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Netanyahu Presents Trump With Nomination For Nobel Peace Prize As Both Downplay 'Two-State Solution'

Netanyahu Presents Trump With Nomination For Nobel Peace Prize As Both Downplay 'Two-State Solution'

Among the more interesting highlights from Israeli Prime Minister Benjamin Netanyahu's visit to the White House on Monday was that during the Trump-hosted dinner, and at a moment the Gaza war is still raging, Bibi presented the US president with a letter nominating him for the Nobel Peace Prize.

Part of the stated rationale was that Trump pushed for a ceasefire between Israel and Iran, which has held, though the whole 12-day war seemed highly planned and choreographed between Washington and Tel Aviv. Widespread reports said that Trump greenlit Israel's surprise attack and even set up a sham nuclear talks process in order to lull Iran into a false sense of comfort. The Abraham Accords were also a big reason for Netanyahu's gesture.

"The president has already realized a great opportunity. He forged the Abraham Accords. He’s forging peace as we speak in one country and one region after the other," Netanyahu said. "So, I want to present to you, Mr. President, the letter I sent to the Nobel Prize committee. It’s nominating you for the peace prize, which is well deserved."

Via Fox News

"This I didn’t know," Trump said upon receiving and looking over the letter. "Wow. Thank you very much. Coming from you in particular, this is very meaningful."

But ironically, at this very moment the region is still on fire - literally and figuratively. War is flaring up again the Red Sea and in Yemen, Israel's military is still taking on mass casualties and inflicting them on the Palestinian population in Gaza, and Syria is now overrun by various terrorist groups in the wake of Assad's fall. Israel's military is also still taking occasional shots at Lebanon, including bombing raids.

As its stands, President Trump doesn't seem in the mood to employ the standard two-state solution talking point of pretty much all past and recent administrations. He responded, "I don't know" when he was asked by reporters whether a two-state solution was possible.

Netanyahu, for his part, explained that "After October 7th, people said the Palestinians have a state, a Hamas state in Gaza and look what they did with it. They didn't build it up. They built down into bunkers, into terror tunnels after which they massacred our people, raped our women, beheaded our men, invaded our cities and our towns, our kibbutzim and did horrendous massacres, the kind of which we didn't see since World War II and the Nazis, the Holocaust. So people aren't likely to say, 'Let's just give them another state.' It'll be a platform to destroy Israel."

Netanyahu seems to be saying it's 'either us or them' in terms of who is fated for destruction. His brutal policies in Gaza also speak loudest.

"We will work out a peace with our Palestinian neighbors, those who don't want to destroy us and we will work out a peace in which our security, the sovereign power of security, always remains in our hands," Netanyahu continued.

"Now people will say, 'It's not a complete state, it's not a state, it's not that.' We don't care. We vowed never again. Never again is now. It's not going to happen again."

Another interesting moment from the White House dinner, related to Syria and regional geopolitics:

Trump has appeared generally supportive of this more hawkish and unbending stance from the Israeli leader, even as diplomats in the region continue to forge ahead on renewed ceasefire talks between Hamas and Israel, which are being conducted 'indirectly'.

Tyler Durden Tue, 07/08/2025 - 09:05

Futures Rebound As Markets Celebrate TACO Tuesday

Futures Rebound As Markets Celebrate TACO Tuesday

US equity futures rise as Trump leaves the door open for more discussions despite the 14 tariff letters sent yesterday and the extension of the deadline to Aug 1 which is "not 100% firm." As of 8:15am ET, S&P futures rise 0.1% and Nasdaq futures gain 0.2% after US markets retreated on Monday from ATH on the back of increased tariffs on countries if deals are not reached (Japan/South Korea’s 25% were standouts). Pre-market, Mag7 names are all higher, while industrials are leading cyclicals with financials mixed. 10Y TSY yields are higher by 3bps to 4.41% as the curve bear steepens and the USD is higher after erasing an earlier loss. Commodities are generally weaker although Brent crude has once again rebounded from session lows to trade just shy of $70/bbl.  The macro data focus today is on Small Biz Optimism (prints in line with expectations), 1-year Inflation Expectations, and an update on Consumer Credit. 

In premarket trading, Magnificent Seven stocks are all higher (Tesla +1%, Nvidia +0.7%, Meta +0.5%, Amazon +0.3%, Alphabet +0.4%, Microsoft is little changed, Apple +0.06%).

  • Clean energy stocks including Enphase Energy (ENPH) and SolarEdge (SEDG) fall after President Donald Trump called for new rules that would restrict access to tax incentives for solar and wind projects that were already pared back in his $3.4 trillion budget bill. Enphase Energy -2.9%, SolarEdge -6%
  • Capital One Financial Corp. (COF) rises about 1% after TD Cowen analyst Moshe Orenbuch raised the recommendation on the credit-card issuer to buy from hold, seeing upside after its purchase of Discover and the potential for significant buybacks in the future.
  • Ciena (CIEN) falls 3% as Morgan Stanley cuts to underweight, citing a lack of margin upside in the near term.
  • Circle Internet (CRCL) slips about 2% after the stablecoin issuer was initiated with a second sell-equivalent rating, this time at Mizuho, with the bank seeing a 25% to 30% potential downside to consensus revenue for 2027.
  • Datadog (DDOG) falls 2.5% as Guggenheim Securities cut to sell from neutral citing to near-term OpenAI optimization risk.
  • Merit Medical Systems Inc. (MMSI) rises 2% after the the catheter maker reported preliminary 2Q revenue that topped estimates and named a veteran of Medtronic as its next CEO.
  • UWM Holdings (UWMC) is up 2.3% after an upgrade to overweight from equal-weight by Barclays, which says the stock looks discounted enough to step in.

For stock markets, TACO Tuesday’s calm reflected traders’ belief in a familiar pattern of US President Donald Trump escalating his trade war only to later de-escalate. In the latest round, Trump said he was still open to negotiations and postponed duties of 25% or more on a list for trading partners until at least Aug. 1.

“Equity markets are focused on the positive news,” said Wolf von Rotberg, equity strategist at Bank J. Safra Sarasin. “Europe is working toward securing a framework agreement with the US and the July 9th deadline was pushed out by another month. The market has learned to focus on the facts more than following the talk.”

Ongoing talks with the European Union are likely to draw particular attention. The bloc is seeking to finalize a preliminary agreement this week that would lock in a 10% tariff rate beyond Aug. 1 while a permanent deal is hammered out.

The prospect of a better-than-expected trade deal helped boost the euro. The common currency rose as much as 0.5%, extending gains for the year as traders reacted to a Politico report that said the US offered a deal that would keep the 10% baseline tariffs, with exemptions for sensitive sectors. 

“The fact that higher tariffs have become the default if no deal is reached does introduce a layer of risk that markets will have to price in,” said Daniela Sabin Hathorn, senior market analyst at Capital.com. “The dollar could struggle as this would have a negative impact on the growth outlook in the US.” 

So far, the US economy has held up under the threat of a spiraling global trade war. Hiring is healthy, while the S&P 500 hit an all-time high last week.  Still, some investors remain cautious that persistent policy uncertainty, along with concerns over rising levels of government debt and geopolitical headwinds, could eventually catch up with markets.

“Investors betting on the TACO trade might gradually face some disappointment,” said Raphael Thuin, head of capital markets strategies at Tikehau Capital in Paris. “There’s a real possibility that tariffs are here to stay beyond Trump’s mandate as a permanent fiscal tool to fund growing deficits."

European stocks are in a narrow range, with Stoxx 600 fluctuating between gains and losses as European Union negotiators rushed to conclude a preliminary trade deal with the US to avoid a spike in tariffs, with miners, financial services and travel stocks outperforming, while real estate shares lag. Drinkmakers gain on tariff news, while renewables drop as the Trump administration targets tax breaks. Germany’s DAX marginally outperforms. Here are the most notable European movers:

  • Kinnevik gains as much as 6.1% after the Swedish investment group reported its latest earnings. Degroof says the results were “slightly better than expected,” with net asset values above the broker’s estimates
  • Zealand Pharma shares rise as much as 3.5%, among the top performers in the Stoxx 600 Health Care Index on Tuesday, after Barclays initiated coverage on the stock with an overweight recommendation
  • Shares of drinksmakers rise after reports saying the European Union is seeking an exemption from the US tariff for certain products; Remy Cointreau gains as much as 4.2%, Pernod Ricard +3.6%, Campari +2.7%
  • Glencore shares rise as much as 2.1% after JPMorgan resumed its coverage with an overweight recommendation, citing value-accretive strategic optionality and a potential coal de-merger
  • NTG Nordic Transport Group rises as much as 4.7% after being awarded a new overweight rating from Barclays, with analysts arguing the stock is inexpensive and has significant potential upside
  • Renewables stocks fall in Europe as President Donald Trump called for new rules that would restrict access to tax incentives for solar and wind projects that were already pared back in his $3.4 trillion budget bill
  • Dr Martens and Pandora are among stocks underperforming in Europe after President Trump outlined plans to impose tariffs on goods from key supplier countries including Indonesia, Thailand and Cambodia
  • TGS shares drop as much as 12%, the most since April, after the Norwegian geophysical services company reported preliminary second-quarter results. The company noted “challenging operational conditions”
  • Betsson shares drop as much as 6.1%, the most in three months, after DNB Carnegie downgrades the stock to hold from buy. Analysts note that the online gaming firm is set for a period of slower revenue growth
  • Victrex shares slump as much as 15% to the lowest since August 2009 as the polymer supplier’s trading update disappoints analysts, who see scope for double-digit cuts to full-year pretax expectations
  • AB Dynamics shares drop as much as 1.2% after the company announced that CEO James Routh is leaving the business to take up the same role at fellow London-listed Victrex
  • BNP Paribas Bank Polska drops as much as 5.1% after the European Bank for Reconstruction & Development sold 2.35m shares via accelerated book-building at discount to Monday’s closing price

Earlier in the session, stocks in Asia advanced as investors shrugged off US President Donald Trump’s tariff announcements and focused on room for further negotiations. The MSCI Asia Pacific Index gained 0.4%, with SK Hynix and Hitachi providing the biggest lift while BHP Group and Nintendo weighed on performance. South Korea and Japan both advanced on cautious hopes that the countries can reach trade deals ahead of Trump’s newly-extended tariff deadline. Trump earlier sent letters to Tokyo and Seoul, threatening levies of 25% beginning Aug. 1. Elsewhere in the region, Hong Kong shares rose, helped by a rebound in e-commerce giants Meituan and Alibaba. Their shares had been falling recently due to concerns over an intensifying price war in the food delivery business. 

In FX, we initially saw broad dollar weakness after President Trump suggested he’s open to more negotiations on tariffs beyond an August 1 deadline, but that weakness has since reversed and the dollar is trading near yesterday's highs. Aussie dollar tops G-10 peers after the RBA surprise. The yen underperforms.

