • Yield Restrictions: Lawmakers are debating limits on crypto yield products that could allow the industry to compete directly with traditional banks.

          If common ground isn't reached, Democratic negotiators may be forced to oppose the bill presented for a vote.

          Racing Against a Crowded Political Calendar

          The push for crypto legislation comes as lawmakers navigate a perilous and packed schedule. After failing to produce a final bill last year, negotiators in 2026 face several external pressures that increase the urgency for action:

          • Government Shutdown Deadline: Congress must agree on a federal spending plan by January 30 to prevent another government shutdown.

          • Pressure from the House: The House of Representatives has already approved its own crypto framework, the Digital Asset Market Clarity Act, and is waiting for the Senate to act.

          • Midterm Elections: The upcoming congressional elections add another layer of political pressure and further constrain the legislative calendar.

          • Other Priorities: Senators are also occupied with other pressing issues, including ongoing debates over President Trump's actions in Venezuela.

          The Battle Over Stablecoin Yields

          The banking industry is leveraging the negotiations to renew its push to limit stablecoin issuers. Lobbyists are urging lawmakers to incorporate elements of last year's Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which aims to stop crypto affiliates from paying yield on stablecoins.

          This issue remains a central lobbying battle between the traditional finance and digital asset sectors. The final legislation produced by the Senate will likely determine which industry comes out on top.

          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.
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          Venezuelan Oil Would Boost US Refiners, Hurt Canadian Producers

          Manuel

          Stocks

          Commodity

          A full-scale resumption of Venezuelan oil exports would benefit refiners in the United States and lower their fuel production costs, with the refineries capable of absorbing most of the roughly 1 million barrels per day of crude that would trade freely if U.S. sanctions on the ​South American country are removed.
          The losers would be Canadian companies that sell a similar heavy oil as Venezuela, and small Chinese refiners, which would face higher costs if Venezuelan crude ‌diverts to the U.S.
          U.S. President Donald Trump wants U.S. oil companies to spend billions of dollars to rebuild Venezuela's oil industry, which is dilapidated and producing well below its potential after decades of mismanagement and underinvestment. Trump has said the U.S. ‌would run Venezuela and its oil sector after U.S. troops snatched President Nicolas Maduro from Caracas on Saturday and transported him to New York to stand trial on drug charges.

          U.S. GULF REFINERIES BUILT FOR HEAVY CRUDE

          It would take years of work for oil companies to pump a lot more oil from Venezuela. The country's existing exports could, however, quickly redirect to the United States from China if the U.S. lifted a blockade on Venezuelan exports that Trump imposed in December, and removed sanctions on doing business with Venezuela.
          Before sanctions were imposed in 2019, several large U.S. Gulf Coast refineries bought and processed about 800,000 bpd of ⁠Venezuela's heavy oil, according to U.S. government data, and some were designed ‌to process this type of crude rather than U.S. light oil. Those refineries would be first to benefit, analysts said.
          "If sanctions are lifted in the short term, the Gulf Coast can absorb a substantial portion of that 1 million bpd operationally, but the barrels would clear by pushing out other heavy crudes ‍and competing aggressively on price," said Rommel Oates, founder of refining software company Refinery Calculator.
          Valero, PBF Energy and Phillips 66 already buy Venezuelan crude from Chevron, and could take more, analysts and trading sources said. Valero alone, the largest Gulf Coast refiner, can process an incremental 300,000 to 400,000 bpd, Barclays analyst Theresa Chen said.
          U.S. Gulf Coast refineries can run 3 million to 4 million bpd of heavy crude, analysts noted.

