Le Grand Continent : Donald Trump est-il totalement fou ? Elisabeth Roudinesco s

Donald Trump est-il totalement fou ? Elisabeth Roudinesco sur le pouvoir délirant de la Maison-Blanche
Entretiens Politique

Elisabeth Roudinesco — Après la scène shakespearienne à la Maison-Blanche, lors de laquelle Donald Trump a reçu un prix Nobel imaginaire, la question de sa santé mentale refait surface.

Pour Élisabeth Roudinesco, il ne s'agit pas de livrer un diagnostic des pathologies d’un homme mais de comprendre pourquoi un système politique entier accepte de se plier à un délire narcissique sans limites.

Hier, à la Maison-Blanche, Donald Trump a mis en scène une cérémonie officielle au cours de laquelle il a reçu de la part de Maria Corina Machado la médaille du Nobel, comme s’il s’agissait d’un prix réel. Cette scène bizarre semble tout droit sortie d’un délire de roi shakespearien… Devons-nous prendre au sérieux l’hypothèse que Donald Trump est fou ?
Cette scène shakespearienne est en effet l’expression d’un délire, ce qui ne signifie pas pour autant que le président américain est cliniquement psychotique, c’est-à-dire fou.

J’ai vu dans cette cérémonie grotesque le franchissement d’une ligne : sachant qu’il n’aura sans doute jamais le prix qu’il convoite, Donald Trump organise une mise en scène : la remise d’un prix qui ne lui est pas destiné et qui est de fait un semblant. Ni lui ni Machado — qui a accepté d’entrer dans ce jeu grotesque — n’ont en réalité transgressé la loi établie par le Comité Nobel, qui prévoit que le titre ne peut en aucun cas être transmis par le lauréat, bien que la médaille puisse être offerte ou vendue. Mais c’est précisément là que quelque chose bascule : par cette mise en scène grotesque et sans éprouver un seul instant la crainte du ridicule, ils font advenir une réalité étrange, parallèle, délirante.

On a donc la confirmation de ce qui constitue l’essence du trumpisme : la puissance du grotesque — et c’est là que réside son danger tout à fait réel.

La vraie question ne devrait donc pas être : « Trump est-il fou ? ou : « De quel type de folie s’agit-il ? » mais plutôt : « Pourquoi les structures politiques, institutionnelles et sociales permettent-elles cette folie ? Pourquoi les institutions américaines et occidentales contribuent-elles à réaliser le délire du président des États-Unis ? »
C’est absolument cela ! Le rapport entre la jouissance et la loi chez Trump est, de ce point de vue, central.

Trump vit dans un monde qu’il fabrique lui-même, un monde qu’il veut identique à son désir de toute puissance et donc de jouissance. Lorsqu’il organise une cérémonie pour se remettre à lui-même un prix Nobel imaginaire, il ne joue pas, il ne plaisante pas : il vit réellement la scène. Trump aime les médailles, le clinquant, les fausses dorures, et il croit que ces signes extérieurs sont l’équivalent d’un vrai titre : il a une passion pour les salles de bal et les signes de la vie monarchique. Il se rêve en roi — de style Louis XIV à Las Vegas — couvert de décorations et de breloques. Le signifiant « Nobel de la Paix » est une obsession chez lui, alors même qu’il est un brutal faiseur de guerre ayant échappé par terreur au service militaire — quatre reports d’incorporation…

Cela en dit long sur ce qu’il est : il préfère être dupé que de risquer quoi que ce soit et il ne craint pas le ridicule. Là est son délire visible : un délire des grandeurs fondé sur le culte de son ego ; un délire narcissique d’histrion qui devient d’autant plus dangereux que son entourage s’y soumet.

En 2017, il a été qualifié par les meilleurs psychiatres américains de « mélange de sociopathe, narcissique, sadique, dangereux et incapable de gouverner son pays »…

Pourtant, tout se passe comme si la loi ou les institutions aux États-Unis ne pouvaient plus jouer le rôle d’une limite : la puissance militaire, diplomatique et économique de la première puissance mondiale est mise au service des fantasmes d’un homme…
Oui et c’est cela le plus frappant. Trump dirige son pays comme un dictateur et il est d’ailleurs fasciné par Poutine auquel il s’identifie sans cesse. Mais les structures politiques et institutionnelles des États-Unis restent démocratiques et Trump est tributaire de ce système. Il ne peut donc pas exercer le pouvoir dictatorial dont il rêve, ce qui d’ailleurs l’exaspère : d’où l’histrionisme. Il ne cherche qu’à les abolir ou à les transgresser : il a d’ailleurs tenté un coup d’État le 6 janvier.

Et c’est bien parce qu’il est sans limites qu’il attire la soumission de la part de son entourage.

Est-ce cette dimension infantile qui le rend toujours — et malgré ses excès et la violence réelle de son action politique — presque drôle et séduisant ?
Je pense que oui. Pour ceux qui le soutiennent, il est une sorte de diablotin qui s’autorise n’importe quoi. L’infantile, chez lui, fonctionne comme un dispositif de séduction : il désarme, il abaisse le niveau, il transforme la violence politique en spectacle. On rit, on s’étonne, on est effaré. Et pendant ce temps, l’action réelle, elle, est d’une brutalité extrême.

C’est là tout le danger. Cette absence de limites se retrouve dans tous les registres : politique, géopolitique, corporel et sexuel.