In rates, bonds sell off across Europe and the US, taking their cue from jitters in Japan over the country’s political situation and associated fiscal risks. Japanese 30-year bond yields rose as much as 13 basis points. Australian bonds also slump after the RBA unexpectedly kept interest rates unchanged. That fed into weakness in the long-end across Europe. 30-year bund yields hit the highest level since March, benchmark 10-year yields up by around five basis points across countries. A flurry of supply is also weighing. 10-year Treasury yields up three basis points to 4.415%, at session highs with German and UK counterparts cheaper by an additional 2bp. Treasury auction cycle begins with $58 billion 3-year new issue at 1pm New York time, followed by $39 billion 10-year and $22 billion 30-year reopenings Wednesday and Thursday. WI 3-year yield near 3.875% is about 10bp richer than last month’s, which tailed by 0.4bp.

In commodities, gold is down by $12 to around $3,324/oz. Oil prices lower, Brent drops 0.7% to just over $69/barrel.

Looking at today's calendar, US economic data slate includes June NY Fed 1-year inflation expectations (11am) and May consumer credit (3pm). The Fed speaker slate blank, with minutes of June FOMC meeting are to be released at 2pm tomorrow.

Market Snapshot

  • S&P 500 mini +0.1%
  • Nasdaq 100 mini +0.3%
  • Russell 2000 mini +0.3%
  • Stoxx Europe 600 little changed
  • DAX +0.2%, CAC 40 little changed
  • 10-year Treasury yield +3 basis points at 4.41%
  • VIX -0.5 points at 17.28
  • Bloomberg Dollar Index -0.2% at 1194.53
  • euro +0.4% at $1.175
  • WTI crude -0.7% at $67.45/barrel

Top Overnight News

  • Following Trump announcing 25% tariffs on good from Japan starting Aug 1, Japan and the US are “actively” continuing negotiations. A Top trade negotiator from Japan said Japan's trade deal with the U.S. must include tariff concessions for its vital automobile industry. RTRS
  • Trump said Monday the U.S. would resume providing Ukraine with arms to help it withstand Russian attacks after months of trying without success to draw Moscow into negotiations on ending the war. WSJ
  • President Trump on Monday indicated there may be some wiggle room for nations to negotiate on trade despite his fresh threat of additional tariffs going into effect on Aug. 1. When asked, he said “No, I would say firm, but not 100 percent firm. If they call up and they say ‘we’d like to do something a different way,’ we’re going to be open to that. But essentially that’s the way it is right now.” The Hill
  • Apple’s top AI models executive Ruoming Pang is leaving for Meta’s new superintelligence group, people familiar said, marking another setback in the iPhone maker’s struggling AI efforts. BBG
  • Kevin Warsh, one of the lead candidates to replace Powell as Fed chief, said rates should be lower and doesn’t think tariffs will fuel inflation. BBG
  • China has strongly criticized companies and local governments for fuelling overproduction that it blames for driving down prices, as inflation figures this week are expected to show that one of the country’s longest bouts of factory price deflation is running unchecked. FT
  • China warned the Trump administration on Tuesday against reigniting trade tension by restoring tariffs on its goods next month, and threatened to retaliate against nations that strike deals with the United States to cut China out of supply chains. RTRS
  • Europe’s largest port is gearing up for a potential conflict with Russia by reserving space for ships carrying military supplies and planning where to divert cargo if war breaks out. FT
  • Samsung’s profit more than halved on inventory writedowns following US curbs on Chinese-bound AI chips. BBG
  • China's CPCA says Tesla exported 10,115 Chinese-made vehicles in June (May 23,074)

Trade/Tariffs

  • US President Trump said regarding tariffs that the August 1st deadline is firm but he is open to other ideas, while Trump said he is close to making a trade deal with India and may adjust tariffs for some countries.
  • White House announced that President Trump signed an executive order extending the tariff deadline to August 1st.
  • US reportedly offered the EU a 10% tariff deal with caveats, although negotiations are still fluid, with any trade agreement subject to final approval by US President Trump, according to POLITICO.
  • EU Commission President von der Leyen said Europe must show strength in trade negotiations with the US. Thereafter, German Finance Minister says if the EU does not reach a "fair" deal with he US, the bloc is ready to take counter-measures.
  • Japanese PM Ishiba said haven't been able to reach an agreement because Japan kept defending what needs to be defended, and will continue dialogue with the US and seek a chance of agreeing on a deal that benefits both countries. Ishiba added they were able to avert a hike in tariffs to 30%-35%, as result of past negotiations, and the US has proposed to continue talks until the new August 1st deadline.
  • Japanese Finance Minister Kato said they expect the US stance to change as they continue trade negotiations, while they will take necessary steps to help industries cope with US tariffs while communicating with other agencies.
  • Japanese Tariff Negotiator Akazawa held a call with US Commerce Secretary Lutnick. Agreed to actively engage in trade negotiations. Auto sector is core to Japan's economy, can not tolerate the fact 25% tariffs on autos, and the auto parts tariff is inflicting huge losses on Japanese firms. No point in striking a US deal without an autos agreement.
  • South Korea will step up trade negotiations with the US to win mutually beneficial results and clear up uncertainties caused by tariffs, while it added that trade talks with the US will be a chance to advance both countries' key industries through the 'Renaissance Partnership'.
  • The UK is set to miss the original deadline to close its steel/aluminium trade deal with the US, according to Sky's Conway; Insiders say still some way from a breakthrough. However, "they are hopeful Donald Trump won't raise UK tariffs from 25% to 50% for the time being, despite having promised to on July 9th".
  • Indian refiners reportedly plan to source around 10% of LPG imports from the US in 2026 in an attempt to reach a trade deal, according to Reuters sources.

A more detailed look at global markets courtesy of Newsquawk

APAC stocks mostly traded with cautious gains as participants digested the latest trade-related developments including US President Trump's tariff letters to 14 countries so far including Japan, South Korea, South Africa, and Thailand with tariff rates ranging between 25%-40% and warnings against retaliation, although he also signed an Executive Order to delay the tariff deadline to August 1st. ASX 200 was indecisive as strength in tech and gold producers offset the losses in defensives, while an improvement in NAB Business Confidence was met with little fanfare as participants awaited the RBA rate decision which ultimately disappointed as the central bank defied the broad consensus for the first back-to-back cut since the pandemic, and instead decided to pause on rates through a 6-3 majority vote. Nikkei 225 recouped initial losses as recent currency weakness helped investors shrug off the tariff-related news with Japan facing a 25% tariff which is slightly higher than the 24% rate announced on Liberation Day. Hang Seng and Shanghai Comp were underpinned with the PBoC to support more onshore investors to invest in offshore bonds, while it will also expand the Bond Connect to include Chinese brokers, funds, wealth managers and insurers.

Top Asian News

  • PBoC said it will support more onshore investors to invest in offshore bonds and will expand the bond connect to include Chinese brokers, funds, wealth managers and insurers, while it will also increase the quota under the swap connect.
  • Chinese President Xi stressed developing the real economy to build up national strength and said the real economy should not be abandoned, nor should the traditional industries, according to Xinhua.
  • Chinese Premier Li Qiang said China is confident in driving economic growth and has the resources to counter external headwinds.
  • RBA unexpectedly kept the Cash Rate unchanged at 3.85% (exp. 25bps cut) with the decision made by a majority of 6-3 votes, while it stated that the Board will be attentive to the data and evolving assessment of risks to guide its decisions. RBA also noted that inflation has continued to moderate and the outlook remains uncertain although the Board continues to judge that the risks to inflation have become more balanced and the labour market remains strong. Furthermore, the Board remains cautious about the outlook, particularly given the heightened level of uncertainty about both aggregate demand and supply and it judged that it could wait for a little more information to confirm that inflation remains on track to reach 2.5% on a sustainable basis.
  • RBA Governor Bullock says there will be more data and news by the next meeting. Made good progress on inflation, been within the target range for only one quarter thus far. Effect of 50bps of cuts is still to flow through. CPI interpretation was different to the markets, decision was about timing rather than direction; monthly CPI is too volatile, the quarterly figure could be higher. Confident they are on a path to ease further. On an easing path, timing is the question. Was an active debate within the RBA boardroom, the difference between the sides was not about direction. Bullock will not say how she voted.

European bourses opened higher, welcoming Trump's confirmation that the new tariff deadline is August 1st and as Monday's letters did not have any narrative-shifting surprises. Since, benchmarks have come off best and are either side of the unchanged mark, Euro Stoxx 50 U/C. Sectors in-fitting with the above and as such are now mixed. Basic Resources lead amid gains in Glencore (+2.5%) after an upgrade by and favourable commentary from JPMorgan. Retail at the other end, hit by the tariff letters on Asian manufacturing nations which are a key destination for European names such as Pandora (-1.1%).

Top European News

  • German Finance Minister Klingbeil says they see that economic sentiment has improved.
  • UK OBR says "public finances in relatively vulnerable position and facing mounting risks", adds UK debt set to exceed 270% of GDP by early 2070s.

FX

  • USD has been giving back some of Monday's gains, upside that occurred alongside an increase in angst into the tariff letters. Ultimately, the main takeaway was Trump providing more time for negotiation and as such the TACO trade remains in play. DXY is currently tucked within yesterday's 96.89-97.66 range, currently just off highs of 97.43.
  • AUD outperforms as the RBA surprisingly kept rates unchanged in a 6-3 vote, despite markets pricing in a 95% chance of a move pre-release. AUD/USD back above 0.65 but yet to breach Monday's 0.6564 peak.
  • Upside that has pulled the Kwi along with it, NZD/USD has made its way back onto a 0.60 handle but is still some way off yesterday's 0.6063 high (current session peak @ 0.6034).
  • EUR the next best, benefitting from reports which suggest 10% baseline tariffs remain an option for the EU. EUR/USD is currently firmer, just off a 1.1765 peak within Monday's 1.1686-1.1790 range.
  • GBP just about in the green against the USD, but Cable is back to its earlier 1.36 base. A bout of further pressure emerged on an OBR risk report which laid out that "public finances in relatively vulnerable position and facing mounting risks", adds UK debt set to exceed 270% of GDP by early 2070s
  • PBoC set USD/CNY mid-point at 7.1534 vs exp. 7.1772 (Prev. 7.1506)

Fixed Income

  • Complex pushed lower by the tariff deadline extension and a packed supply docket.
  • USTs saw a slightly softer start to the day, given the constructive risk tone. Similar story for EGBs and Gilts, though the magnitude of downside has increased throughout the morning, USTs to a 110-25+ trough, taking out Monday’s 110-29 base and now teetering just above 110-25, the WTD low from the last week of June.
  • EGBs also dented, but with losses much more pronounced. Bunds lower by near 50 ticks. As referenced, pressure in EGBs has been increasing, an intensification that began alongside the constructive European cash equity open; furthermore, supply is weighing and the passing of some taps e.g. Germany failed to provide any relief (unsurprising, the German auction was somewhat soft and we await details on EU supply).
  • For the most part, an absence of specifics for the UK. No follow through in Gilts from the OBR reporting that domestic finances are in a "relatively vulnerable position and face mounting risks". Nonetheless, Gilts lag with downside intensifying and the benchmark now looking to lows from mid-June, incl. 91.16.
  • Germany sells EUR 3.754bln vs exp. EUR 5bln 2.20% 2030 Bobl: b/c 1.50x, average yield 2.26% & retention 24.92%.

