WTI Slides On Biggest Crude Build In A Year, Production Rebound; But...

Oil prices continued their recent rally this morning as traders hiked its risk premium as Israeli PM Netanyahu arrived in Washington to pressure President Trump to take a hard line in talks with Iran, even as the API report overnight showed a huge rise in US inventories last week.

"Oil trades firmer, with Brent back above USD 69 as Middle East tensions sustain a modest risk premium. The US signaled it is considering seizing tankers carrying Iranian oil, while President Trump threatened to deploy another aircraft carrier should nuclear talks with Iran fail," Saxo Bank noted.

The threats of violence in the Persian Gulf - a region that supplies about a fifth of the world's daily oil consumption - comes even as signs supply remains well ahead of demand.

"While rhetoric remains belligerent at times, there are no signs, at least for now, of escalation, and the U.S. President believes that Iran will ultimately want to strike a deal on its nuclear missile programme," PVM Oil Associates analyst Tamas Varga said in a note.

If API's huge build is confirmed by the official data, the battle between geopolitical risk premia and over-supply gets harder (but admittedly this is very much affected by the freezing storms).

Expect another volatile week of EIA data with “significant winter freeze noise,” Macquarie energy strategist Walt Chancellor said referring to last month’s storm.

API

• Crude +13.4mm

• Cushing

• Gasoline +3.3mm

• Distillates -2.0mm

DOE

• Crude +8.53mm (-400k exp) - biggest build since Jan 2025

• Cushing +1.07mm

• Gasoline +1.16mm

• Distillates -2.70mm

The official data confirmed a large crude build (largest since Jan 2025), but smaller than feared from API. Gasoline stocks rose for the 13th straight week while Distillates saw stocks fall for the second week...

Source: Bloomberg

This build pushed total crude stocks up to their highest since June...

Source: Bloomberg

Stockpiles at Cushing, Oklahoma, rose to 25.1 million barrels, the highest level since April 2025. The weekly build is the largest in almost a month, and the first increase on inventories since the week ending Jan. 16. 

US Crude production rebounded as expected from its winter storm plunge...

Source: Bloomberg

Crude prices started giving some back before the inventory data as stocks tumbled following the 'good' jobs news. However, WTI remains higher on the day (back near its highest since January)...

Source: Bloomberg

Finally, in its monthly Short-Term Energy Outlook released Tuesday, The EIA again warned global inventories will rise this year and next on high output from OPEC+ and producers in the Americas.

"Despite near-term tightness from disruptions, we assess that strong global oil production growth will continue to outpace oil consumption over our forecast, driving our assessment that global oil inventories will increase. We expect this trend to continue in both 2026 and 2027. We forecast that global oil inventory builds will average 3.1 million b/d in 2026, compared with an average build of 2.7 million b/d in 2025, before decreasing to average of 2.7 million b/d in 2027," the agency said.

In the wider market, OPEC left its supply-demand expectations for the oil market largely unchanged in its monthly report, but highlighted that global oil demand for the wider group's crude will drop by 400,000 bpd in the second quarter compared to the first.

Tyler Durden Wed, 02/11/2026 - 10:35

Bibi Seeks US Muscular Action On Iran In Seventh Meeting With Trump

"I am now leaving for the United States for my seventh trip to meet with President Trump since he was elected for a second term," Prime Minister Benjamin Netanyahu said prior to his departure to Washington. "This, of course, does not include his unforgettable visit to Israel and his speech in the Knesset." (Seven since Trump took office again!)

He and President Trump are expected to begin their meeting at the White House, focused on Iran negotiations and the possibility of military action, by late-morning (11 eastern). Netanyahu's 'welcome' in D.C. last night raised some eyebrows, given an entire major freeway into the beltway area was shut down for security reasons...

They are literally shutting down highways for Netanyahu’s arrival in DC

pic.twitter.com/94YbO5Cy2t

— Drew Hernandez (@DrewHLive) February 11, 2026

Before leaving Israel, Netanyahu told reporters that Iran is the "first and foremost" issue he will raise with Trump. He was originally scheduled to travel to the US for a February 18 meeting, but Israel asked to move it up after the US-Iran talks in Oman.

"I will present the president with our views regarding the essential principles of the negotiations – principles that, in our eyes, are vital not only for Israel but for anyone in the world who desires peace and security in the Middle East," the Israeli leader previewed.

Israel is pressing the US to require that any agreement with Iran include zero nuclear enrichment and limits on its ballistic missile program. Iranian officials have rejected those terms, signaling they would block any deal. On Tuesday, Trump indicated that Iran's missiles should be part of the agreement. 

But if Tehran were to agree with this it would essentially be self-destructing, as it would have no deterrent and be defenseless against any future Israeli attack - or any other enemy aggression for that matter.

One Israeli source told CNN that Tel Aviv is "worried about Iran’s progress in restoring its ballistic missile stockpiles and capabilities to its status before the 12-Day War."

Iranian leaders are meanwhile fully aware of what Netanyahu's D.C. trip represents, and the timing:

Tehran, which resumed talks with Washington last week in Oman, warned Monday of "destructive influences" on diplomacy ahead of the Israeli premier’s visit.

On Wednesday, Iranian president Masoud Pezeshkian said his country would "not yield to excessive demands" on its nuclear program, though he said the country is not seeking an atomic weapon.

Just after Netanyahu's arrival Tuesday evening, he met with US Middle East envoy Steve Witkoff and White House senior adviser Jared Kushner to discuss "regional issues". He was also briefed on how Oman-mediated talks are going, ahead of the proposed second round expected next week.

Tuesday evening meeting at Blair House, via GPO/JNS

President Trump is still threatening to send a second carrier group to the Central Command (CENTCOM) area, which would be a clear signal he intends major military action. He could still order some kind of limited action, also as Congress is once again missing in action on reigning in war powers.

Tyler Durden Wed, 02/11/2026 - 09:25

'Across-The-Board' Strong Jobs Report... But Take It "With A Grain Of Salt"

Via Academy Securities' Peter Tchir,

There is almost nothing to nitpick about this report (though we do have some caveats).

Big beat on jobs 130k vs 65k expected. Private jobs crushed it, adding 172k (yes, public sector jobs shrank).

Downward revision for prior 2 reports was “only” -17k.

The benchmark revisions were -862k.

A big number but -825k was baked in, so kind of a rounding error at this stage on “old” data.

Unemployment rate dropped to 4.3%.

Not only did the household survey add 528k jobs, but we got this drop even while labor participation INCREASED to 62.5% - a very healthy shift in unemployment.

The birth/death model showed job losses of 69k.

Since I do think birth/death had an outsized influence on the revisions it is good to see a negative number here. It gives me more confidence in the print.

What is there to complain about?

• NSA (not seasonally adjusted) had a drop of 2,649,000 jobs.

  • We have been complaining (for years) that the seasonal adjustments have a lot of issues and this year’s might be worse than usual in that respect

  • We still add a lot of jobs in winter and take them away in summer, because that is how the weather worked (slowing in the Northeast), but we no longer believe that is accurate as so much construction has moved to the South.

  • It adds back a lot of jobs that were added for the holidays. It is unclear how many jobs were really added for the holidays. It does not help that the government shutdown(s) has made the data even less reliable than usual.

• In 2025 the largest downward revision was in February where they took away 167k from the prior 2 reports.

These two factors are why I will take this payroll data with a “grain of salt”.

The market has immediately priced in a more hawkish Fed with rate-cut expectations tumbling.

Tyler Durden Wed, 02/11/2026 - 09:12

AI 'Disruption' Fears Go Global: France's Dassault Crashes Most On Record After 'Weak Guide'

Dassault Systemes, which Nvidia has recently described as being at the epicenter of the "next frontier of artificial intelligence," suffered its largest intraday decline on record in Paris trading after issuing weaker-than-expected guidance. The miss reinforced the latest market narrative that some software firms are vulnerable to AI-driven disruption, a fear that has crushed software stocks in recent weeks.

Paris-based Dassault reported unaudited estimated financial results for the fourth quarter and guidance for the new year.

The focus among traders was on the company's guidance for 2026 sales growth of 3% to 5%, well below the 5.9% consensus among Wall Street analysts tracked by Bloomberg. The downgraded outlook was attributed to a softening automotive sector and shrinking life sciences activity.

Dassault also disclosed its annual run rate for the first time, a financial metric used in the software industry, but said growth was about 6% since the fourth quarter of 2023.

"In a software industry that has been accelerating to subscription/ recurring revenues, this is likely to be seen as underwhelming," Jefferies analyst Charles Brennan wrote in a note.

UBS analyst Michael Briest flagged in a note what he characterized as a "weak finish and a weak guide" for the software company.

Briest wrote:

How did the results compare vs expectations?

A: Q4 revenues of €1,682m (cons. €1,750m) grew by 1.2% c/c (guidance 1-8%) and just 0.6% organically to €1,682m, with a weak Auto sector in Europe called out. Within this, total Software was flat at €1,523m (guidance 1-8%) with licences down 7% y/y to €358m and at the lower-end of guidance for (13)-9%, while recurring software grew by just 3% to €1,165m (guidance: +5-8%) with subscription up just 4% (guidance 8-12%) and support 2%. Q4 cloud revenues grew by 9% (Q3 25: +8%) but were up 38% for 3DX as Life Sciences fell by 4% y/y with Medidata impacted by lower study volumes. For the year, Medidata reported 1% growth in Direct Enterprise sales (70% of the total) - and would have been +6% excl. Moderna - but CRO volumes (30% of the total) fell by 5%. Q4's EBIT of €622m/37.0% was 5% below cons. of €652m/37.3% and light of guidance for 37.2-38.0%.

What were the most noteworthy areas in the results?

A: While Asia grew by 6% and the Americas 3%, Europe declined by 5% y/y in Q4. Life Sciences fell by 4% y/y (Q3: -3%). Mainstream 3D grew by 1% (Q3: +4%) despite "good growth" at Solidworks as CentricPLM weighed. 3DExperience revenues fell by 3% y/y (Q3: +16%). FCF for the year grew by 2% to €1,380m but would have been 5% excl. French tax effects albeit overall taxes paid were €32m lower y/y and DSOs rose to 117 vs 109 last year. Contract liabilities movements were also a slight outflow in the year we note. Headcount was down 0.2% y/y at 25,967. In a new KPI, ARR grew 6% y/y to €4,497 in Q4.

Has the company's outlook/guidance changed?

A: 2026 guidance is introduced for 3-5% c/c growth to €6,410m revenues at the high-end (VA cons. +5.8% to €6,561m) and assumes a $1.18 FX rate. This includes Software at 3-5% (cons. +5.5% c/c) and licences at (1)-2% (FY25: -6%). A margin of 32.2-32.6% is expected vs cons. at 32.7% and FY25's 32.0%. EPS should grow just 3-6% c/c to €1.30-1.34 (cons. €1.37). For Q1, total sales are expected to grow 1-5% to €1,541m at the high end (cons. €1,590m), with total software growing 1-5% (Q1 25: +5%), including licences at 0-8% y/y (Q1 25: -10%). Guidance is for a Q1 margin of 29.2-30.7% (cons. 31.9%). DS talks of "aligning the organisation to focus" on execution and a CMD is planned in November. Having set a goal to grow at least 7%pa from 2024-29, the guidance means DS now needs to grow 8.2-8.9% in 2027-29.

Via the UBS analyst: Figure 1: Dassault Q4 25 results summary (€m)

Shares in Paris posted their steepest decline on record, plunging 22%. The bull market peaked in 2021, and the liquidation phase has been ongoing since 2024. The next technical level to watch is the 76.4% Fibonacci retracement, around 15 euros. 

Traders are sorting "AI winners vs. losers," pressuring companies seen as highly exposed, including peers such as Autodesk and Synopsys.

Dassault creates "virtual twins" using Nvidia models of complex machines, a field increasingly threatened by other AI "world models" that help systems navigate the physical world.

Software valuations have crashed.

