Tuesday, 28 January 2025
The Mighty Headlines
Economics: Manufacturing slows down in China
Business: Polish Minister calls for Tesla boycott
Markets: Nvidia shares fall heavily
Foreign Affairs: Colombia relents on migrants after US tariff threats
Security and intelligence: City in the Democratic Republic of Congo seized by rebels
Domestic politics: UK Government puts sanctions on Belarus after election
The Mighty Stats
FTSE = 8.503,71 (up 0.016 per cent)
S&P500 = 6.012,28 (down 1.46 per cent)
Nasdaq = 19,341.83 (down 3.07 per cent)
CAC40 = 7,906.58 (down 0.27 per cent)
£1 = $1.25 / €1.19
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The Mighty Detail
Economics: Manufacturing activity in China contracted in January for the first time in four months. The latest PMI data shows activity of 49.1 in January, down from 50.1 in December. Any number below 50 indicates a contraction.
Business: A Government Minister in Poland has called for Tesla to be boycotted. This comes after Elon Musk addressed a rally of the far-right German AfD party on the eve of Holocaust Memorial Day and said that there was “too much focus on past guilt” in Germany. Tesla was the most popular electric vehicle brand in Poland in 2024, with 4,400 cars sold.
Markets: AI chipmaker Nvidia saw its shares fall by over 18 per cent yesterday. It lost over $500 billion in market value, which is the largest suffered by any company in stock market history. It comes as Deepseek, a Chinese AI company, released a new AI model at the weekend which runs on less advanced computer chips.
Foreign Affairs: After the US Government threatened to impose 25 per cent tariffs on Colombia, the Colombian Government has now agreed to take back migrants from the US. This follows the news that Colombia was refusing to let US airplanes returning migrants land in Colombia.
Security and intelligence: A Rwandan-backed rebel group says that it has taken control of the city of Goma in the Democratic Republic of Congo. The DRC’s Foreign Minister, Thérèse Kayikwamba Wagner, accused Rwanda of “a declaration of war”. There are concerns of a wider regional conflict.
Domestic politics: The UK Government has imposed sanctions on Belarus and condemned the country’s “sham elections” which took place on Sunday. President Alexander Lukashenko, a close ally of President Putin, won a seventh term and took 87 per cent of the vote. He has been in power for 31 years.
The Mighty Calendar
What’s happening today?
Inquiry into the Omagh bombing begins
China, South Korea public holiday (new year)
Japan CPI inflation data (yearly)
France consumer confidence data (January)
Spain unemployment data (Q4 2024)
US house price data (November)
Company results from: Boeing, Starbucks, General Motors, Lockheed Martin,
Lookahead to tomorrow
Chinese new year: Year of the Snake
China, South Korea, Hong Kong, Singapore public holiday (new year)
Rachel Reeves delivers speech on growth
Robert Kennedy Jr.’s confirmation hearing as US Health Secretary
Bank of Canada interest rate decision
Japan household confidence data (January)
Spain GDP data (Q4 2024)
Italy business and consumer confidence data (January)
Company results from: Microsoft, Meta, Tesla, IBM, ASML
The Mighty Finale
🌤️Weather today
Rain in much of England. High of 10C and low of 5C. Patchy rain in Belfast. Light rain in Edinburgh.
✏️Life coaching quote of the day
“Success is liking yourself, liking what you do, and liking how you do it.” – Maya Angelou, writer
Mighty takeaway: What you think of yourself is the key to your happiness and success.
That’s about it for today’s edition.
Adios!
The Mighty Memo team