Daniel Bach

Meanwhile, Trump has signed off on 25% tariffs on countries that do business with Tehran, which could hurt China, India, Pakistan, Turkey, and Armenia.

Japan's benchmark Nikkei stock average closed at an all-time high today, driven by growing expectations for a general election next month.

Reports citing government sources in Japan say Prime Minister Sanae Takeuchi is considering dissolving the lower house later this month.

Some economists said that a win at the polls would allow the popular Takeuchi government to pursue more aggressive fiscal policy and invest further in growth and security, which could boost stocks linked to defense, energy, semiconductors, and AI.

And a federal judge has said work on a major wind farm off the coast of Rhode Island and Connecticut can now resume.

The ruling marks a temporary win for the offshore wind industry, as President Trump seeks to block any windmills from being built.

The case is the first of three challenging the administration this week, following Trump's order in December to freeze five big projects on the East Coast over national security concerns.

Asian stocks ended the day mixed, European stocks are looking for direction in midday trading, and U.S.

Here's your morning brief for Monday, January 12th.

I'm Daniel Bach for The Wall Street Journal.

U.S.

prosecutors have launched an investigation into Federal Reserve Chair Jerome Powell, threatening a criminal indictment over his testimony last year concerning the bank's building refurbishment.

Trump last month threatened a lawsuit against Powell alleging incompetence over the renovation of two historic buildings that's been hit by cost overruns.

In a video posted by the Federal Reserve, Powell denied any wrongdoing and called the renovation project pretext for an attack on the central bank's independence.

Gold and silver prices have shot up to record highs today as a result, while U.S.

stock futures have moved lower ahead of the open.

President Trump has said he might block ExxonMobil from drilling in Venezuela.

That's after the president met with oil executives at the White House on Friday, where Exxon chief executive Darren Woods said Venezuela is currently, quote, uninvestable.

Borrowers in lower- and middle-income households would benefit the most from a 10% cap, but experts say they would also be the first ones banks would stop lending to.

The American Bankers Association and other industry groups said Trump's proposals would hurt families and small businesses by driving them toward less regulated alternatives.