Commodities

  • Crude benchmarks are lacklustre, largely unaffected by trade updates with volumes light and awaiting further geopolitical updates from the Middle-East; Brent trades within a narrow USD 69.03 to 69.61/bbl range, re-approaching overnight lows following news regarding the resumption of Israel-Hamas Doha talks.
  • Precious metals softer, dented by the broadly constructive risk tone in-fitting with pressure seen in other traditional havens (i.e. fixed and JPY). Though, downside is limited thus far with the softer USD and general tariff uncertainty, despite the welcome confirmation of an August 1st deadline, preventing a more concerted move lower. XAU down to a USD 3324/oz base and within Monday’s USD 3296-3343/oz band.
  • Base metals, in contrast, welcome Trump signing an executive order pushing the tariff deadline to August 1st (prev. July 9th) and as the first batch of tariff letters didn’t contain anything particularly shocking. 3M LME Copper holds at the upper-end of a USD 9793-9889 band. However, it remains shy of Monday’s USD 9871 peak and last week’s USD 9889 best.
  • US President Trump signed an Executive Order aiming to end subsidies for foreign-controlled energy sources.

Geopolitics

  • US President Trump said he's got great cooperation from countries neighbouring Israel, when asked about Palestinian relocation plans. Trump noted Iran talks are scheduled and that Iran will not be a nuclear state, while he hopes they don't have to do another strike on Iran.
  • White House said US Envoy Witkoff is to travel to Doha later this week for a Gaza ceasefire, while it was separately reported that Witkoff said they have an opportunity to get a peace deal in Gaza and that the Iran meeting will be in the next week or so.
  • Subsequently, Iran's MFA Spokesman told state TV: "We have not handed in any requests to meet with the Americans", via France24.
  • UKMTO says a vessel sustained significant damage and lost all propulsion after being attacked by 5 rocket grenades, 51NM West of Yemen's Hodeidah; vessel is under continuous attack and authorities are investigating.
  • Ceasefire talks with Gaza have recommenced, in Doha, via journalist Elster (08:49BST/03:49ET).
  • US President Trump said they have to send more weapons to Ukraine and that they have to defend themselves, while the Pentagon later announced the Department of Defense will send additional defensive weapons to Ukraine.
  • German Foreign Ministry says the Chinese Military has used a laser to target a German aircraft in EU operation aspides; Chinese ambassador summoned,

US Event Calendar

  • 6:00 am: Jun NFIB Small Business Optimism, est. 98.6, prior 98.8
  • 3:00 pm: May Consumer Credit, est. 10.55b, prior 17.87b

DB's Jim Reid concludes the overnight wrap

A quiet day where we were all waiting for tariff news sprung into life just after Europe closed yesterday as the first major tariff news of the week broke. In a series of posts on social media, President Trump announced new tariff rates on several trading partners. He started off by announcing 25% tariff rates against Japan and South Korea, effective August 1st. This was followed by “trade letters” to a further twelve countries including South Africa (30% rate), Malaysia (25%), and Indonesia (32%). President Trump also said that “any goods transshipped to evade a higher tariff will be subject to that higher tariff,” while noting that these would be separate from the sectoral tariffs. The headline rates for most countries announced yesterday were around the same levels as the Liberation Day tariffs, but President Trump also said that if countries were to raise their tariffs in response, then “whatever number” they choose will be added onto the 25% charged by the US.

White House Press Secretary Leavitt announced that more letters will be arriving throughout the week. After sending the posts, the President signed an executive order that effectively delays the new tariff rates until August 1, prolonging the current 10% tariff rate and giving nations more time to meet the trade demands from the White House. The President continued to signal he was open to deals, saying the August 1st deadline was “not 100% firm” and that they could “maybe adjust a little bit, depending.” Overnight, Politico reported that while a US-EU trade deal had not been finalised, the US had offered the EU a 10% tariff rate with caveats. Given the higher rates seen earlier in the day for other trading partners, the EUR has rallied (+0.32%) overnight and is back to levels before the letters started rolling out yesterday. 

Stocks fell in response to the tariff news, although the S&P 500, which closed -0.79%, was already -0.6% just before the announcement in anticipation of the noon Washington timeline that had been given over the weekend with regards to letters being sent out. The index was down -1.25% at the lows of the day, before rebounding as investors priced in the possibility of trade deals getting over the line for larger trading partners before putative tariffs kick in.

Within US equity markets, the Magnificent 7 (-1.03%) underperformed while following a similar pattern to the broad index, although the index was also weighed down by Tesla (-6.79%), which saw the biggest decline in the entire S&P after Musk announced the formation of the “America Party” over the weekend. Small caps, which have less margin to absorb tariff costs, underperformed by even more as the Russell 2000 fell by -1.55%. Meanwhile, US Treasuries also struggled, with the 10yr yield up +3.4bps to 4.379%, whilst the 30yr yield (+5.4bps) rose to 4.92%. In turn, that helped to support the US Dollar index (+0.31%), which has stabilised around a 3-year low in the last week. 

President Trump posted late on Sunday that any country aligning with the “Anti-American policies” of the BRICS would face an added 10% tariff, and this didn’t help the likes of Brazil’s IBOVESPA (-1.26%). The 10 member states met in Rio Janeiro over the weekend, where they condemned US and Israeli strikes on Iran, as well as the US unilateral tariffs. So, yet another tariff threat that adds to the uncertainty.

In the meantime, one ongoing theme was the continued pressure on the Fed from the administration. That came as Peter Navarro wrote in a Substack post that Chair Powell’s policy was causing American households “acute financial pain” and that if Powell “will not voluntarily adjust course, the board must act decisively to prevent further economic harm.” We’ll get the June FOMC meeting minutes release tomorrow, so that should offer more details on how officials are thinking about rate cuts. At face value, the latest tariff letters, and the fact that the deadlines seem to be pushing towards August 1st, thus prolonging uncertainty, means a September Fed cut will become more difficult unless there is strong evidence of a deteriorating economy. 

Over in Europe, equities had put in a more positive performance, but closed before the stream of tariff headlines came through. Sentiment was also boosted, however, by hopes of a trade deal, with EU spokespeople earlier confirming to Bloomberg that they were close to a trade agreement with the US, after a “good exchange” between Von Der Leyen and President Trump. So that meant the STOXX 600 (+0.44%) and the DAX (+1.20%) both advanced. European futures are only lower by around a couple of tenths this morning. Away from the EU, the FTSE 100 (-0.19%) lagged behind yesterday. European sovereign bonds traded more in line with US Treasuries, with yields on 10yr bunds (+3.6bps), OATs (+4.2bps) and BTPs (+4.7bps) all moving higher. We also found out German industrial production rose +1.2% in May (vs. -0.2% expected), which was relatively stronger than the French and Spanish numbers last week. 

Asian equity markets are higher this morning shrugging off the threats of increased US trade tariffs as President Trump left the door open for additional trade negotiations. Across the region, the KOSPI (+1.46%) is leading gains while the Hang Seng (+0.86%), the CSI (+0.74%), the Shanghai Composite (+0.58%) and the Nikkei (+0.28%) are also higher. The S&P/ASX 200 (-0.19%) is trading lower but has hardly had time to react to a surprise 6-3 decision, just before we go to print, to hold rates rather than cut them as widely expected. The RBA's statement pointed to an "uncertain outlook" as the reason for holding rates. The Australian dollar reacted sharply, jumping to 0.6539 against the dollar, while policy-sensitive 3-year government bond yields have climbed 14bps, 10 of which have come in the last few minutes after the decision. Governor Michele Bullock's upcoming press briefing is now the focus of market attention. Elsewhere US equity futures are flat to up a tenth of a percent. 

On geopolitics, yesterday Iran announced that Israel had tried to assassinate its President during last month’s attacks, and that US strikes has severely damaged its nuclear infrastructure and equipment. In an interview with Tucker Carlson on Monday, Iran’s President Masoud Pezeshhkian said that the US could resolve its differences with Iran through dialogue and talks, but said it was difficult to trust the US and asked how they could be sure Israel wouldn’t be given permission to attack again. Amidst the newsflow, WTI rose +1.39% to $67.9/bbl and Brent crude was up +1.87% to $69.58/bbl even with the surprise oil production increases announced by OPEC+ over the weekend. It's back down around half a percent this morning. 

To the day ahead now, we’ll have the US June NFIB small business optimism, the NY Fed’s inflation expectations, and Germany’s trade balance for May. Central bank speakers include the ECB’s Nagel. 

Tyler Durden Tue, 07/08/2025 - 08:30

Trump Confirms Arms For Ukraine U-Turn Days After Pentagon Halts Delivery

Trump Confirms Arms For Ukraine U-Turn Days After Pentagon Halts Delivery

Another drastic foreign policy U-turn by the Trump administration, after just a week ago some weapons shipments to Ukraine were halted - and now it's back ON apparently...

President Trump first unveiled Monday after last week's 'disappointing' phone call with President Putin, for which the US leader was "very unhappy", that he would send “more weapons” to Ukraine.

"We’re gonna send some more weapons we have to them. They have to be able to defend themselves. They’re getting hit very hard now," Trump said, alongside a US and Israeli delegation, on the day Prime Minister Netanyahu visited the White House.

Last Thursday night saw what was likely a record aerial attack on Ukraine which lasted for seven hours. Trump has said the US would send "defensive weapons primarily." He remarked: "So many people are dying in that mess."

Ukraine's President Zelensky has tallied that last week Russia launched around 1,270 drones and 39 missiles in total at Ukraine, doing serious damage in many places, including the capital area. The Ukrainian government reacted Tuesday by seeking clarify on the sudden policy shift from the White House:

The ministry of defense in Kyiv said in a statement on Tuesday that it had not received official notification of the change in policy and it was “critically important” for Ukraine to maintain “stability, continuity and predictability” in the provision of arms, especially air defense systems.

The statement added: "We are grateful to the United States for all its support and highly appreciate the efforts of American partners aimed at achieving genuine peace."

Adding insult to injury for much of Trump's base, which has long supported his efforts to disentangle America from Kiev - and stop sending the Ukrainians billions in taxpayers' money - the Department of Defense is actually touting this move as in keeping with 'America First'.

"Our framework for POTUS to evaluate military shipments across the globe remains in effect and is integral to our America First defense priorities," the Pentagon said in a new press release.

Ammunition for Ukrainian HIMARS, US military image

Here is the White House merely one week ago:

White House spokesperson Anna Kelly told CBS News that in the context of the Russia-Ukraine war the "decision was made to put America's interests first following" a Defense Department "review of our nation's military support and assistance to other countries across the globe."

What actually changed? It remains that the simplest way to wind down this tragic war is for Zelensky to agree to territorial concessions, but he won't even so much as budge on recognizing Crimea, and it looks like Washington is certainly not trying to convince or pressure him at this point. Zelensky will continue gladly taking his arms handouts from Uncle Sam without willingness to make compromise at the negotiating table. The war, and horrific killing, will go on with no end in sight.

