Bank of England Cut Interest Rate | EU Seeks E-commerce Import Fee | Trump Halts UN Human Rights Body

Market Update

• Google's revenue growth slows, sending shares down.

• AMD stops giving AI-chip revenue forecasts.

• Disney's stock rise toward a 2-month high after earnings beat.

• Nissan to reject Honda's merger terms, putting deal in peril.

• Singapore real estate rebounds 28% in 2024, reversing 30% slump.

• Snap +6% after earnings beat.

• Alphabet -6% Q4 earnings miss, cloud revenue low.

• Estée Lauder sinks 16%, S&P 500's worst performer, amid dimmer outlook.

• Bitcoin drops below $100,000 as Cryptocurrencies fall.

• Gold rises to a fresh record as safe-haven demand continues.

• Grab shares up almost 13%, mulls takeover of GoTo at $7 Billion valuation.

• Ferrari +8%, expects higher revenue and earnings this year.

• Workday to cut 1,750 jobs in AI push.

Bank of England set to cut interest rates to 4.5% in first decision of year

The Bank of England is set to cut interest rates from 4.75% to 4.5% in its first decision of the year.

The decision follows stronger-than-expected inflation figures for December and ongoing concerns about sluggish economic growth.

Financial markets are pricing in a 90% probability of the rate cut, marking the third reduction in borrowing costs since August 2023.

Major lenders like Barclays and Coventry Building Society have already announced mortgage rate reductions in anticipation of the rate cut. [Learn more]

EU seeks new import fee on e-commerce packages

The European Commission announced plans to impose a handling fee on e-commerce packages imported directly to consumers.

The fee aims to address the costs of supervising compliance with EU rules and tackle the surge of unsafe, counterfeit, and non-compliant products entering the EU.

The majority of these packages come from China, with platforms like Shein and Temu being major contributors.

The commission highlighted concerns about the environmental impact and health risks posed by these products. [Learn more]

Trump announces withdrawal from UN human rights body and halt to funding for Palestinian refugees

President Trump announced the U.S. withdrawal from the UN Human Rights Council, citing bias against Israel and other countries.

The U.S. will not resume funding for UNRWA, the UN agency assisting Palestinian refugees, due to accusations of harbouring Hamas militants.

The announcement was made during a meeting with Israeli Prime Minister Benjamin Netanyahu, who has long criticized the UN bodies for bias against Israel.

Trump also directed a review of U.S. participation in UNESCO and overall U.S. funding for the United Nations. [Learn more]

Trivia of the Day!

Did you know that the largest volcano in the solar system is three times taller than Mount Everest? It's called Olympus Mons and is located on Mars.

Generative AI Photo of the Day!