XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
FROM MY no 4 SON STEPHEN //THROUGH AI: ENJOY
EXCHANGE: COMEX
CONTRACT: SEPTEMBER 2025 COMEX 100 GOLD FUTURES
SETTLEMENT: 3,643.700000000 USD
INTENT DATE: 09/18/2025 DELIVERY DATE: 09/22/2025
FIRM ORG FIRM NAME ISSUED STOPPED
363 H WELLS FARGO SECURITI 11
661 C JP MORGAN SECURITIES 8
686 C STONEX FINANCIAL INC 16 26
709 C BARCLAYS 32
732 C RBC CAP MARKETS 9
737 C ADVANTAGE FUTURES 8 1
880 C CITIGROUP 1
TOTAL: 56 56
MONTH TO DATE: 6,106
GOLD: NUMBER OF NOTICES FILED FOR SEPT/2025: 56 CONTRACTs NOTICES FOR 5600 OZ or 0.1741 TONNES
total notices so far: 6106 contracts for 610,600 OR 18.992 tonnes)
SILVER NOTICES: 60 NOTICE(S) FILED FOR 0.300 MILLION OZ/
total number of notices filed so far this month : 13,188 CONTRACTS (NOTICES) for 65.940 million oz
INVENTORY RESTS AT 975.66 TONNES
JULY: 50.925 MILLION OZ (QUITE SMALL)
AUGUST: 59.455 MILLION OZ (QUITE SMALL)
SEPT. 32.950 MILLION OZ.(QUITE SMALL)
AND JULY: 46.720 MILLION OZ//
AUGUST: 4.70 MILLION OZ INITIAL STANDING PLUS TODAY;S 5,000 OZ QUEUE JUMP //NEW STANDING ADVANCES TO 10.960 MILLION OZ
SEPTEMBER: 66.915 MILLION OZ NORMAL DELIVERY(INCLUDES ALL QUEUE JUMPING) PLUS 3.0 MILLION OZ EX FOR RISK = 69.915 MILLION OZ. THIS IS THE FIRST ISSUANCE OF EXCHANGE FOR RISK FOR SILVER SINCE MAY.
AUGUST: 60.547 TONNES OF INITIAL GOLD FIRST DAY NOTICE FOLLOWED BY THE NET MONTH’S QUEUE JUMP OF 47.2312 TONNES TO WHICH WE ADD THE FOLLOWING EXCHANGE FOR RISK ISSUANCE RECEIVED FOR THE MONTH: 5.4432 TONNES EX FOR RISK/AUG 7 , AUG 11: 2.413 TONNES EX FOR RISK AND AUG. 12 OF 2.637 TONNES EX FOR RISK//AUG 25: 9.107 TONNES , AUGUST 26: 9.1010 TONNES ANND NOW AUGUST 27: 9.0699 TONNES//NEW STANDING ADVANCES TO 107.5117 TONNES OF GOLD NORMAL STANDING (INCLUDES ALL MONTHLY QUEUE JUMPS/EX FOR PHYSICAL TRANSFERS//) +44.696 TONNES EX.FOR RISK = 152.208 TONNES
AND NOW SEPT: INITIAL 8.093 TONNES OF GOLD PLUS TODAY’S QUEUE JUMP OF 0.1897 TONNES PLUS 0.77767 TONNES OF EXCHANGE FOR RISK TODAY//NEW TOTAL EX. FOR RISK/MONTH = 20.096//NEW TOTAL STANDING FOR GOLD SEPT ADVANCES TO = 39.218 TONNES!!
JAN. 2025: 257.919 TONNES (ISSUANCE WILL BE PRETTY GOOD THIS MONTH BUT MUCH LOWER THAN LAST MONTH)
FEB: 207.21 TONNES//EX FOR PHYSICAL ISSUANCE (WILL BE A FAIR SIZED ISSUANCE THIS MONTH)
MARCH 130.84 TONNES//QUITE SMALL THIS MONTH.
APRIL; 208.57 TONNES. STILL SMALL TO FAIR
MAY: 113.499 TONNES OF GOLD EFP ISSUANCE//QUITE SMALL THIS MONTH
JUNE: 97.79 TONNES OF GOLD EFP ISSUANCE/EXTREMELY SMALL
JULY : 150.877 TONNES// QUITE SMALL
AUGUST: 175.86 TONNES A LOT LARGER THIS MONTH.
SEPT. 79.766 TONNES
SPREADING OPERATIONS
NOW SWITCHING TO GOLD FOR NEWCOMERS, HERE ARE THE DETAILS
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF OCT. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF NOV HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF FEB., FOR GOLD: AND MARCH FOR SILVER
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (OCT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER ROSE BY A SMALL 99 CONTRACTS OI TO 160,988 AND FURTHER FROM THE COMEX HIGH RECORD //244,710( SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 7 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023
EFP ISSUANCE 100 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
DEC 100 CONTRACTS and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 640 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI GAIN OF 201 CONTRACTS AND ADD TO THE 100 E.FP. ISSUED
WE OBTAIN A FAIR SIZED GAIN OF 199 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR TINY LOSS IN PRICE OF $0.03 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 0.995 MILLION PAPER OZ
OCCURRED WITH OUR $0.03 LOSS IN PRICE.
OUTLINE FOR TODAY’S COMMENTARY
1a/COMEX GOLD AND SILVER REPORT
(report Harvey)
1a/COMEX GOLD AND SILVER REPORT
(report Harvey)
b, ) Gold/silver trading overnight Europe,//GOLD COMMENT
Peter Schiff)
c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS
ASIAN MARKETS THIS FRIDAY MORNING:
SHANGHAI CLOSED DOWN 11.57 PTS OR 0.30%
//Hang Seng CLOSED UP 0.25 PTS OR 0.00%
// Nikkei CLOSED DOWN 257.62 OR 0.57% //Australia’s all ordinaries CLOSED UP .34%
//Chinese yuan (ONSHORE) CLOSED DOWN AT 7.1125 OFFSHORE CLOSED DOWN AT 7.1131/ Oil DOWN TO 63.05 dollars per barrel for WTI and BRENT DOWN TO 67.04 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN DOWN IN TRADING AT 7.1125 AND WEAKER//OFF SHORE YUAN TRADING UP TO 7.1131 AGAINST US DOLLAR/ AND THUS WEAKER
XXXXXXXXXXXXXXXXXXXXXXXXXXXX
A)NORTH KOREA/SOUTH KOREA
outline
b) REPORT ON JAPAN/
OUTLINE
3 CHINA
OUTLINE
4/EUROPEAN AFFAIRS
OUTLINE
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE
6.Global Issues//COVID ISSUES/VACCINE ISSUES
OUTLINE
7. OIL ISSUES
OUTLINE
8 EMERGING MARKET ISSUES
9. USA
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A FAIR LOSS SIZED 1966 CONTRACTS TO 515,612 OI DESPITE OUR MASSIVE LOSS IN PRICE OF $37.50 WITH RESPECT TO THURSDAY’S // TRADING COMEX CLOSING TIME:… WE LOST ZERO NET LONGS, WITH THAT HUGE PRICE LOSS FOR GOLD. AND AS YOU WILL SEE BELOW, OUR LOSS IN PRICE ALSO HAD A FAIR NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (2577). WE HAD CONSIDERABLE T.A.S. LIQUIDATION BUT IT HAD NO EFFECT AS WE HAD A TOTAL GAIN IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 611 CONTRACTS (OR 1.900 TONNES).THEN WE WERE NOTIFIED, THAT WE HAD A STRONG 250 CONTRACTS EXCHANGE FOR RISK ISSUANCE IN GOLD CONTRACTS FOR 25,000 OZ OR 0.7776 TONNES OF GOLD
A LITTLE HISTORY ON OUR EXCHANGE FOR RISK ISSUANCES:
HERE IS A CLOSER LOOK AT EXCHANGE FOR RISK ISSUANCES FOR THESE PAST 3 MONTHS;
(TOTAL EXCHANGE FOR RISK LAST 3 MONTHS 68.542 TONNES//BANK OF ENGLAND TOTAL RESERVES 310 TONNES.)
JULY:
SUMMARY: EXCHANGE FOR RISK ISSUANCE IN JULY/2025: 2 ISSUANCES//3.75 TONNES
ON WEDNESDAY MORNING,JULY 23, MUCH TO MY SHOCK, AFTER A TWO MONTH HIATUS,THE CME ANNOUNCED A 500 EXCHANGE FOR RISK CONTRACT ISSUANCE FOR 50,000 OZ OR 1.555 TONNES. THEN JULY 30 THE CME ANNOUNCED (ISSUED) MUCH TO MY HORROR ITS SECOND EXCHANGE FOR RISK FOR 706 CONTRACTS OR 70,600 OZ (2.195 TONNES) AS THE BANK OF ENGLAND WAS NOT SATISFIED AND NEEDS MORE GOLD TO COVER ITS LEASES TO BULLION BANKS. ( IT WAS NOT THE FRBNY WHO ALSO OWES GOLD TO THE BIS AND THEY NEED TO COVER BADLYAS YOU WILL SEE).THE TOTAL EXCHANGE FOR RISK FOR THE MONTH OF JULY WAS RECORDED AT 3.750 TONNES OF GOLD WHICH WAS ADDED TO OUR REGULAR DELIVERY TO GIVE US OUR FINAL TOTALS FOR JULY!
AUGUST:
SUMMARY EXCHANGE FOR RISK ISSUANCE IN AUGUST; 7 ISSUANCES//44.696 TONNES
AUGUST: 7 ISSUANCES FOR A MONTHLY MONSTER 14,370 CONTRACTS OR 1,437,000 OZ ( 44.696) TONNES). LAST TUESDAY THE CME ISSUED THE 2ND HIGHEST EVER MONTHLY RECORDED ISSUANCE OF 2924 CONTRACTS AND THIS IS FOLLOWED BY THURSDAY’S HUGE ISSUANCE OF 2226 CONTRACTS THUS BECOMING THE 4TH HIGHEST EVER RECORDED BY THE CME, SLIGHTLY BELOW WEDNESDAY’S ISSUANCE OF 2924 CONTRACTS. THE HUGE NUMBERS OF EXCHANGE FOR RISK SUGGEST THAT A MAJOR CENTRAL BANK IS DEMANDING ITS GOLD BACK.
AND NOW:
SEPT:
SEPTEMBER: SIX ISSUANCES SO FAR TOTALLING 6,461 CONTRACTS OR 646,100 OZ OR 20.096 TONNES.
THESE ISSUANCES WILL OF COURSE BE ADDED TO OUR NORMAL DELIVERIES TO GIVE US OUR TOTAL SEPT STANDING FOR GOLD.
HISTORY: LAST 8 MONTH’S EXCHANGE FOR RISK
IN FEBRUARY:
WE HAD A HUGE FIVE EXCHANGE FOR RISKS ISSUANCES FOR GOLD, TOTALLING 18.4527 TONNES!.
IN MARCH:
THE TOTAL NO. OF EXCHANGE FOR RISK ISSUANCE FOR THE MONTH OF MARCH (3 NOTICES) EQUALED: 7.6179 TONNES OF GOLD WHICH WAS ADDED TO OUR MARCH DELIVERY TOTALS.
IN APRIL:
WE CONCLUDED APRIL WITH 7 ISSUANCE OF EXCHANGE FOR RISK FOR A TOTAL TONNAGE OF 8.3571 TONNES.
IN MAY:
MAY: 3 EX. FOR RISK ISSUED SO FAR FOR 3025 CONTRACTS OR 302,500 OZ OR 9.4054 TONNES. THIS WILL BE ADDED TO OUR NORMAL DELIVERY TO GIVE US TOTAL STANDING FOR MAY!THIS IS THE 6TH CONSECUTIVE MONTH FOR ISSUANCE OF EXCHANGE FOR RISK//NEW TOTAL EX FOR RISK IS 9.4054 TONNES FOR THE 3 ISSUANCE!
IN JUNE
JUNE: ZERO ISSUED
jULY: 2 OCCASIONS LATE IN JULY: 1206 CONTRACTS FOR 120,600 OZ OR 3.750 TONNES/ISSUED JULY 23/2025 AND JULY 30/2025
AUGUST: 7 ISSUANCES FOR A MONTHLY MONSTER 14,370 CONTRACTS OR 1,437,000 OZ ( 44.696) TONNES).LAST TUESDAY THE CME ISSUED THE 2ND HIGHEST EVER MONTHLY RECORDED ISSUANCE OF 2924 CONTRACTS AND THIS IS FOLLOWED BY THURSDAY’S HUGE ISSUANCE OF 2226 CONTRACTS THUS BECOMING THE 4TH HIGHEST EVER RECORDED BY THE CME, SLIGHTLY BELOW YESTERDAY’S ISSUANCE OF 2924 CONTRACTS. THE HUGE NUMBERS OF EXCHANGE FOR RISK SUGGEST THAT A MAJOR CENTRAL BANK IS DEMANDING ITS GOLD BACK.
SEPTEMBER: SIX ISSUANCES FOR 6461 CONTRACTS SO FAR FOR 646,100 OZ OR 20.096 TONNES OF GOLD!!
AS I EXPLAINED ABOVE,:THE RECIPIENT OF EXCHANGE FOR RISK IS THE BANK OF ENGLAND
here are the only possible candidates who must bring back loaned gold
- THE BANK OF ENGLAND WHO CONTINUES TO LEASE OUT MUCH ITS GOLD TO BULLION BANKS AND :(EX FOR RISK 9 MONTH TOTALS 113 TONNES)//TOTAL RESERVES OF BOE EQUALS 310 TONNES)
- THE FEDERAL RESERVE BANK OF NEW YORK (NEED TO RETRIEVE THEIR LEASED GOLD FROM THE BIS).THE FED STILL REFUSES TO BRING BACK MUCH OF ITS 34 TONNES SHORTFALL. IT BOUGHT BACK ONLY 4 TONNES AND THUS THEIR SHORTFALL TO THE BIS IS 30 TONNES.
HOWEVER, IN OUR CASE, EXCHANGE FOR RISK RECIPIENT IS THE BANK OF ENGLAND. THE COUNTERPARTY TO THE BANK OF ENGLAND EXCHANGE FOR RISK ARE BULLION BANKS THAT CANNOT VERIFY THAT THEIR GOLD IS UNENCUMBERED. THE BUYER, REPRESENTING THE CENTRAL BANK OF ENGLAND ASSUMES THE RISK OF THAT DELIVERY. THIS IS THE 9TH MONTH FOR ISSUANCE OF EXCHANGE FOR RISK !!…..(DEC THROUGH SEPT//ONLY MISSING JUNE. TOTAL 9 MONTHS ISSUANCE 113 TONNES)……… THE FACT THAT A CENTRAL BANK TAKES THE RISK OF A DELIVERY IS TOTALLY INSANE. THE VERY FIRST ISSUE OF EXCHANGE FOR RISK CAME IN DECEMBER 2024.
DETAILS ON SEPTEMBER COMEX MONTH//
IN TOTAL WE HAD A SMALL SIZED GAIN ON OUR TWO EXCHANGES OF 611 CONTRACTS DESPITE OUR HUGE LOSS IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN THROUGHOUT OF THE WEEK AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED ATTACKS VERY EARLY IN THE COMEX SESSIONS AS THEY TRIED TO ABSORB EVERYTHING IN SIGHT FROM THEIR DAILY ATTACKS. LONDONERS EXERCISED THEIR BOUGHT CONTRACTS FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE AND THANKED THE FRBNY FOR THE THOUGHTFULNESS. LONDON ANNOUNCED EARLY IN THE YEAR (AND SCARCITY CONTINUES TO THIS DAY) THAT THEY WERE OUT OF GOLD. WRONGLY IT WAS ATTRIBUTED TO THEIR SHIPPING PHYSICAL GOLD TO COMEX FOR STORAGE DUE TO TRUMP’S INITIATION OF TARIFFS. THE TRUTH OF THE MATTER IS THAT THIS GOLD LEFT LONDON TO CENTRAL BANKS, AND COMEX BANKS HAVE BEEN PAPERING THEIR LOSSES (DERIVATIVE) WITH KILOBAR ENTRIES. DELIVERY OF GOLD CONTRACTS ARE NOW TAKING SEVERAL WEEKS. NO DEFAULT HAS BEEN INITIATED AS DEALERS ARE AFRAID OF LOSS OF THEIR JOBS. SO THIS FRAUD CONTINUES. THE LEASE RATES IN LONDON HAVE NOW INCREASED TO 5.0% LATELY AS GOLD IN LONDON IS STILL EXTREMELY SCARCE.
THE LIQUIDATION OF T.A.S. CONTRACTS THROUGHOUT THE MONTHS OF JUNE THROUGH SEPTEMBER CONTINUES TO DISTORT OPEN INTEREST NUMBERS GREATLY ALTHOUGH THE T.A.S. ISSUANCES IN GOLD HAVE GENERALLY BEEN ON THE LOW SIDE COMPARED TO SILVER WHICH HAVE BEEN HUGE. TODAY’S NUMBER IS HOWEVER A FAIR T.A.S ISSUANCE AS THE CME NOTIFIES US THAT THEY HAVE ISSUED 1239 T.A.S CONTRACTS. THESE T.A.S ISSUANCES ARE USED FOR RAID PURPOSES TO STOP GOLD’S RISE AND TO TEMPER HUGE LOSSES IN OTC DERIVATIVE BETS AND IT WAS IN FULL FORCE AGAIN LAST NIGHT DESPERATELY TRYING TO STOP GOLD’S ADVANCE. THIS GENERALLY ENDS IN FAILURE AS FOR THE FIRST TIME EVER, THEY FAILED TO RAID AT MONTH’S END AUGUST COMEX AND OTC/LONDON LBMA EXPIRY!! SO THE CROOKS DECIDED IT WAS NECESSARY TO RAID AROUND THE BIG INTEREST RATE ANNOUNCEMENT SEPT 17-SEPT 18 AND THEY TRIED AGAIN DURING LAST NIGHT WITH MUCH FAILURE!!
THE T.A.S. LIQUIDATION OF THESE T.AS. CONTRACTS (ALONG WITH PREVIOUS AUGUST MONTH- END SPREADERS) IS THE REASON WHY WE ARE HAVING DISTORTED COMEX OPEN INTEREST GAINS AND LOSSES IN OI BUT THIS IS COUPLED WITH MEGA HUGE AMOUNTS OF GOLD STANDING FOR DELIVERY TO CONFUSE THE ISSUE!!!!! AND THIS WAS SURELY ON DISPLAY WITH FIRST DAY NOTICE TOTALS WITH GOLD TONNES STANDING FOR THE FOLLOWING MONTHS:
FOR APRIL AT 209 + TONNES INCLUDING MANY MASSIVE QUEUE JUMPS AND THIS CONTINUED INTO MAY WITH FINAL STANDING AT 90.23 TONNES.
JUNE WHICH IS A HUGE DELIVERY MONTH , FINAL STANDING WAS RECORDED AT A STRONG 93.085 TONNES. (IS THE COMEX RUNNING OUT OF GOLD?)//TOTAL NET QUEUE JUMPING FOR THE JUNE MONTH: 31.027 TONNES.
IN JULY WE HAD HUGE DELIVERY NOTICES ESPECIALLY FOR A NON ACTIVE DELIVERY MONTH WITH INITIAL STANDING AT 17.947 TONNES PLUS MANY QUEUE JUMPS + 3.75 TONNES EX FOR RISK = 41.106 TONNES OF GOLD // FINAL TOTAL TONNES STANDING JULY: 41.106 TONNES
FOR THE MONTH OF AUGUST:
INITIAL AMOUNT OF GOLD STANDING FOR AUGUST: 60.547 TONNES PLUS THE MONTHS HUGE QUEUE JUMPS OF 47.2312 TONNES +44.696 TONNES EX FOR RISK (7 ISSUANCES) //NEW STANDING 152.208 TONNES WHICH IS MONSTROUS!!!
AND NOW INITIAL AMOUNT OF GOLD STANDING FOR SEPT; INITIAL STANDING; 2,602 CONTRACTS OR 260,200 OZ FOR 8.093 TONNES OF GOLD FOLLOWED BY TODAY’S 0.1897 TONNES QUEUE JUMP TO GO ALONG WITH THE 0.7776. TONNES OF EXCHANGE FOR RISK ISSUANCE TODAY AND // TOTAL EXCHANGE FOR RISK ISSUANCE SEPT: 20.096 TONNES//NEW TOTALS STANDING ADVANCES TO 39.218 TONNES OF GOLD!!!
THE FED IS THE OTHER MAJOR SHORT OF AROUND 30+ TONNES OF GOLD OWING TO THE B.I.S. THE FED NEEDS TO COVER AS THEY ARE VERY WORRIED ABOUT WHAT IS GOING TO HAPPEN TO GOLD PRICES NOW THAT THEY MUST BECOME COMPLIANT TO BASEL III RULES JULY 1/2023 AS OUTLINED IN ANDREW MAGUIRE’S LATEST LIVE FROM THE VAULT 231 TO 240 EPISODES AS HE TACKLES THIS IMPORTANT TOPIC. THE MAJOR FOUR OR FIVE BANKS ARE ALSO WORRIED ABOUT THEIR HUGE PRECIOUS METAL DERIVATIVE SHORT EXPOSURE (NORTH OF ONE TRILLION DOLLARS) AND THIS IS PROBABLY THE MAJOR REASON FOR GOLD/SILVER’S RISE THESE PAST THREE MONTHS. THEY ARE TOTALLY TRAPPED., AND THEIR FAILURE TO STOP CENTRAL BANK PURCHASES OF PHYSICAL GOLD IS THE MAJOR ISSUE OF THE DAY!IT SURE DOES NOT LOOK LIKE THE BIS HAS GIVEN THE FED ITS MARCHING ORDERS TO COVER ITS PHYSICAL GOLD SHORT AS THEIR OUTSTANDING LOAN REMAINS ON THE BOOKS OF THE BIS. TRUMP WILL PROBABLY BE FURIOUS WITH THE FED IF HE FINDS OUT THAT THEY (FRBNY) HAS BEEN MANIPULATING THE GOLD MARKET FOR THE PAST TWO YEARS. THE FRBNY IS NOW NON COMPLIANT WITH RESPECT TO BASEL III BUT IT IS NOT NECESSARY FOR THEM TO BE COMPLIANT ONLY COMMERCIAL BANKERS MUST BE.
OUR PHYSICAL LONDONERS BOUGHT NEW MASSIVE QUANTITIES OF LONGS AT ANY PRICE AND THIS GOLD BOUGHT WILL BE TENDERED FOR PHYSICAL ON A T + ???? BASIS. BECAUSE GOLD IS BASEL III COMPLIANT, GOLD IS SUPPOSED BE DELIVERED IN A VERY TIMELY ONE DAY. CENTRAL BANKS AROUND THE WORLD, BEING REPRESENTED BY OUR LONDONERS, ARE THE REAL PURCHASERS OF THIS GOLD.
EUROPE IS NOW BASEL III COMPLIANT. THE WEST ( COMEX) IS NOW COMPLIANT EFFECTIVE JULY 1//2025.
THE PROBLEM FOR THOSE PROVIDING THE SHORT PAPER IS THE SHOCK TO THEM ON RECEIVING NOTICE THAT THE LONGS WANT THE PHYSICAL GOLD AS THEY TENDER FOR THAT SHINY YELLOW METAL. THE HIGH LIQUIDATION OF OUR TWO SPREADERS: 1) THE MONTH END SPREADERS AND 2. T.A.S DURING THESE PAST SEVERAL WEEKS IS SURELY DISTORTING COMEX OPEN INTEREST BUT THAT DOES NOT STOP LONDON’S ACCUMULATION OF PHYSICAL! YOU CAN ALSO VISUALIZE THAT PERFECTLY WITH THE HUGE AMOUNTS OF QUEUE JUMPING ORCHESTRATED BY CENTRAL BANKERS BOLTING AHEAD OF ORDINARY LONGS AS THEIR NEED FOR PHYSICAL IS GREAT AS THEY SCOUR THE PLANET LOOKING FOR GOLD, AND THE MASSIVE AMOUNT OF GOLD STANDING EACH AND EVERY MONTH INCLUDING FIRST DAY NOTICE OF GOLD TONNAGE STANDING.
SUMMARY AUGUST: TOTAL QUEUE JUMPING AND TOTAL EXCHANGE FOR RISKS ISSUANCE FOR THE MONTH OF AUGUST;
WE HAD A HUGE 60.547 TONNES OF INITIAL GOLD STANDING FOR AUGUST, FIRST DAY NOTICE FOLLOWED BY THE MONTHS HUGE TOTAL OF 47.2312 TONNES OF QUEUE JUMPS TO WHICH WE ADD AUGUST 7TH,S HUGE 5.443 TONNES EXCHANGE FOR RISK ISSUANCE +LAST SATURDAY’S/MONDAY AUG 10 HUGE 776 CONTRACT EXCHANGE FOR RISK FOR 2.413 TONNES THEN AUGUST 12: 2.637 TONNES: AND NOW AUG 25: 9.107 TONNES ISSUANCE MONDAY’S MASSIVE 9.1016 TONNES ISSUANCE/AUGUST 25, AUGUST 26 9.0699 TONNES , YESTERDAYDAY’S (AUGUST 27) 9.0699 TONNES AND FINALLY TODAY’S TODAL OF 6.923 TONNESS/NEW STANDING ADVANCES TO 152.208 TONNES.
AND NOW SEPTEMBER:
SUMMARY SO FAR SEPT: 8.093 TONNES INITIALLY STANDING FOR GOLD COUPLED WITH TODAY;S 0.1897 TONNES QUEUE JUMP AND 0.7776 TONNES EXCHANGE FOR RISK TODAY// NEW TOTALS OF 20.096 TONNES OF EXCHANGE FOR RISK ISSUANCE/ SEPT MONTH:
THAT IS;
A) 0.7776 TONNES OF EXCHANGE FOR RISK ISSUANCE TODAY // =//TOTAL FOR MONTH EX FOPR RISK: 20.096 TONNES EX FOR RISK!!
B) 0.1897 TONNES TODAY QUEUE JUMP
TOTALS: 39.218 TONNES INITIALLY STANDING FOR GOLD/SEPT.
EXCHANGE FOR PHYSICAL ISSUANCE/SEPTEMBER
THE CME REPORTS THAT THE BANKERS ISSUED A FAIR SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS A FAIR SIZED 2577 EFP CONTRACT WAS ISSUED: : /DEC 2577 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 2577 CONTRACT. THESE EFP;S CIRCLE AROUND LONDON ON A 13 DAY BASIS AND ARE NOW USED BY GLOBAL CENTRAL BANKS TO EXERCISE FOR PHYSICAL GOLD WITH THE OBLIGATION TO DELIVER BEING FORCED ONTO COMEX BANKS. THE GOLD GENERALLY DELIVERED COMES FROM LONDON BUT THEY ARE OUT!! THUS COMEX BECOMES THE MAJOR SOURCE FOR OUR CENTRAL BANKERS. THE REGULATORY BODY THAT IS SUPPOSE TO CONTROL THESE EFP’S IS THE OCC HEADQUARTERED IN BOTH LONDON AND WASHINGTON.
WE HAD :
- CONSIDERABLE LIQUIDATION OF OUR T.A.S. SPREADERS//THURSDAY WITH NO EFFECT ON OUR TOTAL OPEN INTEREST!!
- MONTH END SPREADERS HAVE NOW BEEN FINALIZED AS OF AUGUST 29 AND THEY FOR THE FIRST TIME CAUSED NO DAMAGE TO OUR GOLD PRICE. IT IS QUITE POSSIBLE THAT THEY USED MONTHLY SEPT SPREADERS IN OUR TWO DAYS OF RAIDS SEPT 17-18.
T.A.S.SPREADER ISSUANCE//SEPT.
AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS USUALLY DURING MID MONTH IN THE DELIVERY CYCLE), BUT NOW ON A DAILY BASIS, THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR THURSDAY NIGHT/FRIDAY MORNING WAS A FAIR SIZED SIZED 1239 CONTRACTS
THE RAIDS WHETHER ON OPTIONS EXPIRY MONTH OR OTHERWISE LIKE LAST MONTH ON OPTIONS EXPIRY WEEK ACCOMPLISHES TWO IMPORTANT ASPECTS FOR OUR CROOKS:
- STALLS THE ADVANCE IN PRICE
- LOWERS THEIR ADVANCING DERIVATIVE LOSSES.
