Baltic
Dry Index. 2204 +11
Brent Crude 59.86
Spot Gold 4370 US 2 Year Yield 3.48 -0.03
US Federal Debt. 38.418 trillion
US GDP 31.645 trillion.
There is no way of keeping profits up but by keeping wages down.
David Ricardo
In Trump World, it’s becoming a Wild West World. While blockading Venezuela’s oil from “sanctioned” oil tankers is likely to have minimal effect on the global oil price, it’s a giant signal to the rest of the world to de-dollarise ASAP.
Asia-Pacific markets trade mixed as investors parse Japan trade data
Published Tue, Dec 16 2025 6:53 PM EST
Asia-Pacific markets traded mixed
Wednesday as investors parsed Japan’s trade data.
Japan’s exports in November grew 6.1% year
on year, data from the country’s finance ministry released Wednesday showed.
The growth sharply beat expectations of an average 4.8% rise estimated by
economists polled by Reuters, and was higher than the 3.6% seen in the previous
month.
Japan’s Nikkei 225 was flat, while
the Topix declined 0.25%. South Korea’s Kospi added 0.72%, and the
small-cap Kosdaq climbed 0.19%.
Japanese financial institution SBI Shinsei
Bank rose over 12% after a 322 billion yen ($2.1 billion) IPO. The
shares were priced at 1,450 yen each.
Australia’s S&P/ASX 200 declined
0.25%.
Hong Kong’s Hang Seng index was
marginally up, while the CSI 300 on mainland China was slightly lower.
Shares of Chinese chipmaker MetaX
Integrated Circuits soared more than 700% in their market debut in Shanghai on
Wednesday, after the company raised nearly $600 million in its initial public
offering. Similar to Moore Threads, which
saw a robust debut at the start of the month, MetaX develops graphics
processing units for artificial intelligence applications, tapping into a
fast-growing sector driven by rising adoption of AI services.
Shares of crypto exchange HashKey opened
about 3% higher as it debuted on the Hong Kong stock exchange, after raising
about $207 million in its initial public offering.
Oil prices climbed after U.S. President
Donald Trump announced on social media platform Truth Social that he will
be ordering a “TOTAL AND COMPLETE BLOCKADE OF ALL SANCTIONED OIL
TANKERS” entering and leaving Venezuela.
West Texas Intermediate rose
over 1% to $55.96 per barrel. U.S. crude oil prices fell nearly 3% on Tuesday
to close at the lowest level since early 2021, as a looming surplus and possible
peace agreement in Ukraine weigh on the market.
Overnight in the U.S., the S&P 500 fell for a third
session as traders digested the delayed release of the November
jobs report.
The broad market index dropped 0.24% to
settle at 6,800.26, while the Nasdaq
Composite gained 0.23% to end at 23,111.46. The Dow Jones Industrial Average declined
302.30 points, or 0.62%, to close at 48,114.26.
Asia-Pacific
markets: Nikkei 225, Kospi, CSI 300
US Unemployment Hits a Four-Year High
December 16, 2025 at 11:19 PM GMT
US unemployment hit 4.6%, a number not
seen since
the depths of the Covid pandemic as the American labor picture continues
to darken.
US job growth remained sluggish in
November as nonfarm payrolls increased by only 64,000 after declining
105,000 in October, according to the Bureau of Labor Statistics, part of
the Department of Labor. The decline in October payrolls, the largest
since the end of 2020, was due to a plunge in federal employment as
workers who accepted the Trump administration’s deferred resignation offers
officially dropped off payrolls.
A separate report out Tuesday showed
retail sales were little changed in October as a decline at auto dealers and
weaker gasoline receipts offset stronger spending in other categories. And
figures from S&P Global showed US business activity expanded in
December at the slowest pace in six months, while a measure of input prices
jumped to a more than three-year high. Markets reacted
poorly. —David
E. Rovella
US
Unemployment Hits a Four-Year High: Evening Briefing Americas - Bloomberg
Trump designates Venezuela government a
‘terrorist’ regime, orders blockade of sanctioned oil tankers
Published Tue, Dec 16 2025 7:39 PM ES
U.S. President Donald Trump on Tuesday
stateside designated Venezuelan government a “terrorist” organization and
ordered a “complete and total” blockade of sanctioned oil tankers moving in and
out of the country.
