Newsletter Jan 17, 2025

Quick Six

Debris from SpaceX mission forces FAA to ground flights
SpaceX's failed Starship mission Thursday caused the Federal Aviation Administration to temporarily shut down some commercial flights due to debris raining down off the coast of Florida and into the Caribbean. The FAA reported Thursday night it "briefly slowed and diverted aircraft around the area where space vehicle debris was falling. Normal operations have resumed." SpaceX, the cutting-edge space company owned by Elon Musk, confirmed the test flight suffered a "rapid unscheduled disassembly" after dozens of flights were grounded.
WHAT WENT WRONG WITH SPACEX STARSHIP LAUNCH?

Trump's Treasury pick turns heads on Capitol Hill, Wall Street
President-elect Donald Trump's nominee for Treasury Secretary spoke of ushering in "a new economic golden age," as he was grilled by lawmakers about the next administration's economic agenda. Scott Bessent's confirmation hearing comes days before Trump returns to the White House, vowing tax cuts, higher tariffs and a slash to federal spending. Bessent, a hedge fund manager, is expected to see smooth confirmation to the top economic post, where he would implement Trump's unorthodox economic plan.
BESSENT TURNS HEADS ON CAPITOL HILL, WALL STREET

Bank of America, Morgan Stanley lead strong bank earnings
Bank of America announced profits more than doubled in the fourth quarter, surging to $6.7 billion from $3.1 billion in the same period last year - another in a wave of favorable reports from the nation's biggest banks. The 111% increase in earnings buoyed its full-year profits to $27.1 billion. BofA's earnings report comes as Morgan Stanley said its fourth quarter profit was $3.7 billion - up 145% annually and pushing year-end net revenue to $61.8 billion.
WHY BANKS HAVE BEEN SOARING SINCE TRUMP ELECTION

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Markets

DJIA	43,153.13	-0.16%
S&P 500	5,937.34	-0.21%
Nasdaq Composite	19,338.29	-0.89%
Japan: Nikkei 225	38,234.47	-0.88%
UK: FTSE 100	8,391.90	1.09%
Crude Oil Futures	79.20	0.66%
Gold Futures	2,746.70	-0.15%
Yen	155.46	0.20%
Euro	1.03	-0.02%
* As of market close

Wildfires take mounting mental toll on LA

With at least 24 people dead and tens of thousands displaced by fires that continue to smoulder, the last nine days will leave a lasting mark on America's second biggest city. From the initial panicked evacuation to the terrible firefight that saw hydrants run dry, the opening day of the disaster was just the beginning. Thousands of people have seen their homes reduced to ashes. And even those whose homes were spared have been heartbroken by the ruin of their neighborhoods. Like the mounting economic crisis, LA residents are also feeling the mental toll.

HOW LA RESIDENTS ARE COPING WITH LOSING EVERYTHING

Israel set to sign final ceasefire agreement

Israel's security cabinet was set to meet today after final details of a Gaza ceasefire and hostage release deal were ironed out, Prime Minister Benjamin Netanyahu's office said, with the United States "confident" the truce would begin as planned this weekend. If approved by Israel's cabinet, the ceasefire agreement would take effect Sunday and involve the exchange of Israeli hostages for Palestinian prisoners, after which the terms of a permanent end to the war would be finalized.

SEE THE FINAL STICKING POINTS THAT HAVE BEEN RESOLVED

China faces worst economic data in decades

China was expected today to post some of its weakest numbers in decades, as leaders grapple with economic doldrums and nervously eye a potential trade standoff with incoming US President Donald Trump. Beijing in recent months announced its most aggressive support measures in years, battling headwinds that include a prolonged property market debt crisis and sluggish consumer spending. China also faces uncertainty under Trump, who threatens steep tariffs.

SEE WHAT ANALYSTS SAID ABOUT CHINA'S ANEMIC ECONOMY

Extra point

When did China become the world's second largest economy? What country did it surpass (in terms of nominal gross domestic product)?

Thursday's answer: Sam Panopoulos is credited with creating the first Hawaiian pizza at his restaurant, Satellite, located in Chatham, Canada.

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