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The biotech sector is entering 2026 with a positive outlook, characterized by reasonable valuations, robust oncology momentum and supportive policy tailwinds. This combination is setting the stage for a continued recovery, driven in part by the integration of artificial intelligence (AI).

However, this sectoral resurgence must navigate a tug-of-war between supportive stimulus and structural risks, which have the potential to challenge the pace of recovery.

Biotech sector rebounding after US uncertainty

According to Song, biotech has rebounded since its lows in April of this year.

Company valuations are trading at a 15 percent discount to broader markets on forward price-to-earnings, with secular demand intact for oncology, obesity and chronic diseases. In Song’s view, the biotech industry’s rebound stems from reduced uncertainty under the administration of US President Donald Trump.

Song added that valuations across healthcare are reasonable, noting rotational flows from cooling AI hype.

“I can’t deny that there have been some rotational effects that not just biotech has benefited (from), but healthcare in general,’ he commented. “While AI is an important driver in healthcare, to our view, it certainly is not priced in to the largest extent in many pockets of healthcare.”

Key biotech sector catalysts in 2026

Song sees healthcare’s recovery extending into 2026, with oncology remaining the primary growth engine.

He characterized the current sector resurgence as a durable structural shift being fueled by key developments that present tangible investment opportunities, including anticipated positive clinical trial outcomes, such as those for Revolution Medicines’ (NASDAQ:RVMD) pancreatic cancer drug.

“They have a lead drug that blocks an important pathway called RAS … and they could have a potential breakthrough in pancreatic cancer. They’re running a Phase III trial to demonstrate a potential survival benefit. There could be meaningful progress there,” Song noted. A data readout is expected next year.

Outside oncology, Song flagged high-profile biotech catalysts that could broaden the sector’s 2026 rally.

“Non-peptide oral GLP-1s … are clearly going to be an important data set readout and launch that could occur next year,” he explained, citing Eli Lilly’s (NYSE:LLY) orforglipron, a daily pill that hit Phase III success for type 2 diabetes and obesity in 2025. Approval is expected in 2026, and he believes it could be a potential game changer in obesity and chronic disease treatments, an area dominated by biotech innovators.

Song also sees validation ahead for platform technologies.

A dual-track recovery for biotech

While macro analysts see a broad cyclical recovery in 2026, Song predicts that the market will be defined by a dual-track recovery: a diagnostics-led initial public offering (IPO) surge, and a biopharma M&A environment focused on companies with the clinical validation required to alter the current standard of care.

Renaissance Capital predicts a faster pace for biotech IPOs, with a strong pipeline of companies such as Aktis Oncology, a radiopharma diagnostics firm targeting solid tumors, ready to list for US$100 million.

Additionally, AlphaSense forecasts steady M&A flow as companies rebuild their pipelines in the new year, a trend that Song sees as a structural necessity rather than a simple trend. “It’s an important pillar where Big Pharma needs to replenish their pipelines, and they can’t all do it internally,” he explained.

Consequently, he believes the primary “hunting ground” for these deals is mid-cap territory, where acquiring one or two proven drugs can effectively move the needle for a large pharmaceutical giant.

AI in the biotech sector

Song maintained that AI has not reached full valuation in the sector, and its role is expected to grow, with significant future productivity gains predicted in biopharma, drug discovery, clinical development and healthcare delivery.

“We’ve done some preliminary work that that that suggests there could be … productivity gains in areas like biopharmaceuticals and drug discovery and clinical development,” Song explained, adding that these are long-term projections. He sees a more immediate economic impact in how care is managed.

“Since healthcare is a large part of the US and global economy, and growing quickly in terms of healthcare costs, there are also opportunities for efficiency gains, which could lead to margin and consumer gains,” he noted. This revolution in delivery is already a key focus for his firm’s Tema Oncology ETF (NASDAQ:CANC).

However, life science market analyst Anastasia Bystritskaya warned that valuation and productivity are not synonymous, as high-performing models do not automatically become revenue-producing products. For investors, the real inflection point is operational integration rather than operating as a standalone prototype.