But as we note in recent trading sessions:

• Software Pops, Financials Flop As 'Bad' Data Sparks Bond Bid, Rate-Cut Hopes

• 'Off The Charts': Retail Is Buying-The-Dip In Software Stocks Like Never Before

Our Market Ear technicians say:

• Everybody Hates Software — And That's the Setup 

"Our vision is built on decades of industrial and scientific knowledge and know-how, and we are now building the capabilities to turn that vision into reality," CEO Pascal Daloz said in a statement, adding, "True transformation takes time, for our customers and for ourselves."

Tyler Durden Wed, 02/11/2026 - 09:00

Electricity Demand Is Surging, The Grid Isn't Ready: IEA

By Tsvetana Paraskova of OilPrice.com

• International Energy Agency says global electricity demand is growing at its fastest pace in 15 years, set to rise more than 3.5% annually through 2030.

• While renewables, nuclear, and natural gas are expanding rapidly, grid infrastructure is becoming the key bottleneck, with over 2,500 GW of power and load projects stuck in connection queues worldwide.

• Grid investment must rise about 50% above current levels to keep pace, with BloombergNEF and Goldman Sachs warning that persistent grid constraints could trigger power shortages and even undermine the U.S. position in the global AI race

Global electricity demand is rising at the fastest pace in 15 years and will continue to do so at least until the end of the decade as AI infrastructure, advanced manufacturing, and electrification have ushered in The Age of Electricity, the International Energy Agency (IEA) says.

Global power demand is expected to grow by more than 3.5% per year on average through the end of the decade, the agency said in its new Electricity 2026 report.

Renewables, nuclear, and natural gas are the big winners of the electricity demand boom, but the rise in all these power-generating sources would not mean anything if they struggle to connect to the grid.

Power Demand Surge

Global electricity demand increased by 3% annually in 2025, following growth of 4.4% in 2024, the IEA said in the report.

Between 2026 and 2030, the annual average growth rate would be 3.6%, driven by higher consumption from industry, electric vehicles (EVs), air conditioning, and data centers, according to the agency.

While emerging economies, including China, India, and the Southeast Asian region, will drive 80% of the additional power demand by 2030, advanced economies see growth in electricity demand after 15 years of stagnation, the IEA said. Artificial intelligence, data centers, and advanced manufacturing support the return to growth in power demand in advanced economies.

U.S. electricity demand rose by 2.1% in 2025 and is expected to grow by nearly 2% annually through 2030. The rapid expansion of data centers will drive half of the increase, the agency noted.

EU demand is forecast to increase by around 2% per year through 2030, and many other advanced economies – such as Australia, Canada, Japan, and South Korea – are also expected to see faster electricity demand growth through 2030.

Grid Investment Lagging Behind Power Generation Boom

As demand grows, developers of new capacity, especially renewables and natural gas, face constraints in connecting to the grids. Regional and country-specific trends are not the same, but the need for rapid and efficient expansion of grids is a pressing global issue. Without increased system flexibility and rapid grid expansion, the Age of Electricity could roll out slower than expected.

Today, global investments in grids are about $400 billion per year. If the world is to meet the expected growth in power demand through 2030, it would need to boost annual grid investment by about 50% from $400 billion, according to the IEA.

The Age of Electricity will also need “a significant scaling up of grid-related supply chains,” the IEA said.

Currently, more than 2,500 gigawatts (GW) worth of projects – renewables, storage, and projects with large loads such as data centers – are stalled in connection queues worldwide.

A total of 1,600 GW of queued projects could be integrated in the near term through grid-enhancing technologies and regulatory reforms that enable more flexible grid connections and usage, the agency reckons.

But increased flexibility and grid expansion need more investment than the current spending.

Last year, grid investment was on track to top $470 billion for the first time, up by 16% from 2024, a December analysis from BloombergNEF found.

The U.S. accounted for a quarter of global grid spending with the highest investment level in 2025, at $115 billion. China and the EU/UK followed as other major contributors, each with around 20% of the global sum, according to the report.

However, rising equipment costs compounded by high inflation have started to affect overall spending figures, BNEF said, adding that increased spending “will not fully eliminate ongoing grid-infrastructure bottlenecks, meaning delays to new generation and demand connections are likely to continue in the coming years.”

“We’ve seen that even with increased investment, there are significant barriers to meeting the needs of new generation and power demand on time,” Peter Wall, Head of Grids Research at BloombergNEF, said.

“With data centers and industrial electrification driving sharp increases in power demand, investors need to factor in how essential timely grid expansion is for not only connecting new demand but also connecting all of the generation we will need to ensure a secure and reliable supply to this demand after over a decade of stagnation.”

Additional grid investment is hampered by supply chain and labor constraints, BloombergNEF notes.

In the U.S. specifically, the aging grid infrastructure in key regional U.S. markets cannot cope with all requests, with grid investments lagging behind soaring power demand.

At the current rate of interconnection requests and grid capacity, the U.S. could face a power crunch by 2030, Samantha Dart, Goldman Sachs’ co-head of global commodities research, said at a conference last month.

“We aren’t adding enough capacity,” Dart said in January at the Goldman Sachs Energy, CleanTech and Utilities Conference in Miami.

Nearly all power grids in the U.S. may lack critical spare capacity by the end of the decade. If the issue with grid constraints remains unaddressed, China could pull ahead of the U.S. in the AI race, Dart noted.

Tyler Durden Wed, 02/11/2026 - 08:40

Futures Rise Ahead Of Today's Delayed Jobs Report

  

US equity futures are flat ahead of today's delayed January payrolls (full preview here) with the market now expecting a weaker print after the Retail Sales miss and weaker high-frequency data. As of 8:00am ET, S&P and Nasdaq 100 futures are both up 0.1%. Pre-market, Mag7 names are mostly lower; Discretionary, Energy, Industrials and Materials are all higher pointing to a potential broad-based cyclical rally while TMT is muted; AI ex-Mag7 is seeing a bid. JPMorgan’s trading desk expects the delayed January data to give a small boost to stocks — something much-needed amid the indiscriminate selling of those on the wrong side of AI. International markets are mixed with trends similar – Japan closed, KOSPI strong up 100bps, HSI not far behind up 30bps. Europe more flat to down with CAC down 13bps and DAX off 24bps. Australia leads the downside off 172bps. 10 TSY yields are at lows 4.13%, while the USD is weaker for the 4th consecutive session, the DXY down below $97 to $96.58 and Bitcoin trades down to $67k. FT reports Ukraine planning presidential elections and a referendum on any peace deal, potentially by mid-May, under US pressure. Timing uncertain given Donbas, Zaporizhzhia and escalation risks. China CPI soft +0.2% vs. 0.4%. Commodities moving higher this morning led by silver but Comex copper back above $6 to $6.07 up 3%, crude quietly moving up with WTI at $65. Today’s macro data focus is on the NFP release but watch the drop in Mortgage Approvals given the strength of the recent Homebuilders bid. McDonald’s and Cisco are due to report.

In premarket trading, Mag 7 stocks are mixed (Nvidia +0.6%, Amazon +0.2%, Microsoft +0.2%, Alphabet +0.07%, Apple -0.04%, Meta -0.4%, Tesla -0.2%)

• Astera Labs (ALAB) falls 11% after the semiconductor manufacturing company reported its fourth-quarter results. It also announced that its chief financial officer would retire.
• Beta Technologies (BETA) climbs 18% after Amazon.com Inc. disclosed a stake in the electric-powered aircraft manufacturer.
• Centrus Energy (LEU) falls 8% after the uranium company’s fourth-quarter earnings per share fell short of analyst estimates, with Citi pointing to higher-than-expected capex spending.
• Cloudflare (NET) gains 14% after the software company’s fourth-quarter results beat expectations and it gave a bullish revenue forecast.
• Humana (HUM) falls 6% after forecasting full-year profit that fell short of Wall Street’s expectations, adding to investor concerns about the challenges facing the US health-insurance industry.
• Kraft Heinz (KHC) falls 6% after pausing work on its planned separation as new Chief Executive Officer Steve Cahillane works to improve results.
• Lattice Semiconductor (LSCC) rises 11% after the semiconductor device company gave a first-quarter revenue forecast that was much stronger than expected.
• Lyft (LYFT) falls 17% after issuing a disappointing forecast that missed Wall Street expectations, a sign that its global expansion and new product offerings are not performing as quickly and as well as anticipated.
• Mattel (MAT) slumps 26% after the toymaker’s 2026 adjusted earnings-per-share forecast missed the average analyst estimate, triggering a downgrade at JPMorgan.
• Moderna (MRNA) falls 10% after US regulators refused to review its novel mRNA flu vaccine, dealing a major blow to the company as it seeks to expand beyond its Covid shot.
• Rapid7 (RPD) falls 22% after the software company’s outlook was seen as disappointing. Analysts cited weakness in annual recurring revenue as a concern.
• Robinhood (HOOD) declines 7% after the fintech company reported net revenue for the fourth quarter that missed the average analyst estimate.
• Teradata (TDC) gains 15% after the database management company reported fourth-quarter results that beat expectations and gave an outlook for adjusted earnings that is stronger than expected.
• Vertiv Holdings (VRT) rises 13% after the power equipment company forecast adjusted earnings per share for the first quarter; the guidance beat the average analyst estimate.

 

January’s payrolls report (full preview here) is due after several Trump admin officials, including National Economic Council Director Kevin Hassett and Peter Navarro, recently warned that investors should expect lower jobs numbers going forward. Analysts are also anticipating an annual revision to the jobs count, which is expected to reveal a huge markdown in the year through March 2025, to the tune of 750-900K jobs. Bloomberg’s consensus is for 65k job additions in January vs 50k in December, with a crowd-sourced whisper number of 35k, while scenarios laid out by JPMorgan Market Intelligence suggest a sweet spot between 60k and 110k to boost stocks. With the job market in the midst of a “low-hire, low-fire” environment, expectations are low, which could act as a potential catalyst for equities.

JPMorgan strategists also note that the S&P 500 options market is underpricing payrolls compared to historical swings, with past moves nearly double what is currently being priced. Meanwhile, interest-rate traders are betting on two or three Fed rate cuts this year, becoming slightly more conservative than the dovish bets seen after Warsh’s nomination earlier in the month.

“We’re still in this sort of, not-really-hiring, not-really-firing mode. But we haven’t seen a clear breakout in either direction,” said Graham Secker, head of equity strategy at Pictet Wealth Management. “Everyone’s very aware of the kind of the K-shape dynamic within the US economy, and the US consumer in particular.”

For Nicolas Bickel, group head of investment private banking at Edmond de Rothschild, the jobs report and Friday’s inflation data will offer insight into the impact of January’s extreme weather. A strong jobs report would instill confidence in the consumer outlook and help fuel a broadening of the stock rally.

“I really like that rotation personally, because it’s for me the lifeblood of a bull market,” Bickel said. Investors “are just choosing another horse, and means that they have money to be invested, or are confident in the economy.”

The selloff in software stocks has been overblown, creating buying opportunities for investors, according to Nannette Hechler-Fayd’Herbe, head of investment strategy for EMEA at Lombard Odier.

“There have been a lot of concerns that AI might be disrupting software companies, but we have held the view that actually, it is empowering them, it is shortening the time for coding, it is enabling efficiencies of workflows,” she told Bloomberg TV. “For us it’s actually been an opportunity to take exposure.”

In other assets, Bitcoin fell to its lowest level since last Friday’s selloff, despite support from its largest holders, so-called whale wallets, in their biggest buying spree since November. The dollar also fell for a fourth straight day. In Europe, shares in software firms and wealth managers continued to slide on AI disruption fears.

In politics, House lawmakers are set to vote today on whether to reject some of Trump’s tariff policies, starting with a resolution opposing levies on Canada. Trump is expected to unveil plans to use government funding and Pentagon contracts to sustain coal-fired power plants.

A quick look at earnings: Out of the 326 S&P 500 companies that have reported so far in the earnings season, 78% have managed to beat analyst forecasts, while 17% have missed. T-Mobile, Shopify and Kraft Heinz are among companies expected to report before the market open. T-Mobile’s new CEO is likely to maintain a strategy of promoting aggressively to sustain industry-leading postpaid phone net additions and service growth, according to Bloomberg Intelligence. Earnings from Cisco and McDonald’s follow later.