Tyler Durden Tue, 07/08/2025 - 08:05

Beware The 'Omniwar': Catherine Austin Fitts Fears 'Weaponization Of Everything'

Beware The 'Omniwar': Catherine Austin Fitts Fears 'Weaponization Of Everything'

Via Greg Hunter’s USAWatchdog.com,

Catherine Austin Fitts (CAF), publisher of “The Solari Report,” is back with a new cutting-edge publication called “Omniwar.”  Mankind is under attack from all angles, and it’s not simply to control us but to kill us too. 

CAF says, “Omniwar is the weaponization of everything..."

"It’s the weaponization of all the different systems we use, including food, health and finance...

There are literally injections that are bioweapons, and this is the weaponization of our healthcare system.  I do a screen for a mutual fund, and one of the funeral home companies is a stock, which has more than doubled or about doubled since we bought it.  So, you’ve got a recent healthcare insurance stock going down 40%, while the funeral homes are going up significantly. 

People have been observing this because this is not the first insurance company to take a nosedive from the drop in life expectancy and  acceleration of the deaths.”

The poison we are getting is being delivered to us on purpose.  It is high tech, and it’s not just in the CV19 bioweapon injections.  Fitts says,

“We are ingesting these nanoparticles or nanobots. We have done interviews at Solari.com about the mysterious ingredients in the food.  So, it’s in the injections, it’s in the spray and it’s in the food.  This is one of the things I believe causes all this sickness. . ..  This is all part of the great poisoning.  I have subscribers who have been hip to this for more than a decade.  They understand the great poisoning is happening.  They are in a war, it’s an Omniwar and they started to take action on how they organized their health, food and finances.  You know something, they are doing great. . . . I know it’s depressing. 

As Curtis Mayfield says, ‘It’s a New World Order.  It’s a brand-new day.  It’s a New World Order, and brother, you are the prey.’  It is not supportive of your social prestige knowing you are in a war and you are the prey. 

At the same time, once you understand, and you can get in the game, you can start to protect your health, finances and food, and what a difference it makes.”

CAF talks about many war fronts in “Omniwar.”  She does a deep dive on the ever-increasing control grid.  Writer David Hughs (PhD) describes the phenomenon of “Omniwar” as “a war in every conceivable domain by a transnational ruling class against the rest of humanity.”  They uncover how evil forces are “targeting your brain.”  CAF shows how humans are being reengineered with “synthetic biology.”  CAF encourages people and shows them how freedom “starts with one person at a time.”  These are just a few of the Omniwar fronts.  CAF shows you how to fight back too with an “action check list.”

In closing, CAF points out why she is still bullish on gold.  CAF says:

“One of the reasons I am bullish on gold is what the Trump Administration is going to do with Stablecoins...they will have a lot of the big banks and other companies working on creating subsidiaries to issue Stablecoins.  This is very much like a CBDC (central bank digital currency) but more dangerous. . .. the first goal of Stablecoin is to get people not using the dollar on to the dollar. . . . I think there are going to be a lot of countries with big debt problems to switch to the dollar. 

The goal is to build a vast new market for Treasuries.  There is going to be an explosion or tsunami of Stablecoin along with credit.  That could be one of the biggest hyperinflationary events in the world.  This could give a whole new meaning to ‘helicopter money’ because it’s going to be global. 

Think of the Iraqi pallets of cash.  This is the Iraqi pallets of cash in digital form.  We are just going to spread dollars all around the world. 

This could give another 10-15 years to the dollar as the reserve currency. . .. Real assets are going to shine.  That means gold, and that means silver. . .. There is a big push to monetize gold.”

There is much more in the 59-minute interview.

To get the special Solari subscription discount promo and the free (.999) Silver Solari Coin (US subscription’s only), click here.

Join Greg Hunter of USAWatchdog.com as he goes One-on-One with the Publisher of The Solari Report, Catherine Austin Fitts, as she sounds the warning on the Omniwar we all face 7.5.25.

To Donate to USAWatchdog.com Click Here

Tyler Durden Tue, 07/08/2025 - 07:20

Ukrainian Oligarchs Have Become Incredibly Rich From The War Writes Swiss Newspaper

Ukrainian Oligarchs Have Become Incredibly Rich From The War Writes Swiss Newspaper

Via Remix News,

Ukraine was widely recognized as the most corrupt country even before the Ukraine war, but since war broke out and tens of billions of euros have flowed into the country, corruption has flourished like never before.

Swiss newspaper Neue Züricher Zeitung details how a clique of oligarchs, many of them close to President Volodymyr Zelensky, have grown famously wealthy.

“These big businessmen are profiting enormously from the war, while also being patriotic, pro-Western and very discreet,” wrote the Swiss Neue Züricher Zeitung‘s (NZZ) Kyiv correspondent, Guillaume Ptak.

In other words, instead of showing off with sports cars, these new oligarchs know they have to keep their wealth hidden amid a devastating war. The paper details five individuals who have profited enormously.

“The war, which has entered its fourth year, is proving to be a profitable field for businessmen like Andri Stawnizer, Andri Kobolev, Oleksander Hereha, Andri Kolodyuk, and Vasil Khmelnitsky. The quintet has established itself in the war economy, investing in rebuilding what the Russian army destroys time and again. earns a fortune in strategic sectors such as logistics, energy, or construction materials. Typical war profiteers? Sure. But not entirely,” writes the Swiss paper.

They are making a fortune in strategic sectors. While this could be considered typical war profiteering it is also seen in a more positive light, since they ultimately support the army and the civilian population. According to the NZZ journalist, they are therefore“not like their classic predecessors, who recovered after the change of regime. They were mostly swept away by the war. The new generation does not buy TVs, newspapers or representatives, nor parties or private armies.”

NZZ writes that this new generation of oligarchs is not like the old one, and that “reins are held by President Volodymyr Zelensky.”

While Ukrainian authorities welcome most of the new oligarchs, this does not mean that they automatically have good relations with the presidential office. The paper notes that Kobolev, in particular, was known for his anti-corruption activities even before the war. He reportedly does not have the best relationship with Zelensky and has now been charged with corruption himself.

As for the other four, the paper does not make any allegations of corruption, but Ukraine is known as a country where corruption is entrenched from the top to the bottom of the system. Many leading officials have been charged with corruption, but skeptics claim that in many cases, these are only the officials who ran afoul of someone with more power, who wanted to remove a rival or settle a score.

As NZZ notes, overpricing is common in public procurement across Ukraine, which often means businessmen are taking a cut on top of any services they provide, with others in the chain of decision-making receiving a cut.

While war has been profitable for Ukraine’s new oligarchs, NZZ writes that peace will likely pay off even more for them. When the war ends, they stand to make even bigger profits through reconstruction, agriculture, and mineral resources.

The issue of public corruption has drawn criticism from officials in other European states, many who worry about integrating Ukraine into the European Union.

“Ukraine is now ruled by an oligarchic regime that increasingly survives on external support. It is a state characterized by rampant corruption and an absence of genuine democratic frameworks,” said former German Finance Minister Oskar Lafontaine during an interview with Frankfurter Allgemeine Zeitung in January of this year.

In Ukraine, high-level corruption ranks second among the main concerns of Ukrainians after the Russian-Ukrainian war, a survey conducted by the National Agency for the Prevention of Corruption revealed. The results of the research previously presented by the Transcarpathian news portal Kárpáti Igaz Szó show that 71.6 percent of the population consider this to be the country’s second-biggest problem, and 73 percent of entrepreneurs think the same.

According to 87.9 percent of the population and 81.3 percent of businesses, the level of embezzlement in the country has increased compared to 2022. Many hold Zelensky responsible, with 47.5 percent of citizens and 48.3 percent of company representatives stating that combating corruption is the responsibility of the president and his office.

In contrast, 36.9 percent of respondents and 32.4 percent of business people say that the anti-corruption agency, or the Supreme Council, is the one that should take action to curb corruption. The responses also included claims that the Council of Ministers and ministries can be held accountable for the spread of corruption.

Read more here...

Tyler Durden Tue, 07/08/2025 - 05:00

These Are The World's Most Common Passwords

These Are The World's Most Common Passwords

Most people are guilty of using a weak password at some point. But just how predictable can they be?

This infographic, via Visual Capitalist's Marcus Lu, reveals the top 25 most commonly used passwords globally, from ‘123456’ to ‘password’.

Data & Discussion

The data for this visualization comes from NordPass, which analyzed the most frequently used passwords based on a 2.5TB database of credentials exposed by data breaches.

Numbers Still Reign Supreme

The top password—“123456”—was used over 3 million times in the dataset analyzed by NordPass. In fact, six of the top 10 passwords are purely numeric, highlighting how common predictable number patterns remain.

These types of passwords are among the easiest for hackers to guess using brute-force attacks, taking a matter of seconds.

Keyboard Patterns and Simple Words

Along with numbers, users often rely on keyboard sequences like “qwerty” or common words like “password” and “secret.” While these may be easy to remember, they’re also easy to hack. Variations like “Password” or “password1” offer little improvement in security.

How to Create a Strong Password

According to NordPass, your password should be at least 20 characters long and include uppercase and lowercase letters, numbers, and special symbols (e.g. @#$%). Some browsers, such as Google Chrome, can also suggest a strong password for you.

Additionally, NordPass suggests that you never reuse passwords. If one account were to be compromised, other accounts that share the same password could also be at risk.

If you enjoyed today’s post, check out The Five Most Common Cybersecurity Mistakes on Voronoi, the new app from Visual Capitalist.

Tyler Durden Tue, 07/08/2025 - 04:15

"It's Not A Human Right To Live In Sweden" - New Integration Minister Calls For Migrant Values Survey

"It's Not A Human Right To Live In Sweden" - New Integration Minister Calls For Migrant Values Survey

Authored by Thomas Brooke via Remix News,

Sweden’s new Minister for Education and Integration, Simona Mohamsson, says it’s time to stop relying on gut feelings and start using facts when it comes to integration.

The new Liberals leader called for plans to map immigrants’ values, to find out where many sit on cultural issues that may not align with those held by native Swedes.

“It is not a human right to live in Sweden,” she said in a recent interview with Dagens Nyheter.

The government has asked the World Values Survey (WVS), a global research group, to study how immigrants’ views compare with those of people born in Sweden. Mohamsson says it’s about time Sweden looked at hard data instead of assumptions.

“For too long, integration has been based on gut feeling and guesswork,” she said.

“With real facts, we can finally talk clearly about Swedish values and take proper action on integration.”

Mohamsson pointed out that Sweden is very different from many countries when it comes to things like religion, gender equality, and family roles.

“We’re an extreme country in a good way,” she said. “People coming here can find it hard to understand how our society works.”

Mohamsson said the results could lead to changes in schools, civic classes, or language courses for migrants.

Past surveys have shown that many migrants arrive in Sweden with very different views on topics like divorce, premarital sex, abortion, and homosexuality. Over time, those views tend to shift — after about 10 years, migrants’ values start to resemble those of Swedes. But Mohamsson says that’s too slow.

“Ten years is way too long,” she said. “That’s an entire generation of girls who can’t choose who they love or boys who can’t come out.”

“This isn’t about forcing people to change what they think. It’s about making sure everyone respects the core values we have in Sweden,” she said. “It would be strange to say some people don’t need to follow those values.”