          EXXON, OTHERS, COULD BUY FROM ​VENEZUELA

          Chevron imports about 150,000 bpd of Venezuelan crude to the United States. It is the only U.S. oil major operating in Venezuela under a license from Washington that exempts it from sanctions.
          Marathon Petroleum , ‌Motiva Enterprises, owned by Saudi Aramco, TotalEnergies and ExxonMobil purchased Venezuelan crude before sanctions and could buy more if it were available.
          "Gulf Coast refiners are structurally advantaged to receive Venezuelan barrels due to waterborne access and historical familiarity with these grades prior to the 2019 sanctions," said Barclays' Chen.
          The availability of cheaper crude to U.S. refiners could provide some price relief for motorists, Chen added.
          U.S. refiners' shares rose between 3% and 10% on Monday, compared to a 3% increase in the broader S&P Energy Index.
          The refining companies did not immediately respond or declined to comment. Chevron did not immediately reply to requests for comment on whether the company would sell more crude to U.S. refiners.

          REDIRECTING FLOWS

          U.S. refiners have imported more crude from Canada, Mexico, Colombia, Brazil and the Middle East since sanctions were imposed on Venezuela.
          Greater ⁠U.S. imports from Venezuela would displace those crudes, most notably Canadian.
          Canada boosted output to record levels in 2025, exporting ​about 90% of its crude to the U.S.
          Shares of Canadian oil producers Canadian Natural Resources and Cenovus Energy fell between 5% ​and 6% on Monday.
          "Canadian heavy crude had picked up the slack while Venezuela was struggling. The grades will compete, which is good for U.S. refining but also bad for Canada," a refining source, who was not authorized to speak on the record, said.
          A long-term increase in Venezuelan output would pressure Canadian oil prices and ‍strengthen the case for a new Canadian export ⁠pipeline to the Pacific coast, said Randy Ollenberger, a managing director at BMO Capital Markets. Prime Minister Mark Carney said he expects Canadian crude to stay competitive.

          CHINESE REFINERS' DILEMMA

          Chinese independent refiners, known as teapots, are the biggest buyers of Venezuelan crude, and would seek alternatives if those supplies are redirected long-term.
          The teapots would likely turn to Canadian and Middle Eastern crudes, sources said. ⁠Switching to Canadian oil would drive up Chinese refiners' costs, as Venezuelan Merey crude is the cheapest among their supplies.
          Chinese teapot refineries would still have access to discounted Russian and Iranian crude.
          Indian refiners Reliance Industries and Indian Oil Corp also buy ‌Venezuelan oil and would do so again if terms were attractive, sources said.

          Source: Reuters

          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.
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          Commodities: 2025, the year of the metals

          Adam

          Commodity

          Energy: oil fell sharply in 2025, weighed on by excess supply. Despite numerous geopolitical tensions, concerns about oversupply set the tone. The two main global benchmarks, Brent and WTI, fell by 18.60% and 20% respectively in 2025. Supply dynamics explain the drop in prices. OPEC and its allies (OPEC+) have increased their output by 2.9 million barrels a day since April 2025 while, alongside this, US production has remained at high levels. However, 2025 did see major geopolitical disruptions. Conflicts in Ukraine and the Middle East threatened supply chains. In June, tensions between Iran and Israel disrupted the Strait of Hormuz. More recently, the maritime blockade in Venezuela and the capture of its President Nicolas Maduro by the United States. However, these events triggered only temporary spikes. The market believes that global supply is sufficient to offset these risks, all the more so as the market has so far never faced a real disruption to supply.
          Precious metals: unlike oil, precious metals posted historic performances in 2025. The gold medal is actually awrded to silver, whose price surged 147%. This rally reflects silver's dual nature: a safe haven and an industrial raw material. Demand remains strong, driven by growing needs for solar panels and electronics. Silver's designation as a critical mineral in the United States has also boosted investor interest. At the same time, the market is facing low inventories and insufficient supply, putting pressure on prices. 2025 was also an exceptional vintage year for gold, which rose by 64.60%. This is the strongest annual gain for the yellow metal in over 40 years. Several factors fueled the rise. First, the fall in the US dollar, making gold more attractive for holders of other currencies. Second, purchases by central banks, which bought gold heavily to diversify reserves and reduce their dependence on the US dollar. Moreover, persistent international tensions strengthened the metal's safe-haven status. Finally, enacted and anticipated interest-rate cuts continue to support prices, as gold pays no yield and therefore benefits from a low-rate environment.
          Industrial metals: copper is reaffirming its central role in modern societies. The "barometer” of the global economy saw its price rise 43% to USD 12,510 per metric ton in London (cash price). Demand is driven by two structural engines: the development of data centers for artificial intelligence (AI) and the expansion of renewable energy. On the supply side, major accidents at mines in Indonesia, the Democratic Republic of the Congo and Chile disrupted production. Against this backdrop, global supply is struggling to keep up with demand. The US political context also played a key role. Donald Trump's threat to impose 50% tariffs on copper imports prompted a rush by US importers to secure inventories, amplifying the price surge.
          Agricultural products: the agricultural sector had a difficult time in 2025, with the prices of most products ending the year down. Rising global supply and often subdued demand explain the overall trend. Wheat (-8% in 2025) and corn (-4%) prices lost ground in Chicago, weighed down by global production and inventories that remain high. Soybeans (+3.60%) fared better thanks to a warming of diplomatic relations between Beijing and Washington, which allowed a resumption of Chinese imports of US soybeans.
          Commodities: 2025, the year of the metals_1