MECHANICS OF T.A.S CONTRACTS TRADING; (AND MONTH END SPREADERS)
THROUGHOUT THE FEW YEARS, THE BANKERS CONTINUE TO SELL OFF THE LONG SIDE OF THE SPREAD (T.A.S.) WHICH OF COURSE CONTINUES TO MANIPULATE THE PRICE OF GOLD SOUTHBOUND. (THEY KEEP THE SHORT SIDE OF THE CALENDAR/T.A.S. SPREAD WHICH WILL BE LIQUIDATED IN DAYS HENCE..
THAT SET UP YESTERDAY’S GAIN IN PRICE IN GOLD AND A CORRESPONDING GAIN OF COMEX OI AND A FAIR EXCHANGE FOR PHYSICAL ISSUANCE.. THE COMEX IS IN TOTAL TURMOIL ESPECIALLY THESE PAST 3 MONTHS ESPECIALLY WITH THE FOLLOWING;
- WITH JULY’S RARE TWO ISSUANCES OF EXCHANGE FOR RISK (LATE IN JULY)
- AND THIS WAS FOLLOWED WITH AUGUST’S 7 ISSUANCES OF EXCHANGE FOR RISK FOR 44.696 TONNES
3) TO BE FOLLOWED BY SEPTEMBER’S 6 ISSUANCES FOR EXCHANGE FOR RISK FOR 20.096 TONNES.
GOLD STANDING AT THE COMEX FOR GOLD LAST 8 MONTHS OF 2025:
YEAR 2025:
JAN 2025:
113.30 TONNES (WHICH INCLUDES 43.408 TONNES EX FOR RISK)
FEB: 2025:
256.607 TONNES (WHICH INCLUDES 18.4567 TONNES OF EX FOR RISK)
MARCH:
STANDING FOR GOLD : 60.33 TONNES + 7.6179 TONNES EX FOR RISK = 67.9479 TONNES WHICH IS EXTREMELY HIGH FOR A NON DELIVERY MONTH.
APRIL:
FINAL STANDING FOR GOLD: 201.573 TONNES + 8.3571 TONNES EX FOR RISK = 209.953 TONNES
MAY: FINAL STANDING 90.235 TONNES WHICH INCLUDES QUEUE JUMPING AND 9.591 TONNES EX FOR RISK.
JUNE: FINAL STANDING 62.534 TONNES PLUS 0.1493TONNES OF QUEUE JUMP EQUALS 93.085 TONNES
JULY: 17.947 TONNES INITIAL STANDING FIRST DAY NOTICE PLUS TODAY’S 0 TONNES QUEUE JUMP + 1.555 TONNES EX FOR RISK/PRIOR + 2.195 EX FOR RISK TODAY = = 41.106 TONNES
AUGUST:INITIAL AMOUNT OF GOLD STANDING: 60.547 TONNES FOLLOWED TO TODAY’S QUEUE JUMP OF 0.5816TONNES TO WHICH WE ADD OUR 7 MONTHLY ISSUANCES OF: EXCHANGE FOR RISK TOTALLING 44.696 TONNES//NEW STANDING ADVANCES AS FOLLOWS:
107.5117 TONNES NORMAL DELIVERIES (INCLUDES ALL QUEUE JUMPS /EXCHANGE FOR PHYSICAL TRANSFERS) +
5.4432 TONNES EXCHANGE FOR RISK/PRIOR/AUGUST 7
2.413 TONNES EXCHANGE FOR RISK AUGUST 11
PLUS 2.637 TONNES EX FOR RISK AUGUST 12
PLUS: 9.107 TONNES EX FOR RISK AUGUST 25
PLUS 9.1010 TONNES EX FOR RISK AUGUST 26!!
PLUS 9.0699 TONNES EX FOR RISK AUGUST 27
PLUS 6.923 TONNES EX. FOR RISK/AUGUST 28
MONTHLY TOTAL 44.696 TONNES EXCHANGE FOR RISK!MONTH OF AUGUST.
EQUALS
152.208 TONNES TONNES OF GOLD.
AND NOW SEPT:
SEPT: 19.122 TONNES OF GOLD (INCLUDES TODAY’S QUEUE JUMP) +0.7776 TONNES EX FOR RISK TODAY//
TOTAL EX FOR RISK// FOR MONTH = 20.096//NEW TOTALS FOR GOLD STANDING SEPT = 39.218 TONNES
THIS IS HUGE FOR A GENERALLY WEAK SEPTEMBER DELIVERY MONTH.
HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 48 MONTHS OF 2021-2024:
DEC 2021: 112.217 TONNES
NOV. 8.074 TONNES
OCT. 57.707 TONNES
SEPT: 11.9160 TONNES
AUGUST: 80.489 TONNES
JULY 7.2814 TONNES
JUNE: 72.289 TONNES
MAY 5.77 TONNES
APRIL 95.331 TONNES
MARCH 30.205 TONNES
FEB ’21. 113.424 TONNES
JAN ’21: 6.500 TONNES.
TOTAL YEAR 2021 (JAN- DEC): 601.213 TONNES
YEAR 2022: STANDING FOR GOLD/COMEX
JANUARY 2022 17.79 TONNES
FEB 2022: 59.023 TONNES
MARCH: 36.678 TONNES
APRIL: 85.340 TONNES FINAL.
MAY: 20.11 TONNES FINAL
JUNE: 74.933 TONNES FINAL
JULY 29.987 TONNES FINAL
AUGUST:104.979 TONNES//FINAL
SEPT. 38.1158 TONNES
OCT: 77.390 TONNES/ FINAL
NOV 27.110 TONNES/FINAL
Dec. 64.000 tonnes
(TOTAL YEAR 656.076 TONNES)
2023:STANDING FOR GOLD/COMEX
JAN/2023: 20.559 tonnes
FEB 2023: 47.744 tonnes
MAR: 19.0637 TONNES
APRIL: 75.676 tonnes
MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk = 20.338
JUNE: 64.354 TONNES
JULY: 10.2861 TONNES
AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)
SEPT: 15.281 TONNES FINAL
OCT. 35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes
NOV: 18.7122 TONNES + 16.2505 EX. FOR RISK = 34.9627 TONNES
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
2024/STANDING FOR GOLD/COMEX
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276 TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/= 11.9325
JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 11.692 TONNES
AUGUST 69.602 TONNES//FINAL STANDING
SEPT. 13.164 TONNES.
OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK =60.391 TONNES
NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES
DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES EQUALS 95.1066 TONNES
total year 2024: 540.30 tonnes
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
COMEX GOLD TRADING BEGINNING SEPTEMBER CONTRACT;
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY A STRONG $37.50./ /) BUT WERE UNSUCCESSFUL IN KNOCKING OFF ANY NET SPECULATOR LONGS AS WE DID HAVE A SMALL SIZED GAIN IN OI FROM TWO EXCHANGES. BUT AS EXPLAINED ABOVE WE HAD SOME T.A.S. SPREADER LIQUIDATION YESTERDAY WITH OUR HUGE RAID. MUCH OF THAT GAIN IN OI FOR OUR TWO EXCHANGES WAS DUE TO SPECULATIVE LONGS PILING INTO COMEX GOLD TRADING /// THE BANKERS ARE QUITE NERVOUS ABOUT BASEL III WITH ITS IMPLEMENTATION COMMENCING JULY 1. THEY ARE VERY CONCERNED WITH THEIR HIGH AMOUNT OF DERIVATIVES LOSSES ON THEIR BOOKS. THUS THE REASON THEY NEEDED THESE T.A.S. ISSUANCES (WHICH ARE JOINED BY OUR MONTHLY SPREADERS IN ORDER TO FORMALIZE RAIDS LIKE TODAY ON OUR PRECIOUS METALS).
FRIDAY MORNING//THURSDAY NIGHT
THE CROOKS HOWEVER COULD NOT STOP CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL THURSDAY EVENING/ FRIDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD TO ARRIVE BY BOAT. IT IS NOW TAKING WEEKS TO DELIVER
ANALYSIS SEPT DELIVERY MONTH GOING FROM FIRST DAY NOTICE// SEPT COMEX CONTRACT
WE HAVE A SMALL SIZED GAIN TOTAL OF 1.900 PAPER TONNES FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR SEPTEMBER AT 8.093 TONNES. WE HAD THE FOLLOWING QUEUE JUMP OF 0.1397 TONNES OF GOLD ALONG WITH 0.7776 TOTAL TONNES OF EXCHANGE FOR RISK TODAY/// TOTAL FOR MONTH TOTALS EX FOR RISK// MONTH = 20.096//NEW TOTAL STANDING FOR GOLD IN SEPT ADVANCES TO: 39.218 TONNES.
ALL OF THIS HUGE STANDING FOR SEPTEMBER WAS ACCOMPLISHED WITH OUR HUGE LOSS IN PRICE TO THE TUNE OF $37.50
WE HAD A MAMMOTH 9506 CONTRACTS REMOVED TO THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE AS WELL.
NET LOSS ON THE TWO EXCHANGES 611 CONTRACTS OR 611 0Z (1.900 TONNES)
confirmed volume THURSDAY 243,188 contracts// poor//
speculators have left the gold arena
INITIAL GOLD COMEX
SEPT CONTRACT MONTH
SEPT 19 /2025
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 2entries i) Out of Brinks 128.604 oz oz (4 kilobars) ii) Out of JPMorgan: 289.359 oz (9 kilobars) . |
| Deposit to the Dealer Inventory in oz | 0 ENTRIES |
| Deposits to the Customer Inventory, in oz | DEPOSITS/CUSTOMER 3 ENTRIES i) Into Brinks 22,505.700 oz ii) Into HSBC 32,151.000 oz (1000 kilobars) iii) Into Loomis 14,460.940 oz total weight 119,,117.140 oz 3.705 tonnes xxxxxxxxxxxxxxxxI |
| No of oz served (contracts) today | 56 notice(s) 5600 OZ 0.1741 TONNES |
| No of oz to be served (notices) | 42 contracts 4200 OZ 0.1306 TONNES |
| Total monthly oz gold served (contracts) so far this month | 6106 notices 610,600 oz 18.992 TONNES |
| Total accumulative withdrawals of gold from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of gold from the Customer inventory this month |
dealer deposits: 0
xxxxxxxxxxxxxxxxxxxxx
DEPOSITS/CUSTOMER 3
3 ENTRIES
i) Into Brinks 22,505.700 oz
ii) Into HSBC 32,151.000 oz (1000 kilobars)
iii) Into Loomis 14,460.940 oz
total weight 119,,117.140 oz
3.705 tonnes
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
customer withdrawal
2entries
i) Out of Brinks 128.604 oz oz
(4 kilobars)
ii) Out of JPMorgan: 289.359 oz (9 kilobars)
.
ADJUSTMENTs 1
a) Into Brinks added 64,302.000 oz (2000 kilobars)
AMOUNT OF GOLD STANDING FOR SEPTEMBER
THE FRONT MONTH OF SEPTEMBER STANDS AT 98 CONTRACTS FOR A LOSS OF 219 CONTRACTS. WE HAD 280 CONTRACTS FILED ON THURSDAY SO WE GAINED 61 CONTRACTS OR 6100 OZ ENTERTAINED A QUEUE JUMP OF 0.1897 TONNES. WE NOW MUST ADD TO OUR INITIAL 8.093 TONNES OF GOLD STANDING TO TODAY’S QUEUE JUMP OF 0.1897 TONNES AND THEN ADD MONTH SEPT// EX FOR RISK = 20.096//(WHICH INCLUDES TODAY’S 0.776 TONNES EX. FOR RISK) THUS NEW TOTAL OF GOLD STANDING ADVANCES TO 39.218 TONNES
OCTOBER LOST 1263 CONTRACTS UP TO 58,315
NOVEMBER GAINED 130 CONTRACTS UP TO 3501 CONTRACTS.
We had 56 contracts filed for today representing 5600 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 0 notices issued from their client or customer account. The total of all issuance by all participants equate to 56 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer an 9 notice(s) was (were) stopped (received) by J.P.Morgan//customer account
To calculate the INITIAL total number of gold ounces standing for SEPTEMBER /2025. contract month, we take the total number of notices filed so far for the month (6106 X 100 oz ) to which we add the difference between the open interest for the front month of SEPT ( 98 CONTRACTS) minus the number of notices served upon today (56 x 100 oz per contract) equals 614,800 OZ OR 19.122 TONNES OF GOLD TO WHICH WE ADD OUR TOTAL EX FOR RISK/SEPT MONTH OF 20.096 TONNES//NEW TOTAL STANDING ADVANCES TO 39.218 TONNES
thus the INITIAL standings for gold for the SEPTEMBER contract month: No of notices filed so far (6106 x 100 oz +we add the difference for front month of SEPT. (98 OI} minus the number of notices served upon today (56 x 100 oz) which equals 614,800 OZ OR 19.122 TONNES PLUS 20.096 TONNES EXCHANGE FOR RISK = 39.218 TONNES.
TOTAL COMEX GOLD STANDING FOR SEPT..: 39.218 TONNES TONNES WHICH IS HUGE FOR THIS NORMALLY INACTIVE ACTIVE DELIVERY MONTH IN THE CALENDAR.
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
COMEX GOLD INVENTORIES/CLASSIFICATION
NEW PLEDGED GOLD:
241,794.285 oz NOW PLEDGED /HSBC 5.94 TONNES
204,937.290 OZ PLEDGED MANFRA 3.08 TONNES
83,657.582 PLEDGED JPMorgan no 1 1.690 tonnes
265,999.054, oz JPM No 2
1,152,376.639 oz pledged Brinks/
Manfra: 33,758.550 oz
Delaware: 193.721 oz
International Delaware:: 11,188.542 oz
total pledged gold: 2,030,684.621 oz 63.162 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 39,463,535.525 oz
TOTAL REGISTERED GOLD 21,511,920.651 or 669.11 tonnes
TOTAL OF ALL ELIGIBLE GOLD 17,951,614.874 OZ
END
REGISTERED GOLD THAT CAN BE SERVED UPON 19,481,236oz ((REG GOLD- PLEDGED GOLD)= 605.95 tonnes // (
total inventories in gold declining rapidly
SILVER/COMEX
SILVER/COMEX
THE SEPTEMBER 2025 SILVER CONTRACTS
SEPT 19 2025
INITIAL
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 1entries 1) Out of Loomis 593,441.318 oz total withdrawal 593,441.318 oz |
| Deposits to the Dealer Inventory | 0 ENTRY |
| Deposits to the Customer Inventory | 0 |
| No of oz served today (contracts) | 60 CONTRACT(S) (0.300 million OZ |
| No of oz to be served (notices) | 195 contracts (0.975 MILLION oz) |
| Total monthly oz silver served (contracts) | 13,188 Contracts (65.940 million oz) |
| Total accumulative withdrawal of silver from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of silver from the Customer inventory this month |
DEPOSITS INTO DEALER ACCOUNTS
0 ENTRY
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
1 DEPOSIT ENTRIES/CUSTOMER ACCOUNT
1 ENTRIES
i) Into Loomis 561,290.840 oz
total deposit 561,240.840 oz
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx)
withdrawals: customer side/eligible
1entries
1) Out of Loomis 593,441.318 oz
total withdrawal 593,441.318 oz
ADJUSTMENTs 0
TOTAL REGISTERED SILVER: 194.327 MILLION OZ//.TOTAL REG + ELIGIBLE. 524.043 Million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR SEPT.
silver open interest data:
FRONT MONTH OF SEPTEMBER /2025 OI: 293 OPEN INTEREST CONTRACTS FOR A LOSS OF 42 CONTRACTS. WE HAD 117 CONTRACTS SERVED ON THURSDAY SO WE GAINED A HUGE SIZED 75 CONTRACTS OR 375,000 OZ ENTERTAINED A STRONG QUEUE JUMP//NEW STANDING FOR SILVER COMEX INCREASES TO 66.915 MILLION OZ. THEN WE MUST ADD OUR INITIAL ISSUANCE OF 600 CONTRACTS FOR EXCHANGE FOR RISK OR 3.0 MILLION OZ//NEW STANDING ADVANCES TO 69.915 MILLION OZ
STANDING FOR SILVER: 69.915 MILLION OZ
OCTOBER GAINED 107 CONTRACTS TO 2922
NOVEMBER LOST 3 CONTRACTS DOWWN TO 1866.
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 60 or 0.300 MILLION oz
CONFIRMED volume; ON THURSDAY 60,967 sfair//
AND NOW SEPT. DELIVERIES:
To calculate the number of silver ounces that will stand for delivery in SEPTEMBER. we take the total number of notices filed for the month so far at 13,188 X5,000 oz = 65.940 MILLION oz
to which we add the difference between the open interest for the front month of SEPT (293) AND the number of notices served upon today (60 )x (5000 oz)
Thus the standings for silver for the SEPTEMBER 2025 contract month: (13,188) Notices served so far) x 5000 oz + OI for the front month of SEPTEMBER(293) minus number of notices served upon today (60)x 5000 oz equals silver standing for the SEPTEMBER contract month equating to 66.915 MILLION OZ TO WHICH WE ADD OUR INITIAL EXCHANGE FOR RISK SEPT TOTALLING 3.0 MILLION OZ//NEW STANDING ADVANCES TO 69.915 MILLION OZ
New total standing: 69.915 million oz which is HUGE for this active delivery month of SEPT.. THE SILVER COMEX IS NOW UNDER SIEGE!!
We must also keep in mind that there is considerable silver standing in London coming from our longs in New York that underwent EFP transfers.
There are 194.327 million oz of registered silver
JPMorgan as a percentage of total silver: 210.283/524.043 million. 40.00%
The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price on that day at $18.42. The previous record was 224,540 contracts with the price at that time of $20.44.
Now that we have surpassed $28.40 the next big line in the sand for silver is $34.76. After that the moon
the next big line in the sand for silver is $34.76. After that the moon
END
BOTH GLD AND SLV ARE MASSIVE FRAUDS!
SEPT 19 WITH GOLD UP $26.70 TODAY/HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 4.29 TONNES OF GOLD FROM THE GLD /// ///INVENTORY RESTS AT XXX TONNES
SEPT 18 WITH GOLD DOWN $37.50 TODAY/HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 4.29 TONNES OF GOLD FROM THE GLD /// ///INVENTORY RESTS AT 975.66 TONNES
SEPT 17 WITH GOLD DOWN $8.30 TODAY/NO CHANGES IN GOLD AT THE GLD /// ///INVENTORY RESTS AT 979.95 TONNES
SEPT 16 WITH GOLD UP $8.30 TODAY/HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT OF 2.01 TONNES OF GOLD FROM THE GLD:/// ///INVENTORY RESTS AT 979.95 TONNES
SEPT 15 WITH GOLD UP $45.30 TODAY/HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 3.01 TONNES OF GOLD FROM THE GLD:/// ///INVENTORY RESTS AT 974.80 TONNES/
SEPT 12 WITH GOLD UP $12.40 TODAY/HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 2.01 TONNES OF GOLD FROM THE GLD:/// ///INVENTORY RESTS AT 977.95 TONNES/
SEPT 11 WITH GOLD DOWN $7.50 TODAY/SMALL CHANGES IN GOLD AT THE GLD A DEPOSIT OF .28 TONNES OF GOLD INTO THE GLD:/// ///INVENTORY RESTS AT 979.96 TONNES//
SEPT 10 WITH GOLD DOWN $1.10 TODAY/NO CHANGES IN GOLD AT THE GLD:/// ///INVENTORY RESTS AT 979.68 TONNES//
SEPT 9 WITH GOLD UP $47.40 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 2.29 TONNES OF GOLD FROM THE GLD/// ///INVENTORY RESTS AT 979.68 TONNES//
SEPT 8 WITH GOLD UP $41.40 TODAY/NO CHANGES IN GOLD AT THE GLD// ///INVENTORY RESTS AT 981.97 TONNES//
SEPT 5 WITH GOLD UP $47.10 TODAY/HUGE CHANGES IN GOLD AT THE GLD ; A FRAUDULENT WITHDRAWAL OF 2.29 TONNES OF PAPER GOLD OUT OF THE GLD// ///INVENTORY RESTS AT 981.97 TONNES//
SEPT 4 WITH GOLD DOWN $22.70 TODAY/HUGE CHANGES IN GOLD AT THE GLD ; A FRAUDULENT WITHDRAWAL OF 6.30 TONNES OF PAPER GOLD OUT OF THE GLD// ///INVENTORY RESTS AT 984.26 TONNES//
SEPT 3 WITH GOLD UP $43.20 TODAY/HUGE CHANGES IN GOLD AT THE GLD ; A DEPOSIT OF 12.88 TONNES OF GOLD VAPOUR INTO THE GLD// ///INVENTORY RESTS AT 990.56 TONNES//FAIRY TALES
SEPT 2 WITH GOLD UP $79.90 TODAY/HUGE CHANGES IN GOLD AT THE GLD ; A DEPOSIT OF 9.74 TONNES OF GOLD VAPOUR INTO THE GLD// ///INVENTORY RESTS AT 977.68 TONNES
AUGUST 29 WITH GOLD UP $33.40 TODAY/HUGE CHANGES IN GOLD AT THE GLD ; A DEPOSIT OF 5.44 TONNES OF GOLD INTO THE GLD// ///INVENTORY RESTS AT 962.50 TONNES
AUGUST 28 WITH GOLD UP $18.20 TODAY/HUGE CHANGES IN GOLD AT THE GLD ; A DEPOSIT OF 2.58 TONNES OF GOLD INTO THE GLD// ///INVENTORY RESTS AT 962.50 TONNES
AUGUST 27 WITH GOLD UP $12.60 TODAY/HUGE CHANGES IN GOLD AT THE GLD ; A DEPOSIT OF 1.43 TONNES OF GOLD INTO THE GLD// ///INVENTORY RESTS AT 959.92 TONNES
AUGUST 26 WITH GOLD UP $12.15 TODAY/HUGE CHANGES IN GOLD AT THE GLD ; A DEPOSIT OF 1.72 TONNES OF GOLD INTO THE GLD// ///INVENTORY RESTS AT 958.49 TONNES
AUGUST 25 WITH GOLD DOWN $1.05 TODAY/NO CHANGES IN GOLD AT THE GLD// ///INVENTORY RESTS AT 956.77 TONNES
AUGUST 22 WITH GOLD UP $35.35 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 1.44 TONNES OF GOLD FROM THE GLD/// ///INVENTORY RESTS AT 956.77 TONNES
AUGUST 21 WITH GOLD DOWN $6.80 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 4.00 TONNES OF GOLD FROM THE GLD/// ///INVENTORY RESTS AT 958.21 TONNES
AUGUST 20 WITH GOLD UP $29.95 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 3.16 TONNES OF GOLD FROM THE GLD/// ///INVENTORY RESTS AT 962.21 TONNES
AUGUST 19 WITH GOLD DOWN $16.90 TODAY/NO CHANGES IN GOLD AT THE GLD:/// ///INVENTORY RESTS AT 965. TONNES
AUGUST 18 WITH GOLD DOWN $4.05 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 4.01 TONNES OF GOLD INTO THE GLD//// ///INVENTORY RESTS AT 961.36 TONNES
AUGUST 15 WITH GOLD DOWN $0.45 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 2.86 TONNES OF GOLD//// ///INVENTORY RESTS AT 961.36 TONNES
AUGUST 14 WITH GOLD DOWN $20.80 TODAY//NO CHANGES IN GOLD AT THE GLD://// ///INVENTORY RESTS AT 964.22 TONNES
AUGUST 13 WITH GOLD UP $9.65 TODAY//NO CHANGES IN GOLD AT THE GLD://// ///INVENTORY RESTS AT 964.22 TONNES
AUGUST 12 WITH GOLD UP $2.65 TODAY//HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT OF 4.58 TONNES OF GOLD INTO THE GLD/://// ///INVENTORY RESTS AT 964.22 TONNES
AUGUST 11 WITH GOLD DOWN $53.55 TODAY//SMALL CHANGES IN GOLD AT THE GLD A DEPOSIT DEPOSIT OF 0.55 TONNES OF GOLD INTO THE GLD/://// ///INVENTORY RESTS AT 959.64 TONNES
AUGUST 8 WITH GOLD UP $10.00 TODAY//HUGE CHANGES IN GOLD AT THE GLD A HUGE DEPOSIT OF 6.30 TONNES OF GOLD INTO THE GLD/://// ///INVENTORY RESTS AT 959.09 TONNES
GLD INVENTORY: 979/95 TONNES, TONIGHTS TOTAL
SILVER
SEPT 19 WITH SILVER UP $0.89 TODAY/HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 0.908 MILLION OZ OUT OF THE SLV: /// ///INVENTORY RESTS AT 488.357 MILLION OZ//
SEPT 18 WITH SILVER DOWN $0.69 TODAY/HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 0.908 MILLION OZ OUT OF THE SLV: /// ///INVENTORY RESTS AT 488.357 MILLION OZ//
SEPT 17 WITH SILVER DOWN $0.03 TODAY/HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT OF 2.088 MILLION OZ INTO THE SLV: /// ///INVENTORY RESTS AT 489.265 MILLION OZ//
SEPT 16 WITH SILVER DOWN $0.05 TODAY/HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT OF 1.500 MILLION OZ INTO THE SLV: /// ///INVENTORY RESTS AT 487.177 MILLION OZ//
SEPT 15 WITH SILVER UP $0.28 TODAY/NO CHANGES IN GOLD AT THE GLD: /// ///INVENTORY RESTS AT 485.677 MILLION OZ//
SEPT 12 WITH SILVER UP $0.46 TODAY/NO CHANGES IN GOLD AT THE GLD: /// ///INVENTORY RESTS AT 485.677 MILLION OZ//
SEPT 11 WITH SILVER UP $0.46 TODAY/NO CHANGES IN GOLD AT THE GLD: /// ///INVENTORY RESTS AT 485.677 MILLION OZ//
SEPT 10 WITH SILVER UP $0.28 TODAY/NO CHANGES IN GOLD AT THE GLD: /// ///INVENTORY RESTS AT 485.677 MILLION OZ //
SEPT 9 WITH SILVER DOWN $0.55/ HUGE CHANGES AT THE SLV AT WITHDRAWAL OF 1.816 MILLION OZ OUT OF THE SLV:// ////INVENTORY RESTS AT 486.677 MILLION OZ./
SEPT 8 WITH SILVER UP $0.35/ HUGE CHANGES AT THE SLV AT WITHDRAWAL OF 1.181 MILLION OZ OUT OF THE SLV:// ////INVENTORY RESTS AT 488.493 MILLION OZ./
SEPT 5 WITH SILVER UP $0.25/ HUGE CHANGES AT THE SLV AT WITHDRAWAL OF 2.735 MILLION OZ OUT OF THE SLV:// ////INVENTORY RESTS AT 489.674 MILLION OZ./
SEPT 4 WITH SILVER DOWN $0.68/ HUGE CHANGES AT THE SLV AT WITHDRAWAL OF 2.735 MILLION OZ OUT OF THE SLV:// ////INVENTORY RESTS AT 491.308 MILLION OZ./
SEPT 3 WITH SILVER UP $0.95/ HUGE CHANGES AT THE SLV AT DEPOSIT OF 1,816 MILLION OZ INTO THE SLV:// ////INVENTORY RESTS AT 494.043 MILLION OZ./
SEPT 2 WITH SILVER UP $0.95/ HUGE CHANGES AT THE SLV AT WITHDRAWAL OF .727 MILLION OZ FROM THE SLV:// ////INVENTORY RESTS AT 492.227 MILLION OZ./
AUGUST 29 WITH SILVER UP $0.80/ HUGE CHANGES AT THE SLV AT DEPOSIT 0F 1.862 MILLION OZ:// ////INVENTORY RESTS AT 492.954 MILLION OZ./
AUGUST 28 WITH SILVER UP $0.48/ NO CHANGES AT THE SLV:// ////INVENTORY RESTS AT 491.092 MILLION OZ./
AUGUST 27 WITH SILVER UP $0.04/ SMALL CHANGES AT THE SLV: A WITHDRAWAL OF 454,000 OZ FORM THE SLV// ////INVENTORY RESTS AT 491.092 MILLION OZ./
AUGUST 26 WITH SILVER DOWN $0.19/ NO CHANGES AT THE SLV: // ////INVENTORY RESTS AT 491.546 MILLION OZ./
AUGUST 25 WITH SILVER DOWN $0.28/ SMALL CHANGES AT THE SLV: A SMALL DEPOSIT OF 0.363 MILLION OZ OF SILVER LEAVES THE SLV// ////INVENTORY RESTS AT 491.546 MILLION OZ./
AUGUST 22 WITH SILVER UP $0.92/ SMALL CHANGES AT THE SLV: A SMALL WITHDRAWL OF 0.908 MILLION OZ OF SILVER LEAVES THE SLV// ////INVENTORY RESTS AT 491.183 MILLION OZ./
AUGUST 21 WITH SILVER UP $0.29/ SMALL CHANGES AT THE SLV: A SMALL WITHDRAWL OF 1.09 MILLION OZ OF SILVER LEAVES THE SLV// ////INVENTORY RESTS AT 492.091 MILLION OZ.//
AUGUST 20 WITH SILVER UP $0.41/ SMALL CHANGES AT THE SLV: A SMALL WITHDRAWL OF 545,000 OZ OF SILVER LEAVES THE SLV// ////INVENTORY RESTS AT 493.181 MILLION OZ.//
AUGUST 19 WITH SILVER DOWN $0.64/ HUGE CHANGES AT THE SLV: A MAMMOTH DEPOSIT OF 9.173 MILLION OZ OF SILVER VAPOUR ARRIVES AT THE SLV// ////INVENTORY RESTS AT 493.726 MILLION OZ.//
AUGUST 18 WITH SILVER UP $0.06/ NO CHANGES AT THE SLV ////INVENTORY RESTS AT 484.553 MILLION OZ.//
AUGUST 15 WITH SILVER DOWN $0.04/ SMALL CHANGES AT THE SLVA WITHDRAWAL OF .909 MILLION OZ FROM THE SLV//////INVENTORY RESTS AT 484.553 MILLION OZ.//
AUGUST 14 WITH SILVER DOWN $0.52/ NO CHANGES AT THE SLV/////INVENTORY RESTS AT 485.462 MILLION OZ.//
AUGUST 13 WITH SILVER UP $0.62/ HUGE CHANGES AT THE SLV// A DEPOSIT OF 1.317 MILLION OZ INTO THE SLV:.////INVENTORY RESTS AT 485.462 MILLION OZ.//
AUGUST 12 WITH SILVER UP $0.68/ HUGE CHANGES AT THE SLV// A DEPOSIT OF 2.18 MILLION OZ FORM THE SLV:.////INVENTORY RESTS AT 484.145 MILLION OZ.//
AUGUST 11 WITH SILVER DOWN $0.56/ HUGE CHANGES AT THE SLV// A WITHDRAWAL OF 3.905 MILLION OZ FORM THE SLV:.////INVENTORY RESTS AT 481.965 MILLION OZ.//
AUGUST 8 WITH SILVER UP $0.20/ NO CHANGES AT THE SLV//:.////INVENTORY RESTS AT 485.870 MILLION OZ.//
CLOSING INVENTORY 489.265 MILLION OZ//
PHYSICAL GOLD/SILVE
1/PETER SCHIFF
JOHN RUBINO
JAMES RICKARDS
2. MATHEW PIEPENBERG/VON GREYERZ
ALASDAIR MACLEOD
Gold and silver futures under strain
Hooray for an interest rate cut and to hell with inflation! But there are some weird happenings in Comex futures, particularly a large short position in the gold contract.
| Alasdair MacleodSep 19∙Paid |
In this market report, we draw attention to some interesting developments in Comex’s gold and silver contracts, illustrating the systemic strains emerging in these two markets. It is against a background of the Fed abandoning pretense of managing inflation.
