Spain's inflation rate increased to 3.4% year-on-year, contrasting with declines in other EU countries. Ireland's inflation rate fell slightly, Greece's rate dropped by 0.8% from December 2023, and Poland's annual rate decreased significantly to 3.9% in January 2024. Spain's core inflation rate decreased to 3.6%, while its EU-harmonised inflation rate rose to 3.5%. In Ireland, the CPI excluding energy and unprocessed food rose by 5.3%, with recreation and culture, and restaurants and hotels experiencing the largest increases. Greece's inflation easing was attributed to significant price drops in clothing and footwear due to winter sales.

A report from the Resolution Foundation reveals that one in three working-age adults in the UK have less than £1000 in savings, potentially affecting over 11 million people. The cost of living crisis has forced individuals with limited savings to rely on credit for daily expenses. There is a direct correlation between low savings and poor mental health, with low savings leading to anxiety and mental health issues potentially reducing the ability to save. Additionally, 39% of individuals aged 22 to the State Pension age are under-saving for retirement. In contrast, EU households saved an average of 12.7% of their disposable income in 2022, with Germany, the Netherlands, and Luxembourg having the highest savings rates, while Poland and Greece reported negative savings rates.

The 'Magnificent Seven' tech giants, including Apple, Amazon, Alphabet, Microsoft, Meta, Nvidia, and Tesla, have experienced a €350 billion market value loss early in the year, with Apple's shares dropping by 4.6%. Despite surpassing delivery expectations, Tesla's sales fell behind China's BYD Co. The downturn follows a 2023 rally, and while it's uncertain if the surge has ended, companies remain below peak values, suggesting potential for growth. Analysts emphasize the importance of delivering strong technology in 2024.

Francoise Bettencourt Meyers, the L’Oreal heiress and the world's richest woman, has surpassed €90 billion in wealth, ranking as the 12th richest person globally. L’Oréal SA's stock rose by 35% in 2023, contributing to this milestone. The beauty market is expected to grow annually by 6%, reaching €524 billion by 2027. L’Oréal, which owns brands like Giorgio Armani and Maybelline, acquired Aesop for €2.3 billion, marking its largest brand purchase. Bernard Arnault of LVMH remains the second-richest person with €162 billion.

A study by Just Group found that over half of surveyed retirees aged 55 and above believe employers are less inclined to hire older workers, with many perceiving a bias against older employees in terms of productivity and cost. Despite higher employment rates for the 55-64 age group in the EU, as reported by Eurostat, Age Platform Europe suggests that age discrimination is still prevalent and the EU framework neglects older workers. The EU’s Employment Framework Directive, introduced in 2000 to combat age discrimination, is still seen as insufficient in addressing the issue.

The European Commission proposed a one-time extension of the rules of origin for electric vehicles and batteries under the EU-UK trade tariffs, delaying potential tariffs until December 31, 2026. This decision, expected to be approved by EU member state ambassadors, aims to protect the domestic economy and counter competition, particularly from China. The Commission also plans to invest up to €3 billion to support the EU battery industry from 2024. The market for EV batteries is currently dominated by China, and recent global events have impacted the growth of the European battery ecosystem.

Switzerland's government plans to enact a law by the end of February to prohibit activities and support related to Hamas, following its designation of the group as a terrorist organization. This decision comes in response to a deadly raid by Hamas fighters from Gaza into Southern Israel on October 7. Switzerland will also end contracts with three Palestinian NGOs due to non-compliance, while continuing relationships with eight others. The Federal Council has called for adherence to international humanitarian law and has allocated CHF90 million in aid for the region, expressing sorrow for civilian casualties and recognizing Israel's right to defense and security.