Stocks in Europe are mixed, the Stoxx 600 is up 0.1%. The FTSE 100 outperforms peers, boosted by energy and materials stocks. European wealth managers tracked their US peers lower amid fears over the disruptive impact of a new AI tool designed to create tax strategies. St James’s Place Plc slumped 12% in London, while investment platforms such as AJ Bell Plc and IntegraFin Holdings Plc were sliding as well. Weak guidance by Dassault Systemes SE played into fears that the French software firm may be vulnerable to AI, sending the stock lower by the most in three decades. Here are some of the biggest movers on Wednesday:

• Ahold Delhaize shares gain as much as 9.9%, the most since 2020, as the Dutch retail store operator reported margin beats across the board.
• Siemens Energy shares rally as much as 6.5% to its highest intraday level on record after first-quarter earnings surpassed the average analyst estimate, driven by strong order growth in gas turbines.
• Heineken shares rise as much as 5.5%, the most in nearly a year, after the Dutch brewer exited 2025 with what analysts consider an uptick in momentum, boosted by a cost-saving program that sees it cut up to 6,000 jobs.
• Renishaw shares rise as much as 6.4%, the most in five months, as the engineering firm’s order book grows.
• B&M shares climb as much as 5.4% after Peel Hunt upgraded its recommendation on the discount retailer, arguing that the shares appear undervalued given the prospects for stronger sales and earnings.
• Gerresheimer shares plunge as much as 35%, hitting their lowest level since 2009, after the German maker of packaging for medicines and cosmetics delayed the publication of its 2025 earnings.
• Dassault Systemes shares sink as much as 22% the most on record, after the software company gave a weaker-than-expected sales growth guidance for 2026, on top of 4Q results that missed estimates.
• St James’s Place shares fall as much as 11%, the most in nearly two years, leading a drop in European wealth managers over worries that artificial intelligence will disrupt their businesses.
• Randstad shares fall as much as 9.3%, touching the lowest level since March 2020, after the staffing and HR services provider reported organic revenue for the fourth quarter that missed the average analyst estimate.
• Barratt Redrow shares fall as much as 8.4%, the most since July, as pressure increases on the UK homebuilder’s margins.

Earlier in the session, Asian equities climbed to a fresh record, led by technology shares, as investors continued to rotate away from US assets amid a weaker dollar. The MSCI Asia Pacific ex-Japan Index rose as much as 1.3%, set for a third straight daily gain. TSMC, Commonwealth Bank of Australia and Samsung Electronics were among the major contributors. Benchmarks in South Korea, Hong Kong and Australia advanced, while those in mainland China slipped. Japanese markets were shut for a holiday. The strength in Asia’s technology shares and weakness in the greenback continue to drive investors into the developing world. The 30-day correlation between the dollar and MSCI Asia is minus 0.5, around the most severe level since April, Bloomberg-compiled data show.  Bucking the trend, SK Hynix was among the major drags on the index following a report China’s CXMT plans to allocate a chunk of its DRAM capacity to produce superfast HBM3 chips that are used in AI. Samsung reversed earlier losses after a top executive said that the company is back at the top of the memory industry with its new HBM4 technology.  Taiwan’s benchmark Taiex index jumped 1.6% to an all-time high on its last trading day before Lunar New Year holiday. Tech optimism rose after TSMC’s solid January sales data showed a sign of sustained global AI spending. The island’s stock market will resume trading from Feb. 23. 

In FX, the yen has continued its climb against the dollar with USD/JPY briefly slipping below the 153 level. Accordingly the Bloomberg Dollar index is down 0.3%, also hampered by gains in NOK and AUD, with the latter bolstered by hawkish RBA remarks.

In rates, treasury yields are slightly lower on the day ahead of the rescheduled January employment report at 8:30am New York time. Overnight trading bands were narrow amid similarly muted price action European bonds, while S&P 500 futures hold small gain. US session also includes new-issue 10-year note auction for $42 billion, following good demand for 3-year notes Tuesday. US intermediate yields are richer by about 1bp with 10-year steady around 4.135% and curve spreads within 1bp of Tuesday’s close. German and UK peers are equally contained. For the 1pm auction, 10-year notes have when-issued yield near 4.142%, about 3bp richer than last month’s sale, a second and final reopening that stopped through by 0.7bp. IG dollar issuance slate empty so far. Eight names priced $11.3b Tuesday, led by Walt Disney Co. and pharmaceutical distributor Cencora’s multi—tranche trades. Issuers paid about 2bps in new issue concessions on deals that were 4.3 times covered

In commodities, metals prices are broadly firmer, with spot gold and silver up 1.4% and 6.2% respectively. Oil futures have continued to rise amid tensions in the Middle East. Bitcoin has extended this week’s declines, down 2.9%. Nickel has also been boosted by Indonesian output curbs.  Gold hovered above $5,000 an ounce. Bitcoin slid under $67,000, with last week’s reprieve proving short-lived and highlighting investors’ lack of confidence in a sustained recovery.

Today's calendar includes the nonfarm payrolls for January are due at 8.30 a.m., followed by Fed budget balance at 2 p.m. Fed’s Bowman (10:15am), Schmid (10:00am) and Hammack (4pm) are scheduled to speak at events.

Market Snapshot

• S&P 500 mini little changed
• Nasdaq 100 mini -0.2%
• Russell 2000 mini little changed
• Stoxx Europe 600 -0.2%
• DAX -0.3%
• CAC 40 -0.5%
• 10-year Treasury yield -1 basis point at 4.13%
• VIX +0.5 points at 18.26
• Bloomberg Dollar Index -0.3% at 1179.03
• euro +0.2% at $1.1917
• WTI crude +1.3% at $64.8/barrel

Top Overnight News

• Top White House officials have started trying to downplay a highly anticipated jobs report set for release on Wednesday, insisting that the US economy remains strong even if the data may ultimately show a fresh slowdown in hiring. WSJ  
• Negotiations between US Democrats and the White House are ongoing, but right now, a deal on a stopgap funding measure seems unlikely: Punchbowl 
• Iran wants to make a deal with the US, Donald Trump told Fox. On the Fed, the president reiterated his call for lower rates, saying employment numbers are “really good.” BBG
• House lawmakers are set to vote today on whether to reject some of Trump’s tariff policies, starting with a resolution opposing levies on Canada. BBG
• The White House revised its fact sheet on the US-India trade agreement to adjust language around agricultural goods, adding to confusion about the deal already raised by farmer groups. BBG
• Ukraine has begun planning presidential elections alongside a referendum on any peace deal with Russia, after the Trump administration pressed Kyiv to hold both votes by May 15 or risk losing proposed US security guarantees. FT
• China’s consumer inflation eased at the start of 2026 after reaching a near three-year high in December, as food prices declined. China’s PPI for Jan came in at -1.4% (vs. the Street -1.5% and down from -1.9% in Dec) while the CPI was +0.2% (down from +0.8% in Dec and below the Street’s +0.4% forecast). WSJ
• Euro-area wage growth is poised to pick up in the second half, ECB predictions showed, supporting officials’ view that interest rates can remain steady. BBG
• The Reserve Bank of Australia sees the country’s inflation rate as too high and will take all necessary measures to bring it under control, a top central bank official said. WSJ
• China’s latest call to curb Treasuries in its holdings is stoking fear that Trump’s unpredictable policies may encourage traditional lenders like Europe and Japan to follow in its footsteps. BBG

Trade/Tariffs

• China is reportedly considering probing wine from France; could consider launching anti-dumping duty to French wine, and potentially take counter measures against the EU if it adopt duties.
• China plans to extend import VAT breaks on cancer and rare disease drugs until the end of 2027.
• White House revised Fact Sheet on US-India trade deal with reference to pulses dropped and it changed the wording around India's proposed USD 500bln purchase from a firm "commitment" to an "intent".
• US House Speaker Johnson fails in an effort to block votes on measures to rescind Trump’s tariff policies, according to CNN's Manu Raju.
• US Treasury Secretary Bessent said US-China ties are stable but competitive, aiming for fair competition and de-risking, not decoupling, while he adds China must rebalance amid persistent USD 1tln trade imbalance.

A more detailed look at global markets courtesy of Newsquawk

APAC stocks traded higher but with some of the gains in the region capped after the weak handover from the US and with the NFP report on the horizon, while participants also digested earnings and data in thinned conditions, with Japanese markets shut for a holiday. ASX 200 outperformed with the index led higher by the top-weighted financial sector after shares in Australia's largest lender and company by market cap, CBA, rallied following a 5% increase in H1 profits. Hang Seng and Shanghai Comp were kept afloat following the PBoC's liquidity operations and recent pledge to continue implementing an appropriately loose monetary policy in its quarterly implementation report. However, the upside was limited as participants also reflected on the mixed Chinese inflation data in which CPI printed softer-than-expected, while PPI was slightly better-than-feared but remained in deep deflationary territory.

Top Asian News

• Goldman Sachs revised its 2026 China PPI forecast to -0.5% Y/Y.
• ByteDance reportedly plans to produce 100k-300k units of AI chips this year, while it is developing the AI chip and is in talks with Samsung (005930 KS) to manufacture it, according to sources.
• Tencent Cloud (0700 HK) partners with Tesla (TSLA) to upgrade its cockpit experience.
• NetEase (9999 HK / NTES) Q4 (USD): EPS 1.58 (exp. 2.03), Revenue 3.90bln (exp. 4.10bln).

European Bourses (STOXX 600 -0.3%) opened mixed, but now display a mostly negative picture (ex-FTSE 100, buoyed by strength in oil/mining names).  Sectors hold a negative bias. Energy and Basic Resources are towards the top of the pile, whilst Tech lags. Movers today include; Siemens Energy (+5%, strong Q1 results), Dassault Systemes (-17%, poor results and weak outlook), Lufthansa (-4%, pilots threaten to strike). Elsewhere, some modest pressure was seen in Pernod Ricard (+0.5%) following reports that China could consider an anti-dumping duty on French wine.

Top European News

• EU's von der Leyen said the EU needs one large, deep and liquid capital market, adding that its currently too fragmented. Completing their own single market also means completing their own energy union, which is crucial when it comes to bringing prices down even further.

FX

• DXY is slightly lower this morning and trades towards the lower end of a 96.49-96.91 range. Focus for the day lies solely on the US NFP report in the afternoon. The delayed January jobs data is expected to show 70k nonfarm payrolls added in the month (vs a prev. 50k; with the range of forecasts between -10k to +108k); the unemployment rate is expected to remain steady at 4.4%. Recent labour metrics are painting a subdued picture for the labour market, and commentary via WH Economic Adviser Hassett also dampened expectations ahead of the report today. Following his remarks, Bloomberg’s NFP whisper number dropped to 37k (prev. 50k).
• JPY remains at the top of the pile, continuing to extend on the recent strength seen following PM Takaichi’s landslide victory. As mentioned in the coverage since the election, there are numerous factors helping buoy the JPY; a) BoJ potentially to normalise faster, b) less friction for Japanese officials to conduct intervention, c) hefty flows to Japanese equities, d) FinMin Katayama suggesting that surplus foreign reserves could help to fund the food tax suspension. USD/JPY briefly dipped below the 153.00 mark, and currently holds within a 152.79-154.51 band. The pair is now approaching the touted rate check/intervention lows seen late Jan (152.09).
• G10s are firmer against the USD to varying degrees. JPY outperforms (mentioned above), whilst the Aussie follows closely behind. AUD/USD has now breached above the 0.70 mark, to now trade at levels not seen since Feb’23. The pair currently trades around 0.7113, and further upside could see a test of the high from 2nd Feb 2023 at 0.7157. Recent strength comes amidst the continued strength in underlying metals prices, and after commentary from RBA’s Hauser. He noted that inflation is too high, which they can't let persist and will do what is needed to bring inflation back to the target band.
• Elsewhere, EUR is slightly firmer and trades around the 1.19 mark, and off recent highs which saw the single currency top 1.2000 in late January. A weak US jobs report could see another bid higher for EUR/USD, which may lead to ECB doves to push for an FX-led rate cut. No move was seen after the ECB Wage Tracker, where the 2026 annual estimate was increased to 2.388% (prev. 2.316%).
• The NOK continues to strengthen against the EUR in the aftermath of Tuesday’s hotter-than-expected Norwegian inflation data; a report which led some banks to push back calls for Spring cuts. EUR/NOK is currently at session lows, in a 11.2638-11.3300 range.