But first, we cover this week’s market developments.
This week saw gold and silver back off from recent highs ahead of the Fed’s ¼ point cut in its funds rate. Some consolidation was due perhaps, as our headline chart indicates. Having tested $3700, gold this morning in Europe was $3657, up a net $14 from last Friday’s close. And silver at $42.24 was barely changed on the week after testing the $43 level.
This week’s big event was the Fed’s widely expected cut in its funds rate, signalling that there’s more to come. Markets are pricing in a high probability of two further ¼ point reductions by the year end. Stephen Miran, who was appointed to the FOMC just in time to vote was the only member pushing for a ½ point reduction, in line with President Trump’s demands.
While market attention has been diverted by declines in interest rates, there are two observations which evidence strains in both gold and silver contracts. In both contracts stand-for-deliveries have increased sharply in recent weeks. In this third quarter 156 tonnes of gold have been stood for delivery, and 302 tonnes of silver. It is silver which is of greater interest: the silver total since 1 January is 10,780 tonnes, which is an extraordinary 56% of global mine output for the first nine months on the Silver Institute’s estimate.
We cannot know for certain who is standing for delivery, but the fact that it involves paying full price indicates that they are either industrial users or investors. They are unlikely to withdraw their silver from Comex warehouses until needed, so the accumulating level of warehouse stocks being at a record 527m ounces tells us little. This is in the next chart from Datatrack:
Remember, that Comex futures were never intended to be a delivery mechanism. Clearly, global supply is so tight that demand whether it be from investor or industrial sources is withdrawing market liquidity at an extraordinary rate. Indeed, demand has been fuelled by concerns that imported silver might be subject to US tariffs. And the market is exposed to increasing ETF demand as investors climb aboard the silver bandwagon.
Besides stand for deliveries, in the gold contract there is a notable development in the non-reported category, with a large short position suddenly appearing. In the three Commitment of Traders reports between 19 August and 9 September, this short position has increased by 28,632 contracts representing 89.05 tonnes. This is illustrated in the next chart:
There appear to be two possibilities. Either someone has gone out on a limb and has been doubling down on a bad trade, or this is an attempt by an official party, such as the US Exchange Stabilisation Fund or the Bank for International Settlements to put a brake on the market.
Official intervention seems most likely, and one would expect it to be reported in a trader category rarely tracked by market observers. It suggests that the authorities are concerned that one or more bullion banks or perhaps a major hedge fund is in trouble and in need of rescue. It will be interesting to see what is revealed in tonight’s COT numbers, due to be released after the New York market closes this evening.
The Fed abandons the fight against inflation
So far as gold and silver are concerned, the Fed’s interest rate policy is despite CPI inflation running well above target, and likely to increase further in 2026. Under political pressure, the Fed is abandoning an appropriate monetary policy risking a weaker dollar. In today’s febrile market conditions, it risks a run on the dollar developing, because it is over-owned by foreigners exposed to currency losses.
No doubt, with treasury funding relying increasingly on short-term T-bills, the reduction in interest costs on new and maturing debt is a solution to funding difficulties — except that it is very inflationary, depending on an expansion of bank credit with little to no participation from savers.
Therefore, while on short-term considerations consolidations in gold and silver are logical, there are signs of enormous strains developing in the relationship between paper markets and underlying physical gold and silver, which can only point to higher prices.
Meanwhile, the technical chart tells us that gold has $4000 firmly in its sights:
3. CHRIS POWELL AND GATA GOLD DISPATCHES/OTHER GOLD RELATED TOPICS
4. ANDREW MAGUIRE/LIVE FROM THE VAULT KINESIS 241
5. COMMODITY REPORT COFFEE
ASIAN MARKETS THIS FRIDAY MORNING:
SHANGHAI CLOSED DOWN 11.57 PTS OR 0.30%
//Hang Seng CLOSED UP 0.25 PTS OR 0.00%
// Nikkei CLOSED DOWN 257.62 OR 0.57% //Australia’s all ordinaries CLOSED UP .34%
//Chinese yuan (ONSHORE) CLOSED DOWN AT 7.1125 OFFSHORE CLOSED DOWN AT 7.1131/ Oil DOWN TO 63.05 dollars per barrel for WTI and BRENT DOWN TO 67.04 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN DOWN IN TRADING AT 7.1125 AND WEAKER//OFF SHORE YUAN TRADING UP TO 7.1131 AGAINST US DOLLAR/ AND THUS WEAKER
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS WEDNESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN TO 7.1125
OFFSHORE YUAN: DOWN TO 7.1131
HANG SENG CLOSED UP 0.25 PTS OR 0.00%
2. Nikkei closed DOWN 257.62 PTS OR 0.57%
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX UP TO 97.23 EURO FALLS TO 1.1756 DOWN 33 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +1.640//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 147.98…… JAPANESE YEN NOW FALLING AS WE HAVE NOW REACHED THE RE EMERGING OF THE YEN CARRY TRADE AGAIN AFTER DISASTROUS POLICY ISSUED BY UEDA. JAPAN 30 YR BOND YIELD: 3.156 DOWN 4 BASIS PTS.
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP /JAPANESE Yen DOWN CHINESE ONSHORE YUAN: DOWN OFFSHORE: DOWN
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil DOWN for WTI and DOWN FOR BRENT this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD UP TO +2.7396 Italian 10 Yr bond yield UP to 3.563 SPAIN 10 YR BOND YIELD UP TO 3.287
3i Greek 10 year bond yield UP TO 3.431
3j Gold at $3655.60 Silver at: 42.43 1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble UP 0 AND 5 /100 roubles/dollar; ROUBLE AT 83.19
3m oil (WTI) into the 63 dollar handle for WTI and 67 handle for Brent/
3n Higher foreign deposits moving out of China// huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/
JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 147.98/ 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.640% STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE IS NOW UNWINDING.//JAPAN 30 YR: 3.156 DOWN 4 BASIS PTS.
30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.7954 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9349 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.
USA 10 YR BOND YIELD: 4.131 UP 3 BASIS PTS…
USA 30 YR BOND YIELD: 4.747 UP 3 BASIS PTS/
USA 2 YR BOND YIELD: 3.578 UP 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 41.39
10 YR UK BOND YIELD: 4.709 UP 6 PTS BUT STILL ESCALATING RAPIDLY
30 YR UK BOND YIELD: 5.551 UP 6 BASIS PTS
10 YR CANADA BOND YIELD: 3.186 DOWN 1 BASIS PTS
5 YR CANADA BOND YIELD: 2.744 DOWN 1 BASIS PTS.
2a New York OPENING REPORT
Futures Flat Ahead Of Massive $5.3 Trillion Option Expiration
Friday, Sep 19, 2025 – 08:30 AM
US stocks are set for a quiet finish to a busy week in which the Fed’s first step in what will be a series of rapid interest rate cuts propelled markets to fresh highs. After all four major indexes – DJIA, SPX, Nasdaq and Russel – closed at a record high for the first time since November 2021, futures are flat this morning, with the S&P unchanged and Nasdaq up 0.1%, as Mag 7 stocks are mostly higher led by the +1.1% and +0.7% in TSLA and AAPL. Overnight the BOJ spooked risk assets when it kept rates as expected but surprised markets by announced a 330BN yen annual sale of its massive ETF holdings. The yield on 10-year Treasuries climbed three basis point to 4.13% after yesterday’s sharp move higher, which helped the dollar rise for a third day. Commodities are mixed: oil is lower, while previous metals/ags are both higher this morning. Today sees a much-anticipated call between Xi and Trump at 9am New York, with TikTok and trade likely on the agenda.
In premarket trading, Mag 7 stocks are mostly higher, with NVDA the sole laggard. Tesla (TSLA) climbs 0.6% as Baird upgrades the electric-car maker to outperform, noting that the company is increasingly viewed as the leader in physical AI (Nvidia -0.2%, Alphabet +0.1%, Microsoft +0.1%, Apple +0.9%, Amazon +0.4%, Meta +0.2%).
- FedEx (FDX) rises 3% after the parcel company reinstated its profit and sales forecasts. Shares of peer United Parcel Service (UPS) are up 1.3%.
- Intel (INTC) shares tick 0.4% lower as Citigroup downgrades to sell, pointing to the chipmaker’s rich valuation. The stock rallied 23% on Thursday after Nvidia agreed to invest $5 billion in the company.
- Lennar (LEN) is down about 3% after the builder forecast new orders for the fourth quarter that missed the average analyst estimate.
- Orla Mining Ltd. (ORLA) slips 4% after Newmont Corp. sold a stake in the company worth C$605.4 million via a non-registered block trade late Thursday, according to a person familiar with the offering.
- Replimune (REPL) drops 1.7% after JPMorgan downgraded the drug developer to underweight from neutral, citing a challenging drug approval.
- Scholastic (SCHL) falls 10% after the publishing company reported a wider adjusted first-quarter loss per share than the same period a year ago. The company also posted steeper revenue declines from the year-ago period.
In corporate news, Apple is rolling out several new iPhone designs with the iPhone 17 Pro, Pro Max and iPhone Air going on sale Friday. Jefferies has approved a proposal by SMFG to raise its ownership to about 20% from 15% as their partnership deepens. OpenAI is being probed over risks to teen safety after a senate hearing. Nvidia plans to invest £2 billion ($2.7 billion) to support the UK’s AI industry in partnership with several VC firms
Today is record, for September, quad-witching Friday with over $5.3 trillion of notional options exposure set to expire including $3.0 trillion of SPX options and $935 billion notional of single stock options
Thursday’s price action saw the S&P 500 Index, the Nasdaq 100, the Dow Jones Industrial Average and the Russell 2000 all close at all-time highs – a rare occurrence seen on just 25 other days this century, data compiled by Bloomberg show.
The bullish momentum has defied seasonal headwinds as strategists lift their outlook for the year; indeed, not even Friday’s $5 trillion quarterly triple-witching options expiry is expected to drive volatility – at least not immediately – with traders focusing rather on the next nonfarm payrolls report for bigger moves.
Despite rising risks and record valuations, FOMO keeps pushing the market higher in what is typically a bearish month. The S&P 500 has gained 2.7% so far in September, hitting fresh record highs on brisk volumes, with small and mid-caps notably outperforming as they play catch up to Big Tech. The prevailing narrative is that the Fed is cutting into a soft landing, a scenario seen as very bullish for stocks. That outlook will be tested when focus again turns to employment data.
Investors still see plenty to keep equities climbing after a stellar rally, with looser policy adding to the buoyant mood from upbeat earnings and a resilient economy. Fed Bank of Minneapolis President Neel Kashkari, a prominent dove, said Friday he supported this week’s rate decision and penciled in two additional cuts this year.
“It’s clear the Fed is willing to support growth and the jobs markets, versus caring too much about inflation, though we have to see how that translates into the economy,” said Andrea Gabellone, head of global equities at KBC Global Services. “Financial conditions are now easier.”
Both global and US equity funds enjoyed their biggest week of inflows since December, according to BofA’s Michael Hartnett citing EPFR Global data. That said, sentiment could reverse if earnings from AI companies end up being disappointing; these pose a bigger risk to the tech-driven global stock rally than ongoing geopolitical tensions, according to JPMorgan Asset Management. Ray Dalio warned that the US is unable to cut back on runaway spending that is risking monetary order.
In Europe, the Stoxx 600 is little changed, erasing a gain, with autos the top sub-sector after Stellantis NV was upgraded at Berenberg and auto supplier Aumovio was listed on the Frankfurt Stock Exchange on Thursday. Man Group rises as much as 5.4% after an upgrade from UBS. Here are some of the biggest European movers today:
- Man Group shares rise as much as 5.4%, the most since April, as UBS upgrades the stock to buy from neutral on a rebound in the group’s AHL strategies since the end of July
- PureTech Health shares gain as much as 8.1%, the most in more than four months, after a stock exchange filing showed Tang Capital Management has a 3.07% stake in the biotherapeutics company
- Nexity shares jump as much as 13%, the most since July, as Oddo upgrades its rating on the French real estate group to outperform from neutral
- Spire Healthcare shares rise as much as 9% after the company confirmed it has started a process to hold talks with a number of parties on options, including a potential sale
- Wickes shares rise as much as 4.9% after Jefferies initiates coverage of the UK retailer with a buy rating
- Kuehne + Nagel shares fall as much as 8.2%, the most since April, after Deutsche Bank downgraded the transport company to hold from buy on macroeconomic challenges
- Scout24 shares drop as much as 4.6% after agreeing to buy online real estate platforms in Spain for about €153 million, which Bloomberg Intelligence sees as a lofty valuation
- Victrex shares tumble as much as 7.5% after Jefferies downgraded the firm, warning that it will struggle to grow profits in FY26 as they slashed their estimates
- Ashtead Group shares fall as much as 1.6%, hitting a one-month low, after analysts at RBC Capital Markets downgraded the equipment-rental play, citing an array of concerns
- Stabilus shares slide as much as 5.8% after the manufacturer said it is launching a transformation program and warned FY25 profits are set to come in below expectations
- Stroeer shares fall as much as 4.1% to the lowest in three years after the German advertising firm reduced its guidance for FY revenue and Ebitda growth
The pound and long-end gilts slide after the UK’s budget deficit blew past forecasts, intensifying fiscal fears. Sterling falls around 0.5% and is the worst performer in the G-10. UK 30-year yields rise as much as five basis points before paring. European bonds and Treasuries are falling too.
Earlier in the session, Asian equities wiped out earlier gains to fall on Friday, as investor sentiment weakened following the Bank of Japan’s plan to offload its exchange-traded fund holdings. The MSCI Asia Pacific Index fell as much as 0.5%, with TSMC, Sony Group and MediaTek among the biggest drags. Equities in Japan dropped following the BOJ’s decision to leave the interest rate unchanged and announcement of the plan to sell its stockpile of ETFs valued at more than 75 trillion yen. Stock benchmarks in South Korea and Taiwan also fell, while those in the Philippines and Australia edged higher. The ETF sales announcement “led to worsening sentiment, on expectation that selling pressure will rise particularly among large-cap tech stocks where the BOJ holds a high ownership ratio,” said Hiroki Takei, a strategist at Resona Holdings Inc. “In addition, with two policy board members voting against holding rates, speculation about a rate hike has quickly emerged, further weighing on the market.” Despite Friday’s decline, MSCI’s regional benchmark was still on track for a third consecutive weekly gain — the longest streak since May — supported by optimism around the tech sector outlook and hopes for easing trade tensions.
In FX, the dollar rose 0.2%, setting it on course for its longest winning streak since July and extending a rebound from a 2022 low. The pound and long-end gilts slide after the UK’s budget deficit blew past forecasts, intensifying fiscal fears. Sterling falls around 0.5% and is the worst performer in the G-10. UK 30-year yields rise as much as five basis points before paring.
In rates, Japanese two-year yields hit the highest since 2008 after the Bank of Japan’s ETF sales plan and rate hold in a contested vote. Gold is higher by about $12 to $3,655/oz. European bonds and Treasuries are falling too. Treasury yields cheaper by 1bp to 2bps across the curve with spreads trading broadly within a basis point of Thursday’s close. US 10-year yields trade around 4.125% with bunds and gilts trading broadly inline. On the UK curve, long-end yields underperform, steepening the UK curve following the borrowing overshoot
In commodities, oil prices are falling, with Brent slipping below $67 and crude’s weekly gain on a knife-edge.
US economic data slate empty for the session. Fed speakers scheduled include Miran (11 a.m. and 4 p.m.), Daly (2:30 p.m.).
Market Snapshot
- S&P 500 mini little changed
- Nasdaq 100 mini little changed
- Russell 2000 mini little changed
- Stoxx Europe 600 +0.1%
- DAX +0.1%
- CAC 40 +0.7%
- 10-year Treasury yield +2 basis points at 4.12%
- VIX -0.2 points at 15.53
- Bloomberg Dollar Index +0.1% at 1197.26
- euro -0.2% at $1.1767
- WTI crude -1% at $62.95/barrel
Top Overnight News
- Jimmy Kimmel wanted to address the firestorm over his remarks about Charlie Kirk’s killing on Wednesday’s show. Company leaders worried it would make matters worse: WSJ
- Disney Executives to Meet With Kimmel, Assess Talk Show’s Future: BBG
- US lawmakers plan bipartisan bill to exempt coffee from tariffs, may be introduced on Friday: WaPo
- Erika Kirk named CEO of Turning Point USA after husband’s murder: RTRS
- Trump’s administration is considering a plan to spur the construction of factories and other infrastructure to boost the US manufacturing sector using the USD 550bln fund established through negotiations with Japan, according to WSJ.
- Trump posted that House Republicans will vote to pass a clean funding bill on Friday and that “The Leader of the Democrats, Cryin’ Chuck Schumer, wants to shut the Government down. Republicans want the Government to stay open. Every House Republican should UNIFY, and VOTE YES!”
- House Speaker Johnson said he believes they have the votes to pass the stopgap funding bill, while US Senate Majority Leader Thune said the Senate will also vote on a House stopgap bill on Friday.
- White House is considering additional candidates for CFTC chair as the confirmation process for Brian Quintenz has stalled, while possible candidates include government officials focused on crypto policy, according to Bloomberg.
- US Government’s Intel Stake Worth $13 Billion After Nvidia Deal: BBG
- FedEx Sees Sales Growth in Sign of Parcel Demand Rebound: BBG
- CDC Vaccine Panel Votes Against Merck Shot for Kids Under 4: RTRS
- They didn’t see that coming: SoftBank Vision Fund Mulls 20% Job Cuts After Son’s Pivot to AI: BBG
- Boeing Sees Latin America Aircraft Almost Doubling by 2044: BBG
Tariffs/Trade
- Mexico’s President Sheinbaum said she had an excellent conversation with Canadian PM Carney and agreed with Canada to strengthen the USMCA free trade agreement, while she added they will continue to work together with respect.
- Canadian PM Carney said they are committed to a shared partnership with the US and will create a new bilateral security dialogue with Mexico, as well as commented that they can find adjustments to boost competitiveness in North America.
BOJ
- Kept rates unchanged at 0.50%, as widely expected, with the decision made by a 7-2 vote in which Board members Takata and Tamura proposed a 25bps rate hike. Nonetheless, the central bank surprised markets with the announcement to begin selling its ETF and J-REIT Holdings at a pace of JPY 330bln per year and JPY 5bln per year, respectively, with the decision on ETF and J-REIT sales made by unanimous vote, while it stated the pace of sales may be modified at future MPMs after the start of ETF and J-REIT disposals, based on fundamental principles and experience from sales conducted. BoJ also stated that Japan’s economy is recovering moderately, although some weakness has been seen and noted that private consumption has been resilient and inflation expectations have risen moderately, but exports and output remain more or less flat as a trend. Furthermore, it stated that Japan’s economic growth is likely to slow due to the impact of trade policies on global growth, but re-accelerate, and Japan’s underlying inflation to stagnate due to a slowdown in economic growth, but gradually accelerate thereafter.
- BoJ Press Conference: Governor Ueda says Japan’s economy is recovering moderately, albeit with some weakness; will continue to raise policy rate if economy and prices move in line with forecast.
- On the economy: Downside risks to economy still present.
- On policy: Not considering changing pace of ETF sales to adjust monetary policy. Not thinking now of repurchasing ETFs as monetary policy tool. Decision on timing of next rate hike would depend on the risk of US tariff impact materialising and the course of food inflation.
- On trade/tariffs: The domestic economy is withstanding tariff impact. Tariff costs likely to be passed down to consumers in the US from November. Not seeing negative impact in Japan’s economy from US tariffs.
- In summary, Ueda didn’t really give too much away with his focus on the economy, data and tariffs, unsurprisingly. Overall, it seems that an October move is on the cards assuming that data, October 1st Tankan in focus, presents no surprises and the October 4th LDP leadership contest occurs without a major curveball; helpfully, Ueda is scheduled to speak on October 8th.
- The implied odds of a hike stand at around 45% for October, vs c. 30% on Thursday.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks traded mixed as the region only partially sustained the momentum from Wall St, where the S&P 500, DJIA and NDX climbed to fresh record highs as risk sentiment was supported by encouraging data, while participants digested a surprise announcement by the BoJ to begin selling its ETF and J-REIT holdings. ASX 200 climbed higher with a couple of the defensive sectors leading the advances and with most industries in the green aside from telecoms. Nikkei 225 rallied at the open after the latest CPI data mostly matched estimates but softened from the previous, although the index has slightly pulled back from all-time highs with some jitters seen as participants awaited the ‘delayed’ BoJ announcement, while downside accelerated after the BoJ decided to begin selling ETF and J-REIT holdings. Hang Seng and Shanghai Comp were rangebound amid tentativeness ahead of the scheduled Trump-Xi call and with ongoing trade-related uncertainty, while the US House Select Committee on the CCP urged action in a letter to US President Trump in response to China’s weaponisation of critical minerals supply chains.
Top Asian News
- Japanese LDP lawmaker Takaichi is to propose an income tax cut and cash payout to households in a campaign pledge for the ruling party leadership race, while she will call for gradually lowering the ratio of government debt to GDP in her campaign pledge, according to Nikkei. Adds, Ministry of Finance should present an economic growth plan.
- PBoC says 14-day Reverse Repo operations in the open market will be conducted via fixed volume and interest rate bidding with multiple price allocation.
- Chinese FX regulator says commercial banks purchased net USD 14.7bln in FX in Aug (vs net USD 22.8bln purchase in Jul), purchased a net USD 12.1bln in Jan-Aug (vs net 2.5bln sale in Jan-Jul).
- BoJ Governor Ueda is to speak at the Paris Europlace Forum in Tokyo on October 8th.
European bourses (STOXX 600 +0.3%) are mostly firmer; outperformers in Europe today include the CAC 40 and FTSE MIB, whilst the AEX (pressured by a pullback in Tech names) and the FTSE 100 (UK assets shunned today) underperform. European sectors hold a slight positive bias, with only a few industries found in negative territory. Autos takes the top spot today, with gains driven by upside in Stellantis (+4.5%) which benefits from a broker upgrade at Berenberg. The Construction & Materials sector follows behind, and is buoyed by strength in Vinci (+1%) after the Co. received a EUR 885mln contract related to Rail Baltica Electrification. Tech is very marginally lower, seemingly scaling back some of the significant upside seen in the prior session after the IT sector surged more than 5.6% in the prior session. Much of Thursday’s upside was driven by ASML (-0.5%), which received a PT upgrade at BofA following the NVIDIA-Intel partnership
Top European News
- ECB’s Centeno say still sees inflation risks to the downside; ECB cannot tolerate inflation below 2% for too long; 2028 inflation forecast likely to be below 2%.
- UBS Wealth Management, Morgan Stanley & BofA no longer look for a BoE rate cut this year.
FX
- DXY is extending its winning streak to a third session and building on yesterday’s gains, which were in part driven by a downtick in weekly claims data and a strong Philly Fed report. Dovish dissenter Miran will be explaining his decision to back a larger 50bps move at some point today. However, given he is such an outlier on the FOMC and was not joined by Waller or Bowman, his views will likely prove non-incremental for the market. Focus will also be on the potential read-out of a President Trump-Xi meeting, and then Daly thereafter. DXY sits just a touch below Thursday’s peak at 97.60.
- EUR is softer vs. the broadly firmer USD with incremental macro drivers for the Eurozone lacking, as has been the case throughout the week. After printing a multi-year high earlier in the week at 1.1919, the pair has since delved as low as 1.1750 on Thursday.
- JPY is the only of the majors firmer vs. the USD, following the BoJ policy announcement. As expected, the Bank stood pat on rates. However, the decision to do so was subject to hawkish dissent from Takata and Tamura on account of concerns over upside inflation risks. The other source of surprise came from the BoJ’s decision to begin selling its ETF and J-REIT Holdings at a pace of JPY 330bln per year and JPY 5bln per year, respectively. The hawkish dissent knocked USD/JPY lower and sent the pair to a session trough at 147.21 before fading a bulk of the downside heading into Governor Ueda’s press conference. During which, he reiterated that the Bank will continue raising rates if prices move as forecast. From a hawkish perspective, he noted that the domestic economy is withstanding tariff impact and the Bank does not necessarily need to wait to see the full impact of US tariffs on inflation to make a decision on additional tightening. That being said, he acknowledged that downside risks to the economy are still present and didn’t make any explicit signals to a move next month, which could have been a driver for the fading of JPY strength. USD/JPY has moved back above its 50DMA @ 147.65 and sits towards the top end of Thursday’s 146.76-148.26 range.
- GBP is extending yesterday’s losses vs. the EUR and USD as markets digest yesterday’s BoE policy announcement and the latest batch of UK data. UK retail sales printed better-than-expected (M/M 0.5% vs. Exp. 0.3%). However, the release was overshadowed by a marked rise in UK public sector net borrowing (17.962bln vs, Exp. 12.75bln, prev. 2.818bln). Cable currently trades around 1.3496.
- Both antipodes are softer vs. the USD in quiet newsflow for Australia and New Zealand, with a decline in NZ exports having little follow-through into NZD.