Susan B. Glasser, du New Yorker, parle à propos de Trump d’une « forme narcissique d’unilatéralisme » 1…
C’est exactement cela. Nous vivons un temps étrange : l’écrasante puissance des États-Unis est mise au service du narcissisme d’un seul homme. Mais, encore une fois, la question ne touche pas qu’à Trump, elle est structurelle : pourquoi tout un système accepte-t-il de fonctionner sur le mode du délire narcissique ?

Quelle est votre explication ?
On peut formuler une hypothèse, mais il faut d’abord répondre à une autre question : pourquoi Trump fascine-t-il autant, y compris chez certains responsables politiques ? Parce que précisément il ose exhiber sa toute-puissance.

Son entourage obéit aux fantasmes de Trump parce qu’il exprime ce que les autres refoulent ou n’osent pas dire, ni même avouer ou penser : il est mal élevé, n’a aucune limite symbolique, il insulte tout le monde, dit des inepties, ment de façon éhontée, fait des plaisanteries grossières (notamment avec les femmes), déraille ou s’agite et ne comprend pas la moindre métaphore : dans son fonctionnement psychique, tout est réduit à une réalité simpliste. Il pense que les frontières doivent être des murs : il a même songé à un mur « transparent » avec le Mexique afin de mieux surveiller l’envahisseur. Il croit que les demandeurs d’asile proviennent d’un vrai asile (psychiatrique) et qu’ils sont des criminels cherchant à le « remplacer » — lui et les Américains dits « de souche ».

Il est complotiste et il alimente le complotisme. Il nourrit la folie potentielle des autres et parle comme un enfant turbulent : « un tel est méchant, un tel est gentil, on travaille bien avec un tel et mal avec un autre. Je vais lui donner une fessée à celui-là qui ne veut pas obéir, etc. »

Chez Donald Trump on a l’impression qu’il n’y a pas d’altérité, pas de loi intériorisée, pas de surmoi opérant. Tout est ramené à une logique binaire et colérique : gagner ou perdre, écraser ou être écrasé. Il est amphigourique, obscène, il autorise une forme de jouissance politique pulsionnelle. Il incarne une souveraineté déjantée.

Il se prend pour un miraculé, sauvé par Dieu. N’oublions pas qu’il échappé deux fois à des morts accidentelles : une fois en ne prenant pas un hélicoptère qu’il devait prendre, une deuxième en échappant de justesse à un attentat.

Que sait-on de ses relations familiales ?
On sait beaucoup de choses grâce à des documentaires et des déclarations qu’il a faites sur lui-même : homme parfait, n’ayant aucun défaut, se croyant désiré par toutes les femmes — un symptôme de l’érotomanie —, il ne boit pas d’alcool et ne fume pas, redoute la saleté, a des manies alimentaires, croit qu’on peut se préserver du Covid en avalant de l’eau de Javel.

En conséquence de ce qu’il pense être sa propre perfection, il veut mettre son nom partout et laisser une trace à la postérité.

Sa relation à sa mère est problématique. Couverte de bijoux et de vêtements extravagants, elle n’a cessé de vanter ses mérites et l’a préféré aux autres enfants — deux sœurs et deux frères, dont l’aîné est mort d’alcoolisme. Trump a passé son temps à vouloir rivaliser avec son père en termes de fortune accumulée : toujours plus de dollars, des tours et des bâtiments toujours plus hauts, toujours plus de territoires sur ce qu’il appelle son « hémisphère » à propos du Groenland.

Sa relation avec ses trois femmes l’est tout autant.

Elles se ressemblent : des mannequins blondes, de type slave, parfaitement habillées, sans le moindre défaut, grâce souvent à des chirurgies esthétiques. Il a d’ailleurs créé en 1999 une agence de mannequins et a été propriétaire de concours de beauté entre 1996 et 2015. Il a toujours besoin d’être « accompagné ». Sa première femme, Ivana, athlète et mannequin tchécoslovaque, avec laquelle il aura trois enfants, était bien plus brillante que lui et meilleure femme d’affaires : elle parlait tout le temps. Il l’a littéralement « répudiée » en disant à ses proches qu’il ne « pouvait plus avoir de relations sexuelles avec elle ». Elle est morte défigurée par une chute et le visage ravagée par de multiples injections.

La deuxième épouse, Marla Maples (dont il a une fille), présentatrice de télévision, reine de beauté et publiciste pour des produits de bien-être, a été « parfaite » pour lui. Le mariage a eu lieu en grande pompe à l’hôtel Plaza de New York au milieu d’un millier d’invités parmi lesquels le pédocriminel Jeffrey Epstein. Avant même le mariage, Trump avait déclaré dans le New York Post du 16 février 1990 : « Le meilleur coup que j’ai jamais eu ». Ils se sont séparés à l’amiable.

Enfin, la troisième, Melania, mannequin d’origine slovène, c’est encore mieux : elle est quasiment mutique. Quant à Ivanka, sosie de sa mère Ivana, elle est à ce point au service de son père qu’il a affirmé publiquement que si elle n’avait pas été sa fille, il serait « sorti avec elle »…

Ces éléments sont lourds de signification. Les femmes ne sont jamais reconnues par Trump comme des sujets, mais comme des objets ou plutôt des fétiches dont il ne peut se passer ; lorsqu’elles deviennent mères, les difficultés sexuelles apparaissent.

Lui-même est maquillé et a les cheveux teints et coiffés de façon à dissimuler sa calvitie. Tout cela est abondamment documenté.

Trump sera pourtant confronté à une contradiction : l’aventurisme géopolitique qu’il mène depuis quelques jours avec une intensité particulière implique à terme de se confronter à des limites : en menant des opérations militaires, comme en entrant dans un rapport de force avec le système américain pour le faire basculer vers un autre régime non-démocratique, il s’expose au risque de pertes et d’une défaite…
Comme je l’ai dit, Donald Trump a une peur bleue de la guerre.