Fixed Income

• In brief, benchmarks are contained into today's NFP report (delayed due to the brief shutdown), which includes benchmark revisions. US labour data during the window has been on the softer side of things, with claims steady, continuing easing, ADP weak and Revelio posting job losses. Furthermore, Challenger cuts were the highest for January since 2009, and JOLTS were at the lowest since September 2020.
• USTs approach this, and then data and Fed speak afterwards, firmer by a tick or two in a thin 112-15 to 112-18 band; note, trade was quiet overnight with no cash trade due to Japan's market holiday. For the Fed, markets currently fully price a cut in June (-25.2bps implied), with around a 20% chance of one occurring earlier in March and c. 40% in April.
• EGBs in-fitting with the above, Bunds firmer but only marginally so in a 128.60-74 band. ECB speak this morning once again sticking to the script. Interestingly, the latest ECB wage tracker was hot across the board and factors in favour of those who think the next move will be a hike rather than a cut. Adding to the hawkish narrative from/affecting some global central banks in recent sessions, i.e. the RBA and Norges Bank.
• Gilts are contained in a 90.71-90 band. UK specifics are much quieter thus far vs the last few sessions, with a busy docket of data scheduled for next week. Much of the UK press is focused on Angela Rayner after it was revealed that a "Rayner for leader" site briefly went live in January; a Bloomberg write-up on the subject characterises the discussion/view of insiders neatly as "Buy Rayner and Sell Streeting".
• Germany sells EUR 750mln vs exp. EUR 1bln 2.90% 2056 and EUR 1.16bln vs exp. EUR 1.5bln 2.50% 2054 Bund.
• UK sells GBP 300mln 4.25% 2049 Gilt via Tender: b/c 4.32x, average yield 5.256%.
• China's Ministry of Finance issues CNY 14 bln of treasury bonds in Hong Kong.
• Australia sold AUD 700mln 3.75% April 2037 bonds, b/c 4.14, avg. yield 4.8342%.
• JPMorgan launches USD 1.5bln tender offer for EA bonds ahead of USD 20bln buyout financing; buyback includes USD 750mln each of 2031 and 2051 maturities, expiring March 11th.

Commodities

• Crude benchmarks have steadily moved higher as the European session gets underway, with traders digesting a report by Axios quoting President Trump saying that he might send a second carrier to strike Iran if talks fail, pushing aside the larger-than-expected US private inventory build. WTI and Brent rebounded from a trough of USD 63.65/bbl and USD 68.49/bbl respectively in the later hours of Tuesday's trading session, and oscillated in a tight c. USD 0.50/bbl range during the APAC session, with WTI nearing USD 65/bbl to the upside.
• Spot gold remains contained in a USD 4965-5086/oz band that has been formed so far this week, ahead of a busy week of tier-1 US data.
• Base metals have been steadily bidding higher with 3M LME Copper reaching USD 13.25k/t. The broad-based move seems to have been driven by nickel prices. Weda Bay, the world's largest nickel mine, has been told by Indonesian authorities to cut its output by 70% in an effort to boost global prices. Indeed, LME nickel futures prices did lift higher following the report, rising from USD 17.75k/t to USD 17.95k/t, but have since pared back slightly.
• Indian state-owned refiners are to consider buying more US and Venezuelan crude after the trade deal with the US, Bloomberg reported.
• SHFE is adjusting the automatic conversion standard for hedging position limits in silver futures. "...starting from the last trading day of February 2026, the hedging transaction position limits for all silver contracts that have not obtained hedging transaction position limits for the near-delivery month will be temporarily adjusted to 0 lots for both buy and sell hedging transactions in the near-delivery month (the month preceding the delivery month and the delivery month itself).".
• Russia to complete building two ice-class LNG tankers in 2026, according to IFX.
• World's biggest nickel mine in Indonesia, Weda Bay, has been told to slash output by 70% to 12mln tonnes, Bloomberg reported.
• Syria taps energy majors to explore for trillions of cubic meters of gas with the state oil chief noting that Chevron (CVX) , ConocoPhillips (COP) and TotalEnergies (TTE FP) and Eni (ENI IM) are interested in exploration, according to FT.
• US Private Energy Inventory Data (bbls): Crude +13.4mln (exp. +0.8mln), Distillates -2.0mln (exp. -1.3mln), Gasoline +3.3mln (exp. -0.4mln), Cushing +1.4mln.
• US issues Venezuela related license authorizing certain transactions necessary to ports and airport operations, also authorising certain activities involving Venezuelan-origin oil.
• Wells Fargo raises its 2026 gold target to USD 6,100-6,300/oz citing geopolitical risks, market volatility, and strong central-bank demand.

Central Banks

• ECB Wage Tracker: 2026 Annual 2.388% (prev. 2.316%).
• ECB’s Makhlouf said uncertainty means the ECB should take a meeting-by-meeting approach.
• RBA Deputy Governor Hauser said Australia's economy is not just 'dig it and ship it', many parts of the economy are doing quite well, adds inflation is too high which they can't let persist and will do what is needed to return it to the band.
• Westpac anticipates RBNZ hiking rates more quickly in 2027.

Geopolitics: Ukraine

• Russia's Kremlin said that the US has prohibited Russia and China from dealing with Venezuelan oil and are looking to discuss with the US about the restriction.
• Russia to complete building two ice-class LNG tankers in 2026, according to IFX.
• Ukrainian President Zelensky plans spring elections alongside a referendum on the peace deal after US push, according to FT.

Geopolitics: Middle East

• Iranian Supreme leader Khamenei's advisor says that Iranian negotiators have no authority to discuss missiles.
• Iran's Foreign Minister Araqchi said the date for the next round of US negotiations have not been set.
• Iranian Foreign Ministry said they are ready to negotiate on the percentage of uranium enrichment and the size of its enriched stockpile.
• Iran's President said that the country is not seeking nuclear weapons and are ready for any kind of verification.
• US President Trump said Iran wants to make a deal and it would be foolish if they didn't.

Geopolitics: Others

• Australia charges two Chinese nationals with foreign interference.
• Taiwan's President Lai said Indo-Pacific nations are raising defense budgets and Taiwan must do the same, while he thanks US for its support of Taiwan's defence.
• UK expands settlement visa for Hong Kongers following Jimmy Lai's sentence.

US Event Calendar

• 7:00 am: United States Feb 6 MBA Mortgage Applications, prior -8.9%
• 8:30 am: United States Jan Change in Nonfarm Payrolls, est. 65k, prior 50k
• 8:30 am: United States Jan Change in Manufact. Payrolls, est. -6.8k, prior -8k
• 8:30 am: United States Jan Unemployment Rate, est. 4.4%, prior 4.4%
• 2:00 pm: United States Jan Federal Budget Balance, est. -94.35b, prior -144.7b
• 10:00 am: United States Fed’s Schmid Speaks on Monetary Policy and Economic Outlook
• 10:15 am: United States Fed’s Bowman in Moderated Conversation
• 4:00 pm: United States Fed’s Hammack Speaks on Leadership at Ohio State University

DB's Jim Reid concludes the overnight wrap

The last 24 hours have seen a modest risk-off move in markets, with the S&P 500 (-0.33%) and STOXX 600 (-0.07%) both falling back. In part, that was thanks to a weak batch of US data, which added a little bit more doubt on the near-term growth outlook, and pushed Treasury yields down across the curve. So in turn, that cemented expectations the Fed would keep cutting rates under a new Chair this year, and the 10yr Treasury yield (-5.9bps) fell back to 4.14%. But matters also weren’t helped by ongoing concerns in the tech space, whilst fresh geopolitical risks around Iran have seen Brent crude oil move up to a 1-week high this morning of $69.17/bbl. To be fair, US equity futures are back up again this morning, with those on the S&P 500 up +0.29%, but so far the index has been unable to get back up to its record high from a couple of weeks ago.

That weak US data was the biggest market driver yesterday, with a succession of prints that all leant on the softer side. Most notably, retail sales were unchanged in December (vs. +0.4% expected), which added to the sense the economy had stumbled into year-end, particularly after last week’s data where job openings were at their weakest since 2020. Meanwhile, the dovish narrative got even more fuel from the latest Employment Cost Index for Q4, which came in at just +0.7%. That’s a measure of labour costs that’s closely followed by the Fed, and it was the weakest it’s been since the current inflation surge got going in Q2 2021. Moreover, with the data coming in a bit weaker than expected, the Atlanta Fed’s GDPNow estimate for Q4 also came down, now showing an annualised growth rate of +3.7%.

Collectively, those releases helped to validate the dovish arguments pushing for more rate cuts this year. So investors priced in more Fed easing in 2026, and there was even a growing sense that Powell might deliver another cut before departing as Chair if the data continued in that direction. For instance, the probability of a cut by the April FOMC (Powell’s last as Chair) was up to 47% by the close. And looking further out, the amount of cuts priced in by December was up +3.3bps on the day to 60bps. In turn, that brought Treasury yields down across the curve, with the 2yr yield (-3.3bps) closing at 3.45%, whilst the 10yr yield (-5.9bps) fell to 4.14%.

That dovish repricing came as Trump continued to call for lower rates, saying in an interview with Fox Business that the US “should have the lowest interest rates in the world”, and that interest rates should be 2 points lower right now. However, commentary from Fed officials was more cautious, with Cleveland Fed President Hammack saying that “we could be on hold for quite some time”, whilst Dallas Fed President Logan said that it would take “further material cooling” in the labour market for more rate cuts to be appropriate.

Over on the geopolitical side, we also had some fresh headlines on Iran yesterday which put upward pressure on oil prices. First, President Trump told Axios in an interview that he was “thinking” about sending a second aircraft carrier strike group to the Middle East, and said that “Either we will make a deal or we will have to do something very tough like last time”. Separately, the WSJ reported that Trump administration officials had considered whether to seize tankers transporting Iranian oil, but have held off because of concerns about retaliation and the oil market impact. So oil prices moved higher after those headlines, and this morning Brent crude is currently around a 1-week high of $69.17/bbl.

Looking forward, US data will stay in the spotlight today, as we’ll get the January jobs report that was delayed from last Friday because of the partial government shutdown. In terms of what to expect, our US economists see nonfarm payrolls coming in at +75k, with the unemployment rate staying at 4.4%. Remember as well that today’s report will include the annual benchmark revisions to payrolls, which could rewrite some of the trends over recent history. We already got the preliminary number in September, which said that payrolls were -911k lower as of March 2025. However, that number can be different from the preliminary release, and last year’s preliminary benchmark revision was -818k but the final number was a smaller -589k, so not as negative as first thought. For more details, click here for our US econ team’s preview and their subsequent webinar.

Ahead of that, US equities fell back, with the S&P 500 (-0.33%) initially on course for a new record before reversing course later in the session. That came amidst a turnaround in software stocks, which were up over 2% in early trading, before paring that back to close just +0.09% higher. That tech drag was seen more broadly, with the Mag 7 (-0.60%) falling back as every member except Tesla lost ground, whilst the small-cap Russell 2000 (-0.34%) performed in-line with large caps as investors grew more cautious ahead of today’s jobs report.
Earlier in Europe, markets had also put in a steady performance, with sovereign bonds rallying after the US data. So that meant yields on 10yr bunds (-3.2bps), OATs (-3.7bps) and BTPs (-3.8bps) all moved lower. And similarly, 10yr gilt yields (-2.1bps) were also subdued as the political uncertainty over Prime Minister Starmer’s position eased back again. Meanwhile for equities, it was a quiet day as well, with the STOXX 600 (-0.07%) modestly declining from its record high the previous day.

Staying on Europe, tomorrow will also see EU leaders gather for a meeting on how to strengthen the single market and reduce their  economic dependencies. They’ll also be joined by former ECB President Mario Draghi, who wrote a report on boosting EU competitiveness back in 2024. Our European economists have a preview of that summit (link here), where they also look at the progress so far in implementing Draghi’s recommendations.