- PBoC set USD/CNY mid-point at 7.1128 vs exp. 7.1174 (Prev. 7.1085).
Fixed Income
- JGBs were pressured overnight on the BoJ. While the decision was unchanged at 0.50% as expected, that was subject to two hawkish dissenters (Takata and Tamura) who wanted a 25bps cut. Additionally, the bank is to commence sales of its ETF and J-REIT holdings at a very slow pace; underscored by Ueda, who said it would take over 100 years to exit their position at the current pace. Ueda didn’t really give too much away with his focus on the economy, data and tariffs, unsurprisingly. However, while familiar, his underlying message that the normalisation process can continue if the economy and prices proceed as forecast is notably in the context of domestic political instability.
- Gilts are underperforming. Opened lower by 28 ticks and then slumped another 18 to a 90.72 trough. Pressure stemmed from the lead from peers with JGBs in the red, Bunds at a fresh WTD base and the morning’s UK data. Retail Sales was stronger-than-expected, but ultimately overshadowed by the PSNB which stood at GBP 17.96bln, eclipsing the newswire consensus and the GBP 12.5bln forecast by the OBR. Figures that add to the pressure Chancellor Reeves is under as we look to the Autumn Budget at the end of November. UK 30yr yield back above 5.55% and now looking to the YTD peak at 5.75% if the fiscal situation deteriorates further.
- USTs are waiting for Fed speak as the post-FOMC blackout period lifts. Dissenter Miran will draw focus to gauge just how much easing he wants to see (though the dots provided some indication) and his views on the September meeting; Daly is also due. Fed aside, the Trump-Xi call is another major point of focus. USTs are in the red, echoing peers, though with action more contained ahead of the discussed catalysts. At a 112-24+ trough, just above Thursday’s 112-23+ WTD base.
- Bunds are softer, following the above. Down to a fresh WTD low at 128.18. If the pressure intensifies, we look to support at the figure before 127.82, 127.63 and 127.61 from recent weeks. August producer prices hit this morning, coming in negative and printing beneath the forecast range. Destatis determined the drop was primarily due to lower energy prices, and when adjusted for energy the figure was actually 0.8% Y/Y vs the -2.2% reported. Focus now turns to DBRS’ review on France.
Commodities
- WTI and Brent remain subdued following a similar APAC session and after the choppy performance seen during the prior day. Headwinds were seen on Thursday following US President Trump’s comments on oil, suggesting there is a lot of oil left in the North Sea and oil prices need to come down further. Trump also repeated the call for countries to stop buying from OPEC+ members. WTI currently resides in a tight USD 63.15-63.65/bbl range while Brent sits in a USD 67.11-67.57/bbl range.
- Precious metals are mixed with spot gold, gradually edging higher overnight before falling victim to the USD once again, following the same headwind yesterday. Volatility in the yellow metal was seen during the China open, albeit this was short-lived, whilst some upticks were seen during the BoJ announcement as the firmer JPY pushed down the USD at the time. Spot gold currently resides in a USD 3,632.38-3,661.35/oz range, well within yesterday’s USD 3,627.96-3673.20/oz parameter.
- Mixed trade across base metals this morning, with the red metal overnight trading rangebound near this week’s trough amid the ultimately mixed risk appetite in Asia.
- EU is reportedly considering a provision in the 19th sanctions package against Russia to phase out Russian LNG purchases a year earlier than currently planned, via Bloomberg citing sources.
- Democratic Republic of Congo considers extending cobalt export ban for at least two months, according to Reuters sources.
Geopolitics
- Israel PM Netanyahu says “We will strike Hamas hard, we will not stop and we will not end this war until we achieve all our goals”, via Al Jazeera
- Iranian Deputy Foreign Minister says actions by European nations to reimpose sanctions would be politically biased and a pretext for escalation.
- EU Council President Costa is inviting leaders to an informal summit on October 1st. Focus will be on strengthening European common defence, and reinforcing support for Ukraine.
US Event calendar
- No macro events scheduled
Fed Speakers
- 11:00 am: Fed’s Miran Appears on CNBC
- 2:30 pm: Fed’s Daly Speaks on a Fireside Chat About AI
- 4:00 pm: Fed’s Miran Appears on Fox Business
DB’s Jim Reid concludes the overnight wrap
2b European opening report
USD gains whilst US equity futures are flat into Trump-Xi call; JPY benefits post-BoJ – Newsquawk US Market Open
Friday, Sep 19, 2025 – 05:53 AM
- BoJ kept rates unchanged at 0.50%, as expected, but surprised markets with the announcement to begin selling ETF and J-REIT holdings.
- European bourses are mostly higher whilst US equity futures are flat.
- USD extends its winning streak, GBP underperforms and is pressured by woeful borrowing data, which puts added pressure on UK Chancellor Reeves.
- USTs are slightly lower awaiting Fed speak, JGBs hit on the BoJ, Gilts lag after concerning borrowing data.
- Crude is on the backfoot, whilst Spot gold is firmer awaiting the Trump-Xi meeting.
- Looking ahead, Canadian Retail Sales (Jul), Quad Witching, Trump-Xi phone call. Speakers including Fed’s Daly, Miran, & Former Fed President Bullard.
Newsquawk in 3 steps:
1. Subscribe to the free premarket movers reports
2. Listen to this report in the market open podcast (available on Apple and Spotify)
3. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
TARIFFS/TRADE
- Mexico’s President Sheinbaum said she had an excellent conversation with Canadian PM Carney and agreed with Canada to strengthen the USMCA free trade agreement, while she added they will continue to work together with respect.
- Canadian PM Carney said they are committed to a shared partnership with the US and will create a new bilateral security dialogue with Mexico, as well as commented that they can find adjustments to boost competitiveness in North America.
BOJ
- Kept rates unchanged at 0.50%, as widely expected, with the decision made by a 7-2 vote in which Board members Takata and Tamura proposed a 25bps rate hike. Nonetheless, the central bank surprised markets with the announcement to begin selling its ETF and J-REIT Holdings at a pace of JPY 330bln per year and JPY 5bln per year, respectively, with the decision on ETF and J-REIT sales made by unanimous vote, while it stated the pace of sales may be modified at future MPMs after the start of ETF and J-REIT disposals, based on fundamental principles and experience from sales conducted. BoJ also stated that Japan’s economy is recovering moderately, although some weakness has been seen and noted that private consumption has been resilient and inflation expectations have risen moderately, but exports and output remain more or less flat as a trend. Furthermore, it stated that Japan’s economic growth is likely to slow due to the impact of trade policies on global growth, but re-accelerate, and Japan’s underlying inflation to stagnate due to a slowdown in economic growth, but gradually accelerate thereafter.
- BoJ Press Conference: Governor Ueda says Japan’s economy is recovering moderately, albeit with some weakness; will continue to raise policy rate if economy and prices move in line with forecast.
- On the economy: Downside risks to economy still present.
- On policy: Not considering changing pace of ETF sales to adjust monetary policy. Not thinking now of repurchasing ETFs as monetary policy tool. Decision on timing of next rate hike would depend on the risk of US tariff impact materialising and the course of food inflation.
- On trade/tariffs: The domestic economy is withstanding tariff impact. Tariff costs likely to be passed down to consumers in the US from November. Not seeing negative impact in Japan’s economy from US tariffs.
- In summary, Ueda didn’t really give too much away with his focus on the economy, data and tariffs, unsurprisingly. Overall, it seems that an October move is on the cards assuming that data, October 1st Tankan in focus, presents no surprises and the October 4th LDP leadership contest occurs without a major curveball; helpfully, Ueda is scheduled to speak on October 8th.
- The implied odds of a hike stand at around 45% for October, vs c. 30% on Thursday.
EUROPEAN TRADE
EQUITIES
- European bourses (STOXX 600 +0.3%) are mostly firmer; outperformers in Europe today include the CAC 40 and FTSE MIB, whilst the AEX (pressured by a pullback in Tech names) and the FTSE 100 (UK assets shunned today) underperform.
- European sectors hold a slight positive bias, with only a few industries found in negative territory. Autos takes the top spot today, with gains driven by upside in Stellantis (+4.5%) which benefits from a broker upgrade at Berenberg. The Construction & Materials sector follows behind, and is buoyed by strength in Vinci (+1%) after the Co. received a EUR 885mln contract related to Rail Baltica Electrification. Tech is very marginally lower, seemingly scaling back some of the significant upside seen in the prior session after the IT sector surged more than 5.6% in the prior session. Much of Thursday’s upside was driven by ASML (-0.5%), which received a PT upgrade at BofA following the NVIDIA-Intel partnership.
- US equity futures are flat, following on from a session of significant gains in the prior session in the aftermath of the FOMC and as traders reacted to the mega NVIDIA-Intel deal.
- FedEx (FDX) shares gain 4.8% in pre-market trade after it topped expectations in Q1, on higher US package volumes lifting results, though its freight unit was weaker. Management highlighted resilience despite global trade headwinds, including the loss of the de minimis exception.
- Click for the sessions European pre-market equity newsflow
- Click for the additional news
- Click for a detailed summary
FX
- DXY is extending its winning streak to a third session and building on yesterday’s gains, which were in part driven by a downtick in weekly claims data and a strong Philly Fed report. Dovish dissenter Miran will be explaining his decision to back a larger 50bps move at some point today. However, given he is such an outlier on the FOMC and was not joined by Waller or Bowman, his views will likely prove non-incremental for the market. Focus will also be on the potential read-out of a President Trump-Xi meeting, and then Daly thereafter. DXY sits just a touch below Thursday’s peak at 97.60.
- EUR is softer vs. the broadly firmer USD with incremental macro drivers for the Eurozone lacking, as has been the case throughout the week. After printing a multi-year high earlier in the week at 1.1919, the pair has since delved as low as 1.1750 on Thursday.
- JPY is the only of the majors firmer vs. the USD, following the BoJ policy announcement. As expected, the Bank stood pat on rates. However, the decision to do so was subject to hawkish dissent from Takata and Tamura on account of concerns over upside inflation risks. The other source of surprise came from the BoJ’s decision to begin selling its ETF and J-REIT Holdings at a pace of JPY 330bln per year and JPY 5bln per year, respectively. The hawkish dissent knocked USD/JPY lower and sent the pair to a session trough at 147.21 before fading a bulk of the downside heading into Governor Ueda’s press conference. During which, he reiterated that the Bank will continue raising rates if prices move as forecast. From a hawkish perspective, he noted that the domestic economy is withstanding tariff impact and the Bank does not necessarily need to wait to see the full impact of US tariffs on inflation to make a decision on additional tightening. That being said, he acknowledged that downside risks to the economy are still present and didn’t make any explicit signals to a move next month, which could have been a driver for the fading of JPY strength. USD/JPY has moved back above its 50DMA @ 147.65 and sits towards the top end of Thursday’s 146.76-148.26 range.
- GBP is extending yesterday’s losses vs. the EUR and USD as markets digest yesterday’s BoE policy announcement and the latest batch of UK data. UK retail sales printed better-than-expected (M/M 0.5% vs. Exp. 0.3%). However, the release was overshadowed by a marked rise in UK public sector net borrowing (17.962bln vs, Exp. 12.75bln, prev. 2.818bln). Cable currently trades around 1.3496.
- Both antipodes are softer vs. the USD in quiet newsflow for Australia and New Zealand, with a decline in NZ exports having little follow-through into NZD.
- PBoC set USD/CNY mid-point at 7.1128 vs exp. 7.1174 (Prev. 7.1085).
- Click for a detailed summary
- Click for NY OpEx Details
FIXED INCOME
- JGBs were pressured overnight on the BoJ. While the decision was unchanged at 0.50% as expected, that was subject to two hawkish dissenters (Takata and Tamura) who wanted a 25bps cut. Additionally, the bank is to commence sales of its ETF and J-REIT holdings at a very slow pace; underscored by Ueda, who said it would take over 100 years to exit their position at the current pace. Ueda didn’t really give too much away with his focus on the economy, data and tariffs, unsurprisingly. However, while familiar, his underlying message that the normalisation process can continue if the economy and prices proceed as forecast is notably in the context of domestic political instability.
- Gilts are underperforming. Opened lower by 28 ticks and then slumped another 18 to a 90.72 trough. Pressure stemmed from the lead from peers with JGBs in the red, Bunds at a fresh WTD base and the morning’s UK data. Retail Sales was stronger-than-expected, but ultimately overshadowed by the PSNB which stood at GBP 17.96bln, eclipsing the newswire consensus and the GBP 12.5bln forecast by the OBR. Figures that add to the pressure Chancellor Reeves is under as we look to the Autumn Budget at the end of November. UK 30yr yield back above 5.55% and now looking to the YTD peak at 5.75% if the fiscal situation deteriorates further.
- USTs are waiting for Fed speak as the post-FOMC blackout period lifts. Dissenter Miran will draw focus to gauge just how much easing he wants to see (though the dots provided some indication) and his views on the September meeting; Daly is also due. Fed aside, the Trump-Xi call is another major point of focus. USTs are in the red, echoing peers, though with action more contained ahead of the discussed catalysts. At a 112-24+ trough, just above Thursday’s 112-23+ WTD base.
- Bunds are softer, following the above. Down to a fresh WTD low at 128.18. If the pressure intensifies, we look to support at the figure before 127.82, 127.63 and 127.61 from recent weeks. August producer prices hit this morning, coming in negative and printing beneath the forecast range. Destatis determined the drop was primarily due to lower energy prices, and when adjusted for energy the figure was actually 0.8% Y/Y vs the -2.2% reported. Focus now turns to DBRS’ review on France.
- Click for a detailed summary
COMMODITIES
- WTI and Brent remain subdued following a similar APAC session and after the choppy performance seen during the prior day. Headwinds were seen on Thursday following US President Trump’s comments on oil, suggesting there is a lot of oil left in the North Sea and oil prices need to come down further. Trump also repeated the call for countries to stop buying from OPEC+ members. WTI currently resides in a tight USD 63.15-63.65/bbl range while Brent sits in a USD 67.11-67.57/bbl range.
- Precious metals are mixed with spot gold, gradually edging higher overnight before falling victim to the USD once again, following the same headwind yesterday. Volatility in the yellow metal was seen during the China open, albeit this was short-lived, whilst some upticks were seen during the BoJ announcement as the firmer JPY pushed down the USD at the time. Spot gold currently resides in a USD 3,632.38-3,661.35/oz range, well within yesterday’s USD 3,627.96-3673.20/oz parameter.
- Mixed trade across base metals this morning, with the red metal overnight trading rangebound near this week’s trough amid the ultimately mixed risk appetite in Asia.
- EU is reportedly considering a provision in the 19th sanctions package against Russia to phase out Russian LNG purchases a year earlier than currently planned, via Bloomberg citing sources.
- Democratic Republic of Congo considers extending cobalt export ban for at least two months, according to Reuters sources.
- Click for a detailed summary
NOTABLE DATA RECAP
- UK Retail Sales MM (Aug) 0.5% vs. Exp. 0.3% (Prev. 0.6%, Rev. 0.5%); Ex-Fuel MM (Aug) 0.8% vs. Exp. 0.7% (Prev. 0.5%, Rev. 0.4%)
- UK Retail Sales YY (Aug) 0.7% vs. Exp. 0.6% (Prev. 1.1%, Rev. 0.8%); Ex-Fuel YY (Aug) 1.2% vs. Exp. 1.0% (Prev. 1.3%, Rev. 1.0%)
- UK PSNB Ex Banks GBP (Aug) 17.962B GB vs. Exp. 12.75B GB (Prev. 1.054B GB, Rev. 2.818B GB)
- UK GfK Consumer Confidence (Sep) -19.0 vs. Exp. -18.0 (Prev. -17.0)
- German Producer Prices YY (Aug) -2.2% vs. Exp. -1.7% (Prev. -1.5%); MM (Aug) -0.5% vs. Exp. -0.1% (Prev. -0.1%)
NOTABLE EUROPEAN HEADLINES
- ECB’s Centeno say still sees inflation risks to the downside; ECB cannot tolerate inflation below 2% for too long; 2028 inflation forecast likely to be below 2%.
- UBS Wealth Management, Morgan Stanley & BofA no longer look for a BoE rate cut this year.
NOTABLE US HEADLINES
- US lawmakers plan bipartisan bill to exempt coffee from tariffs, may be introduced on Friday, according to the Washington Post.
- US President Trump’s administration is considering a plan to spur the construction of factories and other infrastructure to boost the US manufacturing sector using the USD 550bln fund established through negotiations with Japan, according to WSJ.
- US President Trump posted that House Republicans will vote to pass a clean funding bill on Friday and that “The Leader of the Democrats, Cryin’ Chuck Schumer, wants to shut the Government down. Republicans want the Government to stay open. Every House Republican should UNIFY, and VOTE YES!”
- US House Speaker Johnson said he believes they have the votes to pass the stopgap funding bill, while US Senate Majority Leader Thune said the Senate will also vote on a House stopgap bill on Friday.
- White House is considering additional candidates for CFTC chair as the confirmation process for Brian Quintenz has stalled, while possible candidates include government officials focused on crypto policy, according to Bloomberg.
GEOPOLITICS
- Israel PM Netanyahu says “We will strike Hamas hard, we will not stop and we will not end this war until we achieve all our goals”, via Al Jazeera
- Iranian Deputy Foreign Minister says actions by European nations to reimpose sanctions would be politically biased and a pretext for escalation.
- EU Council President Costa is inviting leaders to an informal summit on October 1st. Focus will be on strengthening European common defence, and reinforcing support for Ukraine.
CRYPTO
- Bitcoin is a little lower and trades just shy of USD 117k whilst Ethereum trades around USD 4.5k.
APAC TRADE
- APAC stocks traded mixed as the region only partially sustained the momentum from Wall St, where the S&P 500, DJIA and NDX climbed to fresh record highs as risk sentiment was supported by encouraging data, while participants digested a surprise announcement by the BoJ to begin selling its ETF and J-REIT holdings.
- ASX 200 climbed higher with a couple of the defensive sectors leading the advances and with most industries in the green aside from telecoms.
- Nikkei 225 rallied at the open after the latest CPI data mostly matched estimates but softened from the previous, although the index has slightly pulled back from all-time highs with some jitters seen as participants awaited the ‘delayed’ BoJ announcement, while downside accelerated after the BoJ decided to begin selling ETF and J-REIT holdings.
- Hang Seng and Shanghai Comp were rangebound amid tentativeness ahead of the scheduled Trump-Xi call and with ongoing trade-related uncertainty, while the US House Select Committee on the CCP urged action in a letter to US President Trump in response to China’s weaponisation of critical minerals supply chains.
NOTABLE ASIA-PAC HEADLINES
- Japanese LDP lawmaker Takaichi is to propose an income tax cut and cash payout to households in a campaign pledge for the ruling party leadership race, while she will call for gradually lowering the ratio of government debt to GDP in her campaign pledge, according to Nikkei. Adds, Ministry of Finance should present an economic growth plan.
- PBoC says 14-day Reverse Repo operations in the open market will be conducted via fixed volume and interest rate bidding with multiple price allocation.
- Chinese FX regulator says commercial banks purchased net USD 14.7bln in FX in Aug (vs net USD 22.8bln purchase in Jul), purchased a net USD 12.1bln in Jan-Aug (vs net 2.5bln sale in Jan-Jul).
- BoJ Governor Ueda is to speak at the Paris Europlace Forum in Tokyo on October 8th.
DATA RECAP
- Japanese National CPI YY (Aug) 2.7% vs Exp. 2.8% (Prev. 3.1%)
- Japanese National CPI Ex. Fresh Food YY (Aug) 2.7% vs Exp. 2.7% (Prev. 3.1%)
- Japanese National CPI Ex. Fresh Food & Energy YY (Aug) 3.3% vs Exp. 3.3% (Prev. 3.4%)
2c) Asian opening report
BoJ surprised markets with ETF and J-REIT sales; Europe points to a flat open – Newsquawk Europe Market Open
Friday, Sep 19, 2025 – 01:30 AM
- BoJ kept rates unchanged at 0.50%, as expected, but surprised markets with the announcement to begin selling ETF and J-REIT holdings.
- US President Trump said he will be harsh if he has to ask Russian President Putin for a ceasefire, but it doesn’t feel like the time to do so.
- US President Trump reportedly seeks to speed up large power projects to meet AI demand.
- APAC stocks traded mixed as the region only partially sustained the momentum from Wall St, where the S&P 500, DJIA and NDX climbed to fresh record highs.
- European equity futures indicate an uneventful cash market open with Euro Stoxx 50 futures flat after the cash market closed with gains of 1.6% on Thursday.
- Looking ahead, highlights include UK Retail Sales (Aug), German Producer Prices (Aug), Canadian Retail Sales (Jul), Quad Witching, Trump-Xi phone call, Speakers include BoJ Governor Ueda, Speakers including ECB’s Lagarde, Fed’s Daly, Miran, & Former Fed President Bullard.
SNAPSHOT
Newsquawk in 3 steps:
1. Subscribe to the free premarket movers reports
2. Listen to this report in the market open podcast (available on Apple and Spotify)
3. Trial Newsquawk’s premium real-time audio news squawk box for 7 day
US TRADE
EQUITIES
- US stocks gained albeit in a choppy fashion with sentiment helped by better-than-expected data and outperformance was seen in the small-cap Russell 2000, while the Nasdaq 100 also saw decent gains as tech led the advances across the sectors and was buoyed by NVIDIA investing USD 5bln in Intel – this provided tailwinds for most semi names, aside from AMD and TSMC, as it is seen as a threat to their competitiveness.
- SPX +0.48% at 6,632, NDX +0.95% at 24,455, DJI +0.27% at 46,142, RUT +2.51% at 2,468.
- Click here for a detailed summary.
TARIFFS/TRADE
- US House Select Committee on CCP sent a letter to US President Trump, urging action in response to China’s weaponisation of critical minerals supply chains. To counter these practices, the recommended reciprocal measures include restricting or suspending Chinese airline landing rights at US and allied airports until China restores fair and open export flows, reviewing and potentially tightening export controls on commercial aircraft, parts, and services to China, as well as coordinating with allies to restrict outbound investments into China’s aviation sector.
- Mexico’s President Sheinbaum said she had an excellent conversation with Canadian PM Carney and agreed with Canada to strengthen the USMCA free trade agreement, while she added they will continue to work together with respect.
- Canadian PM Carney said they are committed to a shared partnership with the US and will create a new bilateral security dialogue with Mexico, as well as commented that they can find adjustments to boost competitiveness in North America.
NOTABLE HEADLINES
- US President Trump’s administration asked the US Supreme Court to allow President Trump’s firing of Federal Reserve Governor Lisa Cook.
- Fed Governor Cook urged the US Supreme Court to reject US President Trump’s request to immediately allow him to remove her, according to a filing.
- US House Republicans sent a letter to Fed Chair Powell requesting actions to curb financial fraud.
- US President Trump reportedly seeks to speed up large power projects to meet AI demand, with the administration seeking to speed the development of power plants, power lines and other energy projects that can help meet rising electricity demand from AI and manufacturing, according to Bloomberg.
- US President Trump’s administration is considering a plan to spur the construction of factories and other infrastructure to boost the US manufacturing sector using the USD 550bln fund established through negotiations with Japan, according to WSJ.
- US President Trump posted that House Republicans will vote to pass a clean funding bill on Friday and that “The Leader of the Democrats, Cryin’ Chuck Schumer, wants to shut the Government down. Republicans want the Government to stay open. Every House Republican should UNIFY, and VOTE YES!”
- US House Speaker Johnson said he believes they have the votes to pass the stopgap funding bill, while US Senate Majority Leader Thune said the Senate will also vote on a House stopgap bill on Friday.
- White House is considering additional candidates for CFTC chair as the confirmation process for Brian Quintenz has stalled, while possible candidates include government officials focused on crypto policy, according to Bloomberg.
BOJ
- BoJ kept rates unchanged at 0.50%, as widely expected, with the decision made by a 7-2 vote in which Board members Takata and Tamura proposed a 25bps rate hike. Nonetheless, the central bank surprised markets with the announcement to begin selling its ETF and J-REIT Holdings at a pace of JPY 330bln per year and JPY 5bln per year, respectively, with the decision on ETF and J-REIT sales made by unanimous vote, while it stated the pace of sales may be modified at future MPMs after the start of ETF and J-REIT disposals, based on fundamental principles and experience from sales conducted.
- BoJ also stated that Japan’s economy is recovering moderately, although some weakness has been seen and noted that private consumption has been resilient and inflation expectations have risen moderately, but exports and output remain more or less flat as a trend. Furthermore, it stated that Japan’s economic growth is likely to slow due to the impact of trade policies on global growth, but re-accelerate, and Japan’s underlying inflation to stagnate due to a slowdown in economic growth, but gradually accelerate thereafter.
APAC TRADE
EQUITIES
- APAC stocks traded mixed as the region only partially sustained the momentum from Wall St, where the S&P 500, DJIA and NDX climbed to fresh record highs as risk sentiment was supported by encouraging data, while participants digested a surprise announcement by the BoJ to begin selling its ETF and J-REIT holdings.
- ASX 200 climbed higher with a couple of the defensive sectors leading the advances and with most industries in the green aside from telecoms.
- Nikkei 225 rallied at the open after the latest CPI data mostly matched estimates but softened from the previous, although the index has slightly pulled back from all-time highs with some jitters seen as participants awaited the ‘delayed’ BoJ announcement, while downside accelerated after the BoJ decided to begin selling ETF and J-REIT holdings.
- Hang Seng and Shanghai Comp were rangebound amid tentativeness ahead of the scheduled Trump-Xi call and with ongoing trade-related uncertainty, while the US House Select Committee on the CCP urged action in a letter to US President Trump in response to China’s weaponisation of critical minerals supply chains.
- US equity futures took a breather after the recent choppy performance and record highs on Wall St, while quad witching also looms.
- European equity futures indicate an uneventful cash market open with Euro Stoxx 50 futures flat after the cash market closed with gains of 1.6% on Thursday.
FX
- DXY held on to recent spoils after extending on the post-Powell gains with upside facilitated by data, including a drop in initial jobless claims and a strong Philly Fed survey.
- EUR/USD traded sideways overnight following its failure to hold on to the 1.1800 status owing to the recent strength in the buck.
- GBP/USD lingered firmly beneath the 1.3600 handle after retreating yesterday in the aftermath of the US data releases and the BoE policy announcement in which the central bank kept rates unchanged and slowed the pace of QT, as expected.
- USD/JPY gradually retreated after the BoJ rate decision in which the central bank kept rates unchanged at 0.50%, as expected, but surprised markets with the announcement to begin selling ETF and J-REIT holdings.
- Antipodeans were subdued amid the mixed risk sentiment and with a lack of pertinent data for Australia, while New Zealand trade data showed a decline in exports.
- PBoC set USD/CNY mid-point at 7.1128 vs exp. 7.1174 (Prev. 7.1085).
FIXED INCOME
- 10yr UST futures languished beneath the 113.00 level after retreating yesterday following better-than-expected US data.
- Bund futures remained subdued after slipping to a weekly low, with German Producer Prices scheduled later today.
- 10yr JGB futures were pressured after the BoJ policy meeting, where the central bank kept rates unchanged but surprisingly announced to begin selling its ETF and J-REIT holdings.
COMMODITIES
- Crude futures were subdued after the choppy performance seen during the prior day, with headwinds seen following US President Trump’s comments on oil and with the EU reportedly planning to phase out Russian LNG quicker than expected.
- US President Trump said there is a lot of oil left in the North Sea and needs oil prices to come down further.
- Spot gold gradually edged higher overnight after prices were recently constrained by a firmer dollar.
- Copper futures traded rangebound near this week’s trough amid the ultimately mixed risk appetite in Asia.
CRYPTO
- Bitcoin lacked conviction and traded rangebound on both sides of the USD 117k level.
NOTABLE ASIA-PAC HEADLINES
- Japanese LDP lawmaker Takaichi is to propose an income tax cut and cash payout to households in a campaign pledge for the ruling party leadership race, while she will call for gradually lowering the ratio of government debt to GDP in her campaign pledge, according to Nikkei.
DATA RECAP
- Japanese National CPI YY (Aug) 2.7% vs Exp. 2.8% (Prev. 3.1%)
- Japanese National CPI Ex. Fresh Food YY (Aug) 2.7% vs Exp. 2.7% (Prev. 3.1%)
- Japanese National CPI Ex. Fresh Food & Energy YY (Aug) 3.3% vs Exp. 3.3% (Prev. 3.4%)
GEOPOLITICS
MIDDLE EAST
- Israeli Army warned of a second wave of attacks on South Lebanon, according to Bloomberg.