Il pense pouvoir la mettre en scène, la concentrer en quelques actes pour l’éviter. C’est pourquoi il parle d’« opérations de police ». Il croit conjurer la violence par des gestes spectaculaires. Mais il est capable aussi d’annoncer n’importe quoi puis de reculer : en Iran par exemple, il a reculé après avoir menacé les islamistes des pires représailles sans la moindre compassion pour les milliers d’insurgés auxquels ils avaient promis un soutien. À ce jeu, Trump ne gagnera pas, et les dégâts peuvent être considérables. Nous sommes face à une hybris effarante désormais visible par le monde entier.

Le camp MAGA dénoncerait sans doute votre analyse en vous diagnostiquant un « Trump Derangement Syndrome » 2. Comment répondre ?
C’est un mécanisme classique de projection qui ne trompe personne. Traiter l’autre de fou en utilisant le vocabulaire de la psychiatrie et en l’accusant de la pathologie dont on est soi-même porteur.

C’est une caractéristique des discours autoritaires et dictatoriaux.

Ce qui frappe, c’est l’extension du mot « folie » dans l’espace public au moment même où il a été évacué du savoir psychiatrique et notamment du DSM (Manuel diagnostique et statistique des troubles mentaux).

L’action politique de Trump nous contraint à vivre dans une réalité bien étrange : celle du délire logique du dirigeant le plus puissant de la planète.

Si l’on suit votre analyse, la question prioritaire face à Trump serait donc celle des limites et du rapport de force : il faut qu’un pouvoir établi et crédible — en Europe ou aux États-Unis — lui intime : « C’est assez. »
Oui, une telle chose est urgente.

Je crois que l’Europe est bien plus forte que les États-Unis et que leurs dirigeants ne le pensent ; mais encore faut-il avoir le courage de voir ce qui se présente face à nous. Les dirigeants européens semblent continuer à croire qu’on pourrait « raisonner » Trump, comme s’il s’agissait d’un interlocuteur classique. C’est une erreur qui nous prive d’une possibilité de sursaut historique.

Au contraire, il faut lui poser des interdits avec force. Et il cédera car il ne cède qu’à la puissance — d’où qu’elle vienne et pas seulement à la puissance militaire, dictatoriale ou financière. Le drame, c’est que beaucoup préfèrent céder au délire de Trump, en le croyant le plus fort plutôt que de devenir responsables de leur destin.

>>> Europe : Brokers Upgrades & Downgrades - 19th of January 2026 V3(++)

>>> Up
* Albemarle Raised to Buy at HSBC; PT $200
* Bayer PT Raised to 55 euros from 40 euros at Morgan Stanley (+)
* Bayer PT Raised to 55 euros from 35 euros at BofA (+)
* E.On PT Raised to 19.50 euros from 18 euros at Morgan Stanley
* EssilorLuxottica Raised to Buy at CIC (+)
* Gerresheimer Raised to Outperform at Oddo BHF; PT 37 euros
* Indra PT Raised to 66.90 euros from 59.50 euros at BofA (++)
* Lufthansa Raised to Neutral at BofA (+)
* Plus500 PT Raised to 4,940 pence from 3,630 pence at BofA (+)
* RWE PT Raised to 60 euros from 55 euros at Morgan Stanley
* Sagax Raised to Buy at SEB Equities; PT 234 kronor
* SBM Offshore Raised to Overweight at Barclays; PT 37.50 euros
* Spotify Raised to Buy at President Capital Management; PT $620
* Telenor Raised to Buy at Pareto Securities; PT 160 kroner
* Volvo Raised to Buy at Nordea; PT 360 kronor

>>> Down
* Atria Cut to Reduce at Inderes; PT 16 euros (+)
* Atrium Ljungberg Cut to Hold at SEB Equities; PT 37 kronor
* Banca Generali Cut to Hold at Kepler Cheuvreux (+)
* BMW Cut to Hold at Berenberg
* Enagas Cut to Sell at Deutsche Bank; PT 12 euros
* GPE Groupe Pizzorno Cut to Hold at TP ICAP Midcap (+)
* Hochschild Mining Cut to Neutral at JPMorgan; PT 670 pence
* Italgas Cut to Hold at Deutsche Bank; PT 10.30 euros
* Equinor Cut to Underperform at Grupo Santander; PT 250 kroner
* Leroy Cut to Hold at SEB Equities; PT 51 kroner
* LVMH Cut to Equal-Weight at Morgan Stanley; PT 635 euros
* Nordea Bank Cut to Reduce at OP Corporate Bank; PT 17.50 euros (+)
* Renault Cut to Hold at Berenberg; PT 38 euros
* Sika PT Cut to 143 Swiss francs at JPMorgan
* Var Energi Cut to Neutral at SB1 Markets; PT 38 kroner

>>> Initiation
* BBVA Reinstated Overweight at JPMorgan; PT 23.50 euros
* Capricorn Energy Reinstated Buy at Cavendish; PT 477.50 pence (+)
* Energiekontor Rated New Buy at DZ Bank; PT 49 euros (++)
* Greencore Group Resumed Buy at Goodbody; PT 320 pence
* PROF GA Rated New Outperform at NBG Securities; PT 10 euros (++)
* Raiffeisen Rated New Buy at Roemer Capital; PT 57 euros (+)
* Verisure Rated New Outperform at Grupo Santander; PT 18.35 euros
* WS WeSports Group Rated New Buy at ABG; PT 95 kronor
* WS WeSports Group Rated New Buy at DNB Carnegie; PT 91 kronor (+)

