FIVE MINUTE DAILY

A powerful quake unsettles Japan’s coast, border fire spreads in Southeast Asia, and the U.S. quietly reopens a high-stakes chip channel to China. These stories set the tone for a volatile week, with ceasefire talks entering a risky phase and major economic and climate signals emerging in the background.

Forward this to a friend who wants the world in five minutes.

In 1999, the S&P 500 peaked. Then it took 14 years to gradually recover by 2013.

Today? Goldman Sachs sounds crazy forecasting 3% returns for 2024 to 2034.

But we’re currently seeing the highest price for the S&P 500 compared to earnings since the dot-com boom.

So, maybe that’s why they’re not alone; Vanguard projects about 5%.

In fact, now just about everything seems priced near all time highs. Equities, gold, crypto, etc.

But billionaires have long diversified a slice of their portfolios with one asset class that is poised to rebound.

It’s post war and contemporary art.

Sounds crazy, but over 70,000 investors have followed suit since 2019—with Masterworks.

You can invest in shares of artworks featuring Banksy, Basquiat, Picasso, and more.

24 exits later, results speak for themselves: net annualized returns like 14.6%, 17.6%, and 17.8%.*

My subscribers can skip the waitlist.

Skip waitlist

_{*Investing involves risk. Past performance is not indicative of future returns. Important Reg A disclosures: masterworks.com/cd.}

A 7.5-magnitude earthquake struck off Japan’s northeastern coast late Monday, triggering tsunami warnings of up to 3 meters and evacuation orders for roughly 90,000 people. Waves under a meter eventually reached shore, some power briefly went out, and at least a few dozen people were reported injured, but there were no immediate signs of widespread destruction or nuclear plant damage.

Japan’s meteorological agency later downgraded its alerts but issued a rare advisory that another major quake could follow along the Sanriku and Hokkaido coasts, evoking memories of 2011’s disaster. Authorities are urging residents in the region to stay prepared for strong aftershocks over the coming days.

Deadly clashes between Thai and Cambodian forces have spread along several stretches of their contested border, marking the most serious escalation since a five-day conflict in July that ended under a U.S.-brokered ceasefire. Both sides report military and civilian casualties and accuse each other of artillery barrages, drone strikes, and incursions into disputed territory.

The frontier has been a flashpoint for more than a century, with overlapping claims around temples and poorly demarcated sections of the 817-kilometer land border inflaming nationalist sentiment on both sides. A recent landmine blast that maimed a Thai soldier derailed tentative de-escalation efforts and set the stage for renewed violence.

The U.S. has agreed to let Nvidia resume H200 chip exports to China under strict licensing and hefty tariffs. The high-end AI accelerators were previously restricted amid concerns they could boost China’s military and surveillance capabilities.

The new arrangement reflects a shift from outright bans toward controlled, tariff-heavy sales that keep U.S. firms competitive while trying to cap China’s access to the fastest chips. It comes after months of lobbying from the semiconductor industry and allies worried about losing market share.

Mediators are preparing to shift from an initial, fragile truce to a more ambitious second phase of the U.S.-backed ceasefire plan between Israel and Hamas, even as disputes over hostages, security, and governance linger.

The next phase would address Gaza’s long-term security arrangements and political control, potentially reshaping regional alliances. Any breakdown could quickly return the conflict to full-scale war, with huge humanitarian and diplomatic consequences.

After talks in London with the leaders of the UK, France, and Germany, Ukraine’s president said Kyiv will present a revised peace plan to Washington aimed at ending Russia’s invasion. European capitals reaffirmed their support for Ukraine but are also keen to see a credible roadmap that can be discussed with Moscow and the U.S.

The updated proposal, reportedly built around about 20 points, comes as Ukraine faces battlefield pressure and growing debate among allies over sanctions, security guarantees, and territorial concessions.

Benin’s government says it has regained control after a group of soldiers tried to overthrow President Patrice Talon, with neighboring Nigeria dispatching jets and troops to help crush the coup bid.

The failed coup highlights how the so-called “coup belt” in West Africa continues to widen, and it marks Nigeria’s most forceful regional intervention in years. The episode will test both Benin’s domestic stability and the ability of regional blocs to deter further military takeovers.