- Lebanese Army said Israeli aggressions and violations hinder its deployment in southern Lebanon and continued attacks and violations will hinder implementation of its plan, beginning from the southern Litani area, according to Sky News Arabia.
- German Chancellor Merz said they will have an answer to the Israel sanctions debate within the EU over the next week, and will reach a decision before the Copenhagen summit. Merz said he shares Spain’s criticism of Israel’s conduct, but does not share their belief that it constitutes genocide, while he shares the assessment that Israel’s actions in Gaza are not proportional to their stated goals.
- French President Macron told Israel’s Channel 12 that the return of UN sanctions on Iran will happen, while WSJ’s Norman posted that Macron thinks a snapback is a done deal, because the latest news they had from the Iranians is not serious.
- WSJ’s Norman said he was hearing that Iran might withdraw the resolution they crafted with Russia, condemning attacks on its nuclear sites, and that it was headed for defeat at the IAEA general conference.
RUSSIA-UKRAINE
- US President Trump said he will be harsh if he has to ask Russian President Putin for a ceasefire, but it doesn’t feel like the time to do so. Trump also commented that drones in Poland should not have been that close, and he was unhappy with NATO when he saw they were buying oil from Russia.
- US President Trump said he wants to help the UK be strong, while it was also reported that UK PM Starmer agrees that Europe has to stop buying oil from Russia.
EU/UK
DATA RECAP
- UK GfK Consumer Confidence (Sep) -19.0 vs. Exp. -18.0 (Prev. -17.0)
3A NORTH KOREA/SOUTH KOREA
SOUTH KOREA//NORTH KOREA/
3B JAPAN
3C CHINA
CHINA/USA
4. European affairs and NATO
UK
They need 35 billion pounds to plug their hole. The Chancellor has lost control of her budget after 5 months in. The country is heading for a fiscal deficit for the year of 155 billion pounds. The pound sank, the Gilt yields on the 10 and 30 yr rose appreciably.
(zerohedge)
“Lost Control” – Surprise UK Budget Deficit Blowout Batters Sterling & Gilts
Friday, Sep 19, 2025 – 08:40 AM
The fiscal farce in the UK went from bad to worse this morning as government borrowing came in significantly higher than forecast in August.
In yet another blow to Chancellor of the Exchequer Rachel Reeves – ahead of a challenging budget in the fall (autumn) – the deficit stood at £18 billion ($24.4 billion), the Office for National Statistics said Friday, well above the £12.5 billion the Office for Budget Responsibility had forecast and the highest borrowing for the month in five years…
Source: Bloomberg
As Bloomberg reports, this left the deficit after five months of the fiscal year at £83.8 billion – £11.4 billion above the OBR forecast and the second-highest since records began in 1993 after the pandemic in 2020. The deficit was £67.6 billion a year earlier.
Source: Bloomberg
The disappointing August figures were compounded by a series of revisions to the previous four months that added £5.9 billion to the deficit, much of it due to lower-than-previously-estimated VAT receipts and higher local-government spending and borrowing.
Reeves had looked on track this year with stronger tax receipts offsetting higher spending but the latest figures are a significant setback, underscoring the perilous state of the public finances and potentially further eroding the slim £9.9 billion headroom set aside against her main fiscal rule.
The pound and gilts fell.
The yield on 10-year bonds rose two basis points to 4.70%, while the 30-year rate rose three basis points to 5.54%.
Source: Bloomberg
Sterling dropped as much as 0.5% to $1.3483, the lowest since Sept. 8.
Source: Bloomberg
“The chancellor has lost control of the public finances,” Mel Stride, the opposition Conservative shadow chancellor, said.
Reeves already faced a difficult budget on Nov. 26, when she is expected to announce billions of pounds of growth-sapping tax rises to offset higher borrowing costs, policy u-turns and an anticipated growth downgrade by the OBR.
James Murray, Chief Secretary to the Treasury, said the government “has a plan to bring down borrowing because taxpayer money should be spent on the country’s priorities, not on debt interest.”
Bloomberg Economics reckons £35 billion is needed to plug the borrowing gap that has opened up since the March Spring Statement.
EUROPE
Europe’s Leaders Have Come Under Domestic Pressure To Follow The American Lead On China Trade
Friday, Sep 19, 2025 – 03:30 AM
Authored by Milton Ezrati via The Epoch Times,
Washington’s aggressive posture on China trade has grabbed most media attention these days—the imposition of high tariffs on Chinese goods, the threat of even higher levies, restrictions on high-technology exports to China, and incentives for businesses to source domestically.
Europe’s leadership has expressed concerns about China trade and has taken some steps to limit what they see as its ill effects but so far has proceeded along much more tactful and modest lines than have the Americans.
Of late, however, European business leaders have begun to pressure leadership at the national and EU levels to up their game with China. These business leaders point to the American example as a model. China’s top officials have no doubt taken note, realizing that a change in Europe’s approach will make it that much more difficult for them to face already severe domestic economic challenges and relentless pressure from Washington.
Within the European business community, the vanguard in this push seems to have emerged in the auto sector, especially companies with ambitions to build electric vehicles or support such an effort. These businesspeople claim to see no practical result from recent promises from European Commission President Ursula von der Leyen to “promote domestic production to avoid strategic dependencies, especially for batteries.”
Despite this promise, many that the Europeans designate as original equipment manufacturers still face what they describe as ongoing and relentless pressure from cheaper Chinese products, from steel to whole batteries. They complain that the European Union’s strategy to reduce reliance on China—the Critical Raw Materials Act of 2024—is simply too weak.
This business-based pressure has pointed to American actions as preferable. European business leaders hold up the U.S. Inflation Reduction Act as far superior to what the EU officials have offered. It, they say, has a local-content policy that sticks, with strict amounts of local content written into the law and penalties for companies that fail to meet the explicit standard.
In Europe today, they claim, there is no cost to choosing a Chinese source over a European one. If a company buys raw materials from China instead of a European source, nothing happens. These business leaders advocate tax incentives for domestic European producers and temporary tariffs on imports from China.
Especially outspoken in this matter is the German boss of AMG Lithium, Stefan Scherer. His passion is understandable. His lithium battery plant in Bitterfeld-Wolfen is Europe’s first lithium hydroxide refinery and is in direct competition with China’s much more mature battery production effort.
Though exuding confidence in the prospects for his company’s success, as any corporate executive would, Scherer has nonetheless advocated strenuously for a more forceful EU strategy to safeguard investments in European resources for the long term. Without such a strategy, he has claimed with great drama, Europe might as well “apply to be a province of China.” Europe today, he argues, is at a “tipping point” and requires “a complete change of global relationships.”
No doubt Beijing is monitoring this pressure and is far from pleased. It already has its hands full with China’s seemingly intractable domestic economic problems—the ongoing property crisis, the paucity of private investment in hiring and expansion, and a household sector that seems immune to any efforts to get it to increase its spending.
Beijing also faces a Washington that can only be described as belligerent; that has limited the sale of high technology products to China; that, as European business leaders have pointed out, has actively encouraged domestic sourcing; and that has already imposed high tariffs on Chinese products coming into the United States and threatening still more levies.
If the Europeans follow suit, as European businesspeople seem to want, China will face still more economic difficulties than it already does, half again as many as those it faces today.
Views expressed in this article are opinions of the author and do not necessarily reflect the views of The Epoch Times or ZeroHedge.
END
5. RUSSIA AND MIDDLE EASTERN AFFAIRS
ISRAEL /GAZA/HEZBOLLAH/IRAN/SUMMARY OF THE LAST 24 HR/TBN
ISRAEL VS HAMAS
Hamas: Israel will not receive another hostage after IDF invasion of Gaza City
Additionally, senior Hamas official Bassem Naim warned that any further IDF operations in Gaza would result in harm to the hostages.
HAMAS TERRORISTS keep guard on the day Hamas handed over deceased hostages, in Khan Yunis, Feb. 20, 2025.(photo credit: REUTERS)ByLIRAN HARONISEPTEMBER 19, 2025 04:16Updated: SEPTEMBER 19, 2025 04:17
Hamas said that the IDF’s invasion of Gaza City means that Israel will not receive any hostages, dead or alive, in a Thursday statement.
“Your prisoners are distributed within the neighborhoods of Gaza City, and we will not be concerned for their lives as long as Netanyahu has decided to kill them,” a statement from the al-Qassam Brigades said, as reported by CNN.
“The commencement of this criminal operation and its expansion means that you will not receive any prisoner, neither alive nor dead, and their fate will be the same as that of (Ron Arad).”
“Gaza will be a graveyard for your soldiers,” a subsequent Hamas statement added.
The al-Qassam Brigades statement referred to Israeli Air Force officer Ron Arad, who was kidnapped in Lebanon in 1986.
Despite attempts to secure his release, Arad remained in Lebanese captivity, and apart from little documented evidence, Israel declared in 2016 that he died in captivity in 1988.
Earlier on Thursday, Bassem Naim, a senior official in Hamas’s political bureau who was targeted in the Israeli strike in Doha, appeared on Qatari television for the first time since the attack.
Naim warned that any continued Israeli ground offensive in Gaza City would be met with intense resistance in an interview with Al Araby.
“The operation in Gaza City will be met with fierce resistance,” he said. “The death and destruction the enemy is trying to bring to Gaza’s streets will also come upon its soldiers.
“Whoever harms our people during the operation in Gaza City will also harm its captives, both the living and the dead.”
Naim also accused Israel of using negotiations as a cover for its military actions.
“Israel deceived everyone, pretending to engage in negotiations to mask its crimes,” he added.
Israel tells families it lacks precise Gaza hostage locations
Israeli security officials have privately informed the families of hostages that they do not have specific information on the hostages’ current locations, according to a report published by N12 on Wednesday evening.
This admission contrasts with recent public assurances from both political and military leaders, who have emphasized that the military campaign in Gaza is being conducted carefully in areas thought to contain hostages. Families who took part in the private meeting said they were told a different and far more uncertain picture.
According to N12, a senior defense official stated during the meeting that the army cannot confirm where the hostages are.
ISRAEL VS HAMAS/HOUTHIS
IDF intercepts Houthi missile, IDF confirms the death of four soldiers in Gaza
• Drone hits building in Eilat after sirens
Protesters, mainly Houthi supporters, demonstrate to show support to Palestinians in Gaza at Sabeen Square in Sanaa, Yemen August 29, 2025.(photo credit: REUTERS/STRINGER)
IDF shoots down two drones from Yemen, probes crash near Eilat
The Israel Air Force intercepted two unmanned drones launched from Yemen on Thursday evening, according to an IDF Spokesperson’s statement.
“Earlier this evening, the Air Force intercepted another drone that had been launched from Yemen in recent hours,” the statement said, adding that no alerts were activated during the incident.
The IDF confirmed that it is investigating the crash site of one of the drones in the Eilat area earlier Thursday evening.
ISRAEL VS HAMAS
Four IDF soldiers killed in roadside bomb attack in southern Gaza’s Rafah
Casualties named as Maj. Omri Chai Ben Moshe, 26, Lt. Eran Shelem, 23, Lt. Eitan Avner Ben Itzhak, 22, and Lt. Ron Arieli, 20, bringing ground op death toll to 469
By Emanuel Fabian Follow18 September 2025, 9:04 pm
L-R: Maj. Omri Chai Ben Moshe, Lt. Eran Shelem, Lt. Eitan Avner Ben Itzhak, and Lt. Ron Arieli, who were killed in a roadside bomb attack in southern Gaza’s Rafah on September 18, 2025. (Israel Defense Forces)
Four IDF soldiers were killed and three others were wounded in a roadside bomb attack in southern Gaza’s Rafah on Thursday morning, the military announced hours later.
The slain soldiers were named by the IDF as Maj. Omri Chai Ben Moshe, 26, from Tzafria; Lt. Eran Shelem, 23, from Ramat Yohanan; Lt. Eitan Avner Ben Itzhak, 22, from Har Bracha; and Lt. Ron Arieli, 20, from Hadera.
Their deaths on Thursday brought Israel’s toll in the ground offensive against Hamas in Gaza and in military operations along the border with the Strip to 469. The toll includes two police officers and three Defense Ministry civilian contractors.
All four of the slain soldiers served with the Bahad 1 officers’ school’s Dekel Battalion. Ben Moshe was a company commander, while the other three troops were cadets and posthumously promoted to lieutenant.
Before joining the officers’ course, Ben Moshe was a company commander in the Paratroopers Brigade; Shelem was a soldier in the elite Sayeret Matkal unit; Ben Itzhak served in the Commando Brigade; and Arieli served in the Golani Brigade.
According to an initial IDF probe, the incident took place during operations in Rafah’s Jenina neighborhood at around 9:30 a.m., as a D9 armored bulldozer was clearing a route while two Humvees drove behind it.
One of the Humvees then moved to the side of the road, where it was hit by an explosive device. The blast killed the four soldiers and wounded three others, including one seriously and two moderately.
IDF soldiers seen operating in Gaza in this handout photo cleared for publication on September 18, 2025. (IDF)
The military was still investigating what type of explosive was used, how it was activated, and when it was placed there.
Images circulating on social media on Thursday showed the aftermath of the deadly roadside bomb attack and the heavily damaged IDF Humvee.
While Rafah has been largely cleared of Hamas operatives and terror infrastructure, the IDF believes there are several dozen operatives still there, mostly in the Jenina area. Earlier Thursday, before the attack, different troops of the Bahad 1 school had three engagements with terror operatives, according to the army.
A damaged IDF Humvee following a roadside bomb attack in southern Gaza’s Rafah, September 18, 2025. (Social media: used in accordance with Clause 27a of the Copyright Law)
Speaking at a press conference on Thursday evening, IDF Spokesman Brig. Gen. Effie Defrin said that IDF forces “are still operating in the Jenina neighborhood and destroying terror infrastructure.”
Defrin added that there are “still underground infrastructures in the area that have yet to be destroyed, and our forces are working to do so.”
The four casualties announced on Thursday were the first Israeli fatalities in Gaza since four soldiers were killed 10 days ago in a Hamas attack on the outskirts of Gaza City.
Since then, the IDF launched a major ground offensive in Gaza City at the beginning of the week, moving ahead with a plan to conquer the city in the Strip’s north after weeks of preparation.
Smoke rises to the sky following an Israeli military strike in the Gaza Strip, as seen from southern Israel, Sept. 18, 2025. (AP/Leo Correa)
IDF Chief of Staff Lt. Gen. Eyal Zamir said Tuesday that “our aim is to deepen the blows to Hamas until its defeat.”
He asserted that Hamas had been dealt severe blows: “We have defeated the main part of its military power, and now we are deepening the achievements that will allow us to bring the end of the war closer.”
The war began when Hamas-led terrorists invaded southern Israel on October 7, 2023, killing some 1,200 people, mostly civilians, and taking 251 hostages to Gaza. Terror groups are still holding 47 of them captive in Gaza, including the bodies of at least 25 confirmed dead by Israeli authorities.
The Hamas-run Gaza health ministry says more than 65,000 people in the Strip have been killed or are presumed dead in the fighting so far, though the toll cannot be verified and does not differentiate between civilians and fighters.
Israel says it had killed over 22,000 combatants in battle as of August and another 1,600 terrorists inside Israel during the October 7 onslaught. Israel says it seeks to minimize civilian fatalities and stresses that Hamas uses Gaza’s civilians as human shields, fighting from civilian areas, including homes, hospitals, schools, and mosques.
END
After deadly attack, IDF chief halts Gaza aid entering from Jordan; Allenby Crossing shut
Zamir urges continued strategic-security cooperation with Jordan, vows to ‘draw lessons’ from incident; PM seeks boosted checks on trucks, drivers after 2 soldiers killed in border attack
By Emanuel Fabian Follow
and ToI StaffToday, 4:58 pm
Israeli security forces near the scene of a deadly attack at the Allenby Border Crossing between the West Bank and Jordan, September 18, 2025. (Oren Ben Hakoon/Flash90)
IDF Chief of Staff Lt. Gen. Eyal Zamir said Friday that he instructed a halt to the entry of Gaza aid from Jordan until the investigation into the deadly attack a day earlier was completed, as the Allenby Crossing between the West Bank and Jordan was declared shut until further notice.
Aid will continue entering the Gaza Strip via other routes, a military official said, amid the rapidly expanding Israeli offensive in Gaza City, which has left tens of thousands of Palestinians fleeing to the south of the Strip.
According to Israel’s Coordinator of Government Activities in the Territories, since the beginning of the war in Gaza in October 2023, nearly 10,000 trucks of aid, or over 144,000 tons, have been transferred to the Gaza Strip from Jordan using land crossings with Israel and the West Bank. The total represents some 7 percent of all aid deliveries.
Speaking at the scene of the attack on Friday, Zamir vowed to “draw lessons” from the “difficult incident” in which two soldiers were shot and killed by a Jordanian who had been driving a Gaza-bound humanitarian aid truck.
“This is a serious and difficult incident. We will thoroughly investigate it and draw lessons from it,” Zamir said during a visit to the border alongside senior officers, adding: “We must remember that the strategic-security cooperation with Jordan contributes greatly to the IDF and must be preserved.”
IDF Chief of Staff Lt. Gen. Eyal Zamir, right, speaks to an officer at Allenby Crossing, a day after a deadly attack, September 19, 2025. (Israel Defense Forces)
“In recent months, we have established a dedicated division on the eastern border. We are strengthening and will continue to strengthen all components of defense on this border,” he said, referring to the recently formed 96th “Gilad” Division, which is tasked with the Jordan border.
Zamir was joined by COGAT chief Maj. Gen. Ghassan Alian, Planning Directorate chief, Vice Adm. Eyal Harel, Central Command chief, Maj. Gen. Avi Bluth and officials from the Israel Airports Authority (IAA) — responsible for the border crossing. Zamir later met with 96th Division chief Brig. Gen. Oren Simcha and other officers at a military post in the area, the IDF added.
Meanwhile, the IAA declared on Friday that the Allenby Crossing — the West Bank’s sole crossing with Jordan — closed until further notice.
The northern Jordan River Crossing has also been closed until further notice. The Israel-Jordan Rabin Crossing near Eilat was only open to workers, while the Taba Crossing with Egypt was operating normally, according to the IAA statement.
Simultaneously, Prime Minister Benjamin Netanyahu was reportedly seeking to tighten security at the border crossing, blaming Jordan for the deadly shooting and stabbing attack, after it was revealed that the perpetrator was a Jordanian who had been driving a Gaza-bound humanitarian aid truck.
During a security cabinet meeting Thursday night, the premier told ministers that he wants new security protocols to be introduced for aid trucks arriving from Jordan, the Kan public broadcaster reported.
“I demand that the drivers pass through metal detectors from now on, and that the trucks be thoroughly inspected,” Netanyahu was quoted as saying. “It was Jordan’s responsibility to prevent the attack, and it didn’t.”
Israeli police stand guard near the site of an attack at the Allenby Border Crossing with Jordan on September 18, 2025. (AP/Mahmoud Illean)
The perpetrator of Thursday’s attack arrived at the crossing from the Jordanian side, upon which he opened fire at soldiers using a handgun.
He then got out of the truck and, after his gun apparently jammed, stabbed the two soldiers repeatedly until security guards at the crossing opened fire at him, killing him on the spot.
The slain soldiers were named as: Lt. Col. (res.) Yitzhak Harosh, 68, a reservist in the Civil Administration from Jerusalem, and Sgt. Oran Hershko, 20, a liaison officer with foreign forces in the IDF’s Tevel international cooperation unit, from Tel Mond.
Both victims were responsible for coordinating the entry of Gaza aid via Jordan.
Lt. Col. (res.) Yitzhak Harosh and Sgt. Oran Hershko, who were killed in an attack at Allenby Crossing, September 18, 2025. (Israel Defense Forces)
The attack occurred before the truck could be inspected, a preliminary military investigation found.
In a statement later Thursday evening, the Jordanian foreign ministry announced that the country’s security services had launched an investigation into “the shooting incident” on the Israeli side of the border crossing.
The foreign ministry said Jordan “condemned and rejected” the attack “as a violation of international law, Jordan’s interests and its ability to deliver humanitarian aid to the Gaza Strip.”
The ministry’s statement named the perpetrator as Abd al-Mutalib al-Qaisi, a 57-year-old who had started working as a truck driver distributing aid to Gaza just three months ago.
This was not the first instance in which Jordanian nationals have carried out attacks at Allenby Crossing.
In September 2024, three Israeli men, Yohanan Shchori, Yuri Birnbaum and Adrian Marcelo Podzamczer, were killed in a terrorist shooting at the Allenby Crossing, carried out by a Jordanian truck driver.
The following month, in October 2024, two Israelis were wounded in a shooting near the Dead Sea carried out by terror operatives who had infiltrated from Jordan.
Separately on Friday, authorities announced that police officers and IDF troops located several assault rifles and gun parts near the Allenby Crossing.
Assault rifles and gun parts found by Israeli forces near Allenby Crossing between Jordan and the West Bank, September 18, 2025. (Israel Police)
In a joint statement, the Israel Police and military said that during scans south of the crossing shortly after the attack, forces found a bag with several guns and parts in it, which were intended to be smuggled into Israel via the West Bank.
Weapon smuggling attempts over the Jordan border are frequent.
ISRAEL HAMAS
Armed group claims to set up area in Khan Younis for Gazans seeking alternative to Hamas rule
Hossam al-Astal (center) is seen surrounded by armed members of his group “Strike Force Against Terror” in an undated picture from the Gaza Strip. (Hossam al-Astal/Facebook)
A former member of the Palestinian Authority’s security forces in Gaza says he has formed a group operating against Hamas in southern Gaza’s Khan Younis, and urges Palestinians in the area to seek safety with him.
Hossam al-Astal tells The Times of Israel that his group will take in “whoever lives under Hamas’s oppression,” and that there is enough food, water and shelter for all.
“In the coming days, we will bring in another 300-400 people,” he says, adding that the group carries out security screenings to make sure those joining have no ties to Hamas.
Al-Astal’s group has established itself around the village of Kizan al-Najjar, just south of Khan Younis, which was emptied of its residents during the war. The location is about a kilometer from al-Mawasi, where Israel has directed Palestinians displaced from Gaza City.
“I am responsible for the (new) humanitarian zone in Khan Younis,” he explains, comparing his efforts to those of Yasser Abu Shabab, whose armed gang has set up security structures and civilian infrastructure as an alternative to Hamas rule in Israeli-controlled parts of Rafah in recent months.
The two men and their respective groups are in contact, al-Astal says, “but each of us operates independently.”
Hailing from a Bedouin family in the Khan Younis area, 50-year-old al-Astal says he worked in Israel for many years, and later for the PA’s security forces when they still controlled Gaza. He was jailed by Hamas several times. Hamas-linked social media accounts have shared images of al-Astal in recent days, accusing him of collaborating with Israel.
He says there is “coordination” between his group and Israel, and that soon “we will rely on Israel to bring us electricity and water.”
Al-Astal says the group has weapons to defend themselves and that they received funding from multiple sources, including the US, Europe, and unspecified Arab states.
“People here don’t want Hamas, they want peace with Israel,” he says. “I’m 50 years old; I remember when the army and Israel were in Gaza, and we lived in peace,” he reflects. “Children played, children went to school, and there were no problems. But today, Hamas’s terror has destroyed Gaza and its people.”
END
Hamas says Gaza City invasion will kill hostages as protesters rally in Jerusalem
IDF confirms the death of four soldiers in Gaza • Einav Zangauker holds bottle of son’s urine from Gaza at hostage deal rally • Officials mourn four slain IDF soldiers
I
ISRAEL HAMAS
a game changer;
Watch: Israel’s Game-Changing ‘Iron Beam’ Intercept System Declared Operational
Friday, Sep 19, 2025 – 02:45 AM
The past nearly two years of war in Gaza, and accompanying conflicts from Lebanon to Iran to Yemen – has seen Israel’s air defenses work harder than ever. Recent ballistic missile and drone attacks out of Yemen have meanwhile resulted in at least some missiles getting through, even hitting Tel Aviv’s Ben Gurion International Airport. Replenishments of Israel’s sophisticated anti-air defense layers are extremely expensive as well, which is why starting over a decade ago Tel Aviv began actively developing other means of aerial defense.
The IDF military has just rolled out its new high-powered laser defense system, known as the “Iron Beam”. It has passed a final round of testing, announced the defense ministry on Wednesday, and could be ready for active deployment as soon as by close of 2025.
Developed by the defense company Rafael in partnership with the Defense Ministry and the Israeli Air Force, the Iron Beam was first introduced in 2014.
In some instances, a lower-powered version of the laser has already been used successfully, such as to shoot down drones over Israel’s norther amid the war with Hezbollah, Israeli media says.
According to the defense ministry, the system recently went through a series of successful operational tests which lasted several weeks. The Iron Beam is touted as being proven in intercepting rockets, mortars, and drones – only using high-energy laser technology.
The development and battle testing has been led ministry’s Directorate of Defense Research & Development (DDR&D).
Rafael announced upon releasing the below video that together with Israel’s Ministry of Defense, it “has completed the final series of trials for the Iron Beam 450, the world’s first operational high-energy laser defense system.”
“In these landmark tests, Iron Beam 450 intercepted rockets, mortars, and UAVs with unmatched speed, precision, and near-zero cost per engagement — a breakthrough that sets a new global benchmark in air defense.”
But there is a big caveat, per the Times of Israel: “The main downside of a laser system is that it does not function well in low visibility, including heavy cloud cover or other inclement weather.”
Likely the thinking in Netanyahu’s government is that Israel can’t get this deployed to the battlefield fast enough – again, given recent developments and headlines like the following: Houthi Hypersonic Missile Renders Iron Dome Useless, Slams Into Tel Aviv Area.
The Houthis have vowed not to stop so long as the IDF military offensive in Gaza persists, and now they are increasingly targeting Israeli airports.
end
USA…
Khalil to be deported to Algeria or Syria
(zerohedge)
Judge Orders Pro-Palestinian Activist To Be Deported To Syria Or Algeria
Thursday, Sep 18, 2025 – 07:40 PM
Last spring the deportation case of Columbia University graduate student and pro-Palestinian activist Mahmoud Khalil grabbed headlines in the US and around the world, after an immigration judge ruled that under a decades-old federal statute his continuing presence on American soil presents some “potentially serious foreign policy consequences.”
A native of Syria and an Algerian citizen of Palestinian origin, he had long led student protests which at times spiraled into violence and clashes with police, after which his permanent residence status was spotlighted. A prior federal court ruling in New Jersey had temporarily blocked Trump admin efforts to facilitate Khalil’s removal.
Now, a federal judge in Louisiana has ordered his deportation to either Syria or Algeria. The decision is reported to be based on allegations Khalil failed to disclose key information on his green card application, according to court documents. His political opponents say he ‘lied’ on his initial application to enter the country.
His legal team plans to appeal, but they fear he might be swiftly booted from the country before the slow-moving court process plays out. The deportation order was issued Judge Jamee Comans, despite his lawyers arguing that he’s not been charged for any crime, and they argue his deportation is mere retaliation over speech the US government doesn’t like.
Khalil’s lawyers have 30 days to make the appeal of the deportation ruling before the Board of Immigration Appeals.
He issued a statement blasting the ruling: “It is no surprise that the Trump administration continues to retaliate against me for my exercise of free speech.” Khalil said of the administration, “Their latest attempt, through a kangaroo immigration court, exposes their true colors once again.” It continued:
“When their first effort to deport me was set to fail, they resorted to fabricating baseless and ridiculous allegations in a bid to silence me for speaking out and standing firmly with Palestine, demanding an end to the ongoing (Israeli) genocide. Such fascist tactics will never deter me from continuing to advocate for my people’s liberation.”
Back in March when Khalil was first arrested by the Department of Homeland Security, DHS spokesperson Tricia McLaughlin described in a statement that ICE had detained Khalil “in support of President Trump’s executive orders prohibiting anti-Semitism,” claiming that Khalil had “led activities aligned to Hamas, a designated terrorist organization.”
President Trump had directly weighed in at the time of raging Columbia University protests, where whole campus buildings were taken over. “Many are not students, they are paid agitators. We will find, apprehend, and deport these terrorist sympathizers from our country — never to return again,” he had written on Truth Social.