Drive for efficiency is expected to take a practical form in 2026 through what Sergey Jakimov, managing partner at longevity and biotech venture capital firm LongeVC, described as the “doctor in your hand.”

This AI companion manages routine, low-complexity tasks between clinic visits.

LongeVC anticipates that this shift to a regulated digital workflow will allow AI to identify meaningful clinical signals continuously without overburdening primary care teams.

This democratization of discovery creates a new competitive landscape for the hunting ground Song described; if AI-enabled teams can dissect complex pathways without a billion-dollar balance sheet, the traditional R&D model of Big Pharma faces a permanent disruption. In this new era, the innovation gap could be filled by agile players who use technology to act with the scale of a giant, but the speed of a startup.

Investor takeaway

Despite sector momentum, headwinds remain, particularly regarding the stability of clinical research funding.

A November report in JAMA Internal Medicine reveals that 383 clinical trials recently had their grants terminated, disrupting progress for over 74,000 participants. Dr. Gary K. Zammit, founder of Clinilabs, warned these reductions in National Institutes of Health funding risk slowing future commercial development of innovative therapies.

Macroeconomic headwinds, including rising tariffs and early labor market weakness, also present a material challenge.

Ultimately, the 2026 biotech outlook balances promising catalysts with the need for strategic capital deployment and a focus on clinically validated platform technologies, ensuring a durable expansion for the sector.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

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(TheNewswire)

 

December 24th, 2025 TheNewswire – Muskoka, Ontario Steadright Critical Minerals Inc. (CSE: SCM,OTC:SCMNF) (‘Steadright’ or the ‘Company’) Board of Directors has approved an additional 1,200,000 options at 0.28 cents according to the Rolling Stock Option Plan approved by Shareholders at the Annual General Meeting (AGM) on October 29, 2025.

 

The 1,200,000 Options approved is subject to a term of 5 Years expiring on December 23rd, 2030 and has been granted for Directors, Officers and Consultants of the Company as of December 24th, 2025.

  

ABOUT Steadright Critical Minerals INC.

Steadright Critical Minerals Inc. is a mineral exploration company established in 2019. Steadright has been focused in 2025 on finding exploration projects that can be brought into production within the critical mineral space in the Kingdom of Morocco. Steadright currently has mineral exploration claims known as the RAM project near Port Cartier, Quebec within the Côte-Nord Region, which is accessible by route 138, that is located on an Anorthositic complex that is in a highly prospective geological unit and historically been under explored for Ni, Cu, Co and precious metals.

ON BEHALF OF THE BOARD OF DIRECTORS

 

For further information, please contact:

Matt Lewis

CEO & Director

Steadright Critical Minerals Inc.

 

Email: enquires@steadright.ca

Tel: 1-905-410-0587

 

Neither the Canadian Securities Exchange (the ‘CSE’) nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking information is subject to known and unknown risks, ‎uncertainties and other factors which may cause the actual results, level of activity, performance or ‎achievements of Steadright to be materially different from those expressed or implied by such forward-‎looking information. Such risks and other factors may include, but are not limited to: there is no ‎certainty that the ongoing programs will result in significant or successful ‎exploration and ‎development of Steadright’s properties; uncertainty as to ‎the actual results of exploration and ‎development or operational activities; uncertainty as to the availability and terms of ‎future financing on ‎acceptable terms; uncertainty as to timely availability of permits and other governmental approvals; ‎general business, economic, competitive, political and social uncertainties; capital market conditions ‎and market prices for securities, junior market securities and mining exploration company securities; ‎commodity prices; the actual results of current exploration and development or operational activities; ‎competition; changes in project parameters as plans continue to be refined; accidents and other risks ‎inherent in the mining industry; lack of insurance; delay or failure to receive board or regulatory ‎approvals; changes in legislation, including environmental legislation or income tax legislation, affecting ‎Steadright; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key ‎individuals.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the ‎securities in the United States. The securities have not been and will not be registered under the United ‎States Securities Act of 1933, as amended (the ‘U.S. Securities Act‘) or any state securities laws and ‎may not be offered or sold within the United States or to, or for the account or benefit of, U.S. Persons ‎unless registered under the U.S. Securities Act and applicable state securities laws, unless an ‎exemption from such registration is available

   

Copyright (c) 2025 TheNewswire – All rights reserved.