However, some political parties — especially the anti-immigration Sweden Democrats, who prop up the current government — consider this approach to be far too soft. They argue that Sweden has already waited too long to tackle cultural clashes and that surveys and gradual changes are not enough. Instead, they demand tough measures, including deportations or stricter immigration controls for migrants who do not accept Swedish and Western values.

The Sweden Democrats recently announced they will campaign in the 2026 general election on a pledge to stop migration to the country.

“Sweden’s safety must come first — even when it conflicts with the right of asylum,” its party leader, Jimmie Åkesson, wrote in May.

Their concerns have gained traction amid growing unrest across Sweden. Migrant gang violence has reached record levels, with deadly shootings, bombings, and grenade attacks now at an all-time high. Police regularly report surging conflicts between criminal groups, and some neighborhoods in major cities are now described as no-go zones for locals after dark.

Even the Moderate Party, which leads the current government, has begun increasing its remigration efforts and pushing for higher income thresholds for prospective migrants, in part due to mounting pressure from the Sweden Democrats and growing public frustration over crime and integration failures.

Mohamsson wants to portray her party as one that understands these concerns, stressing that people who move to Sweden have a duty to try to fit in. “It’s not a human right to live in Sweden,” she repeated. “This isn’t about opinions — it’s about finding out which values clash with Swedish ones.”

This is one of Mohamsson’s first big interviews since becoming both integration minister and leader of the Liberals. She admitted her views have changed over time — she used to oppose her party’s shift to the right, but now she’s a minister in a government supported by the Sweden Democrats.

Asked about this, she said, “Yeah, I’ve changed my mind since I first got into politics 15 years ago. When it comes to problems in schools and integration, I think the best way to fix them is through the cooperation we have now.”

Despite the current government’s hardline rhetoric on migration, 60,000 foreigners still received Swedish citizenship in 2023.

Read more here...

Tyler Durden Tue, 07/08/2025 - 03:30

Ukraine Says Talks To Join NATO Becoming 'Very Toxic'

Ukraine Says Talks To Join NATO Becoming 'Very Toxic'

Ukraine's talks with NATO over a path to future membership have become increasingly tense and unproductive, according to Ukrainian Foreign Ministry spokesman Georgy Tikhy.

In a recent interview, Tikhy described the discussions as "toxic" (something he said elsewhere weeks ago too) - characterizing the negotiations as repetitive and are no longer making progress. He also indicated there does not appear to be a chance for breakthrough anywhere on the horizon.

NATO file image

The foreign ministry official conveyed his assessment in a recent interview featured on the YouTube channel of journalist Aleksandr Notevsky.

The words gained attention in Russian state media, which subsequently translated some of Tikhy's key statements. "All the arguments and counterarguments have already been presented, and each new round of negotiations on Ukraine’s accession to NATO goes in circles," he said. The discussions "have become, to put it simply, very toxic," he emphasized.

The NATO bloc has consistently held out that "Ukraine's future is in NATO." Secretary-General Mark Rutte had at this summer's annual NATO defense summit, hosted in The Hague, issued similarly optimistic words.

However, what's become clear is that waning American support for Ukraine's military, and even President Trump's stated desire to step back from leadership in NATO amid lack of fair cost-sharing among allies, has resulted in a broad decline in enthusiasm and momentum for Ukraine's accession.

This is where things stand following NATO's June summit:

It was therefore something of a relief that Nato’s summit in The Hague produced a short joint declaration on June 25 in which Russia was clearly named as a “long-term threat … to Euro-Atlantic security”. Member states restated “their enduring sovereign commitments to provide support to Ukraine”. While the summit declaration made no mention of future Nato membership for Ukraine, the fact that US president Donald Trump agreed to these two statements was widely seen as a success.

Yet, within a week of the summit, Washington paused the delivery of critical weapons to Ukraine, including Patriot air defence missiles and long-range precision-strike rockets. The move was ostensibly in response to depleting US stockpiles.

Simultaneously Russia has made steady gains along the almost 1,000km long frontline, and is even expanding operations into a central oblast, beyond the Donbass region.

Georgy Tikhy, via Interfax-Ukraine

Russian forces have also in the last days declared that it maintains full control over the whole region of the Luhansk, where Russian forces made quickest gains early on. The Kremlin has shown patience in this grinding war of attrition, though its advances have been costly in terms of manpower, as it taps reserves and continues recruitment efforts back home.

Tyler Durden Tue, 07/08/2025 - 02:45

Lights Out, Europe: The Cost Of Brussels' Energy Fantasy

Lights Out, Europe: The Cost Of Brussels' Energy Fantasy

Authored by Javier Villamor via europeanconservative.com,

Spain’s leading energy companies - Iberdrola, Endesa, and EDP - remain stunned. After the nationwide blackout that cut power across Spain on April 28, the government has yet to provide a clear explanation or take technical responsibility...

The companies, represented by the employers’ association Aelec, have denounced “surprising omissions” in the official investigation. They demand that the extreme voltage spikes recorded in the days leading up to the collapse be included in the analysis. They have criticized the preliminary report from ENTSO-E—the European network of electricity operators—for claiming that “the system was operating normally” just seconds before the failure. Meanwhile, severe voltage swings were recorded, going beyond safety limits and triggering automatic shutdowns of high-voltage substations and key refineries.

This episode is far more than an isolated incident. It is a metaphor for the erratic direction taken by the European Union’s energy policy. In the name of climate change, Brussels has embarked on a radical overhaul of its energy model driven not by technical or economic realities, but by an ideological agenda imposed by political and bureaucratic elites. What was marketed as a smooth transition toward renewable energy has turned into a forced green agenda, with no viable alternatives and little regard for its impact on competitiveness, system stability, or citizens’ well-being.

At the root of this drift lies the REPowerEU plan, launched after the start of the war in Ukraine with the stated aim of “fully decoupling” Europe from Russian energy. What initially appeared to be a justified geostrategic measure quickly became, in the hands of the European Commission, a pretext to push through renewable energies at any cost. This led to a rushed and uneven transition, with citizens and businesses footing the bill.

This leap into the void has destabilized key sectors such as agriculture, transport, and industry, forcing them to absorb rising costs without receiving real technological upgrades. Countries like Germany, which shut down their nuclear plants out of political conviction, have now had to reopen coal-fired stations in a contradictory reversal. Meanwhile, state propaganda continues to promote green energy self-sufficiency, while households face record electricity bills and companies lose competitiveness.

The structural failures of the European power grid are becoming increasingly evident. The continental grid was designed for stable and predictable hydro, gas, and nuclear sources. The mass introduction of intermittent sources like wind and solar makes imbalances difficult to manage: without wind or sun, generation collapses; with too much, the grid becomes dangerously overloaded.

On April 28th, the Iberian Peninsula experienced those consequences firsthand. Abnormal voltage levels were detected in several substations throughout the morning. To grasp the gravity: a “voltage oscillation” involves a sudden and significant fluctuation in the grid’s voltage, which can damage equipment, trigger automatic disconnections, or, in extreme cases, cause a total blackout. At the Lancha substation, voltage reached nearly 250 kV on a line rated for 220. Another line, rated at 400 kV, surpassed 470 kV just before the collapse. According to Aelec, these anomalies began as early as 10:00 a.m. While a sudden drop of 2,200 MW in generation has been cited as the trigger, the system is theoretically built to withstand a loss of up to 3,000 MW without shutting down. This was not a coincidental failure—it was a built-in weakness.

Beyond technical and political issues, the forced energy transition takes a human toll. European households are paying more for electricity, hitting middle- and lower-income families especially hard. Electrification of transport, promoted without adequate foresight, is raising the cost of mobility due to a lack of reliable charging infrastructure. Farmers and truckers, already squeezed by unmanageable climate regulations, face growing expenses while being pressured to make investments they cannot afford.

Moreover, blackouts are no minor issue: their impact ranges from multimillion-euro industrial losses to the paralysis of hospitals, schools, and transport networks. In Spain, the outage even cost five people their lives. An energy model that cannot ensure a steady supply threatens the economy and public safety.

European industry, particularly in the central and southern parts of the continent, is already bearing the brunt. Unable to compete with American or Asian energy prices, many companies are relocating production or shutting down. Paradoxically, even sectors the green agenda promotes, such as electric vehicles, are faltering. Once-dominant car industries in Germany and France are struggling to stay afloat in an increasingly competitive global market. While Europe imposes ideological standards, China manufactures more, better, and cheaper. Deindustrialization is no longer a threat—it’s a fact. Notably, some factions on the Left even embrace “degrowth”—deliberate economic decline—as a desirable path.

Worse still, despite all these sacrifices, Europe continues to import Russian energy—now via third countries—and remains vulnerable to geopolitical pressure. The promise of energy independence often rings hollow.

The Green Deal has morphed from a promise of modernization into a political myth: a story no longer grounded in reality, propped up by propaganda that refuses to confront its contradictions. The public, increasingly aware of the real costs, is beginning to push back. The farmers’ resistance in the Netherlands gave rise to a political party now part of the ruling coalition. In other countries, protests and citizen discontent are multiplying. And this is only the beginning. This very week, farmers returned to Brussels to protest the suffocating policies they face.

An energy transition is not inherently harmful, but cannot be imposed dogmatically. It requires realism, technological pluralism, gradual implementation, and a willingness to adopt what works. Nuclear, hydro, and natural gas must be part of the energy mix while green technologies mature. Sustainability will not be achieved by denying physics or punishing citizens, but by integrating every available tool with a long-term vision.

What happened in Spain is a symptom, not an accident.

Europe’s current energy model is not equipped to operate under the conditions imposed by Brussels. There is an urgent need to rethink energy policy—not through ideology, but through engineering, economics, and common sense. If the energy transition is to be our path forward, let it be pursued with caution, technological plurality, and respect for the system’s real limitations.

Europe cannot afford to stumble in the dark in the name of a green light; it still does not know how to switch on.

Tyler Durden Tue, 07/08/2025 - 02:00

Australia's Latest Temporary Military Deployment To Europe Is Connected To Containing China

Australia's Latest Temporary Military Deployment To Europe Is Connected To Containing China

Authored by Andrew Korybko via Substack,

Australia agreed during last month’s NATO Summit to deploy an E-7 Wedgetail airborne early warning and control aircraft and up to 100 troops to Europe till November at the bloc and Poland’s request in support of Ukraine. This will be carried out under “Operation Kudu”, which “is the Australian Defence Force commitment to the training of Armed Forces of Ukraine personnel in the United Kingdom.” It follows a prior such deployment to Ramstein Air Base so the latest one isn’t really all that newsworthy.

That doesn’t mean that it’s insignificant, however, since it’s important for observers to understand why Australia is continuing to militarily involve itself in a conflict on the opposite side of the planet. The reason is that Australia is doing so as a quid pro quo for Anglo-American support in containing China through AUKUS. Regardless of whether one agrees with it, the Australia government nowadays considers China to be an adversary – largely due to Anglo-American influence – and formulates policy accordingly.

Sending arms to Ukraine, training its troops in the UK, and once again carrying out a temporary military deployment to Europe isn’t just a way to pay back its AUKUS allies, but also a means for obtaining experience in the event that China gets involved in a regional conflict. Whether it’s against Taiwan, the Philippines, Japan, and/or the US, Australia expects to involve itself in a similar way as with Russia-Ukraine via the aforesaid means of arms shipments, training, and early warning and control missions.

