Economic updates this week revealed shifting trends worldwide. UK inflation eased slightly to 2.5% in December, while euro area inflation rose to 2.4%. In the US, inflation climbed to 2.9%. Meanwhile, China's GDP grew 5.4% in Q4, the euro area trade surplus increased to €16.4 billion in November, but German GDP grew 0.2% in 2024.
Earnings season took center stage in financial news, with major companies such as JPMorgan, TSMC, BlackRock, Wells Fargo, Goldman Sachs and Bank of America reporting results.
The tech world was abuzz with multiple space launches. SpaceX conducted a seventh Starship test and sent missions for Firefly Aerospace and ispace, while Blue Origin debuted its New Glenn rocket. Jeff Bezos expressed support for President-elect Donald Trump's space policy despite concerns about his ties with Elon Musk.
In the Middle East, a Gaza ceasefire deal was brokered by Doha mediators. However, Israeli Prime Minister Benjamin Netanyahu's demand for a hostage list before proceeding cast uncertainty on the agreement.
On the political front, tensions rose around TikTok, with the app facing a potential shutdown in the United States unless President Joe Biden intervenes. The US Supreme Court sided with the government on the ban, but Trump hinted at a possible 90-day delay once he takes office on Monday.
Moreover, this week, South Korea's former president Yoon Suk-yeol was arrested over his martial law declaration. Biden delivered a farewell address from the Oval Office, in which he reflected on his administration's accomplishments and warned about the dangers of AI. In a surprising move, President-elect Trump launched a meme coin, TRUMP, which surged in popularity following his announcement. The wildfires in Palisades and Eaton claimed 27 lives, adding a tragic note to the week.