News Provided by TheNewsWire via QuoteMedia

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Trading resumes in:

Company: Silverco Mining Ltd.

TSX-Venture Symbol: SICO

All Issues: Yes

Resumption (ET): 9:30 AM

CIRO can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. CIRO is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.

SOURCE Canadian Investment Regulatory Organization (CIRO) – Halts/Resumptions

News Provided by PR Newswire via QuoteMedia

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Altius Minerals (TSX:ALS,OTCQX:ATUSF) is making a bet on a lithium market recovery, agreeing to acquire Lithium Royalty (TSX:LIRC) in a C$520 million deal that will expand its exposure to battery metals.

Under a definitive agreement announced by the two companies on Monday (December 22), Altius plans to purchase all of the issued common and convertible common shares of Lithium Royalty for C$9.50 each.

The amount will be paid as either C$9.50 in cash or 0.24 of a common Altius share, according to shareholders’ election.

For Altius, the acquisition will allow it to bring a portfolio of 37 lithium royalties into its fold. None of them involve streams, and they span projects from production through early exploration.

Four of the royalties are tied to producing assets, three of which were commissioned in 2025 and are currently ramping up or expanding. Another 12 projects are in advanced stages with completed economic studies, while three to five additional assets are targeting startup between 2026 and 2030.

The company said the portfolio is geographically concentrated in lower-risk jurisdictions, with most assets located in Canada, Australia and South America, and diversified across both brine-based and hard-rock lithium production.

At the current spot price, Altius expects the acquired royalties to contribute between US$29 million and US$43.7 million in annual revenue by the end of the decade. Lithium carbonate equivalent prices fell to multi-year lows in 2025, holding below US$9,000 per metric ton for most of the year, even as demand continues to expand beyond electric vehicles.

Altius said global lithium demand is expected to exceed 1.5 million metric tons of lithium carbonate equivalent in 2025, with supply deficits potentially re-emerging as early as 2026 after years of oversupply.

Altius Chief Executive Brian Dalton said lithium has “emerged as a mainstream scale mined commodity,” and described the acquired portfolio as featuring “very long resource lives,” strong cost positioning and low jurisdictional risk.

A special shareholders’ meeting is scheduled to happen no later than March 10, 2026.

If approved, the deal is expected to close in the first quarter of 2026, after which Lithium Royalty shares will be delisted and the company will cease to be a reporting issuer in Canada.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

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Craig Hemke, publisher of TFMetalsReport.com, shares his thoughts on the gold and silver markets heading into 2026, outlining why he remains bullish.

‘Just keep adding some — it’s your protection against the madness. It’ll get you through the storm,’ he said. ‘It preserves your net worth from the destruction of these bankers and politicians.’

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

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The holiday season brings more than festive cheer, as for investors, it may signal the start of the so-called Santa Claus rally.

The Santa Claus rally is a period between the final trading days of December and the first days of January when stocks tend to climb. While this seasonal uptick isn’t guaranteed, historical data shows that markets rise more often than not during this window, driven by investor optimism, low trading volumes and year-end portfolio adjustments.

Historically, the last five trading days of December and the first two of January have been a period of above-average stock gains, offering a short, sharp rally for markets heading into the new year.

According to the Stock Trader’s Almanac, the Santa Claus rally has delivered an average gain of 1.3 percent for the S&P 500 (INDEXSP:.INX) since 1950. The phenomenon was first documented in 1972 by Yale Hirsch, founder of the Almanac, and continues to shape investor expectations today.

As for whether 2025 will deliver a Santa Claus rally to close out the year, after a choppy first half for December, markets have shown signs that a late-year recovery is possible.

When does the Santa Claus rally start?