Moreover, by showing solidarity with NATO in its proxy war on Russia through Ukraine as explained above, Australia hopes that the bloc’s European members will repay the favor if it involves itself in a future AUKUS+ (AUKUS, Taiwan, Japan, and the Philippines) proxy war on China. Even though they’d probably do this at their American “daddy’s” behest, albeit as a quid pro quo for “defending Europe from Russia” in this case (as they sincerely but wrongly believe), it’s a suitable pretext for the public.

The larger goal is to craft the perception of a “Global West” that stretches across the Atlantic and Pacific to encompass both halves of Eurasia, thus enabling the US to “Lead From Behind” in containing China in the future and maybe once again Russia too depending on events. Australia’s role is therefore to serve as an example of an Asia-Pacific country contributing to the European front of the US’ present containment campaign against Russia to justify European countries contributing to a future Asian front against China.

That being the case, Australia’s latest temporary military deployment to Europe actually advances a much grander strategic goal than most observers might have realized. In and of itself, Australia’s contribution to NATO’s proxy war on Russia through Ukraine is minimal and has no influence over the course of events, but it helps lay the ground for what might come next after that conflict finally ends. If Trump’s “total reset” with China fails, then the US-led “Global West” might more aggressively contain it.

To that end, the precedent of Australia’s continued military involvement in the Ukrainian Conflict can be spun as the pretext for NATO’s European members involving themselves in a future AUKUS+ proxy war on China, which can be sold to the public as “paying back the favor out of solidarity”. The emerging “Global West” concept therefore isn’t just a “collection of democracies” like it’s been portrayed by some, but a collection of US military partners that can be relied upon for helping to contain its Eurasian rivals.

Tyler Durden Mon, 07/07/2025 - 23:25

How New Microschool Accreditation Pathways Are Opening Doors For Founders and Families

How New Microschool Accreditation Pathways Are Opening Doors For Founders and Families

Authored by Kerry McDonald via The Epoch Times (emphasis ours),

As a mother of nine in Tennessee, Sarah Fagerburg tried a variety of different schooling types, from public schools to homeschooling, but she always felt there had to be something better. In the spring of 2023, she discovered Acton Academy from listening to a podcast, and knew that this was the educational model she had been seeking.

MCP Academy in Mansfield, Texas/FEE

“My mind was blown,” said Fagerburg. “I had no idea education could be this good.

She applied to open her own Acton Academy, and was accepted into the fast-growing network of approximately 300 independently operated schools, emphasizing learner-driven education. Fagerburg launched Acton Academy Johnson City last fall with 13 students, including four of her own children. Today, she has 26 K-6 students enrolled in her secular microschool, with plans to add a middle school and high school program in the coming years. “Parents want this. They love it,” said Fagerburg, adding that some families drive up to 45 minutes each way for their children to attend her program.

She says she sees enormous demand for the Acton Academy model, and hopes to open more locations in Tennessee, but access is a key concern. “I grew up poor,” said Fagerburg. “I never would have been able to attend a school like this.”

With the current expansion of school choice programs, such as Tennessee’s new universal education savings accounts (ESA), many more families are able to access innovative schools and learning models. “It’s a complete game changer,” said Fagerburg, explaining how the ESA program enables Tennessee families who previously had limited education choices to now use a portion of state-allocated education funding to select the school or learning space that is best for their child.

But there’s a catch. In order to participate in Tennessee’s ESA program, Fagerburg’s school must be accredited, and its current accreditation by the International Association of Learner Driven Schools isn’t recognized by the state.

That is why Fagerburg jumped at the opportunity to participate in a fledgling program offered through the Middle States Association (MSA), one of the four major K-12 accreditation entities, with 3,200 member schools worldwide. In partnership with Stand Together Trust, MSA’s Next Generation Accreditation pilot program seeks to offer a faster, more affordable, and more flexible route toward accreditation for today’s emerging schools.

“We created this flexible protocol around how a school actually works,” said Christian Talbot, President and CEO of MSA. “That gives mostly microschools, but really any innovative school, the opportunity to tell their story with the production of evidence that makes the most sense to them.”

Talbot offered the example of a hypothetical urban “place-based” learning environment, with no designated school building and students taking classes at various museums, public parks, and historic sites throughout a city. “That school is going to have the opportunity to describe the learning environment in ways that existing accreditation protocols really don’t allow because you have to have a certificate of occupancy, or a lease, or some other thing that is tied to this mental model we have that school has to be in a building,” said Talbot.

He emphasized that these innovative schools are “meeting all of the exact same standards of accreditation” as conventional schools, but they are able to demonstrate these standards in ways that reflect the ingenuity of their models.

MSA is the world’s second-oldest accrediting agency. It launched more than a century ago, as interest grew from schools and colleges for independent, third-party verifiers of quality. For higher education, accreditation eventually became a requirement for US colleges and universities to participate in federal student financial aid programs, but at the K-12 level, mandatory accreditation is less common.

Most states don’t require schools—public or private—to be accredited, but some schools choose to become accredited to earn an external “seal of approval,” which may help them to attract and retain students and educators. With the expansion of school-choice programs nationwide in recent years, certain states, such as Tennessee and Texas, require accreditation in order for a school to participate in these programs.

Cammy Herrera had been exploring the possibility of accreditation for her secular microschool MCP Academy, in Mansfield, Texas, well before the state introduced a new universal school-choice program this spring. A former public school teacher, Herrera had been running a licensed in-home preschool for more than a decade when she decided in 2021 to add a Montessori-inspired school-age program. She now serves over 50 students through middle school, with plans to open a high school if she can find a larger space to accommodate more students.

For Herrera, accreditation was appealing as a signal of quality, but she felt that most existing accrediting organizations took a traditional view of education that didn’t reflect her personalized, flexible approach.

“Our school is so different. We are not trying to fit into a one-size-fits-all box when it comes to schooling,” said Herrera, whose students are technically considered homeschoolers. They can attend her school full-time at an annual tuition of $10,250, or customize their enrollment based on their own learning needs. Tuition for Herrera’s two-day-a-week option is about $4,000 annually. “Whoever we get accredited through has to believe in our vision and has to be on board with what makes our school special because we don’t want our school to lose that special part that makes us different from a traditional school,” she said.

When Herrera learned about the MSA’s pilot accreditation program for microschools, she eagerly applied. Next Generation Accreditation would offer Herrera that third-party validation she has been seeking while retaining her program’s originality. It would also enable her to participate in Texas’s new school choice program, should she choose.

MSA hopes to run the Next Generation Accreditation pilot with 10 to 15 innovative schools over the next several months to learn more about these schools’ distinct needs and structures, and then iterate and adapt protocols to provide a valuable accreditation pathway for today’s creative schooling models.

As the creator of the Texas Microschools Facebook group, Herrera sees mounting interest in microschooling and the diverse educational models and methods that the movement fosters. She thinks that accreditation options that reflect this diversity can be beneficial to founders and families who value that credential, or who need it to participate in certain school-choice programs. But she also warns of potential drawbacks: “There are all these special schools, and if everybody has to follow the same standards to be accredited, then I think they’ll be more alike than different. That’s the only thing I could see being a downfall.”

Originally published on The74, reposted from the Foundation for Economic Education (FEE)

Tyler Durden Mon, 07/07/2025 - 22:35

Tipping Point: When Populations Peak

Tipping Point: When Populations Peak

As July 11 marks World Population Day, celebrating the approximate day that the world's population reached 5 billion on July 11, 1987, Statista's Felix Richter takes a closer look at one of the population trends that will affect many countries sooner or later in the 21st century: population decline. Especially prevalent across Europe and developed Asia, this demographic trend is a consequence of declining birth rates and ageing populations and poses significant challenges to the countries affected.

 When Populations Peak | Statista

You will find more infographics at Statista

In countries like Japan and Italy, where population decline is estimated to have begun in 2010 and 2014, respectively, fertility rates have fallen below the replacement level of 2.1 percent a while ago. Influenced by factors such as higher education and career opportunities for women, shifts in societal norms regarding family and childbearing and an ageing overall population, natural population change, i.e. the difference between births and deaths, turned negative years ago. For several years, positive net migration stopped the overall population from declining until the (negative) natural population change eventually became larger than the population growth from migration.

Countries with declining populations face a number of challenges, both economic and social. Economically, a shrinking workforce can lead to labor shortages, reduced productivity and increased pressure on social welfare systems. With fewer working-age individuals to support a growing elderly population, the financial burden on pension systems and healthcare services intensifies. Socially, a declining population can result in the depopulation of rural areas, shrinking communities and the ensuing challenges in maintaining infrastructure and public services.

Addressing these issues requires comprehensive strategies. Raising the retirement age or increasing taxes/social contributions can help alleviate the financial burdens associated with a demographic imbalance. Policies to support work-life balance and affordable childcare can help slow the population decline and immigration of young, skilled workers can help address labor shortages and increase productivity.

According to the latest revision of the United Nation’s World Population Prospects, many countries will face these challenges within this century if they don't already, such as the aforementioned Japan and Italy, China and South Korea, which were expected to see their first population decline in 2021. Brazil's population is expected to start declining in 2042, France's in 2049 and even India’s vast population is projected to start shrinking in 2062.

Among developed nations, the United States, Canada and Australia are notable exception, with none of them currently expected to see their first population decline in the 21st century. Geographically, many African nations are still growing rapidly, resulting in a continental shift in global population that will see countries like Nigeria, the Democratic Republic of Congo, Ethiopia and Tanzania among the most populous nations in the world by 2100.

Tyler Durden Mon, 07/07/2025 - 22:10

Purges Of Top Tech Officials Show Cracks In China's Big Data Ambitions

Purges Of Top Tech Officials Show Cracks In China's Big Data Ambitions

Authored by Michael Zhuang via The Epoch Times (emphasis ours),

As U.S.-China tensions escalate over tech and national security, a new wave of corruption scandals is shaking the Chinese Communist Party’s (CCP) big data sector, one of the regime’s most strategically important industries.

The public visit Data Analysis Center during the 2017 China International Big Data Industry Expo at Guiyang International Eco-Conference Center in Guiyang, China, on May 27, 2017. Lintao Zhang/Getty Images

On July 2, Chinese state media reported that Yu Shiyang, head of the Big Data Development Department at China’s State Information Center, is under investigation for “serious violations of discipline and law,” a phrase widely understood in China to mean political misconduct or corruption.

In most cases, such investigations do not result in open trials. Instead, officials are often detained in secret, disappear from public view, and are quietly removed from their posts.

Yu is the latest in a growing list of high-level officials in China’s data and tech sector to fall from grace. Yu, who once held a visiting scholar position at MIT, was considered a rising star in China’s digital governance sector, an unusual profile for a CCP official due to his international experience. He also served as executive deputy director of the Internet and Big Data Center under the powerful National Development and Reform Commission, Beijing’s top economic planning agency.

The announcement was jointly issued by the Central Commission for Discipline Inspection, the CCP’s top anti-corruption body, and its counterpart in Hebei Province, underscoring the political weight behind the case.