>>> Call
* Adidas Falls as BofA Sees Sales Miss, Cautious Full-Year Outlook (+)
* Banca Generali Shares Drop as Kepler Cheuvreux Cuts View to Hold (+)
* Bayer Getting US Supreme Court Hearing Is Positive, Analysts Say (+)
* Danone Falls as Jefferies Says China Birth Rate to Hurt Sales (++)
* Goldman’s Snider Says US Value Stocks Set for Outperformance (+)
* Goldman Economists See Limited US Tariff Hit to European Growth (++)
* Gerresheimer Upgraded at Oddo BHF on Attractive Upside Potential (+)
* Autos Re-Rating Capped by China, Berenberg Cuts BMW, Renualt
* Lufthansa Raised at BofA on Trans-Atlantic Rebound; IAG Top Pick
* LVMH Downgraded as Morgan Stanley Takes ‘Pause for Breath’
* JPMorgan Sees Upside for EMEA Gold Miners, Cuts Hochschild
* Plus500 Hits Record, BofA Lifts PT on Prediction Markets Growth (++)
* Sika Price Target Cut at JPMorgan on Weaker Sales, Margins (+)
* Volvo Raised to Buy at Nordea on Improved North American Outlook (+)

WSJ : Rare-Earth Magnet Maker Raises $215 Million to Amp Up U.S. Supply

Rare-Earth Magnet Maker Raises $215 Million to Amp Up U.S. Supply
The investment was led by SoftBank Vision Fund’s former leader, who is placing bets across the magnet supply chain

  • Noveon Magnetics, a U.S. rare-earth magnet maker, secured $215 million in funding, primarily from One Investment Management, to boost domestic production.
  • Venture capitalists invested $630 million in U.S. critical-mineral startups last year in response to China’s rare-earth export controls.
  • Noveon aims to produce over 2,000 tons of magnets annually, meeting approximately 5% of current U.S. demand, while China has the capacity to produce 400,000 tons.

Texas rare-earth magnet maker Noveon Magnetics has raised $215 million from investors as the U.S. pushes to develop domestic sources of a vital electronics component that China, the world’s largest supplier, has under a chokehold.

One of the few U.S. rare-earth magnet makers, Noveon is riding a wave of urgency stemming from a U.S. trade war with China that has put once-obscure critical minerals into sharp focus. The San Marcos, Texas-based company, started in 2014, began delivering magnets only in the past two years and is now vying to supply the array of American industries that need magnets.


The raise—which is roughly double all of Noveon’s prior venture-capital funding—comes mostly from One Investment Management, the investment firm of Rajeev Misra, the former long-running leader of SoftBank Group’s mammoth Vision Fund. The firm put in $200 million, and the remaining $15 million comes from existing investors, said Noveon Chief Executive Scott Dunn, who declined to provide the company’s valuation. With the investment, One Investment Management becomes the largest shareholder and gets two board seats.

Last year, venture capitalists invested $630 million in U.S. critical-mineral startups, the highest level recorded, according to data provider PitchBook.

Beijing in April countered Washington’s tariffs with export controls on rare earths, including those used to make the magnets required for missile defense systems, submarines, data centers, jet fighters, drones and electric vehicles. The new measures required Chinese exporters of certain crucial rare earths to first apply for permission, giving Beijing the ability to hold up or block sales.

The restrictions fell like a hammer on U.S. industries: Exports plunged, and companies were forced to pause production, delay sales and scramble for alternative sources, The Wall Street Journal has reported.

It was a manufactured crisis that Dunn had predicted over a decade ago while working inside China’s magnet-making businesses. He and his co-founder spent a few years in factories across China—which supplies 92% of the world’s rare-earth magnets—to learn the trade and study the supply chain.

“You just have to go where something is if you really want to be serious about it,” Dunn said. “This industry really is a case of all roads lead to China.”

Noveon became the first company to reshore full-scale magnet-making in the U.S. It spent several more years building a factory, hiring and training a workforce, and trying to convince customers to buy Noveon’s magnets, not China’s. It gets rare earths from Australia, partners with a refiner in Europe and has developed a process for sintering, molding and finishing the magnets.

“It is really complicated, it is really capital intensive, it is not easy to course-correct,” Dunn said. Sourcing all of his materials from outside China meant paying a premium. “You have to wonder if the thing you are doing makes sense,” he said. Noveon has received almost $40 million in federal grants from prior administrations, including pandemic-era funding.

The current Trump administration has underscored the importance of American-made magnets with $670 million in loans and equity investment to North Carolina-based rare-earths magnet startup Vulcan Elements and another $80 million for Indiana-based ReElement Technologies, which recycles rare-earth elements. The Pentagon took a 15% stake in rare-earths mining company MP Materials, which is building a new magnet factory in Texas.

A group of lawmakers last week proposed a $2.5 billion reserve to stockpile supplies of critical minerals, including rare earths such as those used in magnets.

“It is like ‘operation landing on the moon’ in the Kennedy days,” said Misra. “It has that sense of urgency in Washington.”

His firm also backed Vulcan Elements, believing “the U.S. needs three or four magnet makers,” Misra said. “The U.S. is doing a catch-up here.” He said his firm has made several other investments in the magnet supply chain that it will announce over the next four months.

The Vision Fund, under Misra’s leadership, often invested heavily in direct competitors in the same sector, the Journal has reported.

Dunn said Noveon is on track to produce more than 2,000 tons of magnets a year, about 5% of the current U.S. demand. China can produce about 400,000 tons a year, at least 40% more than total global demand.