The question of vandalism, violence, or the illegal occupation of buildings would present the US government with actual specifics to prosecute. According to law professor Jonathan Turley, “In the Khalil case, he was reportedly under investigation for the takeover of the Columbia building while also serving as one of the negotiators. The takeover is not protected free speech. It is unlawful conduct that can and should be punished.”
IRAN
UN sanctions on Iran to be reimposed, France’s Macron says
As Iran’s 30-day deadline for avoiding snapback sanctions approaches, European leaders discussed the possibility of further nuclear sanctions.
French President Emmanuel Macron, Germany’s Chancellor Friedrich Merz, and Britain’s Prime Minister Keir Starmer pose for the media at a hotel prior to an E3 meeting on the sidelines of the NATO summit in The Hague, Netherlands, June 24, 2025.(photo credit: BEN STANSALL/Pool via REUTERS)ByREUTERSSEPTEMBER 18, 2025 21:27
European powers will likely reimpose international sanctions on Iran by the end of the month after their latest round of talks with Tehran aimed at preventing them were deemed not serious, France’s President Emmanuel Macron said on Thursday.
Britain, France and Germany, the so-called E3, launched a 30-day process at the end of August to reimpose UN sanctions. They set conditions for Tehran to meet during September to convince them to delay the “snapback mechanism.”
The offer by the E3 to put off the snapback for up to six months to enable serious negotiations is conditional on Iran restoring access for UN nuclear inspectors – who would also seek to account for Iran’s large stock of enriched uranium – and engaging in talks with the US
JPost Videos
When asked in an interview on Israel’s Channel 12 whether the snapback was a done deal, Macron said:
“Yes. I think so because the latest news from the Iranians is not serious.”
E3 foreign ministers, the European Union foreign policy chief, and their Iranian counterpart held a phone call on Wednesday, in which diplomats on both sides said there had been no substantial progress, though the door was still open to try and reach a deal before the deadline expired.
The UN will hold a vote
The 15-member UN Security Council will vote on Friday on a resolution that would permanently lift UN sanctions on Iran – a move it is required to take after the E3 launched the process.
The resolution is likely to fail to get the minimum nine votes needed to pass, say diplomats, and if it did it would be vetoed by the United States, Britain or France.
end
ISRAEL/SYRIA/IRAN
Israel Wants Permanent ‘Aerial Corridor’ Over Syria To Strike Iran
Thursday, Sep 18, 2025 – 06:25 PM
Tel Aviv’s primary objective in discussions with Damascus is to establish an aerial corridor over Syria so Israel can restart its war against Iran.
Axios reports that Israel presented the Syrian government, led by Ahmed al-Sharaa, with a maximalist agreement that would establish a no-fly zone over Syria. Additionally, Tel Aviv wants a large swath of Syria, from the Israeli border to Damascus, to become a demilitarized zone.
An Israeli source told the outlet that an essential part of the agreement will be maintaining the ability to use Syrian airspace to attack Iran. “A central principle of the Israeli proposal is maintaining an aerial corridor to Iran via Syria, which would allow for potential future Israeli strikes in Iran,” they said.
Israeli Prime Minister Benjamin Netanyahu started an unprovoked war with Iran in June. Tel Aviv targeted leadership in Tehran, nuclear facilities, and scientists. President Donald Trump joined the war by striking three Iranian nuclear sites that Israel lacked the military capability to destroy.
Israeli forces currently occupy southern Syria. Israel promised to withdraw its troops from Syria if Damascus accepted the agreement. On Wednesday, Sharaa said a deal with Israel was possible “in the coming days.”
Tel Aviv made a similar agreement with Hezbollah, where Israeli soldiers were scheduled to withdraw from South Lebanon after Hezbollah moved its forces out of the region.
However, after the Hezbollah withdrawal, Tel Aviv maintained its occupation. Israel is now demanding that Hezbollah entirely disarm.
Israel wants to establish three demilitarized zones in southern Syria and no-fly zone from Damascus to the Israeli border… via Institute for the Study of War:
The Israeli invasion of Syria began after President Bashar al-Assad was overthrown by al-Sharaa last year. Al-Sharaa, formerly Abu Mohammad al-Jolani, is the founder of al-Qaeda’s Syria affiliate.
President Donald Trump has met with Sharaa and lifted some sanctions on Syria in a push to get Damascus to make a deal with Tel Aviv.
END
ISRAEL VS HAMAS UN/USA
US Vetoes UN Resolution Urging Immediate Cease-Fire, Hostage Release In Gaza
Friday, Sep 19, 2025 – 01:45 PM
Authored by Evgenia Filimianova via The Epoch Times,
The United States on Sept. 18 vetoed a U.N. Security Council resolution calling for an immediate cease-fire in Gaza, the release of hostages held by the terrorist group Hamas, and the lifting of Israeli restrictions on humanitarian aid, blocking a measure backed by the other 14 members of the 15-nation body.
U.S. Deputy Middle East Envoy Morgan Ortagus said Washington could not support the resolution because it would have locked in a cease-fire with Hamas still in control of Gaza.
“The United States will never accept this. President Trump will never accept this. He has made clear, all 48 hostages must be released now,” she said. “This resolution also refuses to acknowledge and seeks to return to a failed system that has allowed Hamas to enrich and strengthen itself at the expense of civilians in need.”
There has been mounting international pressure on Israel, including by governments and aid groups, as the conflict approaches its two-year mark.
The resolution was introduced by Denmark on behalf of the council’s elected members.
Denmark’s representative to the U.N., Christina Markus Lassen, said the measure aimed to address what she described as a “humanitarian and human failure” in Gaza and “contribute to the end of this abhorrent war.” Lassen said that famine in Gaza has been confirmed.
The Integrated Food Security Phase Classification (IPC), a U.N.-backed body, said in August that nearly 514,000 people in Gaza are experiencing famine, a claim Israel has rejected.
Ortagus said the resolution failed to “recognize the reality on the ground” and a “meaningful increase in the flow of humanitarian aid.” She said that U.N. data showed about 85 percent of aid sent to Gaza since May 19 had been intercepted, stressing that it must reach civilians in need rather than sustain Hamas.
Ortagus added that the U.N. and Security Council members should support the Gaza Humanitarian Foundation and other mechanisms, which deliver aid to civilians while denying resources to Hamas.
Ahead of the vote, Israel’s ambassador to the U.N., Danny Danon, said in a social media post that “resolutions against Israel will not free the hostages or bring security.”
“Israel will continue to fight Hamas and protect its citizens, even if the Security Council prefers to turn a blind eye to terrorism,” he said.
Speaking in London on Sept. 18, Trump also stressed the need to focus on the Israeli hostages.
“We have to remember October 7, one of the worst, most violent days in the history of the world,” he said. “We have to have the hostages back immediately.”
Israel says its actions in Gaza, including the ongoing military offensive in the enclave, aim to disarm Hamas, achieve the release of all Israeli hostages, and create a civilian administration unaffiliated with either Hamas or the Palestinian Authority.
Israel has rejected the findings of a Sept. 16 U.N. report stating that Israel is committing genocide in the Gaza Strip.
Security Council Frustration
The draft resolution on Thursday failed with 14 votes in favor and one against. Under council rules, a single negative vote by a permanent member prevents adoption. The U.S. veto drew criticism from council members and regional representatives.
France called on Hamas to be disarmed and excluded from governance, but also pressed Israel to allow unhindered humanitarian aid.
Algeria’s ambassador, Amar Bendjama, apologized to Palestinians for not doing enough to save civilians’ lives.
Somalia’s envoy, Abukar Dahir Osman, said not passing the resolution was “a profound moral failure” that reflects a dangerous logic that “the suffering of some is more tolerable than the suffering of others, and that the lives of certain people matter less.”
“The moment we measure the worth of human life by nationality, ethnicity or circumstances, we lose the very foundation upon which this institution was built,” he added.
Pakistan described the veto as a “dark moment,” while the Russian delegate warned “there will be no breakthrough” so long as the United States “does not change the lens through which it regards the crisis in Gaza.”
Other members, including Greece, Slovenia, Panama, and South Korea, echoed concerns about famine and called for renewed efforts to secure both a cease-fire and the release of hostages.
Palestinian observer Riyad Mansour said failure to pass the resolution came at “a great cost” for the council’s “credibility and authority,” adding that the use of the veto in such situations “should simply not be allowed.”
US Allies Expected to Back Palestinian Statehood
Key Western allies, including France, the UK, Canada, and Australia, are expected to recognize Palestinian statehood at the U.N. summit in New York City on Sept. 22.
Israel and the United States oppose the push for recognition, saying it rewards Hamas for the Oct. 7, 2023, attack on Israel, in which Hamas killed about 1,200 people and took 251 hostages.
Washington has said recognition can only come as part of a negotiated agreement with Israel.
According to the Hamas-run Gaza Health Ministry, 65,000 Palestinians have been killed since the onset of the conflict in Gaza. The ministry does not differentiate between civilians and combatants in the count. The Epoch Times cannot verify the accuracy of the figure.
RUSSIA VS UKRAINE
6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUES
DISTURBING: A bombshell study has found the genetic “fingerprint” of the COVID vaccine embedded in the DNA of a 31-year-old cancer patient—the first direct proof that mRNA fragments can integrate into the human genome. The finding shatters years of assurances from Big Pharma and health officials who swore the shots could never alter DNA. Researchers described a “perfect storm”: tumor-suppressing genes switched off, DNA repair mechanisms broken, and cancer-driving pathways ignited. The woman, once healthy, developed stage 4 bladder cancer within a year of three Moderna doses. Genetic fragments in her tumor matched vaccine sequences with odds of “one in a trillion.” Co-author
warned the world “cannot afford to ignore” what may point to turbo cancers, strokes, and even inherited DNA damage. The implications are staggering.
‘s report exposes what regulators are desperate to bury—don’t miss it. Watch the full episode:
https://rumble.com/v6z3iqs-geoengineering-action-robinsons-texts-raise-questions-covid-shot-in-dna-dai.html
·
547.2K Views
GLOBAL ISSUES
DR PAUL ALEXANDER
Is The Intercept’s Sledge hyperventilating? Over-reacting & writing sensationalism? What is your view on this piece & content? Would Rubio be right? I think any move to protect Americans & homeland is
critical; “New Bill Would Give Marco Rubio “Thought Police” Power to Revoke U.S. Passports Rubio has already sought to punish immigrants for speech. New legislation might let him do it for U.S.
| Dr. Paul AlexanderSep 19 |
citizens.”
Firstly, fundamentally I think Trump wants to do all he can to protect the homeland and Americans. I am for that.
Rubio is no longer ‘Lil Marco’ and is running things and being groomed for POTUS. People like Vance et al. have zero chance.
Alexander News Network (ANN): Trump’s War 2.0 for America is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
The article and Stern suggests that:
“Rubio has claimed the power to designate people terrorist supporters based solely on what they think.”
What is your view? We need to see that text and I have not seen it but there are many checks and balances built into US system to prevent that, abuse, in a good governance society where rights are protected first, and I am sure Marco is not going in that direction. Who can be penalized for thinking? Need to distinguish that with ‘material planning’ etc. This is complex and interesting too to consider. Yet would we be proactive and well positioned to go one step back to before the actually planning actions? Your views? Is Marco testing the boundaries? Is Mast doing so? I like Mast. I think a real patriot. Hero. He left it on the battlefield.
see Intercept here:
‘“In March, Secretary of State Marco Rubio stripped Turkish doctoral student Rümeysa Öztürk’s of her visa based on what a court later found was nothing more than her opinion piece critical of Israel.
Now, a bill introduced by the chair of the House Foreign Affairs Committee is ringing alarm bells for civil liberties advocates who say it would grant Rubio the power to revoke the passports of American citizens on similar grounds.
The provision, sponsored by Rep. Brian Mast, R-Fla., as part of a larger State Department reorganization, is set for a hearing Wednesday.
Mast’s legislation says that it takes aim at “terrorists and traffickers,” but critics say it could be used to deny American citizens the right to travel based solely on their speech. (The State Department said it doesn’t comment on pending legislation.)
“Rubio has claimed the power to designate people terrorist supporters based solely on what they think.”
Seth Stern, the director of advocacy at Freedom of the Press Foundation, said the bill would open the door to “thought policing at the hands of one individual.”
“Marco Rubio has claimed the power to designate people terrorist supporters based solely on what they think and say,” Stern said, “even if what they say doesn’t include a word about a terrorist organization or terrorism.”
Vague “Terrorist” Designations
Mast, for his part, has publicly voiced his support for “kicking terrorist sympathizers out of our country.” At the time, he was talking about deporting Mahmoud Khalil, a Palestinian green-card holder who the Trump administration detained and attempted to deport based on what critics of the move said were his pro-Palestine views.
__
MARK CRISPIN MILLER
The toll of “vaccination” in the U.S. Capitol
No wonder that their words are ever louder, cruder and more violent on BOTH sides of the aisle
| Mark Crispin MillerSep 19 |
We’ll soon be releasing a vast compilation of politicians worldwide who have “died suddenly” in 2025 alone (and this year is far from over).
First, however, here’s a compilation, from our archives, of the “sudden deaths,” and variously crippling illnesses, that have befallen our top politicians—specifically, “our” legislators in Washington—since the COVID “vaccination” drive began.
News from Underground by Mark Crispin Miller is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
Of course, this country’s topmost politicians are its presidents—the last two of whom appear to have been “vaccine”-injured, as noted in this prior post:
Before we note the toll in Congress, let’s consider the high likelihood that Congress overall is, mentally, in very poor condition, even among those members who have not “died suddenly,” or come down with some (“rare”) disabling illness. This article confirms that likelihood:
Top Epidemiologist: mRNA ‘Vaccination’ Is ‘Chemical Lobotomy’
July 24, 2025
During a new interview with Dr. Drew, Hulscher warned that a major study has confirmed that the mRNA injections have caused multiple neurological disorders to surge. The study cited by Hulscher was conducted by a team of South Korean researchers led by Dr. Jee Hoon Roh of the Department of Biomedical Sciences at Korea University College of Medicine in Seoul. The results of the study were published in the prestigious International Journal of Medicine. Roh et al’s study of 558,017 Koreans found that mRNA shots increase the risk of cognitive impairment by 137.7%. The researchers also found that Alzheimer’s disease has surged 22.5% in older Covid-vaxxed adults. He explains that the spike protein from the Covid shots is entering the brain and causing
15 in Congress have “died suddenly”:
Minnesota GOP Sen. Bruce Anderson, 75, dies ‘unexpectedly’
July 21, 2025
No cause of death reported.
Former U.S. Rep. Blake Farenthold of Corpus Christi dies at 63 [heart attack]
June 20, 2025
Democratic Rep. Gerry Connolly [75] of Virginia dies after battling cancer
May 21, 2025
Former Utah Congresswoman Mia Love has died at age 49 [brain cancer]
March 23, 2025
Raúl Grijalva [77], Democratic congressman, dies after cancer battle
March 13, 2025
U.S. Rep. Sylvester Turner died at the age of 70
March 5, 2025
No cause of death reported.
Former Congressman Lincoln Díaz-Balart dies at 70 [cancer]
March 3, 2025
Taunton [MA] Rep. Doherty dies at 82 after cancer fight [cancer]
February 16, 2025
US congressman Bill Pascrell Jr. [NJ] dead after brief illness & sudden setback as family says he ‘fought till the end’
8/21/2024
No age or cause of death reported.
Democratic Rep. Sheila Jackson Lee from Houston dies at age 74 [cancer]
7/19/2024
GOP Ex-Congressman Chris Cannon [UT], Who Impeached Bill Clinton, Dead at 73
May 11, 2024
No cause of death reported.
‘No one knew she was dead’: GOP [Indiana] primary winner [59] reportedly died 2 months ago
May 8, 2024
No cause of death reported.
New Jersey Rep. Donald Payne Jr. dead at 65 [“cardiac episode”]
April 24, 2024
Idaho’s longest-serving Democratic Representative Sue Chew [65] dies [cancer]
April 18, 2024
Former Senator and Florida Governor Bob Graham dies at 87
April 17, 2024
No cause of death reported.
Killed in a “vaxxident”:
Crash that killed U.S. Rep. Jackie Walorski [IN, 58], 3 others due in part to ‘excessive speed’
September 19, 2022
Link
16 in Congress have had incapacitating “health issues”:
CNN guest [Texas Rep. Lloyd Doggett, 78]forced to halt show to explain health issue after coughing through interview
August 1, 2025
Researcher's Note – CNN has confirmed that all of the 219 House Democrats say they have received the Covid-19 vaccination [sic]: Link
‘He needs to resign’: Democrats react with quiet shock to damning [PA senator] John Fetterman [55] profile [stroke in 2022]
May 4, 2025
[Texas] Republican [Mayra Flores, 39]suddenly hospitalized for ‘health scare’ hours after announcing re-election bid
April 16, 2025
House Dem [Donald Norcross, D-NJ, 66]hospitalized after ’emergency medical event’ [“likely related to his gallbladder”]
April 7, 2025
Shocking video shows 76-year-old Democratic Rep. John Larson [CN] freeze mid-speech on House floor
February 11, 2025
Senate Chaplain Barry Black [76] Hospitalized After Brain Bleed
December 12, 2024
[Rep.] Joe Wilson [R-S.C., 77]hospitalized after medical emergency
September 10, 2024
NEWS ADDICTS
NEWSWIZE
EVOL NEWS
| Sinclair Broadcasting Group Suspends Jimmy Kimmel Broadcasts, to Air Charlie Kirk Tribute in His Time Slot – EVOLREAD MORE… |
MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
ETF Just Happened
Friday, Sep 19, 2025 – 03:40 PM
By Bas van Geffen, Senior Macro Strategist At Raboank
In a surprise decision, the Bank of Japan announced it would start to gradually sell its ETF holdings. The central bank plans to shrink its portfolio by ¥620 billion ($4.2 billion) per year. To emphasise how gradual of a pace that is, Governor Ueda recounted that “it would take more than 100 years” to fully unwind the central bank’s ETF holdings.
On top of that, two policymakers dissented from the decision to leave the policy rate unchanged today. They preferred to hike to 0.75% already, which puts a rate hike in October squarely on the table.
The shock announcement made for a bit of a rollercoaster ride for Japanese equities. The Nikkei 225 opened the trading day about one percent higher; tumbled 2.5% from those levels on the Bank’s announcement; and finally recovered some of those declines to end up 0.6% below yesterday’s close.
But there’s, perhaps, another interesting element to this decision: the central bank decided to reduce its ETF holdings, rather than speeding up its exit from the sovereign bond market – that is, more than the tapering of JGB purchases it had announced in June. Both programmes will need to be right-sized as part of policy normalisation, but perhaps the recent pressure on global long-term bond yields –and particularly JGBs– was a consideration as well. Either way, the Japanese curve is twist flattening on the hawkish decision.
The UK monetary policy decision made less waves. Yesterday, the Bank of England decided to keep its policy rate unchanged at 4.00%, with a familiar split vote. The usual two suspects voted in favour of another 25bp cut. That, along with the policy statement, affirms our view that there is still a bias toward easing in the monetary policy committee, even though the bar for further rate cuts is rising. Policymakers are looking to cut further, but only when they get clearer evidence that the disinflationary process is continuing.
Yet, UK inflation data suggest that the disinflationary momentum is waning, and various metrics of underlying inflation remain sticky, and we don’t believe that the October inflation report will provide a very different picture. Therefore, we now expect the next rate cut to be delayed into early 2026, and we have revised our forecast for the terminal rate somewhat higher.
As our UK strategist notes, the Bank remaining on hold through Q4 also puts the emphasis on Chancellor Reeves’ Autumn budget. The Chancellor has the difficult task of plugging a roughly £50 billion fiscal gap.
Today’s data once again underscored the need to shore up the UK’s finances. Public sector net borrowing was much higher than expected in August: last month, the government borrowed £5.5 billion more than the Office for Budget Responsibility had forecast in March. And estimated borrowing in earlier months were revised up as well. Yields on longer-dated gilts are opening significantly higher – with sterling down against both dollar and euro, reflecting concerns about the sustainability of the UK’s finances.
In short, tax hikes are pretty much unavoidable. That will be a tough message to sell, as Labour is already trailing Reform in the polls. But investors require something more tangible than just rhetoric: they demand to see credible and substantial fiscal adjustments.
Given the hesitance amongst gilt investors, it is noteworthy that the Bank of England will shrink its sovereign bond holdings by £70 billion over the next year. That includes £21 billion in active sales, on top of the maturing bonds – an increase from this year’s pace. In an attempt to limit disruptions in longer-dated Gilts, the central bank will skew its sales towards shorter maturities.
7. OIL ISSUES/NATURAL GAS/ENERGY ISSUES/GLOBAL
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
CANADA
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS FRIDAY MORNING 6;30AM//OPENING AND CLOSING
EURO/USA: 1.1756 DOWN 0.0033 PTS OR 33 BASIS POINTS
USA/ YEN 147.98 UP 0.0346 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//END OF YEN CARRY TRADE BEGINS AGAIN OCT 2024/Bank of Japan raises rates by .15% to 1.15..UEDA ENDS HIKING RATES AND NOW CARRY TRADES RE INVENTS ITSELF//JAPAN IN TROUBLE WITH RISING RATES
GBP/USA 1.3494 DOWN .0061 OR 61 BASIS PTS
USA/CAN DOLLAR: 1.3813 DOWN 0.0023 (CDN DOLLAR UP 23 BASIS PTS)
Last night Shanghai COMPOSITE DOWN 11.57 PTS OR 0.30%
Hang Seng CLOSED UP 0.25 PTS OR 0.00%
AUSTRALIA CLOSED UP 0.34%
// EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 0.25 PTS OR 0.00%
/SHANGHAI CLOSED DOWN 11.57 PTS OR 0.30%
AUSTRALIA BOURSE CLOSED UP .34 %
(Nikkei (Japan) CLOSED DOWN 257.62 PTS OR 0.57%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 3653.20
silver:$42.17
USA dollar index early FRIDAY morning: 97.23 UP 27 BASIS POINTS FROM THURSDAY’s CLOSE
FRIDAY MORNING NUMBERS ENDS
And now your closing FRIDAY NUMBERS 1: 30 AM
Portuguese 10 year bond yield: 3.150% UP 2 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +1.643% UP 4 FULL POINTS AND 40/100 BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.148 down 6 BASIS PTS//DEADLY
SPANISH 10 YR BOND YIELD: 3.290 UP 1 in basis points yield
ITALIAN 10 YR BOND YIELD 3.563 UP 1 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.7382UP 2 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY friDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1747 DOWN 0.0043 OR 43 basis points
USA/Japan: 148.03 UP 0.074 OR YEN IS DOWN 7 BASIS PTS//
Great Britain 10 YR RATE 4.7020 UP 2 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.540 UP 4 BASIS POINTS.
Canadian dollar DOWN .00025 OR 25 BASIS pts to 1.3816
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The USA/Yuan CNY DOWN AT 7.1174 CNY ON SHORE ..
THE USA/YUAN OFFSHORE DOWN TO 7.1177
TURKISH LIRA: 41.26 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
the 10 yr Japanese bond yield at +1.643 UP 4 basis pts
THE 30 YR JAPANESE BOND YIELD: 3.148 DOWN 6 basis pts
Your closing 10 yr US bond yield UP 3 in basis points from THURSDAY at 4.131% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.744 UP 2 in basis points /11:00 AM
USA 2 YR BOND YIELD: 3.572 UP 1 BASIS PTS.
GOLD AT 11;00 AM 3653.60
SILVER AT 11;00: 42.15
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: WEDNESDAY CLOSING TIME 11:00 AM//
London: CLOSED DOWN 11/44 PTS OR 0.12%
GERMAN DAX: DOWN 35.12 pts or 0.15%
FRANCE: CLOSED DOWN 1.02 pts or 0.01%
Spain IBEX CLOSED UP 85.30pts or 0.56%
Italian MIB: CLOSED UP 4.47or 0.01%
WTI Oil price 63.01 11.00 EST/
Brent Oil: 67.00 11:00 EST
USA /RUSSIAN ROUBLE /// AT: 83.46 ROUBLE DOWN 0 AND 21/ 100
CDN 10 YEAR RATE: 3.190 UP 0 BASIS PTS.
CDN 5 YEAR RATE: 2.739 DOWN 4 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.1784 DOWN 0.0041 OR 41 BASIS POINTS//
British Pound: 1.3569 DOWN .0009 OR 9 basis pts/
BRITISH 10 YR GILT BOND YIELD: 4.709 UP 6 FULL BASIS PTS//
BRITISH 30 YR BOND YIELD: 5.554 UP 5 ( DANGEROUS LEVELS FOR GILTS)
JAPAN 10 YR YIELD: 1.640 UP 5 FULL BASIS PTS (DANGEROUS TO THEIR ECONOMY
JAPANESE 30 YR BOND: 3.158 DOWN 4 AND VERY DANGEROUS TO THEIR ECONOMY
USA dollar vs Japanese Yen: 147.95 DOWN 0.010 BASIS PTS
USA dollar vs Canadian dollar: 1.3774 DOWN 0.0018 BASIS PTS// CDN DOLLAR UP 18 BASIS PTS
West Texas intermediate oil: 62.74
Brent OIL: 66.65
USA 10 yr bond yield UP 3 BASIS pts to 4.131
USA 30 yr bond yield UP 3 PTS to 4.747%
USA 2 YR BOND: UP 1 PTS AT 3.578%
CDN 10 YR RATE 3.199 UP 1 BASIS PTS
CDN 5 YEAR RATE: 2.747 DOWN 0 BASIS PTS
USA dollar index: 97.28 UP 31 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 41.39 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 83.72 UP 0 AND 47/100 roubles //
GOLD $3684.00 . (3:30 PM)
SILVER: 43.07 (3:30 PM)
DOW JONES INDUSTRIAL AVERAGE: UP 260.60 OR 0.57%
NASDAQ 100 DOWN 50.56 PTS OR 0.21%
VOLATILITY INDEX: 15.91 DOWN 0.45 2.75%
GLD: $ 336.97 DOWN 2.62 PTS OR 0.77%
SLV/ $37.79 DOWN 0.81 PTS OR OR 2.14%
TORONTO STOCK INDEX// TSX INDEX: CLOSED UP 41.97 PTS OR 0.14%
end
TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS/TRADING
Stocks & Gold Hit Record Highs As Fed-Cut Spoils Bond-Bull’s Party
WRAP UP FOR THE DAY:
SPX closes at record highs as tech leads gains – Newsquawk US Market Wrap
Friday, Sep 19, 2025 – 04:15 PM
- SNAPSHOT: Equities mixed, Treasuries down, Crude down, Dollar up
- REAR VIEW: Trump and Xi speak describe phone call as positive, Trump to visit China early next year; Fed Miran explains 50bps dissent, argues no material inflation from tariffs; Fed’s Kashkari sees two more 25bps cuts this year; BoJ holds rates as expected, two members opt for a hike; BoJ unexpectedly announces its to begin selling ETF & J-REIT holdings; Larger-than-expected UK PSNB weighs on GBP; EU announces 19th sanctions package on Russia; US Senate rejects Republican stopgap bill; Russia violates Estonian airspace.
- COMING UP: Data: EZ Consumer Confidence Flash (Sep), Canadian Producer Prices (Aug). Events: PBoC LPR. Speakers: RBA’s Bullock; BoE’s Pill, Bailey; Fed’s Williams, Musalem, Barkin, Hammack; BoC’s Kozicki. Supply: EU.
- WEEK AHEAD: Highlights include US PCE, SNB, Flash PMIs, Aussie and Tokyo CPI. Click here for the full report.
- CENTRAL BANK WEEKLY: 15th September 2025 – Previewing SNB, PBoC LPR/MLF, Riksbank, Banxico; Reviewing FOMC, BoE, BoJ, BoC, Norges, BCB. Click here for the full report.
- WEEKLY US EARNINGS ESTIMATES: Earnings continue to be light with MU headlining. Click here for the full report.
