>>> US Gapping down

Gapping down
Other news:
  • ADPT -1.3% (70% owned subsidiary Digital Biotechnologies held an initial closing of its Series A Preferred Stock financing)
  • HYMC -1.5% (files $500 mln mixed shelf offering)
  • AGEN -1.6% (stock offering by selling shareholders)
  • VSTM -1.8% (update on RAMP 203 phase 1/2 clinical trial)
  • BYD -3.5% (purchased renewable energy investment tax credits)

>>> US Gapping up

Gapping up
Other news:
  • FONR +26.3% (signed definitive agreement for "take private" sale to acquisition group led by CEO; to receive $19.00 per share )
  • TE +5.6% (provides update on T1 Energy FEOC compliance efforts)
  • ZENA +5.2% (announces the completion of three strategic Drone as a Service acquisitions, two in the U.S. and the company's first Canadian acquisition)
  • CANG +3.7% (secures US$10.5 million investment from EWCL to accelerate growth )
  • MESO +3.2% (retires senior debt with non-dilutive, lower cost, five-year credit line)
  • NUAI +2.2% (issues statement setting the record straight regarding New Mexico civil complaint )
  • CNL +1.7% (announces assays results for ten diamond drill holes at the Guayabales project)
  • SRFM +1.6% (advances SurfOS Development, targets commercial software rollout in 2026, and reports milestones)

>>> What to look at today - 30th of December 2025

sian stocks lost momentum after a seven-day winning run, with Tuesday marking the end of the trading year for several of the region’s markets. Silver and gold regained their footing after a plunge from fresh all-time highs. MSCI Inc.’s gauge of Asia Pacific shares was down 0.1% after capping its longest streak of gains since September on Monday. Futures on the S&P 500 Index were steady after the US benchmark fell 0.3% Monday and the Nasdaq 100 slid 0.5%. A gauge of global equities declined for the first time in eight sessions on Monday while still staying on course for its best year since 2019. Tuesday marks the last trading session of the year for several equity markets, including Japan, South Korea and Thailand. Precious metals continued to be a focus for investors, with trading having turned volatile ahead of year-end following their relentless rally in 2025. Silver rebounded more than 3% on Tuesday after tumbling 9% in the previous session. The selloff in the white metal had followed a historic surge powered by speculative trades and fears of a supply shortage. Gold was up 0.7% after losing more than 4% on Monday. Elsewhere in metals, copper headed for the longest winning run since 2017 in a December rally boosted by the prospect of more stress in the supply chain. Meanwhile, some of Asia’s strongest currency trends are starting to unravel as the year winds down, with the South Korean won and the Thai baht leading the reversals. The won, which was approaching a threshold last breached during the global financial crisis, has bounced back since the middle of last week as authorities signaled their support for the currency. On the other end of the spectrum, the baht, this year’s second-best performing Asian currency, is ceding ground on fears the central bank may push back against the rally, which threatens the nation’s exports. Global equities remained on track for a third straight annual gain following this year’s strong rally in shares linked to the artificial intelligence theme. The MSCI All Country World Index has climbed 21% in 2025. As for Asia, the regional benchmark has jumped more than 25%, with South Korea’s Kospi being the region’s top performer with a 76% surge. While the S&P 500’s 17% advance means it has underperformed many global peers in 2025, an optimistic consensus is taking hold that US stocks will continue rallying in 2026. Despite a raft of risks spanning a potential bust in the AI advance to unanticipated policy shocks, sell-side strategists are forecasting another 9% average gain in the S&P 500 next year. Meantime, President Donald Trump teased that he has a preferred candidate to be the next chair of the Federal Reserve, but is in no hurry to make an announcement — while also musing that he might fire the central bank’s current leader, Jerome Powell. Investors were also assessing the outlook for US interest rates and monetary policy. Wall Street rate strategists — with several notable exceptions — expect stable-to-higher Treasury yields in 2026 despite Fed cuts. The Fed is due to release minutes of its December meeting later on Tuesday. The yield on 10-year Treasuries was steady after slipping about two basis points to 4.11% in the previous session. Elsewhere in markets, Bitcoin fluctuated. The cryptocurrency topped $90,000 in the last session before erasing its gain. A gauge of the dollar was steady. US After Hours RPRX +1.5% after acquiring remaining royalty interest in Evrysdi; APLD -0.4% on proposed business combination with EKSO.

