This Week in the World: UK Inflation Eases, China's GDP Grows 5.4%, and Tensions Rise Around TikTok

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%.

Economic updates throughout the week highlighted varying trends globally. In the United Kingdom, inflation experienced a slight decrease, dropping to 2.5% in December. Meanwhile, the euro area saw a rise in inflation, reaching 2.4%. In the United States, inflation climbed to 2.9%.

On the other hand, China's GDP growth slowed to 5.4% in the fourth quarter of 2024, and the euro area trade surplus expanded to €16.4 billion in November. However, Germany's GDP growth remained sluggish, clocking in at 0.2% for the year.

In the world of finance, earnings season brought forth reports from major companies like JPMorgan, TSMC, BlackRock, Wells Fargo, Goldman Sachs, and Bank of America.

Multiple space launches captivated the tech industry this week. SpaceX conducted its seventh Starship test and undertook missions for Firefly Aerospace and ispace. Blue Origin also made headlines with the debut launch of its New Glenn rocket. Notably, Jeff Bezos expressed support for President-elect Donald Trump's space policy, despite concerns about Trump's ties with Elon Musk.

Moving to the Middle East, a ceasefire deal was brokered by Doha mediators to halt the Gaza conflict. However, Israeli Prime Minister Benjamin Netanyahu's demand for a hostage list before proceeding with the agreement cast uncertainty over the deal.

On the political front, tensions escalated surrounding the fate of TikTok, with the app facing a potential shutdown in the United States unless President Joe Biden intervenes. The US Supreme Court ruled in favor of the government on the ban, but Trump hinted at the possibility of a 90-day delay once he takes office on Monday.

In other news, South Korea's former president Yoon Suk-yeol was arrested this week over his declaration of martial law. Biden delivered a farewell address from the Oval Office, reflecting on his administration's achievements and highlighting the dangers posed by AI.

Curiously, President-elect Trump announced the launch of a meme coin named TRUMP, which surged in popularity following the announcement.

On a tragic note, the Palisades and Eaton wildfires claimed the lives of 27 people this week.