The Santa Claus rally typically occurs over the final five trading days of December and the first two trading days of January. For 2025, the rally window begins on Wednesday, December 24, and runs through Monday, January 5, if historical patterns hold.

This narrow window often yields modest, yet consistent, returns for investors who time the market correctly.

While the rally’s timeframe is traditionally short, its effects can ripple through the market into early January. Essentially, a strong performance during this period can set the tone for January.

However, the exact timing of the Santa Claus rally can vary. Some analysts suggest that the rally has started earlier in recent years as investors attempt to front run the effect by increasing their positions in mid-December. This shift may blur the lines between the Santa Claus rally and broader December market upswings.

Will 2025 deliver a Santa Claus Rally?

This year, the S&P 500 fell during the middle of the month following a cooler-than-expected, albeit controversial, inflation report, which raised hopes for additional interest-rate cuts next year.

Despite this downturn, analysts note that a weak start to December has often failed to derail Santa’s run. Since 1950, the S&P 500 finished the Santa Claus rally period higher in 77 percent of years, even after early-month declines. By the end of the week, the index had already regained some ground, and it continued higher in the days leading up to Christmas.

“Barring any major shocks, it will be hard to fight the overwhelmingly positive seasonal period we are entering and the cleaner positioning set-up,” Goldman Sachs’ (NYSE:GS) trading desk team wrote in a note to clients, as reported by Bloomberg. ‘While we don’t necessarily see a dramatic rally, we do think there is room to go up from here into year end.”

Jeffrey Hirsch, editor-in-chief of the Stock Trader’s Almanac and Yale Hirsch’s son, also weighed in on the markets.

“It looks like (the Santa Claus rally) is set up and we can make another high by the end of the year,” he told MarketWatch. Hirsch cited cooler inflation readings and slower job growth in November, which may give the Federal Reserve room to cut interest rates in 2026.

It remains to be seen whether these predictions will come true, or if the market will be weighed down by factors including recent volatility in technology and artificial-intelligence-linked stocks.

Is the Santa Claus rally reliable?

Despite skepticism in some quarters, historical data supports the existence of the Santa Claus rally, and it is well documented.

Historically, the Santa Claus rally has been a relatively consistent period of gains. That said, historical patterns do not guarantee results, and not every year delivers the expected results. The S&P 500 lost about half a percentage point during the Santa rally period in 2024, and consecutive losses are rare but possible.

Columnist Mark Hulbert has expressed skepticism about the event in the past, noting that there is no definitive evidence that the market consistently outperforms during this period.

“An analysis of the past century reveals that the stock market in the weeks prior to Christmas is no more likely to rally than at other times of the year. (I suggest investors) ignore any arguments based on an alleged Santa Claus Rally,” Hulbert warned in an opinion piece posted on MarketWatch in 2018.

In 2019, for example, the market experienced volatility in December, defying the usual pattern.

In a December 2025 interview with CNBC, Jeffrey Hirsch cautioned that failure to rally is not an immediate bear-market signal, but rather “a flag to start looking at the other data — whether it’s seasonal indicators or other fundamental or technical measures.”

Despite the varying takes, many investors view the rally as a psychological phenomenon — one that influences market sentiment even if the returns are marginal.

Strategies for the Santa Claus rally

Now that the Santa Claus rally seems to be underway, investors interested in joining in have a variety of options, including domestic markets, international diversification or targeted sector plays such as mega-cap tech stocks.

As always, consulting with a financial advisor and conducting thorough research remains essential. While the Santa Claus rally offers potential rewards, market conditions can shift quickly, making flexibility and prudence key to success.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

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The Trump administration is dropping the hammer on cheap imports of disposable food containers from China and Vietnam, announcing massive trade penalties that experts say will lead to safer products while simultaneously protecting U.S. companies from unfair competition. 

‘America continues to thrive when fair competition occurs,’ attorney Yohai Baisburd of Cassidy Levy Kent, counsel to the American Molded Fiber Coalition, told Fox News Digital Tuesday. ‘The Trump Administration is using every tool in the toolbox to enforce U.S. trade laws and cheaters beware because they are coming after you.’ 