Nikkei -0.37% Hang Seng +1.05% CSI +0.25% Shanghai +0.04% Shenzen +0.17%

Eur$ 1.1777 CNH 6.9975 CNY 7.0014 JPY 156.11 GBP 1.3510 CHF 0.7883 RUB 78.2882 TRY 42.9486 WTI$ 58.08 -- Gold 4,3645 +0.75% BTC 87,236 +0.03% ETH 2,947 +0.45% SOL 123.92 +0.42%

S&P -0.03% Nasdaq -0.04% EuroStoxx -0.12% FTSE +0.08% Dax -0.07% SMI +0.13%

Macro :
- Saudi Urges UAE to Withdraw Forces From Yemen Within 24 Hours
- Japan, EU Mull Joint Defense Equipment Development: Nikkei
- Silver Plunge Cuts Metals Wagers Ahead of Year End

Keep an eye on :
- AERO SW : Montana Aerospace Names Kai Arndt as CEO, Patrick Maurer as CFO
- AIR FP : Airbus Cranks Out Aircraft at Rapid Pace to Meet Delivery Goal
- MT NA : Flacks Proposal for ex-Ilva Steelworks Favored: Sole 24 Ore
- BA US : Boeing Wins $8.58 Billion U.S. Air Force Contract>
- BA US : Boeing $1.8b Arms Sale to Denmark Receives Possible US Approval
- C US : Citi to Take $1.1 Billion Loss on Russian Business Unit Sale
- EWI LN : Saba Capital Urges EWI Holders to Elect New Board
- GOOGL US : The Long Game Behind Waymo’s Potential $100 Billion Valuation - The Information
- LULU US : Lululemon Board to Evaluate Founder Wilson’s Director Nominees
- MC FP : Louis Vuitton Is Stoking Monogram Mania - WWD
- META US : Meta Buys AI Startup Manus, Adding Millions of Paying Users - WSJ
- MUX GY : Mutares to Sell Portfolio Company Conexus to Maximum Return System Group Unit
- 9992 HK : Pop Mart pushes global expansion amid concerns of ‘peak Labubu’ - FT --> -6%
- PAH3 GY : Porsche’s Bugatti Stake Eyed by Sawiris Scion, BlueFive Capital
- ROG SW : Royalty Pharma Buys Remaining Royalty in Roche’s Evrysdi
- RPRX US : Royalty Pharma Buys Remaining Royalty in Roche’s Evrysdi
- TSLA US : Tesla (TSLA) does something unsual ahead of Q4 delivery results - Elctrek
- TSLA US : Tesla’s 4680 battery supply chain collapses as partner writes down deal by 99% - Electrek
- WBD IM : Webuild Wins Contract Worth €660m for Naples Metro

FT : Will the new Steam Machine transform the gaming landscape?

Will the new Steam Machine transform the gaming landscape?
Scheduled for release next year, Valve Corporation’s flexible device aims to bridge the great divide between PCs and consoles

Here’s a question: what is an Xbox? If you think that’s easy to answer, then you haven’t been paying close enough attention. Over the past couple of years, Microsoft has been on a determined path to muddy these waters, most recently in a confusing ad which suggested that your Xbox wasn’t just the machine under your TV that played games, but also your TV itself, and your laptop, even your smartphone.

While PlayStation and Nintendo continue to plough their familiar furrows, Xbox is attempting to reimagine the future of gaming as a world where you can seamlessly play your games anywhere you want, across all your devices. A future where the boundaries between the console and PC gaming market have dissolved. It’s actually a rather exciting idea, once you get your head around it — but it looks as though Xbox is going to be beaten to the punch.

