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Biden challenges Republicans in his State of the Union speech, Zelenskiy heads to London in his second trip abroad since Russia's invasion, and shares rise as the market sees Powell comments as dovish

by Linda Noakes

World News

A person sits in front of a fire near rubble and debris in Kirikhan, Turkey, February 8, 2023

Turkish President Tayyip Erdogan visited southern Turkey to see first-hand the destruction wrought by a massive earthquake as anger grew among local people over what they said was a slow government response to the rescue and relief effort. The confirmed death toll from Monday's quake, which struck a swath of southern Turkey and neighboring Syria, rose to more than 11,000 people in both countries.
Britain announced an immediate surge of military deliveries to Ukraine to help it fend off an intensifying Russian offensive and pledged to train its pilots as Ukrainian President Volodymyr Zelenskiy arrived in London on a rare visit abroad. Here's what you need to know about the Russia-Ukraine conflict right now.
The United States held briefings in Washington and Beijing with foreign diplomats from 40 nations about the Chinese spy balloon that entered U.S. airspace in late January, a senior administration official and diplomats said. Here's what we know and don't know about the Chinese balloon.
North Korean leader Kim Jong Un called for strengthening the country's military, state media reported, as he paid tribute to soldiers and met with troops amid expectations for a major military parade showcasing the latest weapons.
Sweden has moved into the spotlight for violent Islamic extremists globally after a number of incidents including the recent public burning of the Muslim holy book, the Koran, the security services said.

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U.S. News

President Joe Biden delivers his State of the Union address during a joint meeting of Congress in the House Chamber of the U.S. Capitol, February 07, 2023

President Joe Biden challenged Republicans to lift the U.S. debt ceiling and support tax policies that were friendlier to middle class Americans in a State of the Union speech that served as a blueprint for his 2024 re-election campaign. Here are four takeaways from the speech and the key quotes of the night.
Republicans rejected Biden's call for bipartisanship, and instead accused him of stoking culture wars in a nation they described as deeply divided.
Reviving a tradition of presidents a day after the big speech, Biden is today taking his message on the road, with stops in Wisconsin and Florida in the coming days, while his wife Jill Biden attends the NFL Super Bowl in Arizona.
Senator Mitt Romney told embattled fellow Republican Representative George Santos that he should not be in Congress and shouldn't have taken a central seat at Biden's State of the Union address.
A Memphis police officer photographed a bludgeoned and handcuffed Tyre Nichols and shared the image with five people including a female acquaintance in violation of police policy, media reported, citing a report sent to a police review board.

Business & Markets

U.S. Federal Reserve Chair Jerome Powell speaks at The Economic Club of Washington, February 7, 2023

Shares jumped and most currencies rose against the dollar, as investors discerned a dovish tone in comments from Fed Chair Jerome Powell, though a policy tweak by the ECB meant European bonds sat out the rally.
Shoppers around the world will pay even more for groceries this year than they did in 2022, according to retailers, consumer goods firms and investors, unless commodity costs decline or the shift to cheaper store-brand products accelerates.
Norwegian oil and gas producer Equinor posted a record $74.9 billion adjusted operating profit for 2022, more than double its previous high, as gas prices soared. French oil major TotalEnergies posted a record net profit of $36.2 billion in 2022, joining in the sector's bumper earnings.
Western sanctions on Russia have significantly reduced state oil revenues and diverted tens of billions of dollars towards shipping and refining firms, some with Russian connections. Most of the winners from the sanctions are based in China, India, Greece and the United Arab Emirates, at least 20 trading and banking sources said.
Microsoft is revamping its Bing search engine and Edge Web browser with artificial intelligence, signaling its ambition to retake the lead in consumer technology markets where it has fallen behind. The maker of the Windows operating system is staking its future on AI through billions of dollars of investment as it directly challenges Alphabet's Google.
Walt Disney CEO Bob Iger is expected to discuss a turnaround plan today, when the media company delivers its first quarterly results since the return of the executive who built the modern incarnation of Disney.

And Finally

Former Los Angeles Lakers player Kareem Abdul-Jabbar hands the game ball to LeBron James after James became the NBA all-time leading scoring against the Oklahoma City Thunder at Crypto.com Arena, Los Angeles, California, February 7, 2023

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