Overnight in Asia, most equity markets have put in a decent performance, with gains for the KOSPI (+0.9%), the Hang Seng (+0.41%) and the Shanghai Comp (+0.20%), although the CSI 300 (-0.08%) is down slightly. Meanwhile in Japan, markets are closed for a public holiday, but futures on the Nikkei (+0.68%) are also pointing higher this morning, with those on the S&P 500 (+0.24%) rising as well. Otherwise, we also have the latest Chinese inflation data overnight, which showed that CPI decelerated by more than expected to +0.2% in January (vs. +0.4% expected). By contrast however, the PPI reading rose by more than expected, with a deflation rate of -1.4% (vs. -1.5% expected). So that’s actually the highest PPI reading in 18 months, even though it’s still in deflationary territory.

Looking at the day ahead, data releases include the US jobs report for January, and Italy’s industrial production for December. Central bank speakers include the Fed’s Schmid, Bowman and Hammack, along with the ECB’s Cipollone and Schnabel.

Tyler Durden Wed, 02/11/2026 - 08:29

MrBeast Buys Gen Z Bank Just Weeks After BitMine's $200M Bet

Authored by Brayden Lindrea via CoinTelegraph.com,

Beast Industries, the entertainment company founded by YouTuber Jimmy “MrBeast” Donaldson, is acquiring Step, a mobile banking app focused on teenagers and young adults, marking its most significant push into finance to date.

In a post to X on Monday, Donaldson said the motivation behind the acquisition was to equip young people with the tools and guidance needed to navigate personal finance from an early age.

Source: MrBeast

Beast Industries CEO Jeff Housenbold said, "Financial health is fundamental to overall wellbeing, yet too many people lack access to the tools and knowledge they need to build financial security.”

The acquisition cost was not disclosed.

The YouTube channel’s expansion into finance comes after it received a $200 million investment from Ethereum treasury firm BitMine Immersion Technologies in January and a separate trademark filing for “MrBeast Financial” in October.

That trademark filing mentioned "cryptocurrency exchange services,” “cryptocurrency payment processing,” and “cryptocurrency via decentralized exchanges.”

However, it isn’t clear whether that trademark filing is related to the Step acquisition.

Cointelegraph reached out to Beast Industries for comment, but didn’t receive an immediate response.

Step scales to 6.5 million users in 8 years

The Step app aims to help Gen Z users manage money, build credit, earn rewards, and deepen their financial literacy. Spending accounts are Federal Deposit Insurance Corporation-insured through Evolve Bank & Trust.

The banking app has scaled to 6.5 million users since launching in 2018 and has raised around $500 million from the likes of Steph Curry, Justin Timberlake, Will Smith and Charli D’Amelio.

The MrBeast YouTube channel has 466 million subscribers, the largest channel on the video-streaming platform.

Housenbold said the Step acquisition “positions us to meet our audiences where they are, with practical, technology-driven solutions that can transform their financial futures for the better."

At the time of the strategic $200 million BitMine investment, its chair, Tom Lee, said the company viewed the deal as a long-term bet on the creator economy, stating:

“MrBeast and Beast Industries, in our view, is the leading content creator of our generation, with a reach and engagement unmatched with GenZ, GenAlpha and Millennials.”

Lee said that BitMine’s corporate values were “strongly aligned” with Beast Industries, but didn’t mention anything about integrating crypto at the time.

Tyler Durden Wed, 02/11/2026 - 08:05

Germany's Decline Is A Warning Canada Should Heed Now

Authored by Gwyn Morgan via The Epoch Times,

Germany was postwar Europe’s greatest economic success story.

Today it is a cautionary tale.

Once the continent’s industrial engine, Germany has spent the past decade dismantling the foundations of its prosperity through energy and immigration policies driven more by ideology than evidence or good sense. The results have been rising costs, falling competitiveness, social disorder, and political backlash.

Canada should study this record closely—because we are pursuing many of the same policies.

Energy has played a leading role in Germany’s decline. Reliable, affordable power is the lifeblood of any advanced economy. In 2002, Germany’s 11 nuclear power plants supplied more than one-quarter of its electricity, with coal providing most of the remainder and natural gas filling in when needed. “Renewable” energy played only a minor role. The country had a stable, economically efficient grid that supported one of the world’s most productive industrial bases.

That balance was abandoned. Driven by an ideological campaign against nuclear power, successive governments committed to replacing reliable baseload electricity with intermittent wind and solar. The goal shifted from reducing emissions to shutting down all nuclear plants, at any cost. After Japan’s Fukushima disaster in 2011—caused by a tsunami, not reactor failures—Germany accelerated these closures. Within six months, eight nuclear plants were taken offline. The rest would eventually follow. Not even Vladimir Putin’s invasion of Ukraine would throw Germany’s anti-nuclear zealots off-track.

The consequences were predictable. Electricity demand rose as Germany pushed consumers and industry to electrify, but wind and solar output could not keep pace. Germany turned instead to imported natural gas, much of it from Russia, replacing energy independence with geopolitical vulnerability. Had Germany kept its nuclear plants operating, a PricewaterhouseCoopers study concluded, 94 percent of its power generation would now be emissions-free and electricity prices roughly 23 percent lower.

Instead, Germans now face some of the world’s highest electricity prices plus declining reliability. They even coined a new word, “Dunkelflaute,” to describe calm, dark periods when wind and solar produce no power at all. High energy costs have hollowed out German industry. Its world-leading chemicals sector has shrunk dramatically. Family-owned manufacturers—a pillar of German industry for centuries—are closing by the hundreds.

The damage is most visible in Germany’s auto sector, which once provided livelihoods for millions and anchored its export economy. Today it is in retreat. Production fell by 29 percent between 2017 and 2024. Chinese manufacturers—benefiting from scale, subsidies, and lower energy costs—are flooding European markets with affordable electric vehicles. German firms are losing market share and laying off workers in large numbers for the first time since the World War II.

This should sound uncomfortably familiar to Canadians. Canada is also driving up domestic energy costs while betting heavily on electrification and electric-vehicle manufacturing. We have fewer industrial buffers than Germany and higher transportation costs. If Europe’s industrial powerhouse cannot absorb these shocks, Canada’s position is even more precarious.

Germany’s second self-inflicted wound was mass immigration. During the Syrian civil war, Chancellor Angela Merkel opened her country’s borders, blithely declaring “Wir schaffen das” (“We can do this”). By the end of 2015, Germany had taken in 1.2 million refugees. Integration systems were overwhelmed while schools, housing, social services and policing struggled to cope. Despite these clear warning signs, Germany kept right on going, bringing in hundreds of thousands of migrants year after year from troubled Asian and African countries.

The fiscal cost has been staggering. In 2024 alone, Germany spent nearly 30 billion euros, or about C$48 billion, on refugees and asylum-seekers, not including costs associated with crime and security. Social cohesion frayed further. Public spaces required ever-heavier security. Terrorist attacks and sexual assaults rose. Political backlash followed.

Only now is Germany putting on the brakes, deporting tens of thousands of rejected asylum seekers or criminal migrants and cutting benefits.

The same government that once insisted open borders were a moral imperative now acknowledges limits.

Germany’s energy and immigration failures have a common cause: policymaking driven by moralistic certitude rather than empirical recognition of practical constraints. In both cases, dissent was dismissed, costs were minimized, warnings ignored, and course-corrections refused even after damage became impossible to deny.

Canada should take note. We are raising energy prices while maintaining immigration at near-record levels—including hundreds of thousands of barely-if-at-all vetted refugees—amid a housing shortage, stagnant productivity, and strained public services. Germany shows how quickly good intentions can morph into economic and social decline.

Canada still has time to change course. Whether we choose to learn the lesson is another matter.

*  *  *

Gwyn Morgan devoted three decades to building North America’s leading oil and gas company. He has served as a director of five global corporations, and was appointed a Member of the Order of Canada in 2011.

The original, full-length version of this article was recently published in C2C Journal.

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

Tyler Durden Wed, 02/11/2026 - 06:30

French Wine, Spirits Exports Sink To 20-Year Low As Demand Sours

Trade wars, along with a generational shift away from wine, have pushed Bordeaux winemakers into turmoil, with French wine and spirits exports sinking to their lowest level in two decades.

"In volume, our exports have been in a slump and are at their lowest level in at least 20 years," Gabriel Picard, president of FEVS, the country's federation of wine and spirits exporters, told Bloomberg at the Wine Paris fair on Tuesday.

Gabriel Picard

Picard warned that wine sales have been sliding since 2022. In an earlier statement, he said, "Geopolitical tensions, trade conflicts, exchange-rate fluctuations, and the loss of consumer confidence have all weighed on our exports."

In a separate interview with Reuters at Wine Paris, he added, "There is a real decline in the U.S., and the volume correction may not have been sufficient."

He warned, "We may see another volume correction in 2026."

Wine Map Of France 

FEVS data show that exports in 2025 declined 8% in value to $17 billion compared with 2024. Volumes fell by about 3%.

The Wine Paris trade fair is a push by President Macron to search for solutions to the industry's crisis. The French government is paying winemakers in Bordeaux to rip up their vines to reduce oversupply.

Looking at markets, the Liv-ex Fine Wine 50, a benchmark index from Liv-ex that tracks daily price moves in Bordeaux First Growths, comprises 50 component wines and shows the bust underway since peaking in early 2023.

"Twenty years ago, people liked robust reds with a high alcohol content, but today they're looking for fresher, lighter wines, so producers in Bordeaux are returning to an old winemaking method to suit new tastes," Bernard Burtschy, a wine critic for Le Figaro, told The Times.

Tyler Durden Wed, 02/11/2026 - 05:45

German Authorities Discover Massive Fraud In Naturalization Language Tests, Iraqi Ringleader Arrested

Via Remix News,

Authorities in Germany have uncovered a sophisticated fraud network that allegedly deployed paid operatives to take language and naturalization exams on behalf of migrants, with the fraud taking place on a nationwide scale.

The investigation, centered in Nuremberg, suggests a coordinated effort to bypass residency and citizenship requirements. Notably, potential applicants for citizenship must display a basic understanding of the German language.

Prosecutors say the network functioned by providing substitute test-takers who possessed a high command of the German language. According to investigators, candidates used forged identification documents that displayed the substitute’s photo but contained the personal data of the actual applicant, according to Welt.

Applicants reportedly paid between €2,500 and €6,000 per examination. Since the documents appeared legitimate, “the examiners were thus unable to detect the fraud,” resulting in the issuance of genuine certificates used to obtain residence permits or citizenship.

The Middle Franconia Police Headquarters announced on Monday that two individuals are currently in custody, including a 39-year-old Iraqi man, identified as the primary mediator, who is in pre-trial detention.

Additionally, a 22-year-old German man was arrested in January while actively “trying to take such a language examination.”

Furthermore, the scale of the network was highlighted in December when “10 people were also identified as operatives at a language school in North Rhine-Westphalia while they were taking exams for other schools.”

While the current arrests were made in Bavaria, the “investigations concern the entire federal territory.”

Police noted that while “proceedings for forged language certificates have already been underway in the past,” this specific method of using look-alike deputies represents a significant escalation. Following an initial review of the evidence, Bavarian investigators “assumed that there will be a high double-digit number of further investigations.”

Concerns about the mass naturalization of foreigners have already been raised, with potentially thousands or even theoretically tens of thousands of foreigners using fraud to obtain their citizenship.

In one case, hundreds of forged certificates were found by just one official, who found that these certificates were being sold on a huge scale on TikTok.

Furthermore, many of the fraud cases have likely gone undetected.

The language test required for German citizenship, which must show proficiency in only B1, hardly proves a strong command of the German language either. Nonetheless, there are numerous cases involving migrants paying thousands of euros for a forged certificate or for test takers to take the test for them.

Already, there have been broad concerns about foreign workers in Germany who lack an adequate level of German for their roles as doctors and police officers.

Read more here...