Enter Valve Corporation. The gaming behemoth is today best known as the owner of PC digital game storefront Steam, which controls the lion’s share of PC game sales. It also makes hardware, such as the Steam Deck handheld console. In a past life it was known for producing excellent games including the Portal, Half-Life and Team Fortress series, but it has been quiet on that front lately (though rumours interminably swirl about a long-awaited Half-Life 3).

Last month, Valve announced it would be releasing three new pieces of hardware in early 2026. First is the Steam Controller, a new gamepad designed to suit the needs of all gamers, with highly configurable control settings. Then there’s the Steam Frame, a next-gen virtual reality headset which looks sleek and impressive, but will probably remain a niche concern as VR is yet to break through into the consumer mainstream.

By far the most interesting is the Steam Machine, a gaming PC in the form of a six-inch cube designed to sit under your TV. At a time when the future of how people play games is a wide-open question, Valve — like Microsoft — is suggesting the answer might be found by bridging the PC and console spaces. The difference is that its messaging is less confusing, and its product is coming out imminently.

The schism between PC and console gaming first emerged in the 1990s. Where PCs were multipurpose machines that lived on your desk and allowed you to play games on a computer monitor, consoles were purpose-built boxes that sat under your TV and let you play games while sprawled on the sofa. PC gaming was considered a nerdier, more hardcore affair — games could be more complex and graphically advanced, with access to more customisation and huge game libraries, but the pursuit could also be expensive, fiddly and complex to troubleshoot. Meanwhile, console gaming was more casual and social. You just plug in the box and the game works. No fuss.

The Steam Machine asks: can users have the power and flexibility of PC gaming, but with the supreme ease of a console? It’s not the first time Valve has tried this. It attempted a similar concept a decade ago which floundered because the hardware was not made in-house and the PC gaming ecosystem wasn’t ready. But this new device looks far more promising. It’s a small, sleek machine resembling a grown-up Nintendo GameCube. While it’s not particularly powerful compared to high-end modern gaming PCs, with about the same capabilities as the five-year-old PlayStation 5, the Steam Machine should run modern games without a hitch, as well as streaming gameplay to your phone, tablet, or a virtual reality Steam Frame, if you splash out on one. While the device will offer the flexibility of a PC, allowing you to use a mouse and keyboard for all manner of computing tasks, it’s principally designed to offer plug-and-play ease to put PC games on your big TV.

Valve could be poised to benefit from Xbox’s current state of confusion. Microsoft’s baffling “This is an Xbox campaign” (which received a visually delightful, but no less confounding recent update directed by Michel Gondry) has come at a time when it’s less clear than ever what Xbox stands for. While Nintendo represents family-friendly fun and innovative hardware, and PlayStation offers ambitious, high-spec games with mature narratives, Xbox’s messaging is as chaotic as its console nomenclature (remember the original Xbox was followed by the 360, then the One, then the Series X and S). Despite releasing a great line-up of games in 2025, recent Xbox headlines have highlighted lay-offs, controversial price hikes and poor console sales.

Yet Microsoft’s push towards hardware agnosticism is supported by recent industry trends. Games that were previously console exclusives are now being released cross-platform, like Xbox stalwart Halo finally coming to PlayStation in 2026. Meanwhile streaming technology is rapidly improving, now allowing gamers to play high-end releases on any device that has a screen and a strong internet connection.

So there’s a space open for a company to claim the territory across devices between console and PC, but it might not be Microsoft. Valve’s Steam Machine offers a great living room option for PC gamers and a tempting opportunity for console gamers to dip their toe in the world of PC games and explore its distinct advantages. Sales success will depend partly on price — Valve has yet to announce how much the device will cost, with industry estimates suggesting somewhere in the region of $800 — and on Valve’s ability to really take the hassle out of PC gaming (though it already did a great job on that with the Steam Deck).

The Steam Machine will not become a fourth combatant in the console wars overnight — it won’t immediately appeal to casual gamers who are comfortable with their familiar brands. Rather, it might propose a new paradigm for home gaming based on the principles of openness and flexibility, which goes on to influence the wider industry. It’s been a long time since a new contender with a bold idea has dared to enter the home console space, but given Valve’s impressive pedigree, it might just pull this off.