Baisburd, whose legal background focuses on trade litigation, was reacting to the U.S. International Trade Commission (ITC) announcing recently that its board voted to rule that U.S. industry is materially injured by importing ‘thermoformed molded fiber products from China and Vietnam.’ Baisburd argued on behalf of U.S. companies as the International Trade Commission considered the case. 

Thermoformed molded fiber products are common food containers — including disposable bowls, plates, cups and containers for ready to make meals or take-out containers — made from natural fibers and recycled products, such as wood pulp. The fibers are turned to pulp before they’re molded, and then shaped using heat and pressure. 

The U.S. market has been flooded with such products from China and Vietnam, with the nations ‘dumping’ the containers at unfairly low prices that affect American businesses, according to the ITC. 

Following the vote from the ITC, the Commerce Department will issue final antidumping (AD) and countervailing (CVD) duty orders on those imports from China and Vietnam. Antidumping and countervailing duties are special trade penalties — in addition to typical tariffs — that the U.S. imposes on imports found to be unfairly underpriced in order to level the playing field for American companies.

The new orders are expected in the coming weeks, with ITC expected to release its report by Jan. 23. 

The duties will include an upward of 540% tax on certain Chinese producers — including a 477%-plus tax for ‘dumping’ alone — and a 260%-plus tax on Vietnamese producers of the thermoformed molded fiber packaging products, ITC data shows.

‘The ITC vote will give the U.S. industry at least five years of duties on unfairly traded products from China and Vietnam,’ Baisburd said. ‘The ITC confirmed that the U.S. industry is severely injured by the corrosive impact of Chinese and Vietnamese imports. The ITC also authorized retroactive duties on Vietnamese imports.  This is only one of a handful of times they have done so in the past 25 years, sending a message to importers that they cannot surge into the U.S. market to try to get ahead of potential duties.’ 

Baisburd said the upcoming duties will ‘level the playing field’ for U.S. industry against cheap imports. 

‘U.S. workers/companies can compete against anyone, anywhere. What they can’t do is outcompete Chinese and Vietnamese government subsidies that violate U.S. trade laws. The duties allow U.S. manufacturers to reinvest in their workers, operations, technology, because they can now compete on a level playing field,’ he said. 

The duty orders are separate from the Trump administration’s tariffs on foreign nations, Fox News Digital learned. The tariffs are subject to change and negotiation, while the duties are legally binding trade enforcement mechanisms based on investigative findings by the U.S. Department of Commerce and International Trade Commission, and enforced by Border Patrol. The duties are applicable for the next five years minimum and are not subject to presidential discretion, Fox News Digital learned. 

Other presidential administrations have used antidumping and countervailing duties to level the playing field for U.S. companies, including the Biden administration touting in 2024 that it leveled more than 30 new antidumping and countervailing duties on steel-related products alone. 

Baisburd argued that the Trump administration broadened its tool chest for an all-encompassing approach to protecting U.S. manufacturing. 

‘The Trump administration is taking advantage of all the enforcement tools available across the federal government to support U.S. manufacturing.  We are seeing increased customs enforcement (both civil and criminal), a new DOJ Trade Fraud Taskforce, and greater scrutiny of supply chain shifts that circumvent duties,’ the attorney said. 

In addition to business concerns about the Asian nations boxing out the U.S. market for food service containers, health concerns also have simmered. China and Vietnam have been identified as nations that produce containers with ‘forever chemicals,’ or per- and polyfluoroalkyl substances (PFAs). An ITC report published in 2024 found that while some foreign nations claim products are PFAs-free, studies indicate that it is not always true, while the U.S. ‘generally produces PFA-free products.’

The vote marks the third recent trade ruling that affects disposable food service containers. The U.S. Department of Commerce ITC issued antidumping and countervailing duties on disposable aluminum containers, pans, trays and lids imported from China and elsewhere, as well as leveling antidumping and countervailing duties on low-cost white paper plates from China, Thailand and Vietnam in March. 

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For years, Washington has spoken about reducing its Middle East footprint, yet analysts told Fox News Digital that 2025 proved the opposite: American force — not retreat — reshaped the region.