Lawmakers are advancing a sweeping defense bill that would authorize about $901 billion in national security spending, more than the White House requested. The package includes higher troop pay, new weapons programs, and China-focused Pacific initiatives.

The bill’s size reflects bipartisan concern over Russia, China, and Middle East instability, but it also deepens debates about deficits and long-term military commitments.

New analysis suggests 2025 is likely to tie for second-hottest year on record, based on global temperature data through November. Heatwaves, marine heat spikes, and warm nights have pushed many regions well above historical norms.

The ranking reinforces scientists’ warnings that climate systems are shifting toward more frequent extremes, intensifying pressure on governments to accelerate adaptation and emissions cuts.

The U.S. Supreme Court is hearing a campaign finance case that could scrap longstanding limits on how much political parties may spend in coordination with candidates. Republican groups argue the caps violate free speech rights.

A ruling to loosen or erase these limits could further increase the role of big donors and party committees in elections, reshaping how campaigns are funded ahead of 2026.

Benefits You’re Missing

Are you taking advantage of your Amazon Prime perks? Whether you’re already a Prime member or considering signing up, here are 9 Prime member benefits you should be using!

Once upon a time, we had to make lists with paper and pen and physically go to stores when we needed things. Sometimes we’d have to go to several stores or even shopping malls for what we needed.

Then one day, out of the heavens, came Amazon. For many of us, the free shipping perk and access to exclusive shows and movies is enough reason to fork over the $14.99 per month to get Prime.

But if those reasons haven't been enough to entice you to join Prime, maybe some lesser-known incentives like free music/podcasts, access to lightning deals, and Whole Foods discounts will tempt you to sign up.

Make sure you're not missing out, and get the most out of your Prime membership with help from our deal-finding experts.

See the Perks

Global stocks slipped and the dollar held firm as traders waited for the Federal Reserve’s final meeting of the year, with many expecting a quarter-point rate cut. Asian benchmarks fell, European shares were mixed, and U.S. futures pointed to a cautious open.

Investors are less focused on this week’s move than on the updated rate projections for 2026. A signal of a shallower easing cycle could unsettle equity and bond markets that have recently priced in a more aggressive pivot.

The European Commission gave unconditional approval for Mars’ $36 billion acquisition of Pringles-maker Kellanova, removing the last major regulatory obstacle. The deal will fold brands like Pringles, Cheez-It, and Pop-Tarts into a portfolio that already includes M&M’s, Snickers, and Twix.

Regulators concluded that shoppers’ willingness to switch between snack brands would keep competition alive despite the merger’s size. The combined company will become an even more powerful player in global snacks, increasing its bargaining leverage with retailers and its influence over supermarket shelves.

IBM agreed to acquire data-streaming specialist Confluent in an $11 billion deal aimed at strengthening its cloud and AI offerings. The purchase would give IBM a platform widely used to move and process data in real time across modern applications.

The move reflects how traditional tech giants are racing to secure infrastructure that can feed generative AI systems with clean, fast data. It also continues a wave of consolidation in enterprise software as vendors seek scale and integrated platforms rather than standalone tools.

Scientists studying a rare form of early-onset dementia identified a mutation in the GPX4 enzyme that disrupts how neurons protect themselves from a type of cell death known as ferroptosis. The faulty protein appears to undermine the brain’s defenses against toxic lipid peroxides in cell membranes.

While the condition itself is extremely rare, the work sheds light on broader pathways that may be involved in more common neurodegenerative diseases. If those mechanisms can be targeted, future therapies might slow or prevent neuron loss in conditions such as Alzheimer’s or Parkinson’s.

A Soyuz capsule carrying astronaut Jonny Kim and two crewmates landed safely on the Kazakh steppe after a long-duration mission aboard the International Space Station. The trio conducted experiments ranging from materials science to human physiology during their months in orbit.

Their return comes as agencies weigh how long to keep the aging station aloft and how to transition research to future commercial platforms. Data from missions like this will guide both deep-space health planning and private companies that hope to build their own orbital labs.

Private companies developing fusion power are pushing Washington for large-scale fusion funding, including billions in tax credits and long-term purchase guarantees. Firms argue they need policy support similar to wind, solar, and electric vehicles.

