Good afternoon, it is January 13th 2021 and here is your economic and market update from BlackBee.
- House vote to impeach Donald Trump to be held today.
- Eurostat figures show a significant increase in Irish Industrial Production in November.
On Monday, House Democrats introduced an article of impeachment against Donald Trump for inciting violence against the government of the United States. This is the second time an article of impeachment has been introduced against him. Several Republicans pledged to join the effort when the vote is held on Wednesday.
Mike Pence had also been called upon to invoke the 25th amendment which would see him remove Mr Trump from office without the need for impeachment. The House voted on the non-binding motion on Tuesday night where the vote was 223-205 in favour of Mr Pence removing Donald Trump from office. However, prior to the vote, Mr Pence ruled out the possibility of him invoking the 25th amendment which has set the stage for the Democrats to impeach Mr Trump at the vote on Wednesday. The US constitution gives the House the “sole power of impeachment” while only the Senate has the “sole power to try all impeachments”. This means Mr Trump can only be removed from office if convicted in a Senate trial. If the House of Representatives pass the motion on Wednesday it will move to trial before the Senate where a two-thirds vote is required to convict (Source: FT).
Figures released from Eurostat show that in November, the Republic of Ireland significantly led the eurozone in Industrial production recording a 52.8% increase in output. A rebound in the output of intermediate and capital goods resulted in production in the eurozone being much better than consensus estimates for November. The eurozone recorded a 2.5% rise in output from October to November which resulted in a year on year decline of 0.6%. Capital goods were the main driver of the results as they recorded a 7% monthly increase, while intermediate goods climbed 1.5% month on month. These climbs offset falls in the production of energy, durable and non-durable consumer goods. (Source: Irish Times, Eurostat).
Best & Worst Performers of Large Cap US Stocks on Tuesday
Click image to enlarge
Global Market Update
(as at close of markets 12/01/2021)