Paul Krugman told Bloomberg that recent U.S. policy choices—particularly higher tariffs and stricter immigration rules—are having the opposite effect of promises to make life cheaper, raising import prices and pushing up costs even for basics such as vegetables as farm labor shrinks. Krugman said immigration policy is also affecting construction and overall living standards, arguing immigrants "don't do the same things as people born in the USA," often complementing rather than displacing native workers; reduced immigration, he warned, will therefore hurt productivity. On tariffs he added they "do harm, but nowhere near as much as sometimes claimed," estimating that tariffs on the scale discussed by the administration would lower long-term GDP growth by about 0.5 percentage point under standard models. He also highlighted the added damage from policy uncertainty—shifting tariff plans, lawsuits and firms stockpiling exempted inventory—which will delay and spread tariff effects across prices and supply chains because many imports are inputs, not final goods. Using autos as an example, Krugman said, "There is no American auto industry, but a North American one," noting reshoring is only plausible where the U.S. lacks a large wage disadvantage; capital-intensive sectors like robot manufacturing are more viable than low-wage industries such as textiles. Krugman observed that tariffs can boost budget revenue as they are "basically a sales tax," but cautioned proceeds will fall far short of the levels claimed by the government and said current behavior toward closed agreements damages U.S. credibility internationally. #Krugman #tariffs #immigration #US #autos #FiatNews

The Federal Reserve cut interest rates by 25 basis points this week — the first reduction in 2025 — citing a slowing labor market. Markets received the move positively and pushed higher over the week, according to reports dated Sept 19, 2025. #Fed #interestRates #FiatNews

Ten‑year US Treasury yields recorded a daily increase of 0.01 percentage points on Sept 19, 2025, reaching 4.125%. The slight uptick left the benchmark yield around that level at the close of trading. #USTreasury #FiatNews

Gold advanced 1.1% on Sept 19, 2025, trading at $3,684 per ounce. The metal posted a solid daily gain and traded near that level during the session, reflecting increased demand for bullion. #gold #FiatNews

The EUR/USD currency pair weakened by 0.3% on Sept 19, 2025, trading at 1.1747. The single currency moved lower against the dollar over the session, reflecting intraday FX flows on that date. #EURUSD #FiatNews

Germany's DAX slipped 0.2% on Sept 19, 2025, underperforming while major US benchmarks hit records. The modest decline left the German index lower for the day amid mixed European trading conditions. #DAX #FiatNews

A valuation snapshot shows a divergence between the five largest U.S. stocks and the rest of the market: Goldman Sachs notes the top five trade at a price-to-earnings (PE) ratio of about 28—below the peak levels of the late-1990s tech bubble—while the remainder of the market is trading at PE multiples roughly in line with that bubble high. The author highlights that this split is driven by outsized valuations and earnings at the biggest tech firms. Two important caveats are noted. First, PE ratios can normalize either through falling prices or rising earnings; a simple historical projection suggests PE could decline toward long-term norms over roughly a decade if earnings continue to grow. Second, free cash flow (FCF) has risen relative to accounting earnings for many firms—so P/FCF may not signal the same overvaluation as PE alone, since lower investment goods costs have boosted cash generation versus reported profits. A long-term market-cap chart shows concentration in the top five is extreme today but not unprecedented: over decades, leaders change (Exxon is cited as a long-standing example). The commentary names #NVDA and #MSFT as appearing durable over a multi-year horizon, while #GOOGL faces questions about AI’s impact on search and #AAPL’s strong market position coexists with debate over its AI strategy. #FiatNews

US stocks closed the trading week at record highs on Sept 19, 2025: the S&P 500 rose 0.4% and the Nasdaq gained 0.6% on the day, with both indices finishing the week at historic peaks. Investors maintained buying pressure into the weekend. #SP500 #Nasdaq #FiatNews

Airbus, Thales and Leonardo are preparing a joint space and satellite venture intended to better compete with SpaceX, sources told Bloomberg. The three companies are negotiating a three-way fusion of their space divisions; an announcement could come this month though timing may slip. Due diligence is underway and antitrust filings are being prepared.\n\nAirbus CEO Guillaume Faury said the project is advancing: "We are working on it. We are in the process of execution. We remain very committed to this project." Leonardo CEO Roberto Cingolani had said in June he expected clarity by the end of July, but no public announcement has yet been made. Airbus CFO Thomas Toepfer indicated all three parties would likely hold minority stakes: "Governance details may differ from what we do at MBDA, but it's the direction we will take. I think nobody wants to be the majority owner."\n\nThe plan is likened to MBDA — the jointly owned European missile group — but analysts note the three space units face significant challenges, so a merger would be only a first step toward creating an entity capable of competing with U.S. or Chinese rivals. The initiative gains urgency as European states consider large defense spending increases tied to the war in Ukraine. Source: Bloomberg. #Airbus #Thales #Leonardo #SpaceX #EUspace #FiatNews

