Plus, is Trump's hardline immigration agenda becoming a liability?

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Daily Briefing

Daily Briefing

By Kate Turton

Hello. The global 'pivot to China' gathers pace, Amazon cuts 16,000 jobs, and is Trump's hardline immigration agenda becoming a liability?

Plus, photos from Haute Couture week in Paris.

Today's Top News

 

Federal agents stand guard near the site where Alex Pretti was fatally shot by federal agents. Minneapolis, Minnesota, US. January 24, 2026. REUTERS/Seth Herald/File Photo

  • President Donald Trump's hardline immigration agenda, a key force behind his return to the White House in 2024, is increasingly showing signs of becoming a liability, threatening Republican prospects in the November midterm elections. Some state lawmakers are pushing to allow lawsuits against ICE agents.
  • Trump’s top immigration officials have repeatedly made statements after violent encounters involving federal agents - including two fatal shootings of US citizens in Minneapolis this month - that were later contradicted by evidence, a Reuters review found.
  • The backlash has been swift to news that US ICE agents will help protect American delegations at next month's Winter Olympics in Italy. Crispian Balmer tells the Reuters World News podcast that there is precedent for such deployments.
  • Police arrested a man who sprayed Democratic US Representative Ilhan Omar with a foul-smelling liquid in Minneapolis as she condemned the actions of US Immigration and Customs Enforcement officials in Minnesota.
  • US intelligence reports have raised doubts about whether interim Venezuelan President Delcy Rodriguez will cooperate with the Trump administration by formally cutting ties with US adversaries. Meanwhile, US Secretary of State Marco Rubio is due to testify in the Senate about Trump's Venezuela policy .
  • Greenland's prime minister said there were red lines that could not be crossed in discussions with the United States, but acknowledged that more needed to be done to boost security in the region given Russia's increasing aggressiveness.
  • India is monitoring Nipah virus infections, with two reported from its eastern state of West Bengal since December, the health ministry said, as some Southeast Asia nations step up scrutiny of air travellers.
  • Rwanda has filed an arbitration case against Britain over a cancelled asylum deal that Prime Minister Keir Starmer scrapped in 2024, the government of the East African nation said.
 

Business & Markets

 
  • When Trump took office a year ago with an "America First" agenda, many saw trouble for China's sluggish economy, but Beijing has thawed frosty relationships with other trade partners. Analysts and experts say China is expected to further expand its global political and economic influence.
  • China's role as a leading financier to developing nations has shifted over the ‌past decade, with new loans to poorer countries falling sharply while debt repayments continue to rise, according to analysis released by ONE Data.
  • The euro has just hit a new milestone against the dollar, highlighting the single currency's renewed push higher as sentiment towards the greenback sours. Here's a look at what's behind the euro's push to its highest levels ‌since 2021 at just over $1.20.
  • Amazon said it was cutting 16,000 jobs worldwide in the second major round of layoffs at the company in three months. The company appeared to have prematurely alerted Amazon Web Services cloud-computing employees to layoffs by sending a commiseration email and team-wide meeting invitation hours early.
  • Top computer chip equipment maker ASML logged record orders in the fourth quarter and boosted its 2026 outlook as demand surged from its AI-focused customers even as it trimmed 1,700 jobs.
  • Novo Nordisk spent nearly $500 million on US advertising for its GLP-1 drugs Wegovy and Ozempic in the first nine months of 2025, more than double what Eli Lilly shelled out for its rival medicines, as the Danish drugmaker fought for market share, data seen by Reuters shows.
  • China has given the green light to three of its largest tech companies to buy Nvidia's H200 artificial intelligence chips, four people familiar with the matter told Reuters, marking a shift in position as Beijing seeks to balance its AI needs against spurring domestic development.
 

First-class goods in second-tier cities as luxury goes local in China

 

People walk in Deji Plaza shopping mall in Nanjing, Jiangsu Province, China, December 12, 2025. REUTERS/Go Nakamura/File Photo

China's so-called second-tier cities are fast becoming the first stop for luxury goods vendors as middle-class consumers seek high living standards in lower-cost locales, taking with them their penchant for pricey parkers and expensive extras.

With luxury spending in places like Nanjing, Changsha and two dozen other middling cities exceeding that of a handful of economic powerhouses such as Beijing and Shanghai, bling brands like Burberry and Louis Vuitton owner LVMH are following the money and booking sales that point to a recovery in China's battered luxury sector.

Read more
 

In pics: Haute Couture week in Paris

Designers Georges Hobeika and Jad Hobeika for Georges Hobeika. REUTERS/Gonzalo Fuentes

A gallery of the collection highlights and celebrity style at Haute Couture week in Paris.

View gallery