January 20 Global Headlines: OpenAI Announces Hardware Product for This Year, Trump to Meet Global Business Leaders in Davos, HSBC's Market Cap Nears £300 Billion

Deep News
Jan 20

1. Trump is set to meet with global business leaders in Davos, with U.S. policy becoming a central focus. Informed sources indicated on Monday that U.S. President Trump is expected to meet global business leaders on Wednesday in Davos, with his presence drawing significant attention to the Swiss gathering of the global elite. Sources mentioned that business leaders, including CEOs from the financial services, cryptocurrency, and consulting industries, have been invited to a reception following President Trump's speech at the World Economic Forum's annual meeting. The specific agenda remains unclear. One CEO's schedule simply listed a "Reception for President Trump," while another CEO understood the invitation was extended to global CEOs, not exclusively to American executives. One source noted that the invitation originated from the White House.

2. Federal Reserve Chair Powell plans to attend a U.S. Supreme Court hearing on the Cook case. An informed source revealed that Federal Reserve Chair Jerome Powell plans to attend a hearing at the U.S. Supreme Court on Wednesday regarding President Trump's attempt to dismiss Federal Reserve Governor Lisa Cook. Last October, the Supreme Court refused to allow Trump to immediately fire Cook while she pursued legal action to retain her position. That ruling means Cook can remain in her role, at least until the Supreme Court hears oral arguments this week and issues a decision. Trump ordered Cook's dismissal in late August based on unsubstantiated mortgage fraud allegations, which Cook has denied.

3. OpenAI officially announces a hardware product for release within the year. OpenAI's Head of Policy, Chris Leoni, stated on Monday in Davos that the company is on track to launch its first hardware device in the second half of 2026. Leoni did not commit to the device going on sale this year but said OpenAI is "preparing to launch a related product in the second half of 2026." From this perspective, even if the hardware product does not hit the market this year, as long as development proceeds smoothly, it will at least make its debut. This news aligns with previous industry predictions of a 2027 hardware launch, and an official announcement this year would still be sufficiently exciting for the market.

4. HSBC executive states the company's market capitalization is advancing towards £300 billion. Just weeks after its market capitalization first surpassed £200 billion (approximately $268 billion), the head of HSBC Holdings PLC's Corporate & Investment Banking division stated that the company's market cap is now advancing towards exceeding £300 billion. Despite simmering geopolitical crises, Michael Roberts, CEO of HSBC's Corporate & Institutional Banking, said in an interview that Europe's largest bank could grow even larger and believes there is a possibility the company's share price could rise more than 50%. The company's current share price is near historic highs. "From £200 billion to today's level... reaching £300 billion is entirely within the achievable range," Roberts said on Monday during the World Economic Forum in Davos. "In our view, based on the level of profits we can generate, the company deserves a higher valuation multiple."

5. Trump's Peace Council offers permanent seats for $1 billion; Macron to decline invitation. According to a source close to French President Emmanuel Macron, Macron does not intend to accept U.S. President Donald Trump's invitation to join a proposed peace council. The Trump administration has requested that nations wishing to obtain a permanent seat in the body contribute at least $1 billion. According to a draft of the organization's charter, Trump would serve as the inaugural chairman and have decision-making power over membership. Critics express concern that Trump is attempting to create an organization that could replace or rival the United Nations, which he has long criticized.

6. France's budget impasse nears its end as Prime Minister opts to bypass parliamentary vote. French Prime Minister Le Cornu indicated that he will use constitutional tools to pass the 2026 budget without a parliamentary vote, signaling that he has secured sufficient support in parliament to likely survive any subsequent vote of no confidence. After months of negotiations with opposition parties failed to yield an agreement in the National Assembly, Le Cornu will invoke Article 49.3 of the constitution to pass a revised budget. Le Cornu had previously ruled out using this mechanism because it is unpopular with opposition lawmakers, who previously joined forces during budget disputes to oust his two predecessors.

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