          Source: marketscreener

          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.
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          Why Russia & China Can't Copy US Special Ops in Taiwan

          Isaac Bennett

          Russia-Ukraine Conflict

          Political

          Following the U.S. capture of Venezuelan President Nicolás Maduro, analysts and officials have raised alarms, suggesting the operation gives Moscow and Beijing a green light for similar missions in Ukraine and Taiwan.

          The logic seems straightforward: The U.S. doesn't recognize Maduro, just as Russia and China don't recognize the independence of Ukraine and Taiwan. If Russia were to seize Ukrainian President Volodymyr Zelensky or China were to capture Taiwanese President Lai Ching-te, how could Washington object?

          This comparison, however, is built on a fundamental misunderstanding of modern warfare. It overlooks the immense gap in military capability that separates the United States from its rivals.

          A Deceptively Simple Operation Sparks Flawed Comparisons

          To the untrained eye, the U.S. operation to capture Maduro looked almost effortless. Helicopters arrived, secured the target, and left. The apparent ease of the mission has even fueled speculation that Maduro was simply handed over in a backroom deal.

          This perception feeds a common narrative: that other countries are constrained by international norms, while a uniquely unrestrained United States under President Donald Trump simply does as it pleases. This line of thinking is wrong for two critical reasons.

          The Myth of Norms: Capability is the Real Constraint

          First, the argument assumes the U.S. violated a norm that Russia and China currently respect. No such norm exists. Russia has shown no hesitation in targeting foreign leaders, as seen in its attempt to capture Zelensky at the start of the 2022 invasion. Likewise, China’s military doctrine for a Taiwan contingency explicitly includes leadership targeting.

          Second, and more importantly, this view ignores the sheer complexity of the U.S. operation. The mission involved thousands of personnel from military and intelligence agencies, all working in tight coordination. It leveraged some of the world's most advanced technology, including:

          • Cyber-operations

          • Clandestine intelligence gathering

          • Preparatory strikes on Venezuelan air defenses

          • Highly specialized helicopters flown by elite pilots

          What the U.S. possesses is a rare combination of cutting-edge technology and decades of experience in high-risk special operations. Russia and China don't refrain from similar missions because of moral or legal scruples; they refrain because they lack the ability to succeed.

          Russia's Failed Kyiv Gambit: A Lesson in Limitations

          Russia’s own actions provide the clearest evidence of this capability gap. In the first days of its full-scale invasion of Ukraine, Moscow tried precisely this type of operation and failed catastrophically.

          Russian agents already inside Kyiv were tasked with seizing Zelensky. They were meant to hold him until airborne forces, landing at the nearby Hostomel airport, could reinforce them. Both parts of the plan collapsed. Russian airborne units were decimated in the air and on the ground, while the network of agents in the capital was swiftly dismantled. Having failed with the scalpel, Russia has since resorted to brute force to grind down Ukraine.