Widespread Corruption at China’s Data Hub

The investigation into Yu is part of a broader pattern that has plagued China’s big data sector, particularly in Guizhou Province, which the CCP has touted as a national data hub since 2016. Once hailed as China’s first national-level big data experimental zone, Guizhou signed a landmark deal in 2018 allowing a local government-backed company, Guizhou-Cloud Big Data, to partner with Apple in operating iCloud services within mainland China.

However, behind the scenes, Guizhou’s data boom has become a political liability. Multiple senior officials spanning provincial data regulators, mayors, and executives at state-owned tech firms have been caught in sweeping anti-corruption probes.

Notable among them is Ma Ningyu, Guizhou’s former top big data official and the original architect of the province’s digital transformation strategy. He was detained in August last year amid allegations of abusing public data resources for private gain. Projects he championed are now under scrutiny for fraudulent procurement practices.

Another scandal involves Jing Yaping, who was purged on Feb. 24. Until her retirement, she led the provincial Big Data Development Bureau. She allegedly rigged bids for the Chinese regime’s IT contracts by embedding encryption watermarks in tender documents, ensuring her son-in-law’s shell company won lucrative contracts. The scheme reportedly caused a 2 billion yuan ($280 million) budget overrun.

Investigators also alleged that government servers under her watch were secretly used to mine Bitcoin. Authorities discovered 327 remaining Bitcoins in the mining pool, worth around $35 million at current valuations. The discovery was particularly problematic given Beijing’s 2021 blanket ban on cryptocurrency mining, citing energy waste and financial risk.

The purge shows no sign of slowing. On Feb. 26, Liu Lan, Guizhou’s deputy mayor overseeing big data, was removed from office, according to Chinese state media reports. On April 3, Yang Yunyong, head of a Guizhou provincial government-backed computing firm, was purged, and Li Gang, a former deputy director of Guizhou’s Big Data Bureau and provincial military-civil fusion office, fell under investigation on May 16.

CCP’s Big Data Ambitions

The fallout has raised alarm about the fragility of China’s efforts to build a global edge in artificial intelligence (AI). Big data is foundational to AI development, and Chinese leader Xi Jinping has long championed the integration of big data, artificial intelligence, and traditional industries since 2022.

On June 26, RAND Corporation, an influential American defense and policy think tank [ZH: also absolute dicks], warned that Beijing sees data as a strategic asset in its bid to become a dominant world power in the field of AI. China’s local governments have launched so-called “data marketplaces” that allow state agencies and companies to trade datasets. These platforms aim to standardize and commercialize data exchange between state and private entities, fueling AI development without formal data ownership transfer. The goal is to build up AI capabilities by widening access to large-scale training data.

In addition, big data is critical in the CCP’s attempts at foreign influence and espionage. Last year, Canadian intelligence chief Daniel Rogers raised national security concerns over China’s use of big data to carry out foreign interference activities. He specifically named the data held by TikTok as potentially being capable of ending up in the hands of the CCP.

The CCP also seeks to acquire and exploit big data for its military use. The U.S. State Department states on its website that China wants to become the first nation to transition to “intelligence warfare” via military-civil fusion, a strategy that includes theft to acquire advanced technologies, which include big data.

With top officials in Beijing’s data apparatus falling in rapid succession, the CCP’s ambitions for digital dominance may be unraveling from within.

Tang Bing contributed to this report. 

Tyler Durden Mon, 07/07/2025 - 21:45

China Could Push Russia To Attack NATO Member In Taiwan Distraction Ploy: Rutte

China Could Push Russia To Attack NATO Member In Taiwan Distraction Ploy: Rutte

In the scenario that China might one day invade Taiwan, Beijing will enlist Russia's help to tie up NATO forces in Europe, according to a prediction by NATO Secretary-General Mark Rutte.

Rutte, in a fresh interview with The New York Times, engaged in a rare bit of public speculation and grand strategy chessboard gaming regarding potential future moves by the two nuclear armed powers who have struck an "unlimited partnership" of the last few years.

He described that if China made a move against Taiwan, President Xi Jinping "would first make sure that he makes a call to his very junior partner in all of this" - in reference to Russian President Vladimir Putin.

This isn't the first time that Rutte has branded Putin the Chinese president's subordinate in public remarks, in something clearly meant as a jab at Moscow and aimed at belittling the Russian leader.

In such a development, Xi would tell the Kremlin leader that Russia needs to "keep them busy in Europe by attacking NATO territory," Rutte said.

"That is most likely the way this will progress," he added, in an interview where he generally heaped a lot of praise on President Trump, including in the following:

"The American administration completely takes the view and shares it with the Europeans that this war in Ukraine is crucial for the defense of NATO territory going forward and that we have to make sure that Ukraine is in the strongest possible position to stop the Russians from taking more territory, and that when it comes to a cease-fire or, even better, a peace deal, that Ukraine with some help will be able to prevent Putin from ever attacking Ukraine again in the future."

One end result of Trump putting pressure on Europe to take a stronger and more lead role in shouldering the common defense burden is that "The Europeans have now cobbled together $35 billion in military aid this year to deliver to Ukraine, which is more than last year."

He said this came alongside the US expecting Europeans to "take more of the burden when it comes to the concrete support to Ukraine."

Watch the part of the interview where Rutte assumes China and Russia will coordinate action related to future moves on Taiwan:

One additional area where Rutte praised Trump is on breaking the "deadlock" with Putin. "He is the one who broke the deadlock with Putin. When he became president in January, he started these discussions with Putin, and he was the only one who was able to do this," the NATO chief described.

"This had to happen. A direct dialogue between the American president and the president of the Russian Federation," he added. But Rutte also acknowledged that this has stopped progressing of late. As for the Moscow-Beijing relationship, he is likely assuming too much in terms of closeness between these longtime, historic rivals turned 'friends'.

Tyler Durden Mon, 07/07/2025 - 21:20

Walmart, Amazon Truck Depots Display Multilingual Signs, Raising Alarms Over Migrant Drivers With No English

Walmart, Amazon Truck Depots Display Multilingual Signs, Raising Alarms Over Migrant Drivers With No English

Submitted by American Truckers United,

In the shadow of record profits and centi-billion dollar valuations, the American trucker is being pushed further to the sidelines - not by automation or fuel prices, but by corporate betrayal. 

Walmart and Amazon — icons of "American" capitalism — are now placing signs at their distribution centers in foreign languages to accommodate an influx of non-domiciled, non-citizen truck drivers. Don't be fooled… this isn't about inclusion, it's about replacing those more expensive American truck drivers.

Truck driving, once a blue-collar backbone of American prosperity, is being hollowed out in favor of cheap, foreign labor. Mega-corporations and their subcontractors are exploiting loopholes to flood the industry with drivers on work visas or temporary permits, often lacking any form of training to U.S. safety standards or language requirements. Safety and sovereignty are both being sacrificed at the altar of higher earnings per share.

Donald Trump's Executive Order demanding English Language Proficiency (ELP) enforcement for commercial drivers wasn't just common sense — it was a line in the sand. You drive on American highways? You speak the language. Period.

Likewise, Secretary of Transportation, Sean Duffy, sounded the alarm on the abuse of non-domiciled CDLs — licenses issued by states to foreign nationals who may never permanently reside in the U.S. These are not minor regulatory gaps. They're open floodgates, and big retail is swimming through them with glee… they even have the signs to prove it!

This is more than a labor dispute. It's a cultural and economic affront to every American trucker who played by the rules, paid their dues, and built this country mile by mile… "Covid's heroes" they once claimed… mega-corporation's collateral damage just a few short years later.

The real "supply chain crisis" isn't the worry of shelves running empty… it is what power that big retail will continue to build if they continue their pillage of American Truck drivers and companies while handing our national security interests/domestic supply chain to non-citizens. 

*   *   * 

ZeroHedge Take:

Under federal law, non-domiciled CDL (Commercial Driver's License) holders are required to understand and communicate in English. Yet, as the signage at Walmart distribution hubs and other major trucking depots reveals, instructions are now posted in foreign languages — a quiet admission that many of these unvetted migrant drivers don't speak English.

This is a growing public safety threat. Tens of thousands of non-domiciled drivers, some with questionable training and zero English proficiency, are now behind the wheel of 80,000-pound steel missiles barreling down U.S. highways.

Related: 

Washington may be asleep at the wheel, but the threat is very much real. 

Tyler Durden Mon, 07/07/2025 - 20:55

China Smartphone Sales Plunge In May; Device Camera Counts Peak 

China Smartphone Sales Plunge In May; Device Camera Counts Peak 

The latest data from Goldman Sachs shows smartphone shipments in China plunged 21% year-over-year in May to 23 million units. While shipments ticked up 1% month-over-month, they remain under pressure due to a high base effect from 2024, a particularly strong year in shipments. Cumulatively, shipments are down 5% year-to-date through May. 

China's smartphone market in May

  • Smartphone shipments in China were -21% YoY to 23m units in May vs. -2% YoY in Apr 2025, per MIIT.

  • The number of new smartphone models launched in China was -27% YoY to 27 models in May 2025 vs. +14% YoY to 32 models in Apr 2025, per MIIT. 

"For cameras, the number of cameras per phone peaked in 2022 at 3.8 cameras and was down to 3.3/ 3.1 cameras in 2024/ 2025 YTD; however, 20MPx+ penetration increased to 52%/ 51% in 2024/ 2025 YTD (vs. 39%/ 31% in 2023/22), in line with our view of camera specification upgrades for China smartphones," the team of analysts led by Allen Chang told clients over the weekend. 

The 5G segment demonstrated relative strength, with shipments increasing 7% from April to 21 million units, representing an 89% market penetration rate. However, the number of new 5G models launched plunged 52% year-over-year to just 13.

Key China smartphone data in May (China 5G phone market in May):

  • 5G phone shipments in China came in at 21m units in May, +7% MoM, -17% YoY, with a 89% penetration rate, per MIIT.

  • The number of new 5G smartphone models launched in China was -52% YoY to 13 models in May 2025 vs. -14% YoY to 19 models in Apr 2025, per MIIT.

Visualizing China's Smartphone Market In A Series Of Charts 

Smartphone Pipeline 

Chang forecasts shipment declines of 4% in Q2 and 2% in Q3, but highlights ongoing upgrades in hardware specifications and a shift toward premium models.

The analysts are "Buy" rated Hon Hai, AAC, Largan, Luxshare, SZS, Fositek, BYDE, Transsion, Will Semi, MediaTek, and TSMC.

Tyler Durden Mon, 07/07/2025 - 20:30

China Smartphone Sales Plunge In May; Device Camera Counts Peak 

China Smartphone Sales Plunge In May; Device Camera Counts Peak 

The latest data from Goldman Sachs shows smartphone shipments in China plunged 21% year-over-year in May to 23 million units. While shipments ticked up 1% month-over-month, they remain under pressure due to a high base effect from 2024, a particularly strong year in shipments. Cumulatively, shipments are down 5% year-to-date through May. 

China's smartphone market in May

  • Smartphone shipments in China were -21% YoY to 23m units in May vs. -2% YoY in Apr 2025, per MIIT.