Blaise Misztal, vice president for policy at the Jewish Institute for National Security of America (JINSA), said the past year confirmed a long-standing strategic lesson. ‘2025 underscored what Middle East watchers have long known, and U.S. policymakers never seemed to want to admit: that strength is the currency of the realm and there is no substitute for U.S. leadership,’ he said.

Israeli political analyst Nadav Eyal said the shift was unmistakable. ‘What we have seen in 2025 is an increased role of the United States, rather than a withdrawal,’ Eyal said. ‘It delivered a hostage deal and a ceasefire in Gaza. It brought a certain level of stability in Syria. We see increased cooperation with Saudi Arabia, Qatar and the UAE.’

‘The idea that the U.S. is out of the Middle East is just out the window,’ he added.

Gaza: The ceasefire and the hostages

During 2025, the Trump administration brokered a ceasefire that ended the two-year war in Gaza and returned all Israeli hostages except for the body of Ran Gvili, which still remains in Hamas’ hands. The deal was initially met with deep skepticism inside Israel. 

President Donald Trump traveled to both Israel, where he addressed the Knesset, and Cairo to finalize the agreement, coordinating with Arab leaders and mediators in a complex process that included an exchange of Palestinian terrorists held in Israeli prisons for hostages.

‘There is absolutely no doubt that without President Trump’s intervention, this could have lasted much longer, or maybe not have ended at all, or ended in tragedy,’ Eyal said, adding that the administration fundamentally changed what had been considered possible.

‘He expanded the realm of possibilities,’ Eyal said. ‘If someone had told us six months earlier that this would be the framework of the deal, and that all the living hostages would be back home within 72 hours, we would have said it’s a great idea, but Hamas would never agree.’

According to Eyal, the breakthrough came from Israeli military pressure combined with U.S. insistence and regional coordination. ‘The military pressure put by Israel, enabled by the White House, together with the White House’s insistence and the enlistment of Qatar and Turkey, is what made the breakthrough,’ he said.

Misztal also argued that the outcome was not the result of diplomacy alone. ‘The relative calm that the region is now enjoying, after two years of war, is not the result of diplomacy, which failed on its own to stop Iran’s nuclear advance or convince Hamas to return Israeli hostages,’ Misztal said. ‘It is the result of Israeli and U.S. willingness to use force, and do so together in pursuit of common objectives.’

‘Operations Rising Lion and Midnight Hammer, coupled with the Israeli strike in Doha, unlocked the path to peace,’ he added.

The ceasefire remains fragile but intact, with the U.S. now deeply involved in shaping the postwar phase in Gaza.

Regional shockwaves

On Dec. 8 last year, after Israel defeated Hezbollah, the Assad regime in Syria collapsed, signaling a dramatic shift in the regional balance of power.

That momentum carried into 2025. Operation Rising Lion known as the 12-day war, underscored Israel’s air superiority, with Israeli aircraft striking Iranian military infrastructure and eliminating senior IRGC commanders.

The campaign also highlighted the depth of U.S.-Israel coordination, culminating in a U.S. strike that targeted Iran’s nuclear program and curtailed Tehran’s ability to support its proxies.

Eyal said Iran now faces a period of profound uncertainty. ‘Iran will, without doubt, try to rebuild its influence after its proxy system was shattered,’ he said. ‘It was defeated in war with Israel and lost most of its nuclear program.’

Two questions now dominate. ‘Can Iran rebuild its alliances, its prestige and its sources of power, like the nuclear program or air defenses, and stabilize itself again as a regional power?’ Eyal asked. ‘The deeper question,’ he added, ‘is what happens to the regime.’

He described Iran as increasingly unstable, with a devastated economy and growing public discontent. ‘It seems like almost everything is ripe for a substantial change in Iran,’ he said. ‘Whether the Islamic Republic can survive without significant reform, or whether there will be a coup or counterrevolution, will take us well into 2026.’

