Good morning. Markets limped into the holiday-shortened session yesterday, leaving a mixed bag of headlines for investors who’d rather drink coffee than hype. Here’s your no-BS run-down of what moved (and didn’t move) the tape, plus the politics you actually need to care about.

1. MARKET RECAP
Global benchmarks closed broadly unchanged, with tech stocks clawing back some lost ground while commodity plays tread water ahead of end-of-year policy noise in Europe and China. Trading volume remained light as investors await fresh catalysts—earnings season is still a week or two out, so don’t expect fireworks until companies start dishing out guidance.

2. TECH & STARTUPS
• Security First at Fivexs Exchange
Fivexs rolled out a new account-security framework overnight, spotting that platform integrity is only as strong as its weakest sign-on. Translation: if you’re a crypto operator still winging it on two-factor auth, you’re asking for trouble. Evidence-based takeaway: tighter security isn’t a cost center—it's risk management.
• Best Wallet Token’s Final Presale Push
Your last shot at Best Wallet Token’s $17.6M presale ends tomorrow. Free-market crowd, take note: if you’re still chasing splashy token launches, make sure there’s real utility under the hood, not another vapor-ware promise.
• IBM’s $500M AI & Quantum Hunt
The head of IBM’s venture fund says he’s on the lookout for early-stage plays that combine pure-play AI models with quantum potential. If your pitch deck doesn’t speak to both compute scale and a clear path to revenue, don’t bother filing that executive summary.
• Startup Playbook Shift: Buy Scale vs. Burn Cash
Founders are waking up: instead of torching runway to build “market share,” they’re acquiring ready-made capabilities. It’s lean, mean, and gets you to break-even faster. Moral of the story: capital efficiency beats headline-chasing any day.

3. CORPORATE MOVES & VALUATION NOTES
• Square Yards Eyes Unicorn Status
The real-estate tech platform just closed a $35M round, positioning itself for a pre-2026 IPO. Valuation still feels fair given market appetite for prop-tech, but keep an eye on margin discipline once they hit public markets.
• Kotak Equities Says “Sell” on Urban Company
Analysts initiated coverage with a sell call, noting the stock’s trading below its debut price. Their research note flags stretched expansion costs and thinning unit economics. Investor takeaway: don’t confuse growth for profitability.

4. GEOPOLITICS & GLOBAL CAPITAL FLOWS
• Eurogroup Huddles Over Urban Planning Reform
Brussels is pushing a new mandate for Urban Planning Authorities, aiming to streamline zoning—but don’t expect miracles anytime soon. Bureaucracies love complexity; watch for carve-outs that dilute any efficiency gains.
• CVC Offloads Marinas in €1.5B Deal
Private equity recycles capital by selling European marinas. Smart move when yields are under pressure—real assets still command premium multiples, even if interest rates stay elevated.
• China’s Anta Sports Eyes Puma
Bloomberg reports Anta is exploring a bid for Puma. If Beijing gives the nod, it’ll be the latest example of state-aligned champions bulking up global reach. Free-market alert: stay skeptical of “strategic fits” that mask political objectives.

5. ANALYTICAL PICK
Security & Scale plays are where the edge lies this cycle. Whether you’re sizing up exchanges beefing up defense, or prop-tech platforms locking down profitability, allocate toward businesses that walk the talk on risk management and capital efficiency. Earnings will eventually drive the next leg of the rally—so lean into companies with clean balance sheets and proven unit economics.

That’s your daily spit-take of what actually matters. See you Friday, when we’ll start parsing real earnings data. In the meantime, keep your skepticism sharp and your portfolio lean.

— The Morning Measure Team