Tyler Durden Wed, 02/11/2026 - 03:30

Ambitious France-Germany Next-Gen Fighter Faces Crash Landing Amid EU Infighting

Europe's flagship sixth-generation fighter project is unraveling fast. Politico Europe days ago observed that the Franco-German-Spanish Future Combat Air System (FCAS) is now "on the verge of collapse" after Dassault and Airbus failed to meet critical deadlines for agreeing on work-sharing arrangements.

The warnings have been building for months, with loud public signaling coming from German Chancellor Friedrich Merz, who already conceded that the project is stalled, bluntly admitting there is "no progress" - while French officials also sound increasingly pessimistic, with some privately warning that the manned fighter element of FCAS may already be "dead".

Some of the key quotes in the Politico piece attempt to strike hopeful note, but sound anything but reassuring: "We are doing everything we can to try and save this program. We'll see how we can land," the head of the French arms procurement agency, Patrick Pailloux, was cited in the report as telling the press.

via en.defence-ua.com

Prior understandings have already broken down, with the report explaining: "The manned fighter has been at the core of the bitter industrial disputes between Dassault and Airbus over leadership, technology, and work-sharing, with little sign of a resolution. Dassault is looking for more control over the development of the Next Generation Fighter (NGF), a key component of the FCAS project."

And a December deadline to resolve the dispute has come and gone with no resolution. "In Berlin, German officials insist Germany still wants to preserve parts of the project - particularly the joint combat cloud and other shared systems - even if the fighter itself splits into two separate jets," the Politico report added. 

So the ultra-ambitious project could all ultimately break down over control and intellectual property questions - and shared workflow issues - given Paris is accusing Berlin of trying to "steal know-how" while German officials have grumbled about the project being little more than a costly bailout for France's defense industry. 

Last year Merz acknowledged, "We are not making any progress with this project. Things cannot continue as they are." But nothing appears to have changed since then till now.

Most recently, Bloomberg has reported that "FCAS is meant to be operational around 2040, but that deadline may be hard to meet."

The same report noted another blackeye for EU and inter-NATO unity and cooperation: "The program's difficulties call into question Europe’s broader ability to form wartime alliances as the region comes under increasing US pressure to spend more on defense and become more self-reliant."

US Ambassador to NATO Matthew Whitaker referenced this theme of the Trump administration, namely European disunity, in comments in Germany just ahead of the annual Munich Security Conference. Europe must grow up, he explained, and Washington can't provide the unity and self-reliance it needs. "When your kids are young, they’re dependent on you. But eventually you expect them to get a job. And so to me, that’s where we are. We still love them. You’re still allies," Amb. Whitaker said.

The FCAS story so far…
Left: plucky France with Macron and Dassault just trying to build a European fighter jet that can launch from an aircraft carrier.
Right: cold-hearted, untrustworthy Germans with their insistence on shared workloads and design decisions destroying FCAS. pic.twitter.com/i80fLUSGUp

— Georg ‘Dr. Maverick’ Löfflmann (@gloefflmann) February 10, 2026

While praising allies' willingness boost military spending to 5%, he assessed that they are being too sluggish in turning this extra defense investment and expenditure into actual military capabilities.

"One of the things that I’ve noticed in my time here in Europe is there is a lot of discussion and not a lot of action," he emphasized. The faltering FCAS sixth-generation fighter project could in the end prove yet another costly example of bickering that doesn't produce tangible results.

Tyler Durden Wed, 02/11/2026 - 02:45

New German Law Could Force Green Energy Developers To Fund Grid Links

Authored by Michael Kern via OilPrice.com,

Germany is proposing that renewable energy developers pay for connecting to the grid in new regulations that would replace the current system of first-come, first-served, Reuters reported on Monday, citing a new draft law it has seen.  

The current congestion in the queue for grid connections and the regulations allowing the first applications to be connected is slowing renewables expansion.  

“Connecting generation, storage, and consumption facilities to the electricity grid is facing ever greater challenges,” says the bill proposed by Germany’s economy and energy ministry, as carried by Reuters. 

“In particular, the ongoing flood of applications from large-scale battery storage systems is overloading grid operators and blocking other grid connection applicants,” according to the bill.  

Apart from having renewable energy developers pay for connecting to the grid, the new regulations would aim to encourage the construction of wind, solar, and battery capacity in areas with easier connections for the grid.  

Despite soaring wind and solar installations in recent years, Germany needs to accelerate capacity additions to meet its own renewable energy targets. 

Europe’s biggest economy has a target to have renewables account for 80% of its electricity generation in 2030.    

In solar, Germany is halfway through reaching its 2030 solar power targets, the German Solar Industry Association (BSW-Solar) said in June last year.

The association, however, warned that solar power expansion has slowed and while Germany is halfway there on its solar goals, the next stage to reaching the 2030 targets cannot be taken for granted.

Germany saw the highest number of onshore wind turbines commissioned in the first half of 2025 for eight years, but the rebound in installations is still off track to reach the official targets, the German wind energy association, Bundesverband WindEnergie (BWE), said in the middle of 2025. 

Despite the jump in wind power installations, Germany still has a gap between the rate of capacity expansion and the legally mandated goals in the Renewable Energy Sources Act, the so-called EEG, BWE president Bärbel Heidebroek said in July.   

Tyler Durden Wed, 02/11/2026 - 02:00

Panic Ensues After Trump Orders CIA To Give 2020 Election Intel To 'Stop The Steal' Lawyer

President Donald Trump has instructed the CIA and other spy agencies to hand over intelligence related to the 2020 election, a bunch of (presumably panicked) US intelligence officials told Politico and NBC News. 

The records are to be handed over to Kurt Olsen - now a temporary government employee in the White House - who four years ago was involved in the "Stop the Steal" campaign to determine whether Joe Biden won the 2020 election via cheating. 

Attorney Kurt Olsen during his opening statement in Kari Lake's election challenge trial on May 17, 2023, in Mesa, Ariz.Mark Henle / USA Today Network via Imagn

And you know they're freaking out by the way they tell us this...

"The administration last year hired Kurt Olsen, who more than five years ago took part in the “Stop the Steal” campaign that promoted baseless claims of widespread voter fraud, to investigate the 2020 election." -NBC News

...

President Donald Trump has directed top U.S. spy agencies to share sensitive intelligence about the 2020 election with his former campaign lawyer, known for pushing debunked theories of electoral fraud, according to four people with knowledge of the effort. -Politico

Indeed:

"The president has asked Mr. Olsen to look at intelligence related to the 2020 election and the agency is ensuring that he has the access necessary to do his work," a CIA official told NBC in an emailed statement (probably right after hanging up with the reporter). 

When asked about Olsen's role, the White House told the outlet "President Trump has the authority to provide access to classified material to individuals as he deems necessary. The entire Trump administration is working together to ensure the integrity of U.S. elections." 

BREAKING: Georgia election watchdog Garland Favorito of Atlanta-based https://t.co/BZRhuEVOLG just told me that the FBI raid of Fulton County's ballot warehouse will show that "Fulton certified [mostly Biden] votes for which they have no ballots. There are 17,852 certified votes…

— Paul Sperry (@paulsperry_) February 11, 2026

The admin did not specifically respond to questions about whether Olsen was focusing only on the 2020 election, or possible security threats to future elections. 

The freakout comes after the FBI's recent search of an elections center in Fulton County, Georgia - where they seized ballots from the 2020 election. 

Now check out the tone over at Politico:

The decision to provide some of the government’s most sensitive spy material to Olsen is unusual, given that he has no known experience working with the U.S. spy community and only joined the Trump administration as a short-term special government employee in October 2025. Special government employees are supposed to work no more than 130 days during any period of 365 days, suggesting his time at the White House could end soon.

The first person said that Olsen has passed a background check and a polygraph exam. It is not clear how close Olsen is to completing his report on the 2020 elections.

Intelligence analysis is supposed to be nonpartisan, and it appears Olsen’s views on electoral fraud in prior U.S. elections are so deeply held that even some people close to the president question his ability to evaluate the material shared with him.

“This guy has no background” in intelligence, said the second person, a close Trump ally. Olsen “will find some super classified report, say it’s evidence of fraud, but really it’s just completely out of context.”

...

Olsen rose to prominence by working closely with Trump to undermine the results of the 2020 election under the slogan “Stop the Steal.” He urged several DOJ officials that year to file a complaint to the Supreme Court scrutinizing Trump’s loss, and even called the president multiple times during the Jan. 6, 2021, attack on the Capitol

Wow!

About That Raid

As we noted earlier Tuesday, an affidavit filed by FBI Special Agent Hugh Raymond Evans last month, which was unsealed Tuesday, lays out five categories of confirmed problems in Fulton County's handling of ballots, raising questions that have simmered for over five years since Trump and his allies raised questions about the election in Georgia and other states where irregularities were alleged.

According to a report from Just the News, Evans filed the affidavit last month to establish probable cause for a raid that seized around 700 boxes of ballots from an Atlanta-area storage warehouse. The investigation stemmed from a referral by Kurt Olsen, President Trump's election integrity czar. Evans interviewed roughly a dozen unnamed witnesses about allegations tied to the contested Georgia race, where Joe Biden edged out Trump by less than 12,000 votes in the official results.

"This warrant application is part of an FBI criminal investigation into whether any of the improprieties were intentional acts that violated federal criminal laws."

Fulton County admitted it lacks scanned images of all 528,777 ballots counted during the initial count and of the 527,925 ballots tallied during the state's first recount.

County officials also confirmed that during the recount, some ballots were scanned multiple times. Ballot images obtained through public records requests show identical markings appearing on duplicated images.

During the Risk Limiting Audit, hand counters reported vote totals for batches that didn't match the actual votes inside those batches.

According to the affidavit, "The State’s Performance Review Board reported that Secretary of State investigators confirmed inaccurate batch tallies from the Risk Limiting Audit.” 

More on that here...

And please consider supporting ZeroHedge with the purchase of some pure colostrum.

Tyler Durden Tue, 02/10/2026 - 23:25

Man Detained For Questioning In Nancy Guthrie Disappearance

Update (1030ET): A man was detained for questioning in the apparent abduction of Nancy Guthrie, the mother of "Today" show co-host Savannah Guthrie, from her home outside of Tucson, Arizona over two weeks ago, several major outlets are reporting tonight.

The Pima County Sheriff's Department shared photos of an "armed individual" in relation to the Nancy Guthrie kidnapping case.(Pima County Sheriff's Department)

The man was taken into custody after law enforcement circulated photos of a masked individual outside the 84-year-old Guthrie's front door the morning she disappeared. Several outlets are also reporting that there was a supposed ransom note received last week demanding payment to a Bitcoin wallet. According to outlet KGUN, a local TV station, the wallet had received a payment from someone for less than $300. 

*  *  *

The FBI on Tuesday released surveillance footage from a Nest camera showing an armed person at the southern Arizona home of Nancy Guthrie, mother of network TV news anchor Savannah Guthrie. 

Video shared by FBI Director Kash Patel shows a masked person wearing a jacket, gloves, pants and carrying a backpack. The person can be seen obstructing the camera, before walking into the front yard. They then return to the front door with a small flashlight in their mouth before attempting to cover the camera with what appears to be foliage, AZ Family reports.

New images in the search for Nancy Guthrie:

Over the last eight days, the FBI and Pima County Sheriff’s Department have been working closely with our private sector partners to continue to recover any images or video footage from Nancy Guthrie’s home that may have been lost,… pic.twitter.com/z5WLgPtZpT

— FBI Director Kash Patel (@FBIDirectorKash) February 10, 2026

Investigators say the person was armed, as images show what appears to be a holstered firearm on the person's waistband.

"Over the last eight days, the FBI and Pima County Sheriff’s Department have been working closely with our private sector partners to continue to recover any images or video footage from Nancy Guthrie’s home that may have been lost, corrupted or inaccessible due to a variety of factors, including the removal of recording devices. The video was recovered from residual data located in backend systems," the Pima County Sheriff's Department posted in a statement. 

"Working with our partners - as of this [Tuesday] morning, law enforcement has uncovered these previously inaccessible new images showing an armed individual appearing to have tampered with the camera at Nancy Guthrie’s front door the morning of her disappearance," they added. 