‘The sands of the Middle East are always shifting’: What to expect in 2026

Eyal said the past year forced a reckoning about Hamas’ future. ‘In 2025, Israelis, and to a certain extent countries in the Middle East, woke up from a fantasy that Hamas would cease to exist completely as a functioning body,’ he said.

‘Everybody understands there will be some sort of presence of Hamas, and unfortunately, they will hold some sort of armed power,’ Eyal added. ‘The question is, to what level can you reduce it?’

At the same time, he stressed the scale of Hamas’ losses. ‘In 2025 they suffered tremendous defeats and were wiped out as a functioning military body,’ Eyal said. ‘This is the year in which it happened.’

‘Even after losing half of Gaza, with Gaza devastated, and the hostages returned, they are still functioning as a military organization,’ he added. ‘That means they are incredibly resistant or flexible.’

Misztal warned that the calm will not hold without sustained U.S. engagement. ‘The sands of the Middle East are always shifting,’ he said. ‘Today’s calm will not last without consistent effort applied to uphold it.’

He warned that 2026 could see renewed pressure from multiple fronts. ‘Adversaries will seek to reassert themselves and find new advantages,’ Misztal said. ‘Iran will test the boundaries of U.S. and Israeli patience and ISIS or other Sunni extremists may seek a spectacular attack to mark their comeback.’

‘These will all be tests for the U.S. appetite to continue applying the ‘peace through strength’ approach,’ Misztal said. ‘If Washington takes its eyes off the region, the progress of the last year might quickly be lost.’

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Obamacare subsidies that have dominated the conversation on Capitol Hill are set to expire after Congress failed to act, but a cohort of bipartisan senators are quietly working to find a solution for when lawmakers return next year.

It has engulfed Congress since September and played a starring role in the longest-ever government shutdown. And both Republicans and Democrats tried, and failed, to pass their partisan plans to either extend or replace the Biden-era enhanced tax credits.

They are guaranteed to expire, and millions of Americans who use the subsidies are set to experience hikes to their out-of-pocket costs for healthcare that can vary widely depending on the state.

Still, some in Congress haven’t given up on the issue.

Sens. Susan Collins, R-Maine, and Bernie Moreno, R-Ohio, held bipartisan confabs last week as lawmakers readied to leave Washington, D.C., to hash out a framework for an Obamacare fix that could meet the desires of both sides of the aisle.

There are several political landmines that the group will have to overcome, like Democrats’ demands for a relatively clean, multiyear extension of the subsidies and Republicans’ desires to add income caps and anti-fraud measures.

‘We have some momentum to enact a bipartisan bill that includes reforms,’ Collins said. ‘As you know, Senator Moreno and I convened an ideologically diverse group of both Democratic and Republican senators who met for nearly two hours on Monday night, and we’re now working on drafting a specific bill to incorporate those conversations that will include reforms as well as the two-year extension.’

The plan has yet to see the light of day, but Collins and Moreno both already have a public proposal, as do several other lawmakers in the upper chamber.

Their original plan, released earlier this month, would extend the subsidies by two years, put an income cap onto the subsidies for households making up to $200,000 and eliminate zero-cost premiums as a fraud preventive measure by requiring a $25 minimum monthly payment.

That initial offering could give a glimpse into the final product, but there are still hurdles to getting a bill on the floor that could pass.

Namely, Senate Republicans are largely against any kind of extension to the subsidies without major reforms and a built-in off-ramp to wean off the credits, which they say are rife with fraud and funnel money directly to insurance companies rather than patients.

There’s also another wrinkle in the House, where Democrats and a handful of Republicans rebelled to force a vote on their own extension to the subsidies. That bill is expected to get a vote next month.

Lawmakers see it as changing the dynamic of negotiations in the Senate, but whether it ever makes it to a vote in the upper chamber is an open question.

‘Well, we’ll see,’ Senate Majority Leader John Thune, R-S.D., said. ‘We’ll obviously cross that bridge when we come to it.’

Some Republicans in the upper chamber see the momentum building in the House as a pressure point on them that could further drive the conversation around the subsidies and, more broadly, healthcare.

