“US stocks closed higher on Wednesday as investors weighed President Trump’s latest 25% tariff salvo and digested the Federal Reserve minutes for insight into future policy. The benchmark S&P 500 moved up about 0.2%, hitting a fresh record high of 6,144.15, after notching a record on Tuesday as well. The Nasdaq Composite and the Dow Jones Industrial Average both rose about 0.1%. Wednesday’s minutes from the Fed’s January meeting revealed most central bank officials supported holding policy at restrictive levels amid concerns about persistent inflation.” (02/19/25)
“In a day marked by contrasting movements, bitcoin exchange-traded funds (ETFs) faced a notable net outflow of $60.63 million, while ether ETFs managed to attract a modest inflow of $4.60 million. Bitwise’s BITB led the bitcoin ETF outflows with a substantial $112.65 million withdrawal, accompanied by Fidelity’s FBTC, which saw an outflow of $16.42 million. Conversely, Blackrock’s IBIT stood out by securing an inflow of $68.44 million, partially offsetting the overall negative trend. Other bitcoin funds remained neutral, reporting neither inflows nor outflows. … The significant lack of volume in the market and current bearish sentiment continue to reflect in the daily trading pattern of bitcoin and ether ETFs.” (02/19/25)
“President Donald Trump’s media company sued a Brazilian Supreme Court justice on Wednesday, accusing him of violating U.S. free speech protections when he imposed a ban on a right-wing supporter of the country’s former President Jair Bolsonaro. … The lawsuit in the U.S. was brought by Sarasota, Florida-based Trump Media & Technology Group, which operates the Truth Social media platform preferred by the president to communicate with his followers. It was joined as a plaintiff by Rumble, a video-sharing platform that partners with Truth Social and fashions itself a safe harbor for free expression. In their 39-page complaint, the plaintiffs allege that Moraes overstepped his legal authority and international law by seeking to shut down the U.S.-based accounts of a right-wing Brazilian commentator who is seeking asylum in the U.S.” (02/19/25)
“Nikola said on Wednesday it had filed for Chapter 11 bankruptcy protection and would pursue a sale of all or most of its assets, after grappling with rapid cash burn and struggling to raise funds in the past few quarters. The development brings a close to a challenging journey, which included numerous leadership changes, choppy sales and a plummeting share value. EV firms that went public during the pandemic, promising to revolutionize the sector, such as Fisker, Proterra and Lordstown Motors have filed for bankruptcy in recent years as funding for the capital-intensive operations dried up due to high interest rates and flagging demand. Nikola said it decided to initiate a sale process of its assets to maximize value and ensure an orderly wind down.” (02/19/25)
“Egyptian officials announced on Tuesday the discovery of King Thutmose II’s tomb in Luxor, a find described as ‘one of the most important archaeological discoveries in recent years.’ This marks the first royal tomb discovery in Egypt since Tutankhamun’s burial site was uncovered over 100 years ago. The tomb, designated as Tomb No. C4, was found in the C Valley area of the Theban Hills, approximately 2.4 kilometers west of the Valley of the Kings. A joint archaeological mission comprising British and Egyptian teams spent two years excavating the site. … King Thutmose II’s mummified remains were discovered in the 19th century at the Deir el-Bahari Cachette, where they were rewrapped and restored after being violated by tomb robbers. However, his original tomb had never been found until now.” (02/19/25)
“A Justice Department official told a federal judge Wednesday that granting its request to dismiss corruption charges against New York City Mayor Eric Adams was his only option after the Democrat said under oath that ‘no other agreement’ was made with the government in return for the charges being dropped. Judge Dale E. Ho ended Wednesday’s hearing by saying he wouldn’t ‘shoot from the hip’ and rule immediately but was aware that ‘it’s not in anyone’s interest here for this to drag on.’ Adams appeared in high spirits during the more the 80-minute hearing …. the judge asked Deputy U.S. Attorney General Emil Bove, who represented the government, whether he thought he could consider a written submission by three former U.S. attorneys and a separate one by a former Watergate prosecutor in making his decision.” (02/19/25)
“Mortgage rates dipped slightly last week, but so did mortgage demand, as housing affordability continues to sideline potential buyers. Total mortgage application volume fell 6.6% for the week, according to the Mortgage Bankers Association’s seasonally adjusted index. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) decreased to 6.93% from 6.95%, with points increasing to 0.66 from 0.64 (including the origination fee) for loans with a 20% down payment.” (02/19/25)
“Two British nationals detained in Iran have been charged with espionage after they allegedly gathered information in different parts of the country, the Iranian judiciary’s Mizan news agency reported on Tuesday. The two were named as Craig and Lindsay Foreman, and their family said on Saturday they were engaging with relevant authorities to ensure the pair’s well-being and safe return home. ‘The detained individuals entered the country as tourists and collected information in several provinces of the country,’ Mizan said, without giving further details. British media have said they are a married couple.” (02/19/25)
“A Japanese court on Wednesday convicted a man who threw a homemade pipe bomb at Japan’s former Prime Minister Fumio Kishida at a 2023 campaign event, sentencing him to 10 years in prison, court officials said. Ryuji Kimura, 25, was found guilty of attempted murder in the April 15, 2023 attack on Kishida at a small fishing port in the western city of Wakayama, as well as four other crimes including violations of laws on explosives and other weapons. … The attack came about a year after the assassination of former Prime Minister Shinzo Abe during a campaign speech in Nara, another city in western Japan.” (02/19/25)
“Apple has announced a new iPhone which brings artificial intelligence (AI) features at a lower cost than its flagship handsets. The iPhone 16e has the same processor as the larger iPhone 16, Apple said, with similar storage options, though a lower spec elsewhere, including fewer cameras. Apple has been struggling to find a new product that excites consumers — sales of iPhones dropped at the end of last year. It will be hoping that bringing enhanced AI functionality to a less expensive phone will address that — however analysts have been cautious about the sales boost such tools bring. Its name is clearly a nod to its iPhone SE series, which were released from 2016 to 2022, and similarly priced significantly lower.” (02/19/25)