          China's PLA: High-Tech Rehearsals vs. Real-World Gaps

          China's military, the People's Liberation Army (PLA), is arguably more technologically advanced than Russia's, but it faces a different, equally critical, weakness: a profound lack of combat experience.

          The PLA’s last major conflict was the Sino-Vietnamese War in 1979—nearly half a century ago. With high personnel turnover, the military has struggled to retain experienced noncommissioned officers who form the backbone of complex operations. Unlike the U.S., China does not have a deep cadre of combat veterans to train the next generation.

          While the PLA rigorously prepares for a Taiwan scenario, even building a full-scale replica of Taiwan's Presidential Office Building for training, rehearsal is not a substitute for real-world experience.

          Why Taiwan Isn't Venezuela: The Challenge of a Hard Target

          There is also a more obvious obstacle: Taiwan is a far more difficult target than Venezuela. Although its military also lacks recent combat experience, it is extremely well-practiced in monitoring and intercepting hostile aircraft. Taiwan operates a sophisticated network of air- and ground-based early warning systems.

          For China to execute an operation comparable to the U.S. mission in Venezuela, it couldn't just neutralize a dozen targets; it would likely need to strike hundreds. Such an effort would demand days of preparatory attacks, giving Taiwan’s leadership ample time to disperse. A "smash and grab" raid on a secure residence in Taipei isn't plausible unless it's part of a full-scale invasion. At that point, it’s no longer a special operation—it’s the beginning of a major war.

          Brute Force Over Finesse: The Real Threat from Russia & China

          The PLA seems to understand these limitations, which is why its strategy for Taiwan relies on overwhelming power. As demonstrated in recent military exercises, China’s plan involves blockading the island and using air, sea, and land forces to launch precision strikes.

          A commentator for the PLA-run outlet China Military Online, Jun Sheng, described "leadership decapitation" as a key objective of these drills. The goal is to show that the PLA can "impose precise punitive measures against the principal instigators at any moment." This is not the language of a covert raid; it's the logic of all-out assault.

          Ultimately, the discourse around the Venezuela operation highlights the "invisibility" of American military dominance. U.S. forces are so proficient that their complex operations can appear almost magical. In the last year, the U.S. has conducted combat missions over Yemen, Iran, and Venezuela without a single confirmed loss of a manned aircraft to enemy fire. In contrast, Russia routinely loses aircraft over Ukraine, and the PLA explicitly trains its pilots to avoid dogfights, acknowledging U.S. tactical superiority.

          This doesn't dismiss the threats posed by Russia and China. It clarifies them. Both nations rely on brute force to compensate for tactical inferiority. This approach can be effective, but it is not suited for precision special operations. Russia and China won't be emboldened to copy the U.S. because they can't. Russia already tried and failed. China knows it isn't ready.

          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.
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          Explainer: How regulators globally are softening capital rules for banks