WSJ : Rare-Earth Magnet Maker Raises $215 Million to Amp Up U.S. Supply

Rare-Earth Magnet Maker Raises $215 Million to Amp Up U.S. Supply
The investment was led by SoftBank Vision Fund’s former leader, who is placing bets across the magnet supply chain

Noveon Magnetics, a U.S. rare-earth magnet maker, secured $215 million in funding, primarily from One Investment Management, to boost domestic production.
Venture capitalists invested $630 million in U.S. critical-mineral startups last year in response to China’s rare-earth export controls.
Noveon aims to produce over 2,000 tons of magnets annually, meeting approximately 5% of current U.S. demand, while China has the capacity to produce 400,000 tons.

Texas rare-earth magnet maker Noveon Magnetics has raised $215 million from investors as the U.S. pushes to develop domestic sources of a vital electronics component that China, the world’s largest supplier, has under a chokehold.

One of the few U.S. rare-earth magnet makers, Noveon is riding a wave of urgency stemming from a U.S. trade war with China that has put once-obscure critical minerals into sharp focus. The San Marcos, Texas-based company, started in 2014, began delivering magnets only in the past two years and is now vying to supply the array of American industries that need magnets.


The raise—which is roughly double all of Noveon’s prior venture-capital funding—comes mostly from One Investment Management, the investment firm of Rajeev Misra, the former long-running leader of SoftBank Group’s mammoth Vision Fund. The firm put in $200 million, and the remaining $15 million comes from existing investors, said Noveon Chief Executive Scott Dunn, who declined to provide the company’s valuation. With the investment, One Investment Management becomes the largest shareholder and gets two board seats.

Last year, venture capitalists invested $630 million in U.S. critical-mineral startups, the highest level recorded, according to data provider PitchBook.

Beijing in April countered Washington’s tariffs with export controls on rare earths, including those used to make the magnets required for missile defense systems, submarines, data centers, jet fighters, drones and electric vehicles. The new measures required Chinese exporters of certain crucial rare earths to first apply for permission, giving Beijing the ability to hold up or block sales.

The restrictions fell like a hammer on U.S. industries: Exports plunged, and companies were forced to pause production, delay sales and scramble for alternative sources, The Wall Street Journal has reported.

It was a manufactured crisis that Dunn had predicted over a decade ago while working inside China’s magnet-making businesses. He and his co-founder spent a few years in factories across China—which supplies 92% of the world’s rare-earth magnets—to learn the trade and study the supply chain.

“You just have to go where something is if you really want to be serious about it,” Dunn said. “This industry really is a case of all roads lead to China.”

Noveon became the first company to reshore full-scale magnet-making in the U.S. It spent several more years building a factory, hiring and training a workforce, and trying to convince customers to buy Noveon’s magnets, not China’s. It gets rare earths from Australia, partners with a refiner in Europe and has developed a process for sintering, molding and finishing the magnets.

“It is really complicated, it is really capital intensive, it is not easy to course-correct,” Dunn said. Sourcing all of his materials from outside China meant paying a premium. “You have to wonder if the thing you are doing makes sense,” he said. Noveon has received almost $40 million in federal grants from prior administrations, including pandemic-era funding.

The current Trump administration has underscored the importance of American-made magnets with $670 million in loans and equity investment to North Carolina-based rare-earths magnet startup Vulcan Elements and another $80 million for Indiana-based ReElement Technologies, which recycles rare-earth elements. The Pentagon took a 15% stake in rare-earths mining company MP Materials, which is building a new magnet factory in Texas.

A group of lawmakers last week proposed a $2.5 billion reserve to stockpile supplies of critical minerals, including rare earths such as those used in magnets.

“It is like ‘operation landing on the moon’ in the Kennedy days,” said Misra. “It has that sense of urgency in Washington.”

His firm also backed Vulcan Elements, believing “the U.S. needs three or four magnet makers,” Misra said. “The U.S. is doing a catch-up here.” He said his firm has made several other investments in the magnet supply chain that it will announce over the next four months.

The Vision Fund, under Misra’s leadership, often invested heavily in direct competitors in the same sector, the Journal has reported.

Dunn said Noveon is on track to produce more than 2,000 tons of magnets a year, about 5% of the current U.S. demand. China can produce about 400,000 tons a year, at least 40% more than total global demand.

WSJ : ASM International Logs Strong Orders as China Business, Advanced Tech Pick

ASM International Logs Strong Orders as China Business, Advanced Tech Pick Up
A rebound in Chinese demand helped drive better-than-expected orders and sales

ASM International ASM 0.29%increase; green up pointing triangle posted better-than-expected orders and sales for the fourth quarter following a rebound in its China business and strong demand from customers seeking to produce the integrated circuits that power smartphones, computers and other electronic devices.

The Dutch company, which supplies chip makers with tools for the deposition of thin films, said orders climbed to roughly 800 million euros ($928.6 million) in the fourth quarter from 731.4 million euros a year earlier. The figure, which the group said is preliminary, is well above company expectations of slightly above 636.8 million euros recorded in the third quarter.

A rebound in orders from China toward the end of the quarter and solid bookings from logic and foundry customers—those from customers seeking to produce the integrated circuits that power smartphones, computers and other electronic devices—led to the better-than-expected figure, according to the company.

The announcement comes days after Taiwan Semiconductor Manufacturing Co., 2330 1.15%increase; green up pointing triangle the world’s largest contract chip maker and a key buyer of semiconductor-making equipment, set out record spending plans for the year.