In a post on Truth Social, Trump said “Venezuela is
completely surrounded by the largest Armada ever assembled in the History of
South America.”
“For the theft of our Assets, and many other reasons, including Terrorism, Drug
Smuggling, and Human Trafficking, the Venezuelan Regime has been designated a
FOREIGN TERRORIST ORGANIZATION. Therefore, today, I am ordering A TOTAL AND
COMPLETE BLOCKADE OF ALL SANCTIONED OIL TANKERS going into, and out of,
Venezuela,” Trump said.
He added, “It [the blockade] will only get
bigger, and the shock to them will be like nothing they have ever seen before.”
Venezuela labeled Trump’s statement
“grotesque,” saying his action “violates International Law, free trade and free
navigation, which constitutes a serious threat against a sovereign nation,” calling the blockade “absolutely irrational,” according to a Google translation of Venezuelan media reports.
According to the U.S. State Department,
designating an entity as a “Foreign Terrorist Organization” makes it illegal for any U.S. citizen to knowingly
provide “material support or resources” to such an organization, among other
measures.
Andy Lipow, president of Lipow Oil
Associates, told CNBC that a full embargo of Venezuelan oil would affect
800,000 to 900,000 barrels of oil per day, which could increase prices by about
$2 to $3 per barrel.
That would still leave the world “well
supplied” as there’s a global oil surplus of about 2 million barrels per day,
Lipow said.
However, Lipow also pointed out that “The
oil market will be watching the Chinese reaction as they are the largest buyer
of Venezuelan oil, benefiting from discounted prices and, they may be reluctant
to observe USA sanctions, keeping Venezuelan oil flowing into the market.”
Brent crude rose 0.9% to $59.46 a barrel,
while U.S. West Texas Intermediate crude gained 1% to $55.82 a barrel after
after the news. Prices had hit a four-year low on Tuesday stateside, with WTI
falling nearly 3% to $55.27 per barrel, while Brent lost 2.71%, or $1.64, to
settle at $58.92.
Lipow’s view was also echoed by Bob
McNally, president at Rapidan Energy Group, who said that “nothing
substantively has changed,” as long as only sanctioned tankers are targeted.
“We estimate that sanctioned (only)
tankers would threaten about 0.3 million barrels of Venezuela’s roughly 0.9
million barrels a day of total crude exports.”
More
Trump
orders blockade of sanctioned oil tankers entering, leaving Venezuela
In other news, under Trump, when is a US deal not a deal?
US
pauses implementation of $40 billion technology deal with Britain
December
16, 2025 11:50 AM GMT
Dec
15 (Reuters) - The United States has paused a $40 billion technology agreement
with Britain, officials said, following concerns in Washington over London's
approach to digital regulation and food standards.
The
“Tech Prosperity
Deal,”
covering artificial intelligence, quantum computing, and civil nuclear energy,
was agreed during President Donald Trump's state visit to Britain in September.
Britain
hailed the visit as proof of close ties and Prime Minister Keir Starmer's
ability to work with Trump on trade and technology.
Britain
became the first country to agree in principle to lower some U.S. tariffs in
May, but implementation has been slow. Talks on sectors such as steel stalled,
though the two sides agreed a framework
pharmaceutical deal earlier
this month.
British
officials confirmed on Tuesday that the U.S. has paused implementation of the
tech deal. The New York Times, which first reported the move, said U.S.
officials were frustrated by Britain’s online safety rules, digital services
tax, and food safety restrictions.
BRITAIN
SAYS IT IS COMMITTED TO WORKING WITH UNITED STATES
British
ministers say the May tariff deal allowed higher U.S. beef exports without
compromising UK standards and insist digital regulations and tax will not be
negotiated away.
"Our
special relationship with the U.S. remains strong and the UK is firmly
committed to ensuring the Tech Prosperity Deal delivers opportunity for
hardworking people in both countries," a spokesperson for the UK
government said.