If governments commit, fusion developers could accelerate pilot plants that aim to provide carbon-free baseload power in the 2030s, though many scientists caution that technical hurdles remain significant.

The Los Angeles Chargers outlasted the Philadelphia Eagles 22–19 in overtime, with a walk-off field goal sealing the win at SoFi Stadium. The Chargers overcame four interceptions by Jalen Hurts and leaned on a strong defensive stand in the extra period.

The result tightens the AFC West race and raises new questions for an Eagles team that has struggled with turnovers in recent weeks.

Detroit secured a 4–0 shutout over Vancouver behind sharp goaltending and opportunistic scoring in a road win in Vancouver. The victory gives the Red Wings back-to-back wins for the first time in weeks.

For the Canucks, the loss extends a slump that has seen captain Quinn Hughes go six games without a point.

College basketball eyes are on Columbus, where No. 14 Illinois visits surging Ohio State in a Big Ten matchup. Both teams enter at 7–2 or better with high-powered offenses.

The game offers an early test of conference pecking order and a chance for statement wins that could influence seeding come March.

An exhibition of digital and physical works inspired by China’s Dunhuang cave murals opened at UN headquarters in New York, bringing images of Silk Road Buddhism to a global diplomatic audience.

Curators hope the project will spark discussion about preserving fragile heritage sites while using new technologies to broaden access. The exhibition also underscores cultural diplomacy’s role in easing tensions at a time of geopolitical strain.

Filmmakers and actors gather tonight in Los Angeles for the Celebration of Black Cinema, the eighth annual ceremony spotlighting Black achievements on screen. Honorees include veteran and emerging voices in directing, acting, and producing.

The event reflects how awards-season institutions are gradually devoting dedicated space to storytellers who have long been underrepresented in mainstream recognition.

A new “On Culture” roundup highlights holiday events in Santa Barbara, from immersive art sessions to choral performances and book-themed exhibits. Organizers pitch them as ways to mix community, creativity, and shopping.

Such local calendars show how cities lean on arts and culture to drive foot traffic and connection during the peak holiday season.

A new United Nations report argues that investing in “planetary health”—the stability of climate, biodiversity, and pollution levels—would leave the global economy larger and more resilient by mid-century than staying on today’s path. The analysis, released ahead of key economic and climate meetings, models how different policy choices on emissions, land use, and pollution control affect both GDP and human well-being. It concludes that up-front spending on clean energy, nature protection, and pollution controls pays for itself through lower disaster costs, better health, and higher productivity, even before accounting for moral arguments about future generations.

The report, summarized in new environment briefings, emphasizes how interconnected crises now are. Greenhouse gases drive stronger storms, droughts, and heatwaves; those in turn damage crops, infrastructure, and worker health; and pollution from fossil fuels and chemicals adds further burdens on health systems. Instead of treating climate, air quality, and biodiversity as separate boxes, the authors frame them as one risk cluster that can destabilize economies if neglected—or unlock growth if managed together.

Crucially, the modeling highlights distributional effects. Poorer countries in the tropics, which have contributed least to historical emissions, face the steepest losses from heat stress, crop failures, and coastal floods. Without new finance and technology transfers, these regions risk falling into a trap of mounting disaster bills, shrinking fiscal space, and rising social tension. The report therefore calls for richer nations and multilateral lenders to scale up grants, concessional loans, and debt swaps linked to climate and nature outcomes, arguing that such support is cheaper than repeated bailouts after crises.

For policymakers, the key question is how to translate “planetary health” into budget lines and regulations. The report proposes tangible moves: phasing out fossil fuel subsidies, redirecting that money to renewables and energy efficiency; protecting and restoring ecosystems that store carbon and buffer floods; tightening rules on toxic pollution; and embedding climate and nature risks into financial supervision. Over the next few years, watchers should look for whether national development plans and central-bank frameworks begin to treat environmental stability not as an add-on, but as core economic infrastructure—on par with roads, power grids, and education systems.

Thanks for starting your day with Five Minute Daily — calm, factual news in one quick read. If this helped you feel more informed and less overwhelmed, share it with someone who wants a five-minute shortcut to the world.

—The Five Minute Daily Team