Guthrie was last seen on Jan. 31 after she was dropped off at her home in the Catalina Foothills, and was reported missing the next day after she failed to show up for church. 

According to AZ Family, "In the early morning hours of Feb. 1, her doorbell camera disconnected and her software detected a person on the camera. Her pacemaker app also showed it disconnected from her phone."

Reported ransom notes concerning Guthrie were sent to several Arizona news stations, including Arizona’s Family sister station, KOLD 13 News. The first note reportedly demanded a “large sum of money” with a deadline set for last Thursday. The second note allegedly contained a Monday deadline at 5 p.m.

A new video plea from Savannah was released hours before the 5 p.m. Monday deadline. The video didn’t mention the alleged ransom; instead, Savannah shared her family still believes their mom is out there and is hearing everyone’s prayers.

A $50,000 reward has been offered for information in the case. 

Tyler Durden Tue, 02/10/2026 - 23:15

China Inches Ahead Of US In Humanoid Robot Startups

The market for humanoid robots has been growing significantly recently.

In 2025, $2.65 billion was invested in humanoid robotics startups, more than in the years 2018 to 2024 combined, according to data published by the market research platform Tracxn.

This development indicates that investors now view humanoid robotics as a more mature and commercially attractive technology.

As Statista's Tristan Gaudiat reveals in the chart below, China currently leads the field with 23 startups specialized in humanoid robotics, just ahead of the 22 U.S.-based companies.

You will find more infographics at Statista

While China and the United States are the clear epicenters for humanoid-robotics entrepreneurship, a second tier is led by India (12), ahead of several European countries: the U.K. (6) and Germany (5) stand out, followed by France (3).

Beyond these hubs, Statista's chart also shows clusters in Australia (3), Japan (3), Austria (2) and Canada (2), suggesting that while interest is global, the densest startup ecosystems remain concentrated in a handful of markets.

The Chinese and American startup ecosystem is particularly notable in this field.

Chinese companies such as Unitree Robotics and Agibot are currently producing more humanoid robot models than any other country in the world (more than 5,000 each in 2025), while some of the best-known U.S. names, like Boston Dynamics and Tesla, are aiming to ramp up their production of robots for industrial and consumer applications in 2026 (Atlas and Optimus, respectively).

In Europe, current key players include Engineered Arts (U.K.) and Neura Robotics (Germany).

Tyler Durden Tue, 02/10/2026 - 23:00

Your Body Clocks Could Predict Dementia Decades Later

Authored by George Citroner via The Epoch Times (emphasis ours),

A December study suggested that disruptions in the body’s natural 24-hour cycle, known as circadian rhythm, may increase the risk of developing dementia.

kanyanat wongsa/Shutterstock

The study, published in Neurology, tracked more than 2,000 adults, with a mean age of 79, using wearable heart monitors, and found that people with irregular sleep-wake patterns faced up to a 50 percent higher risk of developing dementia than those with consistent daily rhythms. Of the participants, 176 were later diagnosed with dementia.

“Changes in circadian rhythms happen with aging, and evidence suggests that circadian rhythm disturbances may be a risk factor for neurodegenerative diseases like dementia,” study author Wendy Wang, of the Peter O’Donnell Jr. School of Public Health at UT Southwestern Medical Center, said in a statement.

3 Types of Unhealthy Sleep Rhythms

Circadian rhythm helps regulate sleep, hormones, body temperature, and digestion. People with a strong, well-aligned circadian rhythm tend to follow consistent sleep and activity patterns, despite seasonal changes or schedule disruptions. Conversely, those with a weaker, fragmented, and delayed rhythm often experience irregular sleep and activity times.

A weaker circadian rhythm means that there is less of a difference between active daytime and restful nighttime. A person with a weaker circadian rhythm may not feel fully awake during the daytime and not sleepy at night.

People with fragmented circadian rhythms may have fragmented wakefulness and sleepiness. They may experience daytime wakefulness and fragmented sleep at night.

Beyond rhythm strength, the researchers found that timing also played a role.

Most people experience their peak circadian activity at midday, but those whose peak activity occurred later in the day—from 2:15 p.m. onward, faced a 45 percent higher risk of dementia than those whose activity peaked earlier, between 1:11 p.m. and 2:14 p.m.

A delayed circadian rhythm peak typically causes being most alert and active late at night, feeling sleepy or waking up late, and having difficulty aligning with conventional daytime schedules.

Seven percent of participants with early activity peaks developed dementia, compared to 10 percent of those with later peaks.

The researchers believe that a later activity peak may indicate a misalignment between the body’s internal clock and environmental cues such as exposure to darkness.

Why Circadian Rhythm Matters for Brain Health

The study found that certain changes in sleep or activity patterns were associated with increased risk of developing dementia. Disruptions and changes to circadian rhythm increased the risk of developing dementia by roughly 19 to 54 percent, according to the findings.

Circadian rhythm disruption can affect health in many ways that could impact cognition, and influences multiple organ systems simultaneously, not just the brain, Dr. Rebecca Spiegel, director of Sleep Neurology at Stony Brook Medicine in New York, and not involved in the study, told The Epoch Times.

“It has been linked to cardiovascular disease, metabolic disorders such as diabetes and obesity, mood disorders, poor immunity, and increased mortality risk,” she noted. “In the elderly, weaker circadian rhythms have also been linked to falls, reduced physical function, and poorer quality of life.”

Wang noted that disruptions in circadian rhythms may alter processes such as inflammation and interfere with sleep, possibly increasing amyloid plaques linked to dementia or reducing amyloid clearance from the brain.

However, it’s important to note that the study did not account for sleep disorders, which could influence the results, and the research shows correlation rather than direct causation.

What Disrupts Your Circadian Rhythm

Dr. William Lu, sleep medicine specialist and medical director at Dreem Health, and not involved in the study, told The Epoch Times that some common factors that can weaken or disrupt a person’s circadian rhythm include:

• Going to bed and waking up at different times each day
• Spending too much time on screens at night
• Not getting enough sunlight in the morning
• Being under consistent stress
• Late-night eating, or caffeine/alcohol intake

“Consistency matters most for maintaining a healthy circadian rhythm. That means going to bed and waking up around the same time every day, even on weekends.”

Limiting screen time and caffeine intake while increasing exposure to natural light is also important, he said. “Additionally, physical activity throughout the day can help.”

Dementia Cases Expected to Spike

Dementia cases are expected to increase sharply in the coming decades, with projections reaching 1 million new cases annually by 2060 if no significant interventions are made.

A “strong association” exists between reduced deep sleep and an increased risk of dementia. “Deep sleep is crucial for the clearing of toxins and memory consolidation, Lu said. “It is unsurprising that a disruption to the circadian rhythm can, in turn, disrupt both metabolic and neurological processes.”

While the connection between sleep and cognitive function is well understood, research into the role of circadian rhythm in dementia is still emerging. Earlier studies have linked sleep patterns and cognitive decline, such as one last year that found night owls may experience faster decline than early risers.

Other research suggests that sleep habits influence dementia risk, such as a 2022 study that found that seniors who nap more than an hour daily have a 40 percent higher risk of Alzheimer’s disease.

Hope for Prevention

Wang expressed optimism about the findings and said they could lead to new preventive strategies. “Future studies should examine the potential role of circadian rhythm interventions, such as light therapy or lifestyle changes, to determine if they may help lower a person’s risk of dementia.”

The UT Southwestern study is important because it linked real-world activity patterns, measured through wearable devices, to future dementia risk in a diverse group of older adults, Spiegel said.

“Although causality cannot be determined from this study, the findings encourage further research into circadian regulation as a potentially modifiable factor in brain health,” she said.

*  *  * 

Please consider supporting ZeroHedge with the purchase of IQ Sleep Formula - which has Tryptophan, Lycium, L-Taurine, L-Theanine, Chinese Skullcap, 5-HTP, Ashwagandha, Chamomile and more. It really does work!

Tyler Durden Tue, 02/10/2026 - 22:35

10 Dead, 25 Injured After School Shooting In Canada

At least 10 people are dead and 25 injured after a mass shooting in northeastern British Columbia, according to police.

Six people were found dead inside Tumbler Ridge Secondary School, one died on the way to the hospital and two more were found dead in a residence.

Police said the suspect was also found dead inside the school from "a self-inflicted injury."

Police believe they have identified the shooter, but would not be releasing details at this time for privacy reasons, and to protect the integrity of the investigation.

"This was a rapidly evolving and dynamic situation, and the swift co-operation from the school, first responders, and the community played a critical role in our response,” North District Chief Supt. Ken Floyd wrote in a statement.

Tumbler Ridge is one of the most distinct communities in B.C. and is extremely remote: more than 1,100 kilometers (683 miles) northeast of Vancouver by road.

In the late 1970s the population rapidly boomed with the discovery of coal deposits in the area and it became a classic company town throughout the 1980s. A near-collapse followed in the 2000s when those mines shut down.

It was during this time that the community pivoted to tourism, marketing itself as the land of dinosaurs and waterfalls — a place where you can hike to see ancient footprints in the wilderness.

In a statement, the District of Tumbler Ridge said its community experienced a "deeply distressing incident" today and asked residents to rely on official updates from the RCMP and other authorities.

It added that the situation was still unfolding and said additional supports were on their way to assist.

"In the days ahead, we know this will be difficult for many to process," the statement reads.

"Please check in on one another, lean on available supports, and know that Tumbler Ridge is a strong and caring community. We will get through this together."

Police said they don’t believe there are any other suspects, or any ongoing risk to the public.

They said they are searching other homes and properties in the community to find anyone else who may be injured or linked to today’s incident, which appears to rank as one of the deadliest mass shootings in Canadian history. 

Tyler Durden Tue, 02/10/2026 - 22:03

California Refinery Closures Spell Trouble For Fuel Prices, Supply: Experts

Authored by Rob Sabo via The Epoch Times,

Several energy companies have announced the closure of some of their refineries in California in recent months, citing the regulatory environment and operational losses.

Multiple experts in the state’s oil and gas industry recently spoke with The Epoch Times about the closures and their potential impacts on fuel prices and fuel availability in the Golden State.

Refinery Closures

Valero Energy Corporation announced in April 2025 that it would shutter its refinery operations in Benicia, in the San Francisco Bay area. The company also said that it had evaluated the refinery assets in Benicia and Wilmington, near the Port of Long Beach, and concluded that the carrying values of both assets were not recoverable.

Valero said it would continue serving the Golden State’s oil needs through existing inventories and oil imports.

The Wilmington refinery produced 15 percent of the asphalt supply for the entire Southern California region and had a capacity of 135,000 barrels per day. The Benicia refinery on the Carquinez Straits of San Francisco Bay, meanwhile, produced as much as 170,000 barrels per day and employed more than 400.

While the Benicia refinery was originally slated to cease production in April 2026, it actually ceased production in late January. The closure comes on the heels of Phillips 66 ending operations at its Los Angeles refineries in the fourth quarter of 2025.

Phillips 66 operated refineries in Wilmington and Carson that distributed fuel throughout California, as well as to Nevada and Arizona. The dual sites spanned 650 acres and employed about 600.

Chevron, meanwhile, announced in August 2024 that it was relocating its headquarters from San Ramon to Houston, Texas. The company had operated in the Golden State since 1879 and employed more than 2,000 people in San Ramon. Its refineries in Richmond and El Segundo supply more than 1,800 retail locations in the state.

Key factors

Michael Mische, a professor at the University of Southern California’s Marshall School of Business, told Siyamak Khorrami, host of The Epoch Times’s “California Insider,” that Valero’s and Chevron had incurred heavy asset write-offs before they made those decisions.

Valero said in the April 2025 announcement that it had written off a combined $1.1 billion of assets in Benicia and Wilmington in the first quarter of the year.

Chevron revealed in a January Securities and Exchange Commission filing that it had recorded after-tax charges of $3.5 billion to $4 billion in the fourth quarter of 2023, including asset write-offs and impairment charges, primarily in California.

“Of course, they vacated California. Their corporate headquarters is now in Houston,” Mische said, referring to Chevron.

