The most important events and reports on the economy, central banks and politics from the Dow Jones Newswires program.
ISM index for US industry rises in December
US industrial activity accelerated in December, according to ISM. The manufacturing purchasing managers’ index calculated by the Institute for Supply Management (ISM) increased to 49.3 (previous month: 48.4). Economists polled by Dow Jones Newswires had forecast a decline to 48.0. The mood barometer is therefore below the 50 point mark, above which it signals a decline.
Merz sees the election as a decision about the future course of economic policy
CDU leader Friedrich Merz sees the federal election as a decision about the future course of German economic policy and advocates a stronger focus on the market. In his newsletter, the Union’s candidate for chancellor wrote that a strong export economy is central to Germany’s economic strength. In addition, climate protection and higher performance of companies must be thought of together. Merz emphasized that it is about offering the economy more reliability and leaving the decision about the value of companies and products to consumers and not to politicians.
Renewables are Germany’s most important source of electricity in 2024 – share at 59%
Renewable energies were the most important energy source for electricity supply in Germany last year. The Federal Network Agency explained this in its electricity market data for 2024. Electricity generation fell by 4.2 percent to 431.7 terawatt hours (TWh) in 2024, while the share of renewable energies in total generation fell to 59.0 percent after 56 percent in the previous year has increased.
Biden blocks sale of US Steel to Nippon Steel
The sale of US Steel to the Japanese Nippon Steel has fallen through. President Joe Biden has now blocked the deal, thereby implementing his promise that the company should stay in the country. The Committee on Foreign Investment, which deals with foreign investments in the United States, had been examining the $14.1 billion takeover for months for possible risks to national security.
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(END) Dow Jones Newswires
January 03, 2025 1:00 p.m. ET (18:00 GMT)