Wednesday, 22 January 2025
The Mighty Headlines
Economics: China warns against a trade war with the US
Business: Waterstones quadruples profits
Markets: US stock markets rise on tariff delay
Foreign Affairs: Yemen says Trump’s election is a turning point against the Houthis
Security and intelligence: Zelensky warns Europeans to “step up” defence
Domestic politics: UK Government sacks head of competition regulator
The Mighty Stats
FTSE = 8,548.29 (up 0.33 per cent)
S&P500 = 6,049.24 (up 0.88 per cent)
Nasdaq = 19,756.78 (up 0.64 per cent)
CAC40 = 7,770.95 (up 0.48 per cent)
£1 = $1.23 / €1.18
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The Mighty Detail
Economics: Chinese Vice Premier Ding has warned that there would be "no winners" in a trade war. Ding Xuexiang is likely to have been referring to potential tariffs from the United States. Although President Trump has not yet imposed tariffs on China, he suggested yesterday that his administration could impose tariffs on China if it didn't agree to a deal on TikTok.
Business: Bookshop chain Waterstones reported pre-tax profits of nearly £43 million for the year ending April 2024. This is nearly quadruple the £11.2 million recorded the previous year. Waterstones has said that tourism and people returning to the office in city centres are likely to have been factors in the increase.
Markets: Stock markets in the US rose yesterday as traders reacted to the news that President Trump did not immediately levy tariffs on Canada, Mexico or China. Instead, federal agencies have been directed to study the countries’ ‘unfair’ trade practices.
Foreign Affairs: Yemen's Vice President has said that Donald Trump's inauguration is a turning point in the fight against the Iranian-backed Houthi rebels. Aidarous Al-Zubaidi said that Trump is a "strong decision maker". He expects talks with the US Government on resolving the situation in Yemen to begin shortly. The Houthis have been attacking shipping in the Red Sea since 2023.
Security and intelligence: Speaking at the World Economic Forum in Davos, President Zelensky has said that Europe must "step up". He contrasted what he sees as the strength of the Trump administration with the timidity of European politicians, whom he said are "reduced to posting on X" and may not even have a seat at the negotiating table when the war in Ukraine ends.
Domestic politics: The UK Government has sacked the chair of the Competition and Markets Authority, Marcus Kokkerink, after the regulator failed to convince ministers that it was sufficiently focused on growth. Kokkerink will be replaced temporarily by former Amazon UK boss, Doug Gurr.
The Mighty Calendar
What’s happening today?
Prime Minister’s Questions in UK Parliament
UK Government debt data (December)
South Korea GDP data (Q4 2024)
Japan trade data (December)
Company results from: easyJet, Johnson & Johnson
Lookahead to tomorrow
NATO chief Mark Rutte speaks at WEF summit at Davos
Argentinian President Javier Milei speaks at WEF summit at Davos
Cabinet Office Questions in UK Parliament
UK, Eurozone consumer confidence data (January)
US unemployment data (weekly)
Canada retail sales data (November)
Japan manufacturing growth data (January)
Bank of Japan interest rate decision
Company results from: American Airlines, Mitie
The Mighty Finale
🌤️Weather today
Generally dry in England. High of 5C and low of 2C in London. Foggy but dry in Belfast. Overcast but dry in Edinburgh.
✏️Life coaching quote of the day
“Believe in yourself! Have faith in your abilities! Without a humble but reasonable confidence in your own powers you cannot be successful or happy.” – Norman Vincent Peale, motivational speaker
Mighty takeaway: Nothing further to add!
That’s it for today’s edition. See you tomorrow!
Adios!
The Mighty Memo team