Under
the Tech Prosperity Deal, Britain and the United States agreed to work together
on quantum computers and artificial intelligence, while the likes of Microsoft,
Google, Nvidia and OpenAI pledged to invest tens of billions of dollars in
Britain.
The
White House did not immediately respond to Reuters' request for comment.
The
U.S. is Britain's largest trading partner, and its big tech companies have
already invested billions of dollars in their UK operations.
British
Trade Secretary Peter Kyle visited the United
States last
week for talks with trade officials and tech firms.
"Kyle
raised the importance of keeping up momentum on implementing all aspects of the
UK-U.S. deal," Kyle's office said in a readout after meeting U.S. Commerce
Secretary Howard Lutnick, Trade Representative Jamieson Greer and Treasury
Secretary Scott Bessent.
"Both
sides agreed to continue further negotiations in January."
US pauses
implementation of $40 billion technology deal with Britain | Reuters
Global Inflation/Stagflation/Recession
Watch.
Given
our Magic Money Tree central banksters and our spendthrift politicians,
inflation now needs an entire section of its own.
Payrolls
rose by 64,000 in November after falling by 105,000 in October, delayed jobs
numbers show
Published
Tue, Dec 16 2025
Nonfarm
payrolls grew slightly more than expected in November but slumped in October
while unemployment hit its highest in four years, the Bureau of Labor
Statistics reported Tuesday in numbers delayed by the government shutdown.
Job
growth totaled
a seasonally adjusted 64,000 for the month, better than the Dow Jones estimate
for 45,000 and up from a sharp decline in October.
The
unemployment rate rose to 4.6%, more than expected and its highest level since
September 2021. A more encompassing measure that includes discouraged workers
and those holding part-time jobs for economic reasons swelled to 8.7%, its peak
going back to August 2021.
In
addition to the November report, the BLS released an abbreviated October count
that showed payrolls down 105,000. While there was no official estimate, Wall
Street economists were largely expecting a decline following a surprise
increase of 108,000 in September.
The
October slump came from a steep fall in government employment as deferred
layoffs instituted earlier this year took effect. Government payrolls were off
162,000 for the month, and fell an additional 6,000 in November.
The
October decline marked the third time in six months that payrolls saw a net
negative level. The BLS report also showed that August’s numbers were revised
down 22,000 to show a steeper loss of 26,000, while September’s initial count
was pushed lower by 11,000.
The
BLS had cautioned that the household survey, which is used to calculate the
unemployment rate, will be impacted for several months by impacts from the
shutdown. Challenges in capturing the October numbers led to the cancellation
of both the jobs report and the closely watched consumer price index.
Despite
the complications, the report painted a familiar picture of the labor market.
The
jobs climate continues to be one of low hiring and low firing, impacted as well
by stringent border practices under President Donald Trump that have drained
the workforce of the usual influx of immigrants.
The
establishment numbers showed most of the gains in November came from a familiar
source — health care added 46,000 jobs, accounting for more than 70% of the
total net increase. Construction rose by 28,000 while social assistance
contributed 18,000.
On
the down side, transportation and warehousing was off 18,000, part of a
continuing trend in job losses for the sector. Leisure and hospitality also
posted a loss of 12,000.
“The
U.S. economy is in a jobs recession,” said Heather Long, chief economist at
Navy Federal Credit Union. “The nation has added a mere 100,000 in the past six
months. The bulk of those jobs were in healthcare, an industry that is almost
always hiring due to America’s aging population.
More
Jobs report
November 2025: Payrolls rose by 64,000 in November after falling by 105,000 in
October
Labour
dealt blow as unemployment rate jumps above 5 per cent
Tuesday
16 December 2025 7:28 am
The
UK unemployment rate jumped above the 5 per cent mark as the Office for
National Statistics (ONS) published damning figures that will likely send
chills throughout the Labour government ministers ahead of the Christmas break.
The
ONS said the number of payrolled employess fell by 22,000 in September while
the unemployment rate hit 5.1 per cent for the period between August and
October.
An
early estimate showed there was a drop of 38,000 payrolled employees in
November. Meanwhile, public sector employment rose over the three months and
hit a record high of over 4m in September in the central government. An
additional 2m people are working in local government.
