Welcome to The Integrity Ledger — Today, money is moving, regulators are circling, and hidden risks are surfacing. Here’s what the headlines aren’t telling you.
Market commodities
Nasdaq | 23,583.52 | ▲ 0.33% |
S&P 500 | 6,876.15 | ▲ 0.27% |
|---|---|---|
Bitcoin | 88,769.97 | ▼ 3.66% |
Gold | 4,239.20 | ▼ 0.16% |
Dow Jones | 47,952.53 | ▲ 0.20% |
Ethereum | 3,022.02 | ▼ 3.60% |
Tether | 1.00 | ▲ 0.01% |
Binance Coin | 875.57 | ▼ 2.73% |
Solana | 131.82 | ▼ 5.18% |
Finance & Markets
Fed's Preferred Inflation Measure Eases as Consumer Sentiment Recovers
Data released Friday showed the Federal Reserve's favored inflation gauge, the Core Personal Consumption Expenditures (PCE) price index, slowed to 2.8% year-over-year in September, slightly below expectations. Consumer spending rose 0.3%, and preliminary December readings indicated a 4.5% monthly gain in consumer sentiment, though sentiment remains low compared to last year.
The cooling inflation readings and rebound in consumer sentiment support expectations of a quarter-point Fed rate cut next week. Investors may see this as a bullish sign for equities, with major indexes nearing record highs, while businesses could benefit from moderating inflation pressures and steady consumer spending.
Markets Respond Positively to Latest Inflation and Sentiment Data
Recent UMich consumer sentiment and September PCE inflation data suggest the Federal Reserve may have greater flexibility in monetary policy than previously expected. One-year inflation expectations dropped to 4.1% from 4.7%, while five-year expectations fell to 3.2% from 3.6%. Core inflation ticked down to 2.8%, slightly below expectations, supporting the case for upcoming rate cuts.
These data ease concerns about policy missteps, underpinning gains in stocks with the S&P 500 rising 0.5%. Although only 85% of a rate cut is priced in for next week, the market anticipates 2-3 additional cuts in 2026, reflecting more confidence in the Fed's approach despite political uncertainties.
Business & Investments
Fitch Learning Completes Acquisition of Moody’s Analytics Units
Fitch Learning has finalized its acquisition of Moody’s Analytics Learning Solutions (MALS) and the Canadian Securities Institute (CSI), creating a combined entity serving over 92,000 finance professionals across 148 countries. The merger expands Fitch Learning’s offerings in credit, banking, wealth management, data analytics, and AI-driven solutions, while the CSI brand will continue independently and MALS will integrate into Fitch Learning’s portfolio.
This acquisition strengthens Fitch Learning’s position as a global leader in financial education by broadening its certification and training solutions. Financial services organizations will benefit from more comprehensive and innovative learning opportunities that address evolving market needs and help build future-ready talent.
Crypto & Fintech
Bitcoin Investors Face Largest Realized Losses Since 2022 Collapse
Bitcoin experienced its biggest spike in realized losses since the 2022 FTX collapse on December 5, as short-term holders were hit hardest amid a broader market sell-off. Weak U.S. labor data and inflation concerns intensified the downturn, while Bitcoin traded down 2.19% at $90,750, reflecting increased correlation with Nasdaq movements. Additionally, U.S. spot Bitcoin ETFs saw $196 million in daily net outflows, led by BlackRock's IBIT fund.
The spike in realized losses and ETF outflows highlight heightened investor caution amid macroeconomic uncertainty and inflation pressures. This fragile market environment may delay Bitcoin's recovery and extends vulnerability to broader risk asset trends, suggesting investors should monitor upcoming inflation data closely.
How Jack Dorsey Transformed Square Into Financial Giant Block
On November 19, Block Inc. held its first Investor Day in three years, highlighting its evolution from Square, a single-product payment company, to a diversified financial services firm. Under Jack Dorsey’s leadership, Block integrated products like Cash App, Afterpay, and Square Bitcoin, adopting organizational changes and the Rule of 40 framework to drive sustainable growth with a 2026 gross profit target near $12 billion.
Block’s functional restructuring and focus on simplicity aim to unify merchant and consumer services, enhancing product synergy. Investors and fintech professionals should watch Block’s strategic embrace of crypto and AI as it pursues mid-teen gross profit growth and 30% adjusted EPS growth by 2028.
Emerging Tech & Ethics
EU Fines X $140 Million for Digital Services Act Violations
The European Commission has fined Elon Musk’s social media platform X €120 million ($140 million) for breaching transparency rules under the Digital Services Act. The fine addresses deceptive design in X’s blue checkmark verification system, lack of transparency in its advertising repository, and obstructing public data access for researchers. X faces deadlines of 60 and 90 working days to respond and submit an action plan to address the violations.
This penalty underscores regulators’ focus on enforcing transparency and user protection in digital services platforms. X must enhance its verification process and advertising disclosures to avoid further fines. The case sets a precedent for stricter EU oversight over social media companies’ compliance with transparency and research access requirements.
Chinese Hackers Exploit Brickstorm Malware to Breach Government Networks
PRC-linked hackers reportedly infiltrated multiple unnamed government and technology organizations using Brickstorm malware targeting VMware vSphere platforms. The Canadian Centre for Cyber Security detailed that attackers maintained persistent access from April to September 2024, stealing credentials and deploying hidden virtual machines to control affected networks undetected.
