Tuesday, 14 January 2025
The Mighty Headlines
Economics: China’s trade surplus reaches nearly $1 trillion
Business: Tesla sales overtake Audi sales
Markets: Dollar reaches two-year high
Foreign Affairs: Russia and Iran to sign strategic partnership agreement
Security and intelligence: Israel and Hamas presented with final truce deal
Domestic politics: UK Prime Minister confirms Chancellor remains in post
The Mighty Stats
FTSE = 8,224.19 (down 0.29 per cent)
S&P500 = 5,836.22 (up 0.16 per cent)
Nasdaq = 19,088.10 (down 0.38 per cent)
CAC40 = 7,408.64 (down 0.3 per cent)
£1 = $1.22 / €1.19
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The Mighty Detail
Economics: China’s trade surplus increased to nearly $1 trillion in 2024. This is a 21 per cent increase on 2023. Factors behind the increase include record exports to the US, as companies seek to buy goods before the Trump administration imposes tariffs, and a weak level of imports because of low domestic demand in China.
Business: Sales of Tesla vehicles have overtaken those of Audi for the first time. Tesla sold 1.79 million vehicles in 2024, a fall of one per cent from the previous year. Audi sold 1.67 million vehicles last year, a fall of 12 per cent on the previous year.
Markets: The dollar hit a two-year high against the world’s major currencies during trading yesterday. This follows strong US jobs data published late on Friday which indicates a growing economy and makes further cuts to US interest rates unlikely. The pound fell to a 14-month low against the dollar.
Foreign Affairs: It is being reported that Russian President Vladimir Putin and Iranian President Masoud Pezeshkian will meet in Moscow on Friday to sign a comprehensive strategic partnership agreement. The deal is expected to cover trade and military cooperation among others. Russia signed a similar agreement with North Korea last June.
Security and intelligence: Israel and Hamas negotiators were presented with a final truce deal in Qatar yesterday. Difficulties reportedly remain over which hostages and prisoners will be freed and Hamas’s request that Israel withdraw from the Philadelphia corridor – a strip of land between Gaza and Egypt.
Domestic politics: The office of the UK Prime Minister has confirmed that the UK Chancellor, Rachel Reeves, will remain in the post for the duration of the Parliament. Reeves had been facing criticism over rising interest rates on UK Government debt and the falling value of sterling.
The Mighty Calendar
What’s happening today?
NATO Baltic summit, Finland
Impeachment trial of South Korean President due to begin
Confirmation hearing for US Defence Secretary nominee Pete Hegseth
Russian Foreign Minister Lavrov holds annual press conference
French Prime Minister Bayrou outlines vision for his new Government
Sri Lanka’s President begins four-day visit to China
Foreign Office Questions in UK Parliament
Italy industrial production data (November)
US CPI and PPI inflation data (December)
South Korea trade data (December)
Lookahead to tomorrow
NATO defence chiefs meeting, Brussels (ends tomorrow)
Confirmation hearing for US Secretary of State nominee Marco Rubio
UN Secretary General outlines priorities for 2025
Prime Minister’s Questions in UK Parliament
UK CPI and PPI inflation data (December)
US, France, Spain CPI inflation data (December)
Japan PPI inflation data (December)
South Korea interest rate decision
Company results from: Citigroup, JP Morgan, Wells Fargo, Currys, Hays
The Mighty Finale
🌤️Weather today
Light clouds and winds but dry. High of 9C and low of 5C in London. Same weather in Belfast but sunny intervals in Edinburgh.
✏️Life coaching quote of the day
“The art of competing, I’d learned from track, was the art of forgetting, and I now reminded myself of that fact. You must forget your limits. You must forget your doubts, your pain, your past.” – Phil Knight, founder of Nike
Mighty takeaway: Our limitations are self-imposed. Remove them!
That’s about it for this Tuesday and we’ll see you tomorrow.
Adios!
The Mighty Memo team