The
data also pointed to a sustained fall in vacancy numbers, with a drop of around
77,000 in the three months to November compared to the same period last year.
Including
bonuses, the figure fell from 4.9 per cent to 4.7 per cent.
“The
overall picture continues to be of a weakening labour market,” said Liz
McKeown, director of economic statistics at the ONS.
“The
number of employees on payroll has fallen again, reflecting subdued hiring
activity, while firms told us there were fewer jobs in the latest period.
“The
fall in payroll numbers and increase in unemployment has been seen particularly
among some younger age groups.”
Government
officials will likely pour over fresh figures with a sense of
trepidation.
In
the last two months, the government has rolled out a set of policies, including
a youth work guarantee, aimed at boosting long-term employment in the UK and to
make workers more mobile.
More
Labour dealt blow
as unemployment rate jumps above 5 per cent
Covid-19
Corner
This
section will continue only occasionally when something of interest occurs.
Off topic but close.
Technology
Update.
With events happening fast in the
development of solar power and graphene, among other things, I’ve added this
section. Updates as they get reported.
This
startup raised millions to beam solar power from space after dark
December
14, 2025
Another
day, another ambitious company emerges to harness the power of the Sun from
Earth's orbit.
Okay, it's not quite that common an occurrence, but
there are indeed a number of firms giving this a go. The latest to join the
fold is Overview Energy, a Northern Virginia-based startup that's raised US$20
million to try transmitting solar power from satellites down to solar panels on
Earth, enabling a 24/7 supply.
Specifically, it plans to use wide-beam near-infrared
lasers to continuously deliver power from satellites in geosynchronous orbit
(about 22,000 miles or 36,000 km above the Earth's surface) to existing solar
farms. At that altitude, the Sun is visible around the clock, which means
Overview's constellation could help make use of existing solar projects to
generate electricity during the 65%-75% of time during the day when they're
otherwise idle.
The company notes this can benefit homeowners by
reducing electricity price spikes, and increasing the resilience of connected
grids powering critical facilities. The same constellation can also serve
different regions throughout the day.
To
prove its tech is up to the task, Overview completed an airborne demo last
month, in which a Cessna Caravan light aircraft transmitted power
using a laser to a ground receiver made up of conventional solar panels
from an altitude of 3 miles (5 km). The startup claims this is the first-ever
example of high-power wireless power transfer from any moving platform. And
since it uses the startup's own optics chain and lasers that it plans to use in
space, along with regular old solar panels on the ground, this validates its
approach ahead of scaling things up.
It's worth noting that it’s still significantly cheaper
to deploy more solar panels here on Earth than to capture sunlight and send it
down here from space. While beaming power wirelessly from orbit down to Earth
is a commendable endeavor, it'll have to practically compete with the possibly
simpler route: expanding solar farms on Earth, and further developing battery
storage solutions to increase capacity and reduce costs.
Overview's sunlight-beaming satellites won't be alone
in space. Aetherflux is also gearing up to demo its power transmission system next
year with portable ground stations, and UK-based Space Solar hopes to send power to a
demonstrator in Iceland by 2030.
There's also New Zealand's Emrod, which aims to use a microwave-based transmission system. TechCrunch's Tim De Chant points out that this approach can't reuse existing solar farms and instead relies on proprietary ground stations as receivers; these
microwave beams also have to be more powerful, and so the companies behind them
have to figure out workarounds that prevent harming passerby birds and
aircraft. That makes Overview's near-infrared laser-based method seem more
plausible in comparison. We also don't yet know enough about the efficiency of
this system, and what the Levelized Cost of Energy (LCoE) will work out to be.
Up
next for Overview is a pilot project, in which it will have a satellite up in
low Earth orbit sometime in 2028. Subsequently, the company hopes to begin
delivering power from higher up at geosynchronous orbit by 2030. While it's
confident that it's validated its solution, with altitude being the only major
remaining variable, the proof will be in the solar-oven-baked pudding.
Overview Energy
plans 24/7 solar power from orbit with lasers
Next, the
world global debt clock. Nations debts to GDP compared.
World Debt Clocks
(usdebtclock.org)
Nothing contributes so much to the prosperity and happiness of a
country as high profits.
David Ricardo
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