In responding to the company’s Benicia refinery-closure decision during an April 2025 earnings call, Valero CEO Lane Riggs cited California’s regulatory environment as the primary reason.

“California has been pursuing policies to move away from fossil fuels for the past 20 years,” he said.

“The consequence is that the regulatory and enforcement environment is the most stringent and difficult in North America.”

Phillips 66 also cited “changes in governmental policies or laws that relate to our operations, including regulations that seek to limit or restrict refining” as a reason for its decision to cease operations in its announcement.

California Gov. Gavin Newsom signed Assembly Bill AB X2-1 on Oct. 14, 2024, which became effective on Jan. 13, 2025. The bill allows the California Energy Commission to regulate refiners by enforcing minimum inventory levels to prevent spikes in price, effectively capping their profit margins.

“That piece of legislation (was) one of the primary last factors that went into decisions to close these refineries down,” Mische said.

Additional regulations enacted in the state have led to increased production and operating costs for oil refiners.

In 2020, Newsom issued an executive order requiring all new passenger vehicles to have zero emissions by 2035. In 2022, the California Air Resources Board (CARB) adopted new regulations to pave the way for the state’s zero-emission standards.

The state’s Cap-and-Invest Program, meanwhile, has a goal of carbon neutrality by 2045 and requires increasingly stricter standards for carbon emissions.

Mische said that without a significant change in policy and stance toward the oil industry, the state may lose another one or two refineries by 2032.

Potential Impact

Mike Ariza, former senior refinery technician and control board supervisor at the Benicia refinery, told Khorrami that Valero’s refinery operations in Benicia were the most complex and efficient in the state.

The refinery produced between 4.5 million and 4.7 million gallons of gasoline per day, as well as about 600,000–700,000 gallons of jet fuel and diesel fuel, he said.

A bad storm or major problem at one of California’s ports could have huge ripple effects across the state’s fuel supply, Ariza said.

“If something like that happens, we will very quickly run out of gasoline,” he said.

“We don’t have a lot of inventory—14 days, we will run out of supplies. Not only will prices go through the roof, but you will end up having shortages.”

Mische said that 85 percent of all light-duty vehicles in California use gasoline or diesel fuel, and airplanes require “jet fuel”—gasoline or diesel fuel specially refined for jet engines.

“These refineries, as they’re shutting down, place greater and greater pressure, not only on prices but on the supply chains themselves,” he said. “It’s quite possible that you'll have supply disruptions.”

Californians pay the second-highest average gas prices in the United States, behind Hawaii. Gasoline averaged $4.38 a gallon on Jan. 4, the American Automobile Association reported. The national average was $2.88 per gallon. Fuel prices in remote Mono County along the Eastern Sierra Nevada mountains averaged $5.56 per gallon.

Meanwhile, California Assembly member Stan Ellis, a Republican representing Kern and Tulare counties, expressed concerns about the impact of Valero’s refinery closure on the U.S. military installations in the state.

“Forty-some bases, counting National Guard and ... the Marines, and all the bases, naval stations, in California. Where are they going to get their fuel?” he said.

A November 2025 Institute for Energy Research (IER) report warned that several U.S. military installations in California could face jet fuel supply challenges if the state’s refinery capacity declines due to closures.

The state has the nation’s largest concentration of military personnel and national security activity.

According to a 2022 California Research Bureau report, California had more than 30 military installations, including facilities for the Army, Navy, Air Force, Coast Guard, and National Guard.

Ellis said India is a supplier of California’s imported crude, but there are few options to refine it outside of the state.

“This is serious business, and these are facts,” he said. “We’re simply trying to bring awareness to the fact that we have an issue and we need to address it.”

He calls for existing oil fields to be exempt from the California Environmental Quality Act (CEQA), passed in 1970, which requires environmental review and public disclosure for projects that could significantly impact the environment, including refineries, roads, and large buildings.

Separately, Mische is calling on Congress to repeal or modify California’s restrictive policies through the legislative process to support refiners.

“That probably won’t be very successful, but nonetheless, we’re going to give it a good shot this legislative session,” he said.

Tyler Durden Tue, 02/10/2026 - 21:45

Colombia's Left-Wing President Says He Survived Assassination Attempt As Elections Near

Colombia's democratic socialist president claimed Tuesday afternoon that he escaped an assassination attempt on Monday night, after years of warning about assassination plots against him.

AFP News reports that Colombian President Gustavo Petro narrowly escaped an assassination attempt after his helicopter reportedly could not land at a location on the South American country's Caribbean coast because gunmen were allegedly ready to open fire upon landing.

"We headed out to open sea for four hours, and I arrived somewhere we weren't supposed to go, escaping from being killed," Petro stated in a cabinet meeting on live television.

He warned that the incident is part of a longer-running assassination plot by drug traffickers that he says has targeted him since he took office in August 2022.

Petro suggested in 2024 that the commander of the Estado Mayor Central rebel group had planned to assassinate him with snipers.

For some context, EMC is a dissident group of the now-demobilized Revolutionary Armed Forces of Colombia (FARC) that rejected a 2016 peace deal with the government.

Petro's latest assassination plot claim comes ahead of presidential elections, with Petro barred by the constitution from seeking a second term. 

According to Bloomberg, Colombia's two top presidential candidates - conservative lawyer Abelardo de la Espriella and leftist senator Iván Cepeda - are neck and neck in the latest poll data ahead of the election on May 31.

De la Espriella has about 32.1% support, compared to Cepeda's 31.4%, in the AtlasIntel poll for Semana newspaper. Former Antioquia governor Sergio Fajardo trails with about 7.6%.

Meanwhile, South American politics has shifted sharply in President Trump's second term, with right-wing movements gaining traction across the continent, from Argentina to Chile, after years of failed socialist and communist governments.

The Maduro regime's fall last month may shape the Colombian elections this spring towards a right-wing.

Tyler Durden Tue, 02/10/2026 - 21:20

Musk Offers Legal Fees For Anyone Sued Who 'Speaks The Truth' About Epstein

Authored by Rachel Roberts via The Epoch Times (emphasis ours),

Tech billionaire Elon Musk said he will pay the legal fees of anyone who speaks out about alleged perpetrators whose names have been redacted from the Jeffrey Epstein files and is sued as a result.

Elon Musk attends a dinner hosted by President Donald Trump at the White House in Washington, on Nov. 18, 2025. REUTERS/Tom Brenner

The Tesla CEO made the offer in response to a public service announcement played on Super Bowl Sunday that featured women alleging abuse by Epstein and his associates.

The 40-second video clip notes that 3 million files related to the late sex offender have not yet been released. The women are depicted holding photographs of their younger selves, with black boxes to symbolize redactions over their mouths. The accusers then reiterate their commitment to standing together to demand the full truth about Epstein’s criminal network. They then urge Attorney General Pam Bondi, “It’s time for the truth.”

Daily Wire commentator Matt Walsh questioned on Musk’s platform, X, why the women had not publicly named their alleged abusers, and suggested they could do so safely through congressional advocates.

Walsh wrote on Sunday, “For those claiming that they can’t name names because they’ll be sued: they could simply give the names to any of their many (and mostly very recent) advocates in congress, who could read the names out loud from the floor, insulating themselves and these women from any litigation. But they refuse to do that. Why?”

Redactions

Musk posted in response to Walsh: “I will pay for the defense of anyone who speaks the truth about this and is sued for doing so.”

The offer could potentially give financial protection to victims who fear legal retaliation for naming individuals linked to Epstein, who died in custody in 2019 while awaiting trial on multiple charges of trafficking minors. His death was ruled a suicide.

Musk’s own name is one of many mentioned in the latest release of more than 3 million Epstein-related files into the public domain on January 31, although he has not been accused of any wrongdoing.

Documents show Musk and Epstein exchanged messages between 2012 and 2014, discussing possible visits to Epstein’s private island, Little St James. One email from November 2012 includes Musk asking, “What day/night will be the wildest party on your island?”

Musk has denied ever visiting the island, stating in a post on X that he “refused” Epstein’s repeated invitations and declined to fly on the financier’s private jet, nicknamed the “Lolita Express.” He added that when he called for the release of the files, he was aware that his correspondence with Epstein could be misinterpreted and used to smear his reputation.

“I don’t care about that, but what I do care about is that we at least attempt to prosecute those who committed serious crimes with Epstein, especially regarding heinous exploitation of underage girls,” he wrote on X following the release of the files on Jan. 31.

Marina Lacerda, an accuser in the Jeffrey Epstein case, speaks during a press conference and rally in support of the victims of sex offender Jeffrey Epstein and accomplice Ghislaine Maxwell outside the U.S. Capitol in Washington on Sept. 3, 2025. Roberto Schmidt/AFP via Getty Images

The documents released include flight lists, financial ledgers, and email correspondence, with the Justice Department saying many were redacted to protect victims.

The latest tranche of files referenced several high profile names from the world of tech and big business, including Microsoft co-founder Bill Gates and LinkedIn co-founder Reid Hoffman, as well as high-profile politicians, including former United States President Bill Clinton and former Israeli Prime Minister Ehud Barak.

Lawmakers Allowed

Musk made his offer prior to the Department of Justice announcing on Monday it will allow members of Congress to review unredacted files, according to a letter sent to lawmakers.

The letter said that lawmakers, but not members of the public, will be able to review unredacted versions of files that the government has released to comply with a law passed by Congress last year.

There are several terms and conditions imposed on lawmakers, who will need to give 24 hours’ notice before being granted access to the files. They will only be able to review the files on computers at the Department of Justice. Only lawmakers, not their staff, may view the files, and while note-taking is allowed, they will not be permitted to make copies.

Among the many high-profile names in the latest files is Andrew Mountbatten-Windsor, formerly known as Prince Andrew, the Duke of York, whose revealed association with Epstein had already caused him to be stripped of his royal title by his brother, British monarch King Charles III.

Buckingham Palace Statement

Police in the UK are assessing claims that the former duke shared confidential reports from his role as the UK’s trade envoy with Epstein.

Buckingham Palace said on Monday it was ready to support any police investigation into Charles’s brother after emails suggested Mountbatten-Windsor might have shared confidential British trade documents with Epstein in his capacity as trade envoy in late 2010.

A Buckingham Palace spokesman said: “The King has made clear, in words and through unprecedented actions, his profound concern at allegations which continue to come to light in respect of Mr Mountbatten-Windsor’s conduct.

“While the specific claims in question are for Mr Mountbatten-Windsor to address, if we are approached by Thames Valley Police we stand ready to support them as you would expect.

“As was previously stated, Their Majesties’ thoughts and sympathies have been, and remain with, the victims of any and all forms of abuse.”

Mountbatten-Windsor has previously denied any wrongdoing over his Epstein links, which are known to have continued after Epstein was convicted for soliciting a minor in 2008.

Thames Valley Police said last week said it was assessing allegations that a 26-year-old woman was sent to the UK by Epstein for a sexual encounter with the former duke in 2010.

The then-Prince of Wales (L) and with the then-Duke of York on Christmas Day in 2017. Joe Giddens/PA

Charles stripped his younger brother of his titles following the posthumous release of a book by Virginia Giuffre, who alleged she was trafficked by Epstein and his accomplice, Ghislaine Maxwell, when she was a teenager.

In 2022, the duke settled a lawsuit with Giuffre, who accused him of having sex with her when she was 17, after they were introduced by Epstein. Mountbatten-Windsor said he has no recollection of ever meeting Giuffre, who was the most high-profile campaigner for Epstein’s victims before her sudden death in Western Australia in April 2025, and was involved in multiple lawsuits against those she accused of exploiting her.

Authorities said Giuffre’s death was not suspicious, although some members of her family have expressed doubts that she took her own life, and a full inquest has yet to take place.

Lauren Hersh, national director of World Without Exploitation, which produced the public information film released on Feb. 8, said in an emailed statement: “Moving forward, the Department of Justice must take every effort to prioritize the privacy and safety of the survivors, who have bravely come forward with their stories over the past decades. We will not stop until survivors get the transparency and accountability they deserve.”

PA Media and Reuters contributed to this report.

Tyler Durden Tue, 02/10/2026 - 20:55