All former living Federal Reserve Chairs sign a joint condemnation of the federal criminal investigation into current chairman Jerome Powell. UBS CEO Sergio Ermotti is reportedly eyeing an exit from the position next year, triggering a succession race for one of the most contentious jobs in European banking. Airbus beats its revised delivery target for 2025 to cement its place as the world’s largest plane maker.

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Federal Reserve Chairman Jerome Powell is under federal criminal investigation amid the central bank’s $2.5bn building renovation. Powell blamed President Trump behind the move and warned that the independence of the Federal Reserve was threatened. Iran says it will fight back if the U.S. attacks. President Trump has reportedly considered military intervention following the killing of hundreds of protestors during the largest anti-regime demonstrations seen in years. And after 25 years of negotiations, the EU is set to create the world's largest free trade area with Mercosur countries in Latin America despite fierce pushback from farmers across the bloc.

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European equities are starting the day in the green with attention focusing on the U.S. non-farm payroll print out later today, as well as a crucial Supreme Court ruling on tariffs. Chinese December inflation data comes in at a three-year high but the annual print is flat, which adds to concerns about deflation in the country. In mining news, Glencore and Rio Tinto confirm they are in talks which could potentially lead to a mega-merger, creating the world’s largest resource extraction company.

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