This campaign underscores the critical need for organizations using VMware vSphere to apply the latest security patches promptly. Security teams should reevaluate threat models for cloud appliances and conduct proactive hunts to detect similar persistent intrusions.
Forensic Lens
Money Trails
Victoria's Secret & Co. reported third-quarter 2025 net sales of $1.472 billion, up 9% year-over-year and exceeding guidance. The company narrowed its operating loss to $19 million from $47 million a year earlier and improved adjusted operating income to breakeven. VS&Co raised its full-year 2025 net sales guidance to $6.45-$6.48 billion and now expects adjusted operating income between $350 million and $375 million.
The company's disciplined execution of its Path to Potential strategy and strong brand momentum across Victoria's Secret, PINK, and Beauty segments position it well for holiday season growth. Improved margins reflect reduced promotions and higher regular-price sales, supporting confidence in long-term profitable expansion and operational scalability.
Corruption & Governance
Jared Kushner reportedly inserted a provision in a recent peace proposal between Ukraine and Russia that would benefit Saudi Arabia, a country paying him at least $25 million annually. The clause ensures Russia would not block Ukraine from using the Dnieper River for grain exports, directly aiding Saudi agricultural interests with significant land holdings in Ukraine. Experts highlight potential violations of federal law given Kushner's unofficial government role.
This revelation underscores potential conflicts of interest and violations of federal statutes involving former Trump officials. It raises critical questions for investigators and policymakers about foreign influence and corruption at the highest levels, while highlighting gaps in enforcement of the Emoluments Clause and government negotiation protocols.
Fraud Watch
The Enforcement Directorate (ED) has attached assets worth Rs 1,120 crore linked to the Reliance Anil Ambani Group in the ongoing Yes Bank fraud case, raising total attachments to Rs 10,117 crore. The probe centers on the diversion of over Rs 11,000 crore of public funds through complex channels involving multiple Reliance companies and Yes Bank investments that turned non-performing by 2019.
The large-scale asset attachments highlight intensified regulatory scrutiny on fraud involving major corporate groups and financial institutions. This may increase caution among lenders and investors dealing with related entities and strengthen enforcement of conflict-of-interest regulations in fund routing.
Global Integrity Outlook
Global
In 2025, the Indian rupee hit a record low of Rs 90 per US dollar amid a strong dollar and capital outflows, yet it remains stronger than many global currencies. The Lebanese pound, Iranian rial, and Vietnamese dong are among the weakest currencies, with values requiring thousands to millions of local units per dollar. India's relatively stable economy and political conditions keep its rupee outside the top 25 weakest currencies.
US
Abdimahat Bille Mohamed, a Somali migrant previously convicted of state rape charges but sentenced only to probation, now faces federal charges for kidnapping and rape linked to incidents from 2017 to 2025 in Minneapolis. Authorities found his DNA matched unsolved cases, prompting federal intervention amid broader ICE action targeting Somali migrants tied to fraud and Al-Shabaab funding.
East Asia
North Korea's Ministry of State Security is cracking down on officials' wives visiting fortune tellers and participating in rituals to protect their husbands' positions amid an end-of-year reshuffle. The regime views these actions as anti-socialist and threatens severe legal repercussions while secretly monitoring bribery attempts. This crackdown comes as North Korea strengthens ties with Russia, sending troops and ballistic missiles to support Putin's war in Ukraine.
Asia
Taiwan and Japan raised concerns over China’s extensive maritime deployments involving more than 100 naval and coast guard vessels across the Taiwan Strait, East China Sea, South China Sea, and western Pacific. Taiwan’s president has ordered heightened security awareness, while Beijing insists its operations comply with international law amid rising regional tensions. The deployments surpass last December’s levels and coincide with heightened China-Japan tensions and Taiwan’s increased defence spending.
Quick Bits / Short Reads
Morgan Stanley reverses its December Federal Reserve rate forecast to an expected 25 basis point cut, joining J.P. Morgan and BofA amid dovish Fed comments and softer U.S. economic data. — CTV News
The S&P 500 rose 0.3%, Nasdaq 0.4%, and Dow 0.2% as investors anticipate an 87% chance of a Fed rate cut next week, while Netflix agreed to acquire Warner Bros. Discovery for $72 billion. — The Economic Times
Morgan Stanley, reversing earlier stance, predicts a 25 basis point Fed rate cut in December and further cuts in January and April, citing weak labor data and dovish Fed officials. — Asianet Newsable
Big tech stocks like Nvidia, Microsoft, and Amazon decline while pharma leaders Eli Lilly and Merck rise amid shifting Fed rate cut expectations and mixed US labor data. — Investing Uk
Imperial Petroleum Inc. will release its Q3 and nine months 2025 financial results on December 11, with a conference call scheduled at 10:00 am ET. — Globe News Wire
ServiceTitan’s shares jump 8.5% after reporting Q3 earnings of $0.24 per share, beating estimates, alongside notable gains for DigitalBridge, Rubrik, and Victoria’s Secret following strong results or corporate developments. — Benzinga
Capricor Therapeutics prices a public offering of 6 million common shares at $25 each, expecting $150 million gross proceeds to fund product development and corporate purposes. — Globe News Wire
Stay sharp, stay ethical, and keep following the money.
— The Integrity Ledger Team