          Adam

          Economic

          Seventeen years on from the global financial crisis, regulators are cutting red tape for their banks in a bid to keep lenders competitive and stimulate their economies.
          The Trump administration is leading the charge, including with measures that will reduce the amount of capital lenders need to set aside. Lowering capital requirements is worrying some observers that the U.S. has triggered a global rowback from regulations designed to keep financial systems safer, just as chatter about market bubbles and financial stability risks intensify.
          So how do bank capital requirements in the major markets stack up, and which lenders might emerge winners?
          THE GLOBAL LANDSCAPE
          At the highest level, each country's regulators should align with the Basel regulatory regime agreed after the 2008 global financial crisis. That's designed to ensure supervisors worldwide apply similar minimum capital standards so lenders can survive loan losses during tough times. It suggests a level playing field.
          But in practice there is lots of wiggle room, as the different approaches to implementing the latest rules - the "Basel III Endgame" - show.
          The European Central Bank and Bank of England have delayed implementation of key parts, for example those governing banks' trading activities, while they wait to see what the U.S. does.
          THE U.S. VS EUROPE
          Capital ratio requirements for banks in the euro zone, Britain and the U.S. look similar on paper.
          The Federal Reserve has a core equity tier-1 ratio (CET1) - the most common measure of capital - ranging from 10.9% to 11.8% once some add-ons are included for Wall Street banks such as JPMorgan (JPM.N), Citi (C.N) and Goldman Sachs (GS.N).
          The ECB has an average CET1 of 11.2% for lenders including Deutsche Bank (DBKGn.DE), Santander (SAN.MC) and BNP Paribas (BNPP.PA) , plus a bank-specific 'pillar 2' requirement of around 1.2%.
          The BoE’s financial policy committee has lowered its minimum benchmark ratio to an equivalent of 11% CET1, although that excludes firm-specific add-ons that currently can add roughly 2.5% for bigger banks.
          All major lenders hold more capital than required, with these self-imposed buffers designed to keep regulatory worries at bay and investors confident.
          BUT CAN YOU COMPARE?
          Ask big bank CEOs and most will tell you their lender has it tougher. In reality, the picture is much murkier than that.
          That's because comparing simple ratios can be misleading, as prudential regulators take different approaches, reflecting how their local banking industries differ.
          Capital rules have two parts: the risk-weighting, which gauges the risk of a bank’s assets, and a capital ratio that sets how much capital they must hold as a share of those assets.
          Unlike in the UK and euro zone, U.S. banks cannot rely on internal models to set their risk weightings, which for larger banks often means tighter constraints.
          "Say it quietly, but the U.S. may have a tougher approach," said Jackie Ineke, chief investment officer at Spring Investments and a former banks analyst.
          Higher U.S. weightings also reflect different models: U.S. banks tend to offload residential mortgages to public groups Fannie Mae and Freddie Mac, whereas mortgages stay on European and UK bank balance sheets.
          ISN'T THE U.S. SOFTENING ITS STANCE?
          Yes.
          Bank regulators appointed by President Donald Trump are seeking to delay and water down the introduction of new rules, and they are reviewing and rewriting existing capital regulations. They argue there is ample room to make them better tailored to actual risks.
          Led by the Federal Reserve's Michelle Bowman, proposals include tweaking leverage rules, the so-called "GSIB surcharge" applied to the largest global banks, and a redo of Basel III Endgame requirements.
          The Fed is also overhauling its annual "stress tests" of large banks, a shift expected to shrink the capital banks must set aside against hypothetical losses.
          Taken together, it means U.S. lenders will have a lot more excess capital. Morgan Stanley analysts have estimated possible changes could hand U.S. banks another $1 trillion in lending capacity.
          That doesn't mean the banks will necessarily lend more, however, with some preferring to increase payouts to investors to aid their share price or fund acquisitions.
          WHERE DOES THAT LEAVE THE EURO ZONE, BRITAIN AND JAPAN?
          Both want to ease the burden on banks, but in limited ways that suggest there is no regulatory race to the bottom.
          The ECB in December announced plans to simplify its rule book but maintain capital levels. That was despite lobbying from banks arguing that softer rules would free up lending to boost the bloc's lacklustre economic growth.
          Jose Manuel Campa, outgoing Chairperson of the European Banking Authority, said it was wrong to conclude lower capital demands made lenders more competitive. "Well-capitalised banks are much better at taking lending decisions," he told Reuters.
          The BoE last month cut its headline estimate of system-wide bank capital needs by 1 percentage point to 13%, the first move downwards since the financial crisis, and said it would review the leverage ratio, which sets a minimum level of capital banks must hold relative to their total exposures, regardless of asset risk.
          Analysts described the changes as important but measured.
          In Japan, however, the banking regulator has pushed ahead with implementing the finalised Basel III framework, which went into effect for its three "megabanks" at the end of March 2024. The regulator had previously delayed implementing the rules amid the coronavirus pandemic and war in Ukraine.
          MORE TO IT THAN CAPITAL

          There is more to the debate than the scale of capital requirements.