  • The number of new smartphone models launched in China was -27% YoY to 27 models in May 2025 vs. +14% YoY to 32 models in Apr 2025, per MIIT. 

"For cameras, the number of cameras per phone peaked in 2022 at 3.8 cameras and was down to 3.3/ 3.1 cameras in 2024/ 2025 YTD; however, 20MPx+ penetration increased to 52%/ 51% in 2024/ 2025 YTD (vs. 39%/ 31% in 2023/22), in line with our view of camera specification upgrades for China smartphones," the team of analysts led by Allen Chang told clients over the weekend. 

The 5G segment demonstrated relative strength, with shipments increasing 7% from April to 21 million units, representing an 89% market penetration rate. However, the number of new 5G models launched plunged 52% year-over-year to just 13.

Key China smartphone data in May (China 5G phone market in May):

  • 5G phone shipments in China came in at 21m units in May, +7% MoM, -17% YoY, with a 89% penetration rate, per MIIT.

  • The number of new 5G smartphone models launched in China was -52% YoY to 13 models in May 2025 vs. -14% YoY to 19 models in Apr 2025, per MIIT.

Visualizing China's Smartphone Market In A Series Of Charts 

Smartphone Pipeline 

Chang forecasts shipment declines of 4% in Q2 and 2% in Q3, but highlights ongoing upgrades in hardware specifications and a shift toward premium models.

The analysts are "Buy" rated Hon Hai, AAC, Largan, Luxshare, SZS, Fositek, BYDE, Transsion, Will Semi, MediaTek, and TSMC.

Tyler Durden Mon, 07/07/2025 - 20:30

"Troops Could Vanish Like Squid": New Bio-Inspired Camo Lets US Soldiers Evade Sight And High-Tech Sensors Instantly

"Troops Could Vanish Like Squid": New Bio-Inspired Camo Lets US Soldiers Evade Sight And High-Tech Sensors Instantly

Authored by Eirwen Williams via the Sustainability Times,

The fusion of biology and technology continues to break new ground, as seen in a remarkable project funded by DARPA and the Air Force. By leveraging the natural abilities of cephalopods, particularly the squid, researchers are developing advanced camouflage technology for military applications.

Illustration of squid-inspired camouflage technology for military applications. Image generated by AI.

This bio-inspired innovation promises to revolutionize how soldiers hide in plain sight, adapting to various environments by mimicking the squid’s adaptive skin. Such breakthroughs not only highlight the potential of bioinspired materials but also reinforce the crucial role of interdisciplinary research in defense and technology.

The Science Behind Squid-Inspired Camouflage

At the heart of this innovative research is the study of squid skin, particularly the light-reflecting cells known as iridophores. Researchers at the University of California, Irvine, in collaboration with the Marine Biological Laboratory in Woods Hole, Massachusetts, have delved into the unique cellular structures of the longfin inshore squid. These iridophores contain tightly coiled columns of a protein called reflectin. These proteins act like natural Bragg reflectors, enabling the squid to change colors rapidly and efficiently.

Through advanced imaging techniques such as holotomography, scientists have captured detailed three-dimensional views of these cells, revealing how the columns of reflectin twist and organize themselves to manipulate light. This ability allows the squid to transition from being transparent to displaying vibrant colors, a mechanism that could be pivotal in developing materials that mimic these changes for military use.

Engineering Bio-Inspired Materials for Defense

Building on the understanding of these biological structures, researchers have engineered a flexible composite material that replicates and even extends the optical capabilities of squid skin. This material combines the nanostructured Bragg reflectors with ultrathin metal films to enhance control over infrared light. Such a composite can adjust its appearance across both visible and infrared spectrums, making it an ideal candidate for adaptive camouflage and other advanced applications.

By responding to environmental stimuli, such as changes in light or physical manipulation like stretching and bending, the material can dynamically alter its properties. This adaptability opens doors to a range of applications beyond military use, including smart textiles and thermal-management systems. The scalability of the fabrication techniques used also means that these materials can be produced on a larger scale, potentially transforming industries beyond defense.

“Concrete That Heals Itself”: Scientists Create Lichen-Inspired Material That Uses Microbes to Seal Cracks Automatically

Potential Beyond Camouflage

This breakthrough in biomimicry extends beyond just camouflage. The principles used to develop these materials could enhance a variety of other technologies. The design concepts drawn from cephalopods may improve devices like lasers, fiber-optic filters, photovoltaic coatings, and chemical sensors. The ability to fine-tune optical properties dynamically is a game-changer for these applications, offering new levels of precision and control.

As researchers continue to explore the possibilities, the full potential of cephalopod-inspired optics is yet to be realized. The work conducted at UC Irvine and its collaborators exemplifies how nature can inspire cutting-edge technological advancements, pushing the boundaries of what is possible in material science and engineering.

Challenges and Future Directions

Despite the promising outcomes, challenges remain in bringing these technologies to practical applications. Issues such as cost, durability, and integration into existing systems must be addressed. Moreover, ethical considerations regarding the use of such technology in defense and surveillance need careful evaluation.

Looking forward, researchers aim to refine these bio-inspired materials, optimizing them for real-world applications. The interdisciplinary nature of this research, combining biology, engineering, and material science, underscores the importance of collaboration in solving complex problems. As we continue to draw inspiration from the natural world, the question remains: how will these innovations shape the future of technology and defense?

As this research progresses, the implications extend beyond the military, potentially influencing various industries and everyday life. The integration of biological insights into technological advancements poses a thought-provoking question: how far can we push the boundaries of biomimicry, and what ethical considerations will arise as we increasingly blur the lines between nature and technology?

Tyler Durden Mon, 07/07/2025 - 20:05

"Troops Could Vanish Like Squid": New Bio-Inspired Camo Lets US Soldiers Evade Sight And High-Tech Sensors Instantly

"Troops Could Vanish Like Squid": New Bio-Inspired Camo Lets US Soldiers Evade Sight And High-Tech Sensors Instantly

Authored by Eirwen Williams via the Sustainability Times,

The fusion of biology and technology continues to break new ground, as seen in a remarkable project funded by DARPA and the Air Force. By leveraging the natural abilities of cephalopods, particularly the squid, researchers are developing advanced camouflage technology for military applications.

Illustration of squid-inspired camouflage technology for military applications. Image generated by AI.

This bio-inspired innovation promises to revolutionize how soldiers hide in plain sight, adapting to various environments by mimicking the squid’s adaptive skin. Such breakthroughs not only highlight the potential of bioinspired materials but also reinforce the crucial role of interdisciplinary research in defense and technology.

The Science Behind Squid-Inspired Camouflage

At the heart of this innovative research is the study of squid skin, particularly the light-reflecting cells known as iridophores. Researchers at the University of California, Irvine, in collaboration with the Marine Biological Laboratory in Woods Hole, Massachusetts, have delved into the unique cellular structures of the longfin inshore squid. These iridophores contain tightly coiled columns of a protein called reflectin. These proteins act like natural Bragg reflectors, enabling the squid to change colors rapidly and efficiently.

Through advanced imaging techniques such as holotomography, scientists have captured detailed three-dimensional views of these cells, revealing how the columns of reflectin twist and organize themselves to manipulate light. This ability allows the squid to transition from being transparent to displaying vibrant colors, a mechanism that could be pivotal in developing materials that mimic these changes for military use.

Engineering Bio-Inspired Materials for Defense

Building on the understanding of these biological structures, researchers have engineered a flexible composite material that replicates and even extends the optical capabilities of squid skin. This material combines the nanostructured Bragg reflectors with ultrathin metal films to enhance control over infrared light. Such a composite can adjust its appearance across both visible and infrared spectrums, making it an ideal candidate for adaptive camouflage and other advanced applications.

By responding to environmental stimuli, such as changes in light or physical manipulation like stretching and bending, the material can dynamically alter its properties. This adaptability opens doors to a range of applications beyond military use, including smart textiles and thermal-management systems. The scalability of the fabrication techniques used also means that these materials can be produced on a larger scale, potentially transforming industries beyond defense.

“Concrete That Heals Itself”: Scientists Create Lichen-Inspired Material That Uses Microbes to Seal Cracks Automatically

Potential Beyond Camouflage

This breakthrough in biomimicry extends beyond just camouflage. The principles used to develop these materials could enhance a variety of other technologies. The design concepts drawn from cephalopods may improve devices like lasers, fiber-optic filters, photovoltaic coatings, and chemical sensors. The ability to fine-tune optical properties dynamically is a game-changer for these applications, offering new levels of precision and control.

As researchers continue to explore the possibilities, the full potential of cephalopod-inspired optics is yet to be realized. The work conducted at UC Irvine and its collaborators exemplifies how nature can inspire cutting-edge technological advancements, pushing the boundaries of what is possible in material science and engineering.

Challenges and Future Directions

Despite the promising outcomes, challenges remain in bringing these technologies to practical applications. Issues such as cost, durability, and integration into existing systems must be addressed. Moreover, ethical considerations regarding the use of such technology in defense and surveillance need careful evaluation.

Looking forward, researchers aim to refine these bio-inspired materials, optimizing them for real-world applications. The interdisciplinary nature of this research, combining biology, engineering, and material science, underscores the importance of collaboration in solving complex problems. As we continue to draw inspiration from the natural world, the question remains: how will these innovations shape the future of technology and defense?

As this research progresses, the implications extend beyond the military, potentially influencing various industries and everyday life. The integration of biological insights into technological advancements poses a thought-provoking question: how far can we push the boundaries of biomimicry, and what ethical considerations will arise as we increasingly blur the lines between nature and technology?

Tyler Durden Mon, 07/07/2025 - 20:05

How Much Revenue Do Tech Giants Earn Per Employee?

How Much Revenue Do Tech Giants Earn Per Employee?

Which tech companies are generating the most profit per employee?

In this graphic, Visual Capitalist's Marcus Lu visualized 22 major tech companies by revenue per employee in 2024, highlighting the efficiency of business models that monetize user-generated content.

The data for this visualization comes from Multiples.

Revenue per Employee Leaders

OnlyFansValve, and YouTube are the top three leaders in this dataset. All three are digital platforms that have successfully scaled up with a relatively small workforce.

OnlyFans has 51-200 employees according to LinkedIn, while Valve operates Steam, the world’s largest PC gaming platform, with a workforce of just 350 people. YouTube has the largest headcount of the three, with 7,173 employees as of January 2024.

By leveraging user-generated content (OnlyFans and YouTube) or digital distribution strategies (Valve), these companies differ from traditional companies that rely on labor-intensive operations.

The Origins of OnlyFans

OnlyFans was founded in 2016 by British entrepreneur Tim Stokely as a subscription-based platform where creators could monetize content directly from fans, initially targeting fitness influencers and lifestyle personalities.

The platform’s growth accelerated during the COVID-19 pandemic, and has become extremely popular in the adult entertainment industry.

In 2018, Stokely sold 75% of OnlyFans’ parent company to Ukranian-American billionaire Leonid Radvinsky, and later stepped down as its CEO in 2021.

If you enjoyed today’s post, check out America’s Top 25 Companies by Revenue on Voronoi, the new app from Visual Capitalist.

Tyler Durden Mon, 07/07/2025 - 19:40

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