In the US, the House of Representatives last week passed a budget resolution which proposes $4.5 trillion in tax cuts and $2 trillion in spending cuts, as part of President Trump’s economic agenda. After a volatile week, the S&P 500 and NASDAQ closed lower, down -1.23% and -3.69% respectively. In Europe, a new AI weather prediction model was launched last week, which can outperform conventional forecasting by up to 15 days ahead. For the week, the Eurostoxx50 closed -0.23% lower due to tariff fears, while the broader STOXX600 closed 0.48% higher. In the UK, National Grid sold its onshore renewables business in the US to New York-based asset manager Brookfield for $1.7bn. For the week, the FTSE 100 closed 1.65% higher. In Ireland, planning was submitted last week to An Bord Pleanála for the Dublin Array offshore wind farm, which is set to become one of the largest offshore wind farms in Ireland upon completion. In Asia Pacific, the Hong Kong stock exchange, one of the largest in Asia, posted record profits in 2024, having endured two years of low growth and profitability.
