FT News Briefing A double bubble for gold and US equities
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Dec 9, 2025 
This discussion features Jamie Smith, the FT's U.S. Energy Editor, and Leslie Hook, the FT's Natural Resources Editor. They dive into surging U.S. natural gas prices and the implications for households and industries. Smith highlights how extreme weather and LNG exports are driving costs higher. Hook warns of a potential bubble in gold and U.S. equities driven by retail investors, noting it's the first time in 50 years both markets are showing bubble-like behavior simultaneously. They also touch on the risks that might come in January.
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Paramount Upsets Big-Streaming Deal
- Paramount launched a $108bn hostile all-cash bid for Warner Bros. Discovery, directly challenging Netflix's recent $82.7bn deal.
- The move raises regulatory and market-power concerns noted by David Ellison and President Trump.
U.S. Gas Prices Surge To Multi-Year Highs
- U.S. wholesale natural gas has jumped over 50% year-on-year and breached $5, its highest since 2022.
- Higher wholesale prices are feeding through to retail electricity and some household gas bills via utilities.
Cold Weather And LNG Exports Tighten U.S. Gas
- A cold spell and record LNG exports together explain the recent wholesale gas spike in the U.S.
- LNG exports rose ~20% year-to-September with plans to double capacity over five years, possibly shifting domestic price structure.