          In Switzerland, for example, the government wants to toughen the rules on what counts as capital, much to the annoyance of UBS (UBSG.S).
          Then there are country-specific frameworks like Britain's ring-fencing regime that requires banks including Barclays (BARC.L) and HSBC (HSBA.L) to capitalise their retail units separately from their investment banking operations.
          Supervisory enforcement often matters more than headline capital ratios in determining what banks hold, according to economist Enrico Perotti at the University of Amsterdam.
          He said this is particularly true in the U.S., where the latent message under Trump is “to get regulators off the backs of banks”, showing that what mattered today was "less to do with numbers".
          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.
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          Brazil's Exports Hit Record $348.7B, Defying US Tariffs

          Thomas

          Economic

          Daily News

          Remarks of Officials

          Commodity

          Political

          Data Interpretation

          Brazil's export sector achieved a record-breaking performance in 2025, demonstrating remarkable resilience in the face of steep US tariffs by strengthening trade ties with China and other global partners.

          Government data released Tuesday confirmed that total exports for the year climbed to $348.7 billion. This figure marks a 3.5% increase from 2024 and stands as the highest annual total since records began in 1997.

          Navigating US Trade Pressure

          The impressive growth occurred despite a major trade dispute with the United States. In August, President Donald Trump imposed 50% tariffs on key Brazilian products, including beef and coffee. The move was intended to pressure Brazil over the imprisonment of former leader Jair Bolsonaro, who was sentenced to 27 years for plotting a coup following his 2022 election loss.

          In response, President Luiz Inacio Lula da Silva accelerated a strategy to diversify Brazil's export markets. While President Trump has since lifted the levies on most major Brazilian goods after relations improved, the impact of the trade shift is clear. Shipments to the US fell by 6.6% compared to 2024, while exports to China, Brazil's largest trading partner, grew by 6%.

          A Breakdown of Brazil's Economic Engine

          The record export figures were driven by strong performance in key sectors of the Brazilian economy. A year-over-year comparison from January to December 2025 shows a mixed but overall positive picture:

          • Agriculture: Output surged by 7.1%.

          • Manufacturing: Activity expanded by a solid 3.8%.

          • Extractive Industry: Production contracted slightly by 0.7%.

          For the second consecutive year, oil was Brazil's single most valuable export, representing 12.8% of all shipments. This export boom, a hallmark of Lula's return to office in 2023, has provided a critical boost to an economy grappling with high interest rates.

          Future Outlook: New Deals and New Challenges

          Looking ahead, Brazil's Trade Ministry projects that exports in 2026 will total between $340 billion and $380 billion, with the trade surplus expected to land between $70 billion and $90 billion.

          However, new challenges are emerging. In late December, China introduced quotas on foreign beef imports to protect its domestic farmers. This is a significant development for Brazil, the world's largest beef producer, as China purchases nearly half of its beef exports. The Brazilian government has announced it will open negotiations with Beijing to address the issue.

          At the same time, President Lula continues to pursue new trade avenues beyond the world's two largest economies. Efforts are focused on fast-growing Southeast Asian nations like Indonesia and fellow BRICS member India.

          Furthermore, a long-sought free trade agreement between the European Union and Mercosur—the South American trade bloc founded by Brazil, Argentina, Paraguay, and Uruguay—appears closer than ever. After more than 25 years of negotiations, Italy is expected to support the pact, potentially allowing the deal to be signed on January 12. Meanwhile, talks with the US are ongoing to secure the full removal of all remaining tariffs.

          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.
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          DeepSeek blew up markets a year ago. Why hasn’t it done so since?