More Newsquawk in 2 steps:
- 1. Subscribe to the free premarket movers reports
- 2. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
MARKET WRAP
Stocks were bid on Friday with SPX hitting fresh record highs while the majority of sectors were green. Upside was led in Tech with the heavy cap stocks outperforming, leading to NDX outperformance, while the Russell pared from its prior day rally. Several Fed speakers spoke today. Dissenting Governor Miran confirmed he was the bottom dot in the 2025 dot plot; he does not think 50bps would spook markets, and he is going to try to persuade others on the FOMC to share his dovish views. Kashkari pencilled in two more rate cuts this year, while Daly acknowledged labour market softness. T-notes sold off, adding to the losses this week, with T-notes now a whole point lower from the post-FOMC statement peak. On trade, US President Trump and Chinese President Xi spoke today. China said talks were positive and constructive, and Trump said progress was made on fentanyl, adding he will visit China early next year, and Xi would visit the US at an appropriate time. Meanwhile, the EU announced the 19th sanctions package on Russia (as expected), banning imports of Russian LNG into European markets and sanctioning 118 additional vessels from the shadow fleet. Rosneft and Gazpromneft are also on a full transaction ban. Russia also flew over Estonian airspace, and Estonia is calling on NATO to invoke Article 4. Oil prices were little phased and settled lower. In FX, DXY was strong but CAD and JPY outperformed, with JPY buoyed against other currencies after a hawkish BoJ (unchanged as expected, two voted for a hike, announced sale of J-REIT and ETF holdings, Ueda also signalled that they do not have to wait for the impact of US tariffs to hike). However, the broad USD strength saw USD/JPY flat. Gold prices also continued to push to fresh record highs, while silver also rallied. GBP lagged after larger-than-expected borrowing figures resulted in Chancellor Reeves facing further pressure ahead of the Autumn budget in November. Note, Bloomberg reported that Oracle (ORCL) is in talks with Meta (META) on a USD 20bln AI cloud computing deal. FedEx (FDX) was bid after strong earnings, while Trump is to sign an EO that would charge companies a USD 100,000 fee for H-1B visas, hitting Infosys (INFY), Accenture (ACN) and Cognizant (CTSH).
US
FED MIRAN (Dissenter), when asked why he dissented, said in his own view, he does not see material inflation from tariffs. On the dot plots, Miran confirmed he was the bottom dot in 2025, which he pencilled in at a rate of 2.75-3.00%. For the meeting on Wednesday, Miran said he was the only support for a 50bps at the meeting, and hopes to persuade others on the Fed to support aggressive rate cuts, and will attempt to do that over the coming weeks and months. Further on policy, the new Governor noted that being so far above neutral means policy is very restrictive, and the longer the Fed stays restrictive, the greater the risks to the job market; his 2026 Dot Plot is not so far from others, does not think a 50bps cut would worry markets, and stated it is a measured pace. Regarding inflation, the dissenter noted he is clearly in the minority in not being concerned about inflation from tariffs, and he added that the removal of migrants will have a disinflationary impact. As expected, Miran was asked about Fed independence and said it is silly to say he is doing the bidding of the White House, and he would resign immediately if he were asked by US President Trump to stay beyond January. While we have yet to get a text release from Miran on why he dissented in favour of a 50bps, as is the Fed norm and usually on the first Friday post-rate decision, Miran said he will give a full, detailed review of his views on Monday.
FED KASHKARI (2026 voter) supported the 25bps rate cut this week, and noted the risk of a sharp increase in unemployment warrants some Fed action. On data, Kashkari said it is hard to see inflation climbing much higher than 3% from tariffs, and if the labour market proves resilient or inflation rises, it should pause and hold policy rate, but can always cut rates more quickly if the labour market weakens more than expected. Ahead, the Minneapolis Fed President sees two more quarter-point rate cuts this year as appropriate, and adds the neutral rate has likely risen to 3.1% (Fed median projection is 3.0%).
BULLARD: Fed Chair Candidate Bullard said that 75bps of cuts by year-end would be significant, noting the Fed decision was good and it looks like a sequence of three cuts to year-end. He believes the Fed is in a pretty good position at the moment, and said he does not think he would have voted for a 50bps rate cut at the September confab. Bullard estimates the neutral rate at 3.25% (above the Fed’s median view of 3.0%). He added that inflation remains above target, but he would not abandon the Fed’s inflation goal. On the Fed framework, he suggested that the dot plot has its problems, and thinks the Fed can do better than it has on the dot plot. Regarding the balance sheet, Bullard said current policy is appropriate, while on the balance sheet said Mortgage Backed Securities will take a long time to go off the balance sheet, noting how the Fed added too much MBS to the balance sheet from COVID.
FIXED INCOME
T-NOTES FUTURES (Z5) SETTLED 7+ TICKS LOWER AT 112-24
T-notes extend post-FOMC and strong data downside while BoJ leans hawkish overnight. At settlement, 2-year +0.8bps at 3.576%, 3-year +1.0bps at 3.559%, 5-year +1.7bps at 3.680%, 7-year +2.4bps at 3.877%, 10-year +2.5bps at 4.129%, 20-year +2.6bps at 4.711%, 30-year +2.6bps at 4.746%.
INFLATION BREAKEVENS:1-year BEI -4.7bps at 3.237%, 3-year BEI -1.8bps at 2.718%, 5-year BEI -1.1bps at 2.467%, 10-year BEI -0.1bps at 2.372%, 30-year BEI +0.2bps at 2.275%.
THE DAY: T-notes were lower on Friday and settling a whole point lower from the peak seen in the initial post-FOMC spike as participants digested Fed Chair Powell’s hawkish press conference and the strong economic data seen on Thursday.
T-notes extended lower overnight and in the European morning, tracking JGBs on a hawkish leaning, Ueda, who suggested that Japan does not have to wait for the trade impact from tariffs before acting, keeping rate hikes on the table. Note, the BoJ saw two hawkish dissents, and it announced it will begin selling its ETF and J-REIT Holdings at a pace of JPY 330bln per year and JPY 5bln per year, respectively.
T-notes hit lows of 112-22 in the US morning before chopping into settlement. There was little data to digest today, but we did hear from a few Fed speakers. Dissenting Governor Miran confirmed he was the bottom dot in the 2025 dot plot (sees rates between 2.75-3.00%, a further 125bps from the current rates, implying he would like to see a 50 and a 75bps rate cut in October and December). Miran also suggested he does not think a 50bps cut would worry markets. He also said he is going to try to persuade others on the Fed to share his views on lower rates. Kashkari, meanwhile, took a neutral tone, noting he pencilled in two more rate cuts for 2025, noting it is hard to see inflation climbing much higher than 3% from tariffs, but if the labour market proves resilient, or inflation rises, the Fed should pause and hold the policy rate. Daly acknowledged weakness in the labour market.
Attention next week turns to the US PCE report and Treasury supply. Note, on government funding, the House passed a stopgap bill, but it failed in the Senate as it lacked the 60 votes needed, and Politico suggests the next vote won’t be until September 29th, less than 48 hours before the September 30th government funding deadline.
SUPPLY
T-Notes/Bonds
- US Treasury to sell USD 69bln of 2yr notes on 23rd September, USD 70bln of 5yr notes on 24th September and USD 44bln of 7yr notes on 25th September; all to settle September 30th (as expected).
- US to sell USD 28bln of 2yr FRNs on September 24th; to settle Sept 26th.
Bills
- US to sell USD 82bln of 13-week bills and USD 73bln in 26-week bills on September 22nd, to sell USD 85bln in 6-week bills on September 23rd, all to settle September 25th (sizes unchanged)
STIRS/OPERATIONS
- Market Implied Fed Rate Cut Pricing: Oct 23bps (prev. 23.5bps), Dec 44bps (prev. 44bps), January 56.5bps (prev. 57.5bps).
- NY Fed RRP op demand at USD 11bln (prev. 14bln) across 13 counterparties (prev. 13).
- EFFR at 4.08% (prev. 4.33%), volumes at USD 92bln (prev. 96bln) on September 17th.
- SOFR at 4.14% (prev. 4.38%), volumes at USD 2.894tln (prev. 2.853tln) on September 17th
CRUDE
WTI (X5) SETTLED USD 0.89 LOWER AT 62.68/BBL; BRENT (X5) SETTLED USD 0.76 LOWER AT USD 66.68/BBL
The crude complex finished the last trading session of the week in the red, as the downside from Trump’s remarks continued, as well the firmer Dollar. On the EU/Russia footing, EU proposed 19th package of Russian sanctions, as expected, while benchmarks saw choppy trade as the EU proposed banning Russian LNG a year earlier – now from Jan 2027, and the EU expands sanctions on Russia’s shadow fleet. Further on the geopolitical footing, European and NATO officials said Estonian airspace was violated by Russian Military jets on Friday, which of course, follows Russian drones entering Polish airspace last week. Despite the aforementioned newsflow, there was little oil moves on it, in what was a relatively quiet headline news day which saw WTI trade between USD 62.60-63.65/bbl and Brent 66.44-67.57/bbl. For the record, the weekly Baker Hughes rig count: Oil +2 at 418, Natgas unch at 118, Total +3 at 542.
EQUITIES
CLOSES: SPX +0.49% at 6,664, NDX +0.70% at 24,626, DJI +0.37% at 46,315, RUT -0.77% at 2,449
SECTORS: Energy -1.28%, Real Estate -0.47%, Consumer Staples -0.25%, Health -0.15%, Industrials +0.21%, Financials +0.22%, Materials +0.22%, Consumer Discretionary +0.34%, Communication Services +0.51%, Utilities +0.65%, Technology +1.19%.
EUROPEAN CLOSES: Euro Stoxx 50 +0.05% at 5,460, Dax 40 -0.12% at 23,645, FTSE 100 -0.12% at 9,217, CAC 40 -0.01% at 7,854, FTSE MIB +0.01% at 42,312, IBEX 35 +0.92% at 15,314, PSI -0.29% at 7,704, SMI +0.60% at 12,121, AEX -0.36% at 930.
STOCK SPECIFICS:
- FedEx (FDX): Adj. EPS and revenue topped expectations; FY adj. EPS guidance was in line, and FY revenue growth surpassed forecasts.
- Lennar (LEN): Profit and revenue missed; guidance on deliveries disappointed; expects Q4 2025 profit to range between USD 2.10-2.30/shr (exp. 2.71)
- Tesla (TSLA) upgraded to ‘Outperform’ from ‘Neutral’ at Baird.
- Intel (INTC) downgraded to ‘Sell’ from ‘Neutral’ at Citi.
- BILL Holdings (BILL) upgraded at Truist to ‘Buy’ from ‘Hold’.
- Fiverr International (FVRR) upgraded at BTIG to ‘Buy’ from ‘Neutral’.
- Samsung (SSNLF) clears NVIDIA (NVDA) hurdle for 12-layer HBM3E supply, setting stage for HBM4 battle.
- Aquarian reportedly discussing a USD 65-70/shr bid for Brighthouse (BHF), according to Bloomberg.
- Boeing (BA) Defense Striking Machinists approved a four-year contract unilaterally proposed by the union; Defense Leadership has said they will not accept the proposed offer. IAM Union said it unilaterally proposed a contract because Boeing Defense would not resume talks.
- Volkswagen (VWAGY) will recognise a non-cash impairment charge of around EUR 3bln on goodwill allocated to the Porsche Business segment; Now expects operating return on sales in the range of 2-3% (prev. 4-5%, exp. 4.78%) in 2025.
- US President Trump will host Turkish President Erdogan on Sept. 25th at the White House; working on many trade and military deals, including a large-scale purchase of Boeing (BA) aircraft, a major F-16 deal (LMT), and a continuation of F-35 talks (LMT).
- Apple (AAPL) rushes to boost production of cheaper iPhone 17, The Information reports. Apple increases iPhone 17 standard model production by 30-40%; Consumers favour the USD 799 iPhone 17 over pricier Pro models.
- US President Trump is reportedly considering a website to help shop for cheaper drugs, via Bloomberg.
- Oracle (ORCL) in talks with Meta (META) on USD 20bln AI cloud computing deal, Bloomberg reports.
- US President Trump to add new USD 100k fee for H-1B visas in the latest crackdown, Bloomberg reports. Accenture (ACN), Cognizant (CTSH) and Infosys (INFY) saw weakness following the headline.
FX
The Dollar Index finished the week flat with strength post-FOMC offsetting earlier weakness in the week. The Dollar again tracked the move in US yields higher, a continuation of trade seen on Thursday in response to the larger-than-expected drop in initial and continued claims. US data was absent on Friday, leaving the attention on the Trump and XI phone call and Fed officials. Both Chinese President Xi and US President Trump spoke well of the interaction, calling it productive, with Trump expecting to visit China early next year. Details on the trade subject were light, but the increased dialogue between both leaders will be welcomed across markets. At the Fed, Governor Miran explained his 50bps dissent at the Wednesday meeting (Fed cut by 25bps), stating he doesn’t see any material inflation from tariffs. 2026 voter, Kashkari, spoke in a neutral tone, anticipating two 25bps rate cuts, and sees the neutral rate at 3.1%, marginally above the Fed median of 3.0%. DXY now sits ~97.66 from earlier lows of 97.27.
USD/JPY was little changed after a hawkish split BoJ decision. The central bank kept rates unchanged, as widely expected, though two members, Takata and Tamura, advocated for a 25bps hike. Takata argued the price stability target had more or less been achieved, while Tamura believes they should move rates a little closer to the neutral rate, given risks to prices becoming more skewed to the upside. Additionally, the BoJ unexpectedly announced its plan to begin selling its ETF and J-REIT holdings at a pace of JPY 330bln per year and JPY 5bln per year, respectively. Oxford Economics thinks the impact from the holdings announcement on financial markets “will likely be limited because the BoJ is opting to play it safe in terms of the process and the scale”. Nonetheless, the Nikkei 225 came under pressure following the announcement, while the Yen strengthened, putting USD/JPY at lows of 147.21 before paring later amid broad USD strength. Governor Ueda noted in the press conference that the decision on the timing of the next rate hike would depend on the risk of the US tariff impact materialising and the course of food inflation. Separately, the Japanese national CPI was largely in line with expectations; headline Y/Y was slightly cooler than expected.
G10FX price action was skewed to the downside. CAD was the relative outperformer, gaining modestly, despite Retail Sales Ex-autos falling more than expected in July, albeit the prior print was revised up (headline M/M fell 0.8% as expected). On the trade front, Canada PM Carney spoke with Mexico President Sheinbaum, with both countries aiming to strengthen the USMCA FTA. Additionally, Canada announced the restart of dialogue with Indian across various sectors. USD/CAD sits around its 50 DMA (1.3775), with participants also eyeing the 100 DMA (1.3760).
GBP underperformed vs USD following larger-than-expected borrowing figures. UK PSNB Ex Banks rose to GBP 17.962bln in August, considerably larger than the expected GBP 12.75bln (prev. 1.054bln, rev. 2.818bln). Cable immediately fell on the figures with EUR/GBP seeing a bid as UK Chancellor Reeves faces added pressure ahead of her Autumn budget in November. On a fiscal YTD basis, borrowing stands at GBP 83.4bln vs the OBR forecast of GBP 72.4bln). On Cable, Rabo bank “sees risk of short-covering pressure, offering the USD some support on a 1-to-3-month view, this suggests scope for dips to the GBP/USD 1.33 area”.
REVIEW
BOJ REVIEW: BoJ kept rates unchanged at 0.50%, as widely expected, with the decision made by a 7-2 vote in which Board members Takata and Tamura dissented as they proposed a 25bps rate hike. Nonetheless, the central bank surprised markets with the announcement to begin selling its ETF and J-REIT Holdings at a pace of JPY 330bln per year and JPY 5bln per year, respectively, with the decision on ETF and J-REIT sales made by unanimous vote, while it stated the pace of sales may be modified at future monetary policy meetings after the start of ETF and J-REIT disposals, based on fundamental principles and experience from sales conducted. BoJ also stated that Japan’s economy is recovering moderately, although some weakness has been seen, and noted that private consumption has been resilient and inflation expectations have risen moderately, but exports and output remain more or less flat as a trend. Furthermore, it stated that Japan’s economic growth is likely to slow due to the impact of trade policies on global growth, but re-accelerate, and Japan’s underlying inflation to stagnate due to a slowdown in economic growth, but gradually accelerate thereafter. At the post-meeting press conference, BoJ Governor said Japan’s economy is recovering moderately, though some weakness remains. Ueda said that downside risks persist, but said policy rates will be raised further if the economy and prices evolve in line with forecasts. He added that the decision on the timing of the next rate hike would depend on the risk of the US tariff impact materialising and the course of food inflation. However, Ueda also suggested that it is not necessarily the case that the BoJ needs to wait to see the full impact of US tariffs on inflation to make a decision on data. In terms of a market reaction, USD/JPY initially weakened as Ueda began speaking, then recovered before sliding again on his comments that Japan is withstanding tariff impacts. The pair briefly tested near 148.00 mid-presser before easing. JPY thereafter saw strength after Ueda said the BoJ does not need to wait for the full impact of US tariffs. Post-presser OIS pricing was little changed: Oct +11.07bps (prev. +11.49bps), Dec +17.35bps (prev. +17.58bps), Jan +22.86bps (prev. +22.58bps), and Mar +28.34bps (prev. +28.52bps).
USA DATA RELEASES
USA ECONOMIC COMMENTARIES
Prove Charlie Right
Thursday, Sep 18, 2025 – 07:15 PM
Authored by David DesRosiers, President RealClearFoundation,
On Sept. 10, 2025, Charlie Kirk was assassinated for the political sin of showing up on college campuses across our country and taking and answering questions. These queries came from students and guests whether they were allies or adversaries – or simply curious-minded Americans engaging in their unalienable birthright to engage in civics openly.
Charlie Kirk was martyred for the free exercise of his First Amendment rights. And the right to free speech, which he championed, was critically wounded in the attack.
The aftermath marks a turning point in our nation’s “house divided” future.
Let’s do as Charlie did masterfully and probe the mindset of the other – in this case his assassin’s and that of his like-minded enablers. It was Charlie’s way. It is the Socratic way. It is the Western Civ, the American way.
Who will rid us of this meddlesome apostle of free expression?
Progressives don’t like to think of themselves as King Henry, the man who uttered the fateful words that caused four loyalists to murder Thomas Becket. But where else can their constant denunciations of Republicans as “Nazis” or “fascists” lead?
A young man, who was being groomed to be a moral monster by our culture and the passions it unleashes, heard the dog whistle call to arms, seized the opportunity of a public event in his home state, and did what was collectively seen by his ilk as necessary and proper.
To do so, he suspended morality, the rule of law, and human decency in order serve what he and too many others see as a higher political purpose. Sadly, this moral madness is what is taught in our nation’s colleges. This is the ethic that guided the global left – paired now with America’s identitarian vanguard –to fundamentally remake America.
Their immoral reasoning not only led to the killing of Charlie Kirk, but it is also the rationale of messianic monsters through the ages. In the 20th century alone, under the guise of National Socialism and global communism, it led to the murder of a hundred million souls. Social media has given it another Great Leap Forward. It is the justification for the show trials, the guillotine, the oven, the suicide vest, and the lone sniper.
This assassin’s creed is not for everyone. Only a few have the wherewithal to take this beyond-good-and-evil step. But those who do take things to their evil conclusion do so knowing that those with less nerve but shared adjacency on the ends will find in their partisan hearts that what they did was needed and therefore good, if not praiseworthy.
This is the recipe for political madness and incompatible with our venerable experiment in self-government that we must now defend in common.
What does Charlie Kirk’s assassination portend for our country?
I see the potential of a natural turning point towards the good, the restoration of the First Amendment’s spirit, and a return of political, civic, cultural, religious, and economic toleration. That would be a big rainbow following a storm.
So far, there has been little call for retaliatory violence. So much for the “Hitler Youth” handwringing. There have only been completely peaceful prayer vigils. Unlike this assassin’s creed and its enablers, Charlie Kirk’s soul and mind would not allow such a demonic transvaluation of value. His true followers share that moral position. On this point, the partisan calls for moral equivalence don’t hold.
The good news for us, the living, is that Charlie is being honored in death by his followers in a way that gives us all a new political lease on life.
I first heard of his shooting from my 28-year-old son and 18-year-old nephew. They saw Charlie’s execution with their own eyes within moments of it happening and captured the core un-American inhumanity of it all. “A man is gunned down for the thought crime of debating on a college campus.”
“This guy is a family man,” they said. “He has a wife and two young children.”
What happens going forward?
Charlie’s influence was huge before he was shot. It appears to be growing by the day in death. I hope something good is happening in real time. I believe you can see, hear, and feel it.
It turns out that when a public figure with 35 million followers gets assassinated for the whole world to see for simply speaking on a college campus, those who never heard of him – or heard something, good or bad – will naturally check it out themselves.
A national re-examination may be happening. The curious are finding an immediate and growing corpus, which is deconstructing the demonic caricature made of him, and are standing up for this smart, fast-talking, civil, happy man in the prime of this life.
Charlie’s wife Erika gave a speech full of love and principle that brought tears to those with open hearts. This organization Charlie dedicated half of his life to is not going anywhere but onward and upward.
Since his assassination, Turning Point USA has received tens of thousands of applications to set up TPP college chapters. College Mandarins in charge of green-lighting or gaslighting student organizations and regulating speech to their Orwellian liking should tread lightly going forward. The Justice Department will be watching.
Charlie is dead but not gone. His happy warrior spirit and first-rate mind are already immortalized in the cloud. TPP should enlist the help of AI to give Charlie’s mind and his “Prove Me Wrong” method a second lease on life for our collective sake.
To the legion of young people whose hearts are broken and want to do more, you know that Charlie would want you to follow in his footsteps. The time for being a spectator was canceled with an assassin’s bullet. Today, it is time to stand up, show up, and be like Charlie. You know his mind and his method.
From heaven, Charlie is saying to all those who love him, “Prove Me Right.”
David DesRosiers is the publisher of RealClearMedia and president of the RealClear Media Fund, which supports the cause of free speech through its annual Samizdat Prize, and its reporting, and the viewpoint diversity method.
END
House Republicans Introduce Bill To Change Federal Reserve’s Dual Mandate
Friday, Sep 19, 2025 – 10:25 AM
Authored by Andrew Moran and Nathan Worcester via The Epoch Times,
Reforms may be on the horizon for the Federal Reserve System, as a new bill aims to alter the U.S. central bank’s dual mandate.
House Republicans, led by House Committee on Financial Services Chairman French Hill (R-Ark.), introduced the Price Stability Act of 2025, a bill that would end the twin mandate, ensuring the Federal Reserve concentrates primarily on containing inflation.
“For too long, the Federal Reserve has been stretched between competing objectives. It’s time to return to a clear, singular focus: protecting the wallets of American families by keeping inflation in check,” Hill said in a statement.
In 1977, Congress formally introduced the twin mandate of ensuring maximum employment and price stability through an amendment to the Federal Reserve Act of 1913. The broader legislative initiative emerged as the U.S. economy struggled with higher unemployment, rising inflation, and volatile GDP growth rates.
Now, a chorus of GOP lawmakers says the institution’s expanding regulatory and supervisory purview over the years is hindering the central bank’s efforts to stabilize prices and threatening the central bank’s independence.
“Expanding its regulatory reach through unaccountable international agreements or otherwise ill-defined third and fourth mandates, distracts the Fed from doing its congressionally mandated job well,” said Rep. Frank Lucas (R-Ok.), head of the Monetary Policy, Treasury Market Resilience, and Economic Prosperity Task Force.
“The Fed’s actions must stay squarely within congressional intent.”
It is unclear how much broad support there is in the upper chamber for reforming the dual mandate.
Rep. Thomas Massie (R-Ky.) told The Epoch Times that he would support removing all mandates and “just eliminate it … get rid of the Fed.”
“The fact that they’re trying to do something to it means that it is broken,” he said.
The legislative proposal from GOP lawmakers comes soon after the Fed completed its review of its monetary policy framework, which, in part, examined the dual mandate.
Fed officials agreed to return to flexible inflation targeting in the policymaking blueprint and abandoned the “makeup strategy,” a key component of the 2020 framework.
“The document continues to explain how we interpret the mandate Congress has given us and describes the policy framework that we believe will best promote maximum employment and price stability,” Fed Chair Jerome Powell said last month in his speech at the central bank’s annual Jackson Hole retreat.
“We continue to believe that monetary policy must be forward looking and consider the lags in its effects on the economy.”
Talking Reforms to the Federal Reserve
In recent months, several senior administration officials and economic observers have recommended a full review of Fed operations.
Earlier this month, Treasury Secretary Scott Bessent penned an essay titled “The Fed’s New ‘Gain-of-Function’ Monetary Policy.”
The piece was a sharp critique of how the Federal Reserve has evolved since the 2008 global financial crisis. Bessent, who has been a frequent critic of the century-old entity over the past year, stated that the Fed has engineered new powers, pointing to, for example, quantitative easing—an unconventional monetary policy tool that consists of creating ultra-low interest rates, buying government bonds, and injecting liquidity into the U.S. financial system.
According to Bessent, the Fed has distorted financial markets, diminished independence, and manufactured adverse consequences for the economy.
“Overuse of nonstandard policies, mission creep, and institutional bloat are threatening the central bank’s monetary independence,” Bessent wrote.
He proposed a full-scale “honest, independent, and nonpartisan review” of the entire Federal Reserve System, such as monetary and regulatory policymaking, communications, staffing, and research.
Treasury Secretary Scott Bessent testifies before the House Ways and Means Committee on Capitol Hill in Washington on June 11, 2025. Madalina Vasiliu/The Epoch Times
Others have also called for reviewing and reforming the U.S. central bank.
Most notably, former Fed Governor Kevin Warsh, who is one of the three finalists on the short list to replace Fed Chair Jerome Powell next year, suggested a “regime change” at the institution.
“The credibility deficit lies with the incumbents that are at the Fed, in my view,” Warsh said in a July 17 interview with CNBC’s “Squawk Box.”
He also suggested an alliance between the Federal Reserve and the Treasury Department, similar to the one that occurred in March 1951. Both institutions agreed to liberate the Fed from the Treasury’s control, allowing it to conduct monetary policy independently of executive intervention.
The Fed had been pressured during World War II to keep interest rates artificially low to help fund war efforts with cheap debt. A burst of inflation occurred after the war’s end, but it was not until after the accord that the Fed started tightening monetary policy.
Warsh said a new arrangement should enable the Fed and the Treasury to communicate their objectives to the financial markets.
“We need a new Treasury-Fed accord, like we did in 1951, after another period where we built up our nation’s debt, and we were stuck with a central bank that was working at cross purposes with the Treasury. That’s the state of things now,” he said.
“So if we have a new accord, then the Fed chair and the Treasury secretary can describe to markets plainly and with deliberation, ‘This is our objective for the size of the Fed’s balance sheet.’”
A March 2024 paper by the Manhattan Institute, co-authored by Fed Governor Stephen Miran, suggested a series of reforms to strengthen independence and recalibrate “the Fed’s governance to ensure that it remains insulated from day-to-day politics.”
The paper proposed reforming term limits, closing the revolving door between the executive branch and the Fed, addressing the FOMC voting structure, and bolstering the “influence and independence” of regional central banks.
“Only by providing for both accountability and a reliable measure of independence can the Fed restore its reputation in the eyes of the public,” the report stated.
A recent Economist–YouGov poll found that only 45 percent of Americans trust the Federal Reserve to handle the U.S. economy, with thirty-three percent approving of the job Powell is doing as head of the central bank.
At the Sept. 17 post-meeting press conference, when asked if he would support an independent review, Powell signaled he was open to the idea.
“We’re certainly open to always trying to do better,” Powell said.
The Fed followed through on its first rate cut of the year at the September Federal Open Market Committee policy meeting. Officials voted 11–1 to reduce the benchmark federal funds rate by a quarter point to a target range of 4.00 percent to 4.25 percent.
The rate-setting FOMC will convene its next two-day policy meeting on Oct. 28 and 29.