A fresh look at the “money supply drives stocks” thesis finds limited support for the U.S. case while suggesting a stronger, but still uncertain, link in China. Torsten Slok (2022) noted a high correlation between the U.S. equity market and global M2; the current reassessment finds some correlation in charts but nothing robust enough to rely on for causal inference. Central bank operations that exchanged newly created reserves for bank-held bonds are better described as swaps of liquid assets than straightforward “money printing.” Markets continued to rise even as central banks later reduced asset holdings, undermining simplistic liquidity narratives. A comparative chart linking SPX market capitalization to U.S. M2 implies that M2 is not a primary driver of U.S. equity moves. By contrast, a separate chart relating Chinese equities to Chinese M1 shows a clearer relationship over a different time horizon, hinting that narrow-money dynamics may matter more in China than in the U.S. Yet the author cautions that differences in timing and China’s deteriorating investability for foreign investors complicate any direct policy or investment read-through. Notes on definitions: U.S. M1 is the narrow money supply; M2 is broader (M1 plus savings, time deposits and money-market funds). Chinese M1 is the most liquid money definition (cash and certain deposits). #M2 #M1 #SPX #China #FiatNews

High-risk idea: Duolingo has been written down by about 50%, which the broker labels the riskiest tip but also an interesting contrarian opportunity for risk-tolerant investors. #DUOL #FiatNews

On 19 September 2025 the European Commission proposed a 19th sanctions package against Russia that would target 118 additional vessels from Russia’s “shadow fleet” and impose transaction bans on further banks in Russia and third countries. President of the Commission Ursula von der Leyen said Russia had shown “full contempt for diplomacy and international law” after intensified drone and missile strikes on Ukraine, and warned the overall threat to the EU is rising. The package must be approved unanimously by EU member states. The measures would for the first time target cryptocurrencies and tighten controls on exports of goods and technologies used on the battlefield. The proposal lists sanctions on 45 companies in Russia and third countries accused of directly or indirectly supporting the Russian military‑industrial complex, and would expand export bans to additional chemicals, metal components, salts and ores. Von der Leyen said the EU will also bar imports of Russian LNG, adding “it is time to turn off the taps.” EU foreign policy chief Kaja Kallas wrote the aim is to “hit Russia where it gets its money. No sector is taboo.” Britain announced parallel extensions to its sanctions lists, adding two Georgian businessmen, two Georgian companies and two tankers said to have carried Russian oil as part of the shadow fleet. #EU #Russia #LNG #cryptocurrency #FiatNews

Novo Nordisk will cut about 9,000 jobs—roughly 11% of its workforce—and has again reduced its profit outlook, the Danish drugmaker said on Sept. 10, 2025. The move, announced under new CEO Mike Doustdar, aims to save DKK 8 billion by the end of 2026 and is part of a wider strategy shift as the company faces stronger competition in the obesity-drug market. "Sometimes the hardest decisions are the right ones for the future we are building," Doustdar wrote on LinkedIn. #NovoNordisk #Ozempic #Wegovy The company said the cuts include some 5,000 roles in Denmark and will incur one-off restructuring costs of DKK 8 billion. Novo now expects underlying operating profit to grow 4–10% at constant exchange rates, down from an earlier forecast of as much as 27% in February. It also expects depreciation, amortisation and impairment charges to increase by DKK 4 billion to about DKK 21 billion after stopping early development projects. Novo’s market position has been challenged by Eli Lilly’s stronger commercial efficiency, trial setbacks (including disappointing results for the experimental injection CagriSem) and cheaper US copies of its drugs. Shares fell sharply over the past year—down about 61%—though they rose 3.6% in Copenhagen after the initial drop. JPMorgan analyst Richard Vosser warned the restructuring could prompt further questions about the company’s growth outlook. #FiatNews

Market snapshot (selected): PX +0.46% today (2,294.00), YTD +30.33%, 1‑yr +44.82%. DAX -0.01% (23,672.3), DJ STOXX 600 -0.01% (554.9). Nasdaq +0.29% and S&P 500 +0.22% today. FX: CZK/EUR 24.29 (+0.06%), CZK/USD 20.65 (-0.17%). #markets #indices #FiatNews