          Adam

          Economic

          Nearly a year ago, DeepSeek shook the AI world.
          Stocks of some of the leading Western tech companies plunged as the markets hit panic mode at the prospect of a new model from a relatively unheard of Chinese AI lab that challenged the premise of U.S. dominance in the space.
          Nvidia plummeted 17%, losing close to $600 billion from its market cap. U.S. chipmaker Broadcom also fell 17%, and ASML dropped 7% in a single day.
          Eleven months on, and those companies have not just recovered but continued to grow. Nvidia became the first company to hit a $5 trillion valuation in October, Broadcom’s shares rose 49% across 2025, with ASML’s stock increasing 36%.
          “January [DeepSeek] (R1) caused a broad, visible repricing because it changed global beliefs about frontier-model cost curves and China’s competitiveness, and it did so in a way that hit the semiconductor and hyperscaler narrative directly,” Haritha Khandabattu, senior director analyst at Gartner told CNBC.
          Since then, DeepSeek has released seven new model updates. None have caused the kind of waves seen in January. So why haven’t the markets reacted?
          Shock factor
          Founded in 2023, DeepSeek released a free, open-source large language model (LLM) in late 2024, called V3, which it said was trained with less powerful chips and at a fraction of the cost of models built by the likes of OpenAI and Google.
          Weeks later, in January 2025 it released a reasoning model, R1, that hit similar benchmarks or outperformed many of the world’s leading LLMs.
          The Chinese AI lab’s January release “really surprised the market,” Alex Platt, senior analyst at investment firm D.A. Davidson, told CNBC. “The narrative [at the time] was that China was 9 to 12 months behind the U.S.”
          The promise of a model achieving similar results to the most advanced systems, but using less compute, raised concerns in the market that the demand for AI infrastructure would be impacted, and revenue for firms like Nvidia would be hit, Brian Colello, senior equity analyst at Morningstar, told CNBC.
          “Instead, we saw no slowdown in spending in 2025, and as we look ahead, we foresee an acceleration of spending in 2026 and beyond.”
          There’s also the type of releases DeepSeek has made since January, all of which have been updates to the V3 and R1 models as opposed to entirely new models.
          While DeepSeek’s more recent model releases are “credible step changes” in efficiency and capability, the market has viewed them as a “continuation and consolidation rather than a new shockwave,” Khandabattu said.
          Limited compute
          Part of the reason DeepSeek hasn’t released a new model is likely due to limited compute, analysts told CNBC.
          “Compute has been a large bottleneck,” said Platt. “You can only do so much algorithmic research and find so many architectural ingenuities.”
          The AI company delayed the release of its R2 model, which was initially planned for May, because of challenges training it on homegrown Huawei chips, the Financial Times reported in August.
          Chinese authorities had encouraged DeepSeek to use the processors as it looked to reduce reliance on U.S. alternatives in the face of export controls on Nvidia’s most powerful chips, the publication said. DeepSeek has been approached for comment on the report.
          “China’s been constrained in the amount of computing power it’s been able to access over the last couple of years, in large part because of U.S. restrictions on the sale of chips,” Chris Miller, author of “Chip War,” told CNBC.
          “If you want to build advanced models, you need access to advanced compute.”
          DeepSeek said in a research paper it released earlier this month that it acknowledges “certain limitations when compared to frontier closed-source models” such as Gemini 3, including compute resources.
          Markets have also been reassured of continued U.S. leadership in the AI space by new advanced model releases from frontier labs in the West.
          In August, OpenAI unveiled GPT-5, Anthropic released Claude Opus 4.5, and Google launched Gemini 3 in November.
          “The competition between these providers is intense with rapid model releases and incremental improvement in capabilities,” Gartner Analyst Arun Chandrasekaran told CNBC. “As a result, fears of a sudden commoditization shock have eased.”
          But there are signs DeepSeek is gearing up for a more significant model release in the coming months. On New Year’s eve the company published a paper detailing a more efficient way of developing AI models.
          Wedbush Securities’ Dan Ives thinks there are more shocks in the market to come. “Some of these moments that we’ve seen, we’ll continue to see next year,” he told CNBC.
          “There’ll be another DeepSeek.”

          Source: cnbc

          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.
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