The official death toll in Gaza reached 72,037 and 171,666 people have been injured.
EUROPE’S BIGGEST ASSET MANAGER SHUNS INVESTMENTS IN THE U.S.
Paris-based Amundi, with about €2.38 trillion in assets under management, is shrinking its exposure to the U.S. dollar and telling clients to steer clear of investments denominated in the currency.
WALMART JOINS THE TRILLION-DOLLAR CLUB
Walmart’s stock market value reached $1 trillion on 3 February, making it the 10thcompany and second retailer to enter a realm that has been the domain of tech firms.
SPOTLIGHT: BIGS GETTING BIGGER
Spanish bank Banco Santander has agreed to pay about $12.3 billion in cash and stock to take over Webster Financial, a Connecticut bank with roughly $80 billion in assets and 177 branches throughout the New York City region and in Massachusetts and Rhode Island.
WEAK U.S. HOUSING MARKET HANDS BUYERS THE ADVANTAGE
U.S. home sales are the slowest in decades. As a result, homeowners intent on selling are lowering their prices at a record pace.
TOP TREND 2024: EV GO FU
Stellantis – the Amsterdam-based conglomerate that owns Chrysler, Dodge, Jeep, Maserati, Ram, and 11 other passenger vehicle brands – is writing down the value of its electric vehicle (EV) operations by €22.2 billion for 2025, or about $26.5 billion as its transition to electric mobility has stalled out.
FED NOMINEE SEES AI AS PRODUCTIVITY BOON FOR U.S. ECONOMY
Kevin Warsh, Donald Trump’s choice as the next chair of the U.S. Federal Reserve, shares Trump’s conviction that the central bank’s interest rates must be much lower – and he thinks artificial intelligence (AI) is the way to make that work.
FOUR AI GIANTS ANNOUNCE $660 BILLION IN 2026 CAPITAL COSTS
Amazon, Google, Meta, and Microsoft collectively plan to spend $660 billion this year to build out artificial intelligence infrastructure, according to their public statements.
OLDER AMERICANS ARE “UN-RETIRING” TO PAY THE BILLS
Older Americans are experiencing higher expenses, their savings are dwindling, and Social Security payments cover less of their expenses.
U.S. MANUFACTURING IS IN A “JOBS RECESSION”
Joe Biden tried to boost the number of U.S. manufacturing jobs by subsidizing the chips industry’s expansion and funding infrastructure repair.