In a month where the FTSE100 fell 1%, the FTSE250 fell 1.5% and the London AIM market fell 1.1%, all the action, as is
usual, was in the US.
The last two weeks were about US company earnings for the fourth quarter. January turned on its head the idea that US
interest rates would be reducing early in the year (consensus said March would see the first rate cut), as strong economic data
in the US and warnings about persistent inflation in Europe returned the higher-for-longer argument.

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