END
KING NEWS
| The King Report September 19, 2025 Issue 7580 | Independent View of the News |
| US Initial Jobless Claims 231k, 240k expected; Continuing Claims 1.92m, 1.95m expected, prior 1.927m from 1.939 Probably, the fraudulent California claims are gone. August LEI -0.5%, -0.2% expected, prior 0.1% from -0.1% Philadelphia Fed Business Outlook for September 23.2, 1.7 expected, prior -0.3% As we opined, the usual suspects wanted to manipulate ESZs (and trading sardines) higher on Thursday to squeeze September call options that expire today. A 5-wave rally that began when ESZs opened at 18:00 ET on Thursday night took ESZs to a daily high of 6719.75 (+61.00) at 5:08 ET. After triple topping at 5:36 ET and 5:50 ET, ESZs rolled over. The decline accelerated at 8:45 ET. ESZs hit a low of 6670.25 at 8:45 ET. The inculcated buying for early NYSE trading dips appeared; manipulators joined the frenzy. ESZs soared to 6718.00 at 10:30 ET. Alas, liquidation ahead of the European close pushed ESZs to 6694.00 at 11:13 ET. The manipulation for the European close lifted ESZs to 6708.50 at 11:20 ET. Alas, too many traders were long; ESZs fell to 6689.75 at 11:56 ET. USZs and gold were down smartly at the 11:30 ET European close. A Noon Balloon floated ESZs to 6711.00 at 13:01 ET. The afternoon rally, a high probability on the day prior to expiration, didn’t appear. ESZs did an A-B-C decline to 6688.25 at 15:50 ET. You know what came next! A late manipulation forced ESZs to 6699.75 at 15:545 ET; but they slid to 6691.00 at 16 ET. Positive aspects of previous session The DJIA, DJTA, and the S&P 500 rallied moderately; Fangs soared on expiry-related manipulation. Precious metals declined smartly because the dollar rallied moderately. The S&P 500, Nasdaq 100, DJIA, and Russel 2k closed at record highs. Negative aspects of previous session USZs were -27/32 at the NUSE close. Ambiguous aspects of previous session How big will the US stock bubble inflate; and will Mr. Bond provide the pin? First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Up; Last Hour: Down Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 6633.55 Previous session S&P 500 Index High/Low: 6656.80; 6611.89 @VigilantFox: A bombshell study has found the genetic “fingerprint” of the COVID vaccine embedded in the DNA of a 31-year-old cancer patient—the first direct proof that mRNA fragments can integrate into the human genome. The finding shatters years of assurances from Big Pharma and health officials who swore the shots could never alter DNA… https://t.co/5sM0Vmx2XF Blue city’s largest mall now 93% vacant as value plunges $1 billion over the past decade Foreclosure auction for San Francisco Centre postponed eight times, now set for September https://www.foxbusiness.com/retail/blue-citys-largest-mall-now-93-vacant-value-plunges-1-billion-over-past-decade “A handful of men have become very rich by paying attention to details that most others ignored.” — Henry Ford Trump: I am designating ANTIFA, A SICK, DANGEROUS, RADICAL LEFT DISASTER, AS A MAJOR TERRORIST ORGANIZATION. I will also be strongly recommending that those funding ANTIFA be thoroughly investigated in accordance with the highest legal standards and practices… @GlobalMktObserv: NEVER in history has the US stock market outpaced economic growth by this much: The Warren Buffett indicator just hit a RECORD 215%. This means the US stock market is more than TWICE as large as the world’s largest economy. It’s crazy to even think about this. https://x.com/GlobalMktObserv/status/1968654741686136951 Fed Balance Sheet: +$2.635B; Reserves: -$ 87.419B Today – September options and futures expire. Futures expire on the NYSE opening. Holders of expiring futures often replace the equity exposure via ‘market on the opening’ buy orders. So, traders play for an early rally. The remainder of the session is a crapshoot. It depends on professional traders’ manipulation to squeeze expiring options. ESUs are +11.50; NQUs are +40.25 (on expiry buying); and USZs are -4/32 at 20:05 ET. SF Fed Pres Daly 14:30 ET on AI S&P Index 50-day MA: 6414; 100-day MA: 6174; 150-day MA: 5995; 200-day MA: 5997 DJIA 50-day MA: 44,923; 100-day MA: 43,687; 150-day MA: 43,015; 200-day MA: 43,204 (Green is positive slope; Red is negative slope) S&P 500 Index (6631.96 close) – BBG trading model Trender and MACD for key time frames Monthly: Trender and MACD are positive – a close below 5447.29 triggers a sell signal Weekly: Trender and MACD are positive – a close below 6307.71 triggers a sell signal Daily: Trender and MACD are positive – a close below 6516,98 triggers a sell signal Hourly: Trender and MACD are positive – a close below 6587.31 triggers a sell signal @DerrickEvans4WV: VP JD Vance: “What kind of person looks at a grieving young mother, two beautiful young kids, and feels a certain sense of celebration?” https://t.co/YkZfvSZDgW Unrepentant Jimmy Kimmel refused to apologize after Charlie Kirk outrage — and planned to double-down on MAGA attacks: report – Kimmel felt his remarks required no apologizes, another source told The Hollywood Reporter… (If Kimmel had the ratings, he probably would still be on the air) https://nypost.com/2025/09/18/media/ujimmy-kimmel-refused-to-apologize-after-charlie-kirk-outrage/ Sinclair, Inc. (@WeAreSinclair) tweeted on Wed, Sep 17, 2025: Due to problematic comments regarding the murder of Charlie Kirk in programming provided to broadcast stations by ABC, Sinclair and its partners, which operate ABC stations in 30 markets in the U.S., will stop airing Jimmy Kimmel’s show until further notice. Nexstar: “Mr. Kimmel’s comments about the death of Mr. Kirk are offensive and insensitive at a critical time in our national political discourse, and we do not believe they reflect the spectrum of opinions, views, or values of the local communities in which we are located, said Andrew Alford, President of Nexstar’s broadcasting division. “Continuing to give Mr. Kimmel a broadcast platform in the communities we serve is simply not in the public interest at the current time, and we have made the difficult decision to preempt his show in an effort to let cooler heads prevail as we move toward the resumption of respectful, constructive dialogue.” https://www.nexstar.tv/nexstar-abc-affiliates-to-preempt-jimmy-kimmel-live-indefinitely-beginning-tonight/ After Sinclair and Nexstar pulled the plug on Kimmel, ABC they would no longer carry Jimmy Kimmel, ABC had no choice. With Colbert being canceled next year, Dems are down to one late-night PR show. Jimmy Kimmel’s ‘unprecedented’ rejection by broadcasters a ‘turning point’ in media, FCC chair Brendan Carr: ‘There’s more work to go’ – “This action today by NexStar and Sinclair, frankly, it’s unprecedented,” Carr told Fox News host Sean Hannity. “I can’t imagine another time when we’ve had local broadcasters tell a national programmer like Disney that your content no longer meets the needs and the values of our community.”… https://t.co/xoPHr7srjd FCC Chairman Brendan Carr: “Broadcasters are different from any other form of communication including here on cable right now. Fox News doesn’t have an FCC license, CNN doesn’t, but ABC, CBS, and NBC—those broadcast stations do. And with that license comes a unique obligation to operate in the public interest. President Trump ran directly at these legacy broadcast outlets and exposed them to market forces, and a lot of these affiliate groups said, ‘We are tired of carrying this stuff.’ There’s more work to do, but I’m very glad to see that American broadcasters are standing up to serve the interests of their communities.” https://x.com/seanhannity/status/1968493533091819541 @MatthewKeysLive: Sinclair Broadcast Group says it will air a one-hour tribute to Charlie Kirk on Friday across all of its ABC-affiliated TV stations. The special will air in the 11:35 p.m. time slot that is typically reserved for “Jimmy Kimmel Live.” https://t.co/esTGsXjhGk @redsteeze: The national media being more upset at Jimmy Kimmel losing his show than they are Charlie Kirk losing his life is kind of proving the point. @kylenabecker: Kimmel knowingly lied about Charlie Kirk’s assassin to deceptively frame Trump supporters as violent extremists. This is not just your average vicious lie. Kimmel was sowing the seeds of the next assassination. This violates broadcast license regulations. It’s not that deep. @Banned_Bill: December 2024: Kimmel shows off text conversations of his staff talking about how much they love Luigi Mangione. Is there anyone working on this show who doesn’t support political violence? https://t.co/XknxzUcrvJ Dems and their media stooges deceitfully claim Kimmel just told a joke. This is absurd gaslighting. Led by ‘Cryin’ Chuck Schumer, Dems, leftists, and Dem stenographers in the media are whining about ABC canceling Jimmy Kimmel. They should cry! A f90-minute late-night show that promoted Dem political ads and propaganda for free is gone! When thousands of Americans, including Trump, were cancelled for voicing opposition to regime narratives about the 2020 Election legitimacy, George Floyd, Jan. 6 conspiracies, Covid, Covid vaxxes, Russiagate, trans, etc., Dems and the regime media cheered and facilitated the oppression. Dems and their allies/stooges cannot see, or are livid, that the woke-DEI-liberal movement begat by Obama (and elites groveling to gain Obama’s blessings) and proliferated on George Floyd collapsed during the latter Biden administration. The massive political pendulum is now swinging right. @WesternLensman: 2023: Chuck Schumer demands Tucker Carlson be taken off the air because he “perverted and slimed the truth… and democracy depends on it.” (on 2020 Election voter fraud) https://t.co/MXfn6ceVCO @mazemoore: 2023. Jimmy Kimmel celebrates Tuck Carlson getting fired from Fox. https://t.co/KkvVRc4At6 @greg_price11: Remember when Jimmy Kimmel said that people who didn’t take the COVID vaccine deserve to die. https://x.com/greg_price11/status/1968660557159879127 @BuckSexton: Kimmel deserves to be fired for the Kirk comments alone, but ABC has many reasons to can him. His ratings are in the toilet- 4th place overall, 1 million total viewers. Shamwow infomercials would be competitive with his numbers. And they wouldn’t insult half of America. NB: Tucker Carlson had an audience ~5 times larger than Kimmel and Tuck was a cash cow for Fox. @KeenanPeachy: ABC fired Roseanne from the #1 hit show she created because Obama told them to (Allegedly, Mich Obama was outraged over a derogatory Roseanne tweet about BFF Valerie Jarrett) @nicksortor: Leftists are MELTING DOWN over Disney/ABC pulling Jimmy Kimmel, saying it’s a “violation of free speech”… But they were RADIO SILENT when Disney FIRED @ginacarano for speaking out against COVID mandates. Actor @RealJamesWoods: Conservative Americans have been ridiculed, suppressed, fired, and jailed by crooked Democrats and their media storm troopers since 2008. Now they are getting dumped and having their lies and nastiness shoved up their collective asses. And it is a joy to behold. Remember when Twitter’s Jack Dorsey banned the President of the United States from the world’s biggest forum during an election? @WesternLensman: MSNBC’s Chris Hayes on Kimmel getting fired: This renders the First Amendment meaningless. Chris Hayes on Tucker getting fired: He believed he could say anything no matter how disgusting and get away with it. Over time, that’s not going to work out well for you. https://x.com/WesternLensman/status/1968671818471846350 @assliken: It’s so interesting watching the same journalists who lied and pretended that the Biden Admin wasn’t pressuring tech companies to censor speech and disregard the Twitter files now pretend to pearl clutch over Kimmel @tuxlemons: Celebrating a public assassination is a better reason for firing someone than politely declining an experimental injection with 9 single-spaced pages of known side effects from an immune-from-liability corporation that had previously paid out the largest criminal fine in history. @karol: Jimmy Kimmel has blamed Republican voters for school shootings, mocked people who died of Covid in Florida, made fun of Melania’s accent, etc. and no one on the network cared. Quite a vibe shift. @mazemoore: 2023. AOC says that Tucker Carlson and others at Fox News are very clearly inciting violence. She says the federal government should make laws to stop people from inciting violence on broadcast television. Democrats want government to get involved in pulling people off the air, but when a leftist gets pulled off the air by their own boss for spreading vile lies, those same Democrats lose their minds. https://t.co/bKjKb6JxZa @Ben_Scallan: Note: there’s not one prominent Leftist anywhere in the West doing what Charlie Kirk did, i.e. issuing an open debate challenge to all comers and saying “Here’s my view, I invite you to try and prove me wrong”. None of them are willing to subject their views to that scrutiny. BBG: Disney executives and Jimmy Kimmel will meet today to discuss the future of his show. The parties will discuss whether there is a pathway to have Kimmel’s show return. Woke Democrat mayor’s love triangle scandal takes a twist as glamorous ex-aide files explosive lawsuit – Marwa Khudaynazar, 27, former chief of staff for Boston’s Office of Police Accountability and Transparency, filed the suit Wednesday in Suffolk Superior Court against the City of Boston, Mayor Michelle Wu, and a Boston police officer. She has accused the mayor’s administration of firing her to cover up sexual misconduct allegations involving one of Wu’s closest aides… https://www.dailymail.co.uk/news/article-15109577/Boston-Democrat-mayor-lawsuit-michelle-wu-marwa-khudaynazar.html @RNCResearch: JB Pritzker — one of the most despicable human beings — ONCE AGAIN invokes the holocaust to compare President Trump’s agenda. This type of vile rhetoric led to Charlie Kirk’s assassination. When will enough be enough? https://t.co/llrtnjMo7P @larryelder: @GovPritzker faces criticism after denying he called Republicans “Nazis” while conservatives cite his previous speeches linking GOP to Nazi Germany. https://t.co/rd2vlzH8sn @MediasLies: Just two days after saying that Trump should call for unity, Illinois Governor JB Pritzker says that Trump is attacking “our Constitution and our way of life” after ABC decided to terminate Kimmel’s late night show. He also accuses Trump of running an “authoritarian regime,” and “authoritarians want control.” “We really don’t have a democracy.” “If you’re not paying attention now and doing something about it, well, then you’re going to have to sit down the rest of your life because democracy is being taken away.” How is Trump supposed to unite with people who react this viscerally to a Late-Night Show host getting his show indefinitely paused? https://x.com/MediasLies/status/1968504300490928312 @CWBChicago: Days before crash-and-grab crew killed a man on the Mag Mile, one of the men charged with the murder posed with Gov. JB Pritzker at a “peacekeeper” event. And officials say he did it while wanted by authorities in 4 states… Just six days earlier, McMiller and Pritzker posed side-by-side for a picture as the governor met with “peacekeepers” in Englewood… “It’s folks like these that we need more of doing the hard work of community violence prevention,” Pritzker said on Facebook, “not troops on the ground to undermine efforts fighting crime.” That press release also included a photo of McMiller posing with Pritzker, but it was quickly removed after officials learned that he was being charged in connection with Arceta’s death… “Over the years, they have allocated millions of dollars to the peacekeepers program, yet there are no positive outcomes to demonstrate from a data perspective,” Weitzel said Wednesday. “It appears to be another feel-good program, with many participants having prior convictions for violent felonies.”… https://cwbchicago.com/2025/09/days-before-fatal-mag-mile-crash-and-grab-accused-man-posed-with-governor-at-peacekeeper-event.html @MichelleMaxwell: There has never been a female black governor. Can anyone explain to me why the NAACP wouldn’t be supporting Winsome Earle Sears for Governor of Virginia? Amazingly accomplished black woman who happens to be a Marine, a small business owner and the current Lt. Governor of VA. Why @NAACP? (She’s a Republican) @Reuters: The US Justice Department has ordered Arizona to preserve all election records dating back to 2020 as it prepares for a potential lawsuit over alleged voting law violations, according to public records https://t.co/gaSCCYUQIO Remember when ‘they’ tried to cancel a Catholic high school student for being anti-abortion? He sued a few media outlets and garnered large settlements. CNN Confirms Settlement After $275 Million Lawsuit with Nick Sandmann After multiple news outlets and media figures smeared him and his peers for allegedly “blocking” and “harassing” a Native American activist Nathan Phillips, whose account of the confrontation was quickly discredited by additional footage of the situation, Sandmann sued CNN, The Washington Post, and NBC Universal for hundreds of millions of dollars… https://thenationaltriallawyers.org/article/cnn-confirms-settlement-after-275-million-lawsuit-with-nick-sandmann/ Teen Settles Lawsuit with Washington Post Over Viral Story July 24, 2020 The Sandmann family has also sued several other new organizations, including CNN, which settled with the family in July. The terms of that settlement were also undisclosed. Suits are still pending against NBC, ABC, CBS, The New York Times and Rolling Stone. https://www.voanews.com/a/usa_teen-settles-lawsuit-washington-post-over-viral-story/6193379.html @mazemoore: “Charlie Kirk was a racist because he said that Joy Reid only got into Harvard because of affirmative action.” 2023. Joy Reid: “Let me be clear, I got into Harvard only because of affirmative action.” https://x.com/mazemoore/status/1968143365616329076 Dems warn that when they regain power, they will cancel GOP friendly late night talk hosts, newscasters, reporters, etc. that appear on the Big Three Broadcast Networks. Oops! There are no such people! “When people get used to preferential treatment, equal treatment seems like discrimination.” – Thomas Sowell Insanely idiotic, but highly educated, Dem Rep Crockett: “I do want people to know that just because someone has committed a crime, it doesn’t make them a criminal. That’s completely different. Being a criminal is more so about your mind set…” https://x.com/EndWokeness/status/1968738832217407685 The Murder of Charlie Kirk Was Not a George Floyd Moment – Victor David Hanson Charlie Kirk’s murder sparked peaceful resolve, not riots—sharply contrasting the violence, destruction, and radical agendas unleashed after George Floyd’s death… Why is the left fabricating the circumstances surrounding and following Kirk’s murder? In its signature projective style, the left is terrified that the right might follow its own example—by manipulating facts, ginning up street violence, and issuing non-negotiable demands to achieve its agenda… https://amgreatness.com/2025/09/18/the-murder-of-charlie-kirk-was-not-a-george-floyd-moment/ Victor Davis Hanson: Western Civilization Has Reached Its Turning Point After Charlie Kirk’s Assassination – it is sending a message to the Left: No more…There’s no tolerance for the usual left-wing, socialist craziness, the abhorrent violent smears of conservatives who’ve died… https://x.com/DailySignal/status/1968782088351461445 Squad member Rashida Tlaib hurls ‘fascist’ slur at Republicans in toxic outburst (What unity?) https://www.dailymail.co.uk/news/article-15112663/rashida-tlaib-melt-fascist-byron-donalds.html @EricLDaugh: Congressman Maxwell Frost (D-FL) DOUBLES DOWN on making out President Trump and conservatives to be Nazis, calling them “dangerous” and “fascists” “Fascism is HERE.” Democrats are refusing to tone down the rhetoric. https://x.com/EricLDaugh/status/1968731933308797384 @JackPosobiec: Bolsheviks created Antifa as an inter’l arm to spread the revolution outside of Russia Ex-Biden chief of staff Jeff Zients called for post-debate cognitive test, said 46th prez’s memory grew worse in office: source https://trib.al/eS2wb2d Hunter Biden weighed in on pardons dad Joe signed, ex-WH chief of staff Jeff Zients tells lawmakers: source https://trib.al/aKVAoUm @mrddmia: Dem Rep. Ilhan Omar celebrated the assassination of Charlie Kirk. “The four Republicans who voted to table the (censure) measure are Reps. Mike Flood, R-Neb., Tom McClintock, R-Calif., Jeff Hurd, R-Colo., and Cory Mills, R-Fla.” @alx: Ilhan Omar on Charlie Kirk from the pulpit of a church: “I do believe those of you interested in rewriting this hateful man’s history are full of s**t.” https://x.com/alx/status/1968814471498928600 @libsoftiktok: 8 charged in MASSIVE Medicaid fraud scheme which resulted in $8.4 MILLION in stolen Medicaid billings in Minnesota. The individuals charged: Moktar Hass Aden, Mustafa Dayib Ali, Khalid Ahmed Dayib, Abdifitah Mohamud Mohamed, Christopher Adesoji Falade, Emmanuel Oluwademilade Falade, Asad Ahmed Adow, Anwar Ahmed Adow https://x.com/libsoftiktok/status/1968777226221924587 @realDonaldTrump: Does (Dem Rep) Ilhan Omar know these people? Are they from her wonderfully managed Home Country of Somalia? (Trump called for Omar to be impeached.) https://x.com/Osint613/status/1968815577767542836 @nicksortor: President Trump just accused Ilhan Omar of IMMIGRATION FRAUD, setting the stage for possible REVOCATION of her citizenship and deportation to Somalia… “Wasn’t she the one that married her brother in order to gain Citizenship???” https://x.com/nicksortor/status/1968820568007868551 Actor Billy Dee Williams (Star Wars, Gale Sayers in Brian’s Song) admonishes those cheering Kirk’s death: https://x.com/moment_mirthful/status/1968331288856903947 @FBIDirectorKash: Earlier today, the FBI’s National Threat Operations Center received a tip regarding a potential school shooting at Benjamin Cardoso High School in New York City. Based on a quick response by the NYPD and FBI personnel, a student was arrested with a loaded firearm. The FBI will continue to work tirelessly to protect our children. Huge thanks to the NYPD and @NewYorkFBI for teaming up yet again to protect our country. @CollinRugg: FBI Director Kash Patel says the FBI has uncovered a “nihilistic violent extremist” network called ‘764’ that is convincing children to mutilate themselves and take their own lives. “Maybe most importantly, under the counterterrorism and domestic terrorism umbrella, are nihilist violent extremists and those that label themselves 764 who wish to go online and convince children to maim and mutilate themselves and commit su*cide.” “We even stopped an individual in the 764 network who wanted to conspire to k*ll an adolescent girl. He is now in custody. https://x.com/CollinRugg/status/1968326092491800890 | |
SWAMP STORIES FOR YOU TONIGHT
Illinois Governor Pritzker Posed With Murder Suspect Working As “Peacekeeper” Days Before Deadly Robbery
Thursday, Sep 18, 2025 – 08:30 PM
They say a picture of destructive progressive policies is worth 1,000 pounds words. And today the world saw that picture.
Outspoken Trump administration critic and generally useless liberal bureaucrat Illinois Governor JB Pritzker is facing backlash after proudly posing with a so-called “Peacekeeper” who days later was arrested for murder during a Louis Vuitton robbery. Because, of course.
The man, 35-year-old Keller McMillan, was one of seven charged with murder, burglary, and retail theft after a brazen smash-and-grab at the luxury retailer, according to the Daily Mail. Or, “mostly peaceful”, as Democrats would likely label it.
Prosecutors say the crew used stolen vehicles to ram the store before fleeing at high speed. McMillan and his accomplices allegedly caused the crash that killed 40-year-old father Mark Arceta, who was on his way to his last day of work before paternity leave. His partner gave birth to their son the following day.
Shockingly, McMillan was working as a state-funded “Peacekeeper” — a program Pritzker promotes as a solution to violent crime.
McMillan even sat at a roundtable with the governor earlier this month, where Pritzker praised him and others as examples of “community violence prevention.” A smiling photo of the two was circulated in a press release but quickly scrubbed from Pritzker’s website after McMillan’s arrest.
The Daily Mail writes that McMillan’s criminal past was no secret. His rap sheet stretches back a decade with charges including domestic battery, gang activity, and multiple fugitive warrants — the most recent issued just last October. Critics are now asking how such a figure was ever placed in a taxpayer-backed program supposedly aimed at reducing violence.
Former Riverside police chief Tom Weitzel blasted the governor’s office as “incompetent,” arguing that allowing McMillan into the program and posing with him revealed a “total lack of due diligence.” He called the Peacekeepers little more than a “feel-good” scheme that enlists violent felons instead of keeping neighborhoods safe.
Pritzker, meanwhile, has defended the initiative, claiming these programs make communities safer. But the reality is clear: under his watch, a so-called “peacekeeper” turned out to be a violent criminal, and an innocent father is dead.
Or as Pritzker calls it, your tax dollars at work…
end
Elected Officials Arrested At Manhattan Immigration Facility
Friday, Sep 19, 2025 – 08:20 AM
Authored by Travis Gillmore via The Epoch Times,
Federal agents arrested at least a dozen New York State elected officials inside a federal facility in Manhattan used to house illegal immigrants on Sept. 18. Dozens more individuals were arrested outside the building.
“Another day, another sanctuary politician pulling a stunt in [an] attempt to get their 15 minutes of fame while endangering [Department of Homeland Security] personnel and detainees,” Tricia McLaughlin, assistant secretary for the Homeland Security Department, said in a statement.
After refusing to obey law enforcement orders, eleven elected officials were detained after attempting to access an area on the 10th floor of the facility that was being used to temporarily house the illegal immigrants.
Protesters outside the building were in front of an entrance used by vehicles transporting illegal immigrants to the facility.
Seventy-seven people were detained in all.
Brad Lander, the city’s comptroller, was arrested for the second time at the federal building after being previously detained in June.
In the most recent incident, he entered 26 Federal Plaza with a group of protesters and media and declared that he was not leaving until the illegal immigrants detained in the cells were released.
According to the Homeland Security Department, among those currently incarcerated awaiting immigration proceedings or deportation are an MS-13 gang member, a man ordered removed from the country who was repeatedly arrested for flying drones near the White House, an individual convicted of illegally possessing a firearm, and multiple drug traffickers—one who was convicted with 2 kilograms of fentanyl, enough of the deadly opioid to kill approximately 1 million people, based on Drug Enforcement Agency calculations.
The group sat down on the ground and displayed an anti-Immigration and Customs Enforcement (ICE) banner that had ICE with a strike through it.
When the protesters refused to leave, they were detained in plastic zip-tie handcuffs.
The protesters’ behavior jeopardized the safety of federal agents and set a dangerous precedent, McLaughlin said.
“Brad Lander’s obsession with attacking the brave men and women of law enforcement, physically and rhetorically, must stop NOW,” she said.
“The men and women of ICE put their lives on the line every day to arrest violent criminal illegal aliens to protect and defend the lives of American citizens. This type of rhetoric is contributing to the 1000% surge in assaults of ICE officers through this repeated vilification and demonization of ICE.”
Calling the matter a human rights issue, Lander told reporters after he was subsequently released that more oversight is needed.
“A federal judge has indicated that the federal law is not being followed — the conditions are cruel and inhumane, that ICE is not respecting their rights,” he said.
According to the protesters, the group was attempting to verify whether authorities were complying with a court order issued on Sept. 17 directing the federal agency to reduce overcrowding and improve living conditions.
After the arrests ensued, the building was placed on lockdown after a bomb threat was called in, according to McLaughlin.
end
END
Trump Says Far-Left “Scum” Ilhan Omar Should Be Impeached, Claims She Married Her Brother For Citizenship
Friday, Sep 19, 2025 – 09:15 AM
President Trump, aboard Air Force One on Thursday evening, shared his thoughts on radical leftist Rep. Ilhan Omar of Minnesota.
First of all, Omar seems obsessed with bashing the U.S., with bizarre desires to collapse capitalism, while her home country of Somalia remains an utter wreck. She denounces America, yet has reportedly amassed a net worth of $30 million. Meanwhile, rumors that she married her brother to obtain citizenship have resurfaced.
Let’s begin with Trump’s Truth Social post about the unhinged leftist from Somalia…
Ilhan Omar’s Country of Somalia is plagued by a lack of central Government control, persistent Poverty, Hunger, Resurgent Terrorism, Piracy, decades of Civil War, Corruption, and pervasive Violence. 70% of the population lives in extreme Poverty, and widespread Food Insecurity. Somalia is consistently ranked among the World’s Most Corrupt Countries, including Bribery, Embezzlement, and a Dysfunctional Government. All of this, and Ilhan Omar tells us how to run America!
P.S. Wasn’t she the one that married her brother in order to gain Citizenship??? What SCUM we have in our Country, telling us what to do, and how to do it. Thank you for your attention to this matter. MAKE AMERICA GREAT AGAIN!
Hours before the Truth Social post, Trump told reporters on AF1, “I think she should be impeached. I think she’s terrible. She should be impeached, and it should happen fast.”
Earlier, Rep. Nancy Mace (R-SC) attempted to introduce a censure resolution against Omar but failed to progress, as four Republicans voted against it in exchange for a different censure resolution against Rep. Cory Mills (R-FL) to be dropped.
Meanwhile, the crazed leftist, whose rhetoric over the years has echoed Marxists seeking to destroy the country and remake it into a socialist utopia for their billionaire elite friends, went on a Charlie Kirk-bashing spree earlier this week.
Omar is part of the “squad” of progressive House members, along with Rep. Alexandria Ocasio-Cortez. AoC is merely a socialist puppet that preaches to collapse capitalism with her Marxist beliefs but enjoys, with Bernie Sanders, private jets and a life of luxury.
Two critical questions that linger with Omar:
- Has she ever falsified immigration paperwork for herself or her family?
- Which, if any, extremist or Islamist organizations/NGOs is she linked to?
Omar’s USA bashing:
https://twitter.com/i/status/1280561312527982595
GREG HUNTER
SEE YOU ON MONDAY
TO ALL OUR JEWISH FRIENDS OUT THERE WE WISH YOU A VERY HAPPY AND PROSPEROUS NEW YEAR!!
harveyorganblog.com 
