Wednesday, 29 January 2025
The Mighty Headlines
Economics: Republic of Ireland’s economy shrinks
Business: HSBC to end some investment banking operations in UK, EU and US
Markets: Foxton’s shares rise by over 6 per cent
Foreign Affairs: EU hardens stance against President Trump’s Greenland claims
Security and intelligence: President Trump orders “Iron Dome” defence system
Domestic politics: Omagh Bombing Inquiry begins in Northern Ireland
The Mighty Stats
FTSE = 8.533,87 (up 0.35 per cent)
S&P500 = 6,067.70 (up 0.92 per cent)
Nasdaq = 19,733.59 (up 2.03 per cent)
CAC40 = 7,897.37 (down 0.12 per cent)
£1 = $1.24 / €1.19
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The Mighty Detail
Economics: The Republic of Ireland recorded a decrease in GDP of 1.3 per cent in Q4 2024. This follows an increase of GDP of 3.5 per cent in the previous quarter. It comes as Eurozone GDP and unemployment data is released later this week and the European Central Bank announces its latest interest rate decision on Thursday.
Business: HSBC is to end some of its investment banking operations in the UK, Europe and the Americas. It comes as part of a global restructuring programme which is seeing the bank split its activities between Asia and the West. HSBC set out plans last year to make around $3 billion of savings.
Markets: Shares in the London estate agent Foxton’s increased by 6 per cent during trading yesterday. This follows news that revenue for 2024 increased by 11 per cent compared with 2023 and reached £163 million. An increase in buyer activity ahead of the stamp duty rise in April may have played a part in increasing revenue.
Foreign Affairs: Senior European politicians hardened their position on Greenland yesterday following President Trump’s recent remarks about taking the country. Germany’s Chancellor, Olaf Scholz, said that “borders may not be moved by force”. The European Defence Commissioner, Andrius Kubilius, and France’s Foreign Minister, Jean-Noël Barrot, added that they would stand with Denmark.
Security and intelligence: President Trump has ordered the construction of an “Iron Dome” air missile defence system for the US. The system will provide defence against “ballistic, hypersonic, advanced cruise missiles” and is inspired by Israel’s famous “Iron Dome” defence system.
Domestic politics: The Omagh Bombing Inquiry began taking evidence in County Tyrone yesterday. The bombing in Omagh by the Real IRA in August 1998 was the single largest atrocity of The Troubles and killed 29 people. The Inquiry seeks to find whether UK authorities could have prevented the bombing.
The Mighty Calendar
What’s happening today?
Chinese new year: Year of the Snake
China, South Korea, Hong Kong, Singapore public holiday (new year)
UK Chancellor 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
Lookahead to tomorrow
Tulsi Gubbard confirmation hearing as National Intelligence Director
China, South Korea, Hong Kong, Singapore public holiday (new year)
European Central Bank interest rate decision
Eurozone GDP data (Q4 2024)
Eurozone unemployment data (December)
Spain CPI inflation data (January)
US unemployment data (weekly)
Company results from: Apple, Shell, Intel, Caterpillar, Nokia
The Mighty Finale
🌤️Weather today
Rain in the south of England, dry elsewhere. High of 8C and low of 5C in London. Sunny intervals in Belfast and Edinburgh.
✏️Life coaching quote of the day
“Problems are guidelines, not stop signs!” – Robert H. Schuller
Mighty takeaway: Don’t change direction or give up at the first sight of problems or obstacles.
That’s about it for today’s edition.
Adios!
The Mighty Memo team