Sen. John Kennedy, R-La., said, ‘It will apply pressure on us, which isn’t a bad thing.’

‘I’m ready to start talking about healthcare at any time,’ Kennedy said. ‘I just don’t, I mean, I’m a pragmatist. I live in the real world, and I just don’t see a lot of appetite to make reforms. I just don’t — I see the vast majority of my Democratic colleagues just want an extension of the Affordable Care Act subsidies.’

And Senate Democrats welcome the development, given that the House’s plan mirrors their own, three-year extension of the subsidies, which already failed in the upper chamber earlier this month.

‘Well, it seems to me the basic proposition is, is it progress or not? And I think it is, because what we have felt all along is the only timely tool is the tax credits,’ Sen. Ron Wyden, D-Ore., said.

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The Department of Justice warned Tuesday that some documents in the latest batch of files it published related to Jeffrey Epstein included false and unverified information about President Donald Trump.

The DOJ wrote in a statement that the material included ‘untrue and sensationalist claims’ about the president that the FBI received ahead of the 2020 election.

‘To be clear: the claims are unfounded and false, and if they had a shred of credibility, they certainly would have been weaponized against President Trump already,’ the DOJ wrote on social media, adding that it published the documents because of its ‘commitment to the law and transparency.’

The documents included an email sent by an unnamed federal prosecutor with the U.S. attorney’s office in the Southern District of New York on Jan. 7, 2020, saying Trump flew on Epstein’s private jet at least eight times in the 1990s. Epstein and his associate Ghislaine Maxwell accompanied Trump on some of the flights, and two of the flights included passengers who were ‘possible witnesses in a Maxwell case,’ the prosecutor wrote.

The U.S. attorney’s office ‘didn’t want any of this to be a surprise down the road,’ the prosecutor wrote. 

The documents also indicated a number of tips that were provided to the FBI about Trump’s alleged involvement with Epstein in the early 2000s. Trump has said he ended his friendship with Epstein before Epstein faced charges. It is unclear what was done with the information provided in the documents, or whether any of it was corroborated or used in the prosecutions of Epstein and Maxwell.

The DOJ has been sharing on a public website since Friday tens of thousands of pages of files related to Epstein’s and Maxwell’s sex-trafficking cases. Maxwell was found guilty in 2021 of trafficking minors, while Epstein died in 2019 in prison by suicide, authorities say.

Among the files was also a letter Epstein appeared to have written to former physician Larry Nassar, a convicted child molester, that was postmarked three days after Epstein died and referenced Trump.

‘Our president also shares our love of young, nubile girls,’ the letter read. The document’s authenticity is unknown. Accompanying it was an FBI request to conduct a handwriting analysis of it.

The latest trove of documents came as part of the DOJ’s response to the Epstein Files Transparency Act, a law passed last month that imposed a 30-day deadline on the department to release all unclassified material related to the cases.

The last batch of documents included several photos of former President Bill Clinton, who was pictured in a pool and hot tub. A woman whose face was redacted was featured in the latter. A Clinton spokesperson responded by demanding the DOJ release all the files and that refusal to do so would confirm the DOJ was ‘not about transparency, but about insinuation.’ The spokesperson noted that Clinton’s name has ‘repeatedly’ been cleared by prosecutors.

The transparency bill allowed the DOJ to withhold information about potential victims and material that could jeopardize open investigations or litigation. Officials could also leave out information ‘in the interest of national defense or foreign policy,’ the bill said. But the bill explicitly directed the DOJ not to redact any details that could be damaging to high-profile and politically connected people.

The file rollout has stirred controversy as critics have aired grievances about over-redactions and the law’s lapsed deadline. Trump signed the bill into law on Nov. 19, meaning the statutory deadline for all the files to be released was Dec. 19. The DOJ has said more files are forthcoming by the new year.

Deputy Attorney General Todd Blanche said on ‘Meet the Press’ on Sunday there was ‘well-settled law’ that supported the DOJ missing the bill’s deadline because of a need to meet other legal requirements, like redacting victim-identifying information.

Bill Mears contributed to this report.

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