Happy 2025! Best wishes to all!

Market Update

• Cocoa ends 2024 with huge gains amid supply fears and thin trade.

• Dollar gains as Fed rate-cut rethink fuels best year since 2015.

• Oil prices set for second-straight annual loss, edge up on the day.

• US stock market will close Jan. 9 in observance of a national day of mourning for former President Jimmy Carter.

• China’s economic growth is expected to be around 5% for 2024, President Xi Jinping says, signaling Beijing is on track to meets its official target.

US farmers fret over Trump's deportation plans

Farmers fear that deportation plans could leave them without enough workers to harvest food, causing shortages and price increases.

The agricultural sector heavily relies on undocumented workers, who perform essential, labor-intensive tasks that many US-born workers are unwilling to do.

The sudden disappearance of skilled laborers could be devastating to industries like dairy farming, potentially damaging them beyond repair.

Despite claims that immigrants are stealing jobs, many Americans are unwilling to take on the hard, dangerous work that undocumented workers do. [Learn more]

Drugmakers to raise US prices on over 250 medicines starting Jan. 1

Drugmakers plan to raise prices on over 250 branded medications starting January 1, 2025, including Pfizer's COVID-19 treatment Paxlovid and Bristol Myers Squibb's cancer therapies.

Most price increases are below 10%, with the median increase being 4.5%, which aligns with last year's median.

The U.S. pays more for prescription medicines than any other country, and incoming President Donald Trump has vowed to lower drug costs by focusing on middlemen in the healthcare system.

Some drugmakers are also reducing prices on certain medications, such as Merck's diabetes drugs Januvia and Janumet. [Learn more]

China's Xi pledges more proactive economic policies in 2025

China's GDP for 2024 is expected to exceed 130 trillion yuan ($17.8 trillion), as announced by President Xi Jinping in his New Year's address.

China plans to implement more proactive economic policies in 2025 to promote growth, including broad rate cuts and looser rules around home buying.

Exports, a key driver of the economy, could face challenges due to potentially higher tariffs once President-elect Donald Trump returns to the White House.

Chinese authorities aim to issue a record 3 trillion yuan ($411 billion) worth of special treasury bonds in 2025 to stimulate growth. [Learn more]

Joke of the Day!

How do you find a cheetah at night?

Use a spots light.

Generative AI Photo of the Day!