Investors in semiconductor-making equipment suppliers like ASM International and its larger rival ASML Holding welcomed growing spending plans from a client of TSMC’s stature since higher capital expenditure raises expectations that TSMC will need to purchase more semiconductor-making machines to satisfy demand from its own customers, including Nvidia and Apple.

ASM International’s stock is up more than 30% since the year began. However, shares are flat on Monday as markets react to President Trump’s plans to impose 10% tariffs on imports from several European countries in an effort to pressure Denmark to sell Greenland to the U.S.

UBS analysts wrote in a note to clients that strength in advanced logic and foundry orders was expected considering TSMC’s recent statements, but the timing is more of a surprise.

“The commentary around stronger orders from China will likely catch the market off guard, given prevailing concerns about local competition and prior company statements hinting at a substantial revenue drop in China,” they said. ASM said in October that it was forecasting a double-digit decline in Chinese sales this year.

The company said revenue in the fourth quarter fell to 698 million euros from 809 million euros a year earlier, but it still exceeded company guidance between 630 million euros and 660 million euros.

ASM said it expects revenue at constant currencies to show a healthy increase in the current quarter compared to the fourth quarter. The company is scheduled to post a full set of fourth-quarter results on March 3.

>>> Europe : Brokers Upgrades & Downgrades - 19th of January 2026 V2(+)

>>> Up
* Albemarle Raised to Buy at HSBC; PT $200
* Bayer PT Raised to 55 euros from 40 euros at Morgan Stanley (+)
* Bayer PT Raised to 55 euros from 35 euros at BofA (+)
* E.On PT Raised to 19.50 euros from 18 euros at Morgan Stanley
* EssilorLuxottica Raised to Buy at CIC (+)
* Gerresheimer Raised to Outperform at Oddo BHF; PT 37 euros
* Lufthansa Raised to Neutral at BofA (+)
* Plus500 PT Raised to 4,940 pence from 3,630 pence at BofA (+)
* RWE PT Raised to 60 euros from 55 euros at Morgan Stanley
* Sagax Raised to Buy at SEB Equities; PT 234 kronor
* SBM Offshore Raised to Overweight at Barclays; PT 37.50 euros
* Spotify Raised to Buy at President Capital Management; PT $620
* Telenor Raised to Buy at Pareto Securities; PT 160 kroner
* Volvo Raised to Buy at Nordea; PT 360 kronor

>>> Down
* Atria Cut to Reduce at Inderes; PT 16 euros (+)
* Atrium Ljungberg Cut to Hold at SEB Equities; PT 37 kronor
* Banca Generali Cut to Hold at Kepler Cheuvreux (+)
* BMW Cut to Hold at Berenberg
* Enagas Cut to Sell at Deutsche Bank; PT 12 euros
* GPE Groupe Pizzorno Cut to Hold at TP ICAP Midcap (+)
* Hochschild Mining Cut to Neutral at JPMorgan; PT 670 pence
* Italgas Cut to Hold at Deutsche Bank; PT 10.30 euros
* Equinor Cut to Underperform at Grupo Santander; PT 250 kroner
* Leroy Cut to Hold at SEB Equities; PT 51 kroner
* LVMH Cut to Equal-Weight at Morgan Stanley; PT 635 euros
* Nordea Bank Cut to Reduce at OP Corporate Bank; PT 17.50 euros (+)
* Renault Cut to Hold at Berenberg; PT 38 euros
* Sika PT Cut to 143 Swiss francs at JPMorgan
* Var Energi Cut to Neutral at SB1 Markets; PT 38 kroner

>>> Initiation
* BBVA Reinstated Overweight at JPMorgan; PT 23.50 euros
* Capricorn Energy Reinstated Buy at Cavendish; PT 477.50 pence (+)
* Greencore Group Resumed Buy at Goodbody; PT 320 pence
* Raiffeisen Rated New Buy at Roemer Capital; PT 57 euros (+)
* Verisure Rated New Outperform at Grupo Santander; PT 18.35 euros
* WS WeSports Group Rated New Buy at ABG; PT 95 kronor
* WS WeSports Group Rated New Buy at DNB Carnegie; PT 91 kronor (+)

>>> Call
* Adidas Falls as BofA Sees Sales Miss, Cautious Full-Year Outlook (+)
* Banca Generali Shares Drop as Kepler Cheuvreux Cuts View to Hold (+)
* Bayer Getting US Supreme Court Hearing Is Positive, Analysts Say (+)
* Goldman’s Snider Says US Value Stocks Set for Outperformance (+)
* Gerresheimer Upgraded at Oddo BHF on Attractive Upside Potential (+)
* Autos Re-Rating Capped by China, Berenberg Cuts BMW, Renualt
* Lufthansa Raised at BofA on Trans-Atlantic Rebound; IAG Top Pick
* LVMH Downgraded as Morgan Stanley Takes ‘Pause for Breath’
* JPMorgan Sees Upside for EMEA Gold Miners, Cuts Hochschild
* Sika Price Target Cut at JPMorgan on Weaker Sales, Margins (+)
* Volvo Raised to Buy at Nordea on Improved North American Outlook (+)

>>> Europe : Brokers Upgrades & Downgrades - 19th of January 2026

>>> Up
* Albemarle Raised to Buy at HSBC; PT $200
* E.On PT Raised to 19.50 euros from 18 euros at Morgan Stanley
* Gerresheimer Raised to Outperform at Oddo BHF; PT 37 euros
* RWE PT Raised to 60 euros from 55 euros at Morgan Stanley
* Sagax Raised to Buy at SEB Equities; PT 234 kronor
* SBM Offshore Raised to Overweight at Barclays; PT 37.50 euros
* Spotify Raised to Buy at President Capital Management; PT $620
* Telenor Raised to Buy at Pareto Securities; PT 160 kroner
* Volvo Raised to Buy at Nordea; PT 360 kronor

>>> Down
* Atrium Ljungberg Cut to Hold at SEB Equities; PT 37 kronor
* BMW Cut to Hold at Berenberg
* Enagas Cut to Sell at Deutsche Bank; PT 12 euros
* Hochschild Mining Cut to Neutral at JPMorgan; PT 670 pence
* Italgas Cut to Hold at Deutsche Bank; PT 10.30 euros
* Equinor Cut to Underperform at Grupo Santander; PT 250 kroner
* Leroy Cut to Hold at SEB Equities; PT 51 kroner
* LVMH Cut to Equal-Weight at Morgan Stanley; PT 635 euros
* Renault Cut to Hold at Berenberg; PT 38 euros
* Sika PT Cut to 143 Swiss francs at JPMorgan
* Var Energi Cut to Neutral at SB1 Markets; PT 38 kroner

>>> Initiation
* BBVA Reinstated Overweight at JPMorgan; PT 23.50 euros
* Greencore Group Resumed Buy at Goodbody; PT 320 pence
* Verisure Rated New Outperform at Grupo Santander; PT 18.35 euros
* WS WeSports Group Rated New Buy at ABG; PT 95 kronor

>>> Call
* Autos Re-Rating Capped by China, Berenberg Cuts BMW, Renualt
* LVMH Downgraded as Morgan Stanley Takes ‘Pause for Breath’

>>> What to look at today - 19th of January 2026

European and US stock futures fell and haven assets such as gold rallied after President Donald Trump proposed new levies on eight countries that have opposed his plans to acquire Greenland. The dollar weakened against most of its major peers. European equity-index futures dropped 1.1% and S&P 500 contracts declined 0.9% as tariff-related concerns weighed on markets. Asian shares pared earlier losses to trade flat, while South Korea — a bellwether for artificial intelligence investment — gained 1.3%. Demand for havens pushed gold up 1.6% to $4,670 an ounce and silver 3.3% higher, with both metals hitting record highs. Bitcoin and other cryptocurrencies retreated. The euro reversed early losses to trade higher, while Treasury futures gained along with German and French bond futures. There will be no cash trading in Treasuries due to a holiday in the US on Monday. Tariff concerns are resurfacing at a time when risk appetite has been underpinned by resilient corporate earnings and sustained investment linked to artificial intelligence. Trump’s latest threats pose a fresh test for stock markets, which have climbed to record highs on an AI-led rally after rebounding from the April selloff triggered by century-high US levies. Trump on Saturday announced a 10% tariff as of Feb. 1 on goods from European countries that have rallied to support Greenland in the face of US threats to seize the semi-autonomous Danish territory. He said the levies would increase to 25% in June unless and until “a Deal is reached for the Complete and Total purchase of Greenland.”  The tariffs will apply to Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands and Finland. The move drew quick rebukes from European leaders, who are now poised to halt the approval of the trade agreement struck last year. Bloomberg reported that French President Emmanuel Macron may request the activation of the EU’s anti-coercion instrument — the bloc’s most powerful retaliation tool. Trump’s threats raise the possibility of European governments trimming their holdings of US assets, supporting the euro, according to George Saravelos, Deutsche Bank’s global head of FX research. Europe is the US’s largest lender with its countries owning $8 trillion of US bonds and equities, almost twice as much as the rest of the world combined. Meanwhile, China’s gross domestic product rose 5%, according to data released by the National Bureau of Statistics on Monday, confirming an estimate given by President Xi Jinping in a speech on New Year’s Eve and matching the expansion in 2024. Chinese gauges fluctuated even after the country’s economic growth met the government’s target. Traders were also watching Japan, where Prime Minister Sanae Takaichi is set to lay out her plans at a press conference later Monday for an election expected to be held as soon as Feb. 8. The yield on 30-year debt climbed 10 basis points to 3.58%, its highest level since its debut, while rates on 10- and 20-year notes rose to their highest levels since 1999. Attention later will shift to the European open, with the region’s equities likely to bear the brunt of any selloff, according to strategists. While Trump’s threats have reignited the ‘Sell America’ trade, traders anticipate a quick rebound could support the dollar, according to David Forrester, a senior strategist at Credit Agricole in Singapore.

Nikkei -0.65% Hang Seng -1.04% CSI -0.08% Shanghai +0.19% Shenzen +0.38%

Eur$ 1.1635 CNH 6.9583 CNY 6.9632 JPY 157.85 GBP 1.3401 CHF 0.7984 RUB 78.1809 TRY 43.2687 WTI$ 59.46 +0.03% Gold 4;670 +1.60% BTC 92;550 -2.97% ETH 3,199 -2.97% SOL 133.56 -6.35%

S&P -0.79% Nasdaq -1.08% EuroStoxx -1.52% FTSE -0.39% Dax -1.35% SMI -0.86%

Macro :
- EU Aims to Fight Industrial Decline With ‘Made in Europe’ Law
- Lutnick Says Some Korean, Taiwanese Firms Risk 100% Chip Tariffs
- Bank of England alarm as hedge fund gilts bets hit £100bn
- Brazil’s Billionaire Batistas Poised for Venezuelan Oil Revival
- Gold Rally Gets Fresh Legs From Trump Greenland Tariffs: In Play
- ‘No Reasons to Own’: Software Stocks Sink on Fear of New AI Tool
- Fintech Tycoon’s Startup Platform Merges With Milan Tech Hubs
- Trump Says Mamdani Facing ‘Big Test’ From NYSE’s Texas Outpost

Keep an eye on :
- AGS BB : Ageas Boosts FY Net Operating Profit Forecast, Beats Estimates
- AGFB BB : Agfa Gets Final Expert Ruling On Offset Solutions Receivable
- ALO FP :Spain HSR Accident update Alstom not directly involved --> Update
- AZN LN : AbelZeta: AstraZeneca Buys China Rights to Potential Tumor Drug
- BAYN GY : Bayer Gets Supreme Court Hearing in Challenge to Roundup Suits +5%
- BMPS IM : Most Delfin Owners Push for Financial Holdings Sale, Paper Says
- BP/ LN : JERA Nex bp Stops Morgan Wind Farm, Buys EnBW’s Mona Stake
- BRBY LN : Burberry’s Turnaround Gathers Steam: EMEA Earnings Week Ahead
- CA FP : KSG Not Interested in Buying Carrefour’s Polish Ops: Official
- DSY FP : ‘No Reasons to Own’: Software Stocks Sink on Fear of New AI Tool
- DIE BB : Car Glass Repair Group Belron in Early Talks for €24b IPO: FT
- DNO NO : DNO 4Q North Sea Net Entitlement Output 88,271 boepd
- KESKOB FH : Kesko Says K Group Grocery Stores Increased Market Share
- YACHT IM : KKCG Maritime Intends to Buy Ferretti Shares for €3.50 Each
- GMAB DC : Genmab Falls After Cancer Drug Trial Fails to Meet Key Goal
- GigaClear : Creditors to Run Gigaclear Before Exploring Another Sale: FT
- MDW FP : *CHERNIN IN TALKS TO MERGE FILM STUDIO WITH FRANCE’S MEDIAWAN
- ML FP : Preliminary Bids for Italy’s Alfa Gomma Due in February: Sole
- NOVN SW : Novartis Sjögren’s Drug Gets FDA Breakthrough Designation
- PPGN SW : PolyPeptide Group Prelim FY Revenue About EU389M, Est. EU395.6M
- GLE FP : SocGen Weighs Moving NYC Base From Park Avenue Tower
- SMHN GY : Suss MicroTec Supervisory Board Extends CEO, CFO Contracts
- TSLA US : Musk Says Tesla Almost Done With AI5 Chip Design, Working on AI6, Musk Says Tesla Will Restart Work on Chip Project Dojo3
- TSLA US : Officials Showed Off a Robo-bus in D.C. It Got Hit By a Tesla Driver.
- 6201 JP : Why the Buyout of Toyota Industries Faces Resistance
- UCG IM : UniCredit Rattles Polish Rivals With Return to Corporate Lending
- WBD US : British cinemas threaten to disrupt Netflix’s $83bn Warner Bros deal
- WEW GY : Westwing Group Boosts FY Adjusted Ebitda Forecast
- ZAL GY : Zalando Nears First US Client Deal, Sees AI Traffic Growing

>>> Stoxx 600 Pre-Market Indications

  • B&M European (BMN TH) +4.4%
  • Bayer (BAYN TH) +4.3%
    • Bayer Gets High Court Hearing in Challenge to Roundup Suits (1)
  • D’Ieteren (DJDA TH) +3.5%
  • Fresnillo (FNL TH) +3.4%
  • Enel (ENL TH) +3.3%
  • RENK Group (R3NK TH) +1.7%
  • Rheinmetall (RHM TH) +1.3%
  • Telefonica (TNE5 TH) +1%
    • Spanish Telco Sales Exposed to Latest Digi Convergence Discounts
  • Mercedes (MBG TH) -3.8%
  • LVMH (MOH TH) -3.8%
    • LVMH Downgraded as Morgan Stanley Takes ‘Pause for Breath’
  • Mowi (PND TH) -4%
    • Mowi Price Target Cut to NOK 250 from NOK 255 by SEB
  • Bilfinger (GBF TH) -4%
  • Porsche SE (PAH3 TH) -4.1%
  • VW (VOW3 TH) -4.3%
  • Rubis (BYN TH) -4.8%
  • Daimler Truck (DTG TH) -5.2%
  • Genmab (GE9 TH) -6%
  • Man Group (M3N TH) -6.1%

>>> TradeGate Pre-Market Indications

DAX:
  • Bayer (BAYN TH) +5.1%
    • Bayer Gets High Court Hearing in Challenge to Roundup Suits (1)
  • Rheinmetall (RHM TH) +1.2%
  • Commerzbank (CBK TH) -3.2%
  • VW (VOW3 TH) -3.5%
    • Stock Futures Fall as Trump’s Europe Tariffs Weigh on Sentiment
  • Mercedes (MBG TH) -3.6%
  • Porsche SE (PAH3 TH) -3.7%
  • Daimler Truck (DTG TH) -4.3%
MDAX:
  • Hochtief (HOT TH) -2.4%
  • Porsche (P911 TH) -2.7%
  • Delivery Hero (DHER TH) -2.7%
  • TUI (TUI1 TH) -2.9%
  • Bilfinger (GBF TH) -3.2%
SDAX:
  • Douglas AG (DOU TH) -3.7%
  • Deutz (DEZ TH) -4.1%
  • SMA Solar (S92 TH) -4.4%
  • Wacker Neuson (WAC TH) -5.5%
  • SUSS MicroTec (SMHN TH) -5.5%
    • Suss MicroTec Supervisory Board Extends CEO, CFO Contracts