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America is ready to lead again. That is the message from Donald Trump’s first address to Congress, after a tumultuous first month in office. There was talk of unity between Democrats and Republicans, support for Nato, and making it “much, much harder for companies to leave our country”. There were also some fake facts and hints at a major shift in immigration policy before the speech. The president was short on specifics but avoided angry outbursts.
Here is the annotated speech and here is what top liberal and conservative commentators had to say about the address. The dollar index had risen to 101.5 in the run-up to Mr Trump’s speech but has since fallen back. Stocks across Asia were mostly higher after the US president took a more optimistic tone. “It was by far the most presidential speech Mr Trump has yet given. The question is whether he can stick to it for hours, days or even weeks,” writes the FT’s Edward Luce. (FT, FastFT, NYT, WaPo, Slate)
In the news
‘This is critical’ Nissan has told the British government to spend £100m to attract component suppliers to the UK or risk the future of its Sunderland car plant. “Nissan will not succeed in the future, with or without Brexit, unless the government does something to help us in the supply chain,” the Japan group’s head of European manufacturing said. (FT)
The Obamas’ $60m book deal bidding war A blockbuster auction for the global rights to two books by Barack and Michelle Obama reached more than $65m, a record sum for US presidential memoirs. The former president had a reputation as a writer before entering the White House but the prospect of a joint book deal with his wife propelled the auction to record levels. (FT)
Caught on camera An Uber driver has leaked a dashboard recording of CEO Travis Kalanick telling him to take responsibility for his problems and boasting about the company’s tough culture. Mr Kalanick said he must get leadership help after the footage surfaced but the now viral video caps two bad weeks for the transportation company. Oh, and Mr Kalanick received a one-star rating after his journey. (Bloomberg, FT)
Snap shares set to price above range Investor interest in shares in the owner of the Snapchat messaging app is likely to ensure enough demand to price its initial public offering above the range set by the company. The final market value of the company behind the popular messaging app could be between $19.7bn-$20.8bn. (FT)
Democracy, Chinese style Electors and candidates in the race for Hong Kong’s chief executive say they have received calls or pressure from mainland China urging support for a specific candidate. (WSJ)
Syria sanctions vetoed Russia and China have vetoed a UN resolution to impose sanctions on Syria over the alleged use of chemical weapons during the six-year war. It is Russia’s seventh veto (Vladimir Putin rejected it as “totally inappropriate”) to protect the Syrian government from UN Security Council action. (Guardian)
May under fire Theresa May has come under mounting pressure from business and pro-EU Conservatives to ensure Britain does not crash out of the bloc without a trade deal. The UK prime minister also faces a defeat in the House of Lords after refusing to write into legislation a post-Brexit guarantee for EU citizens currently in Britain. (FT, Independent)
It’s a big day for
Germany February jobless figures for Europe’s biggest economy will be released. The data, which will also include the latest inflation figures, will be closely watched given the focus on Germany’s economic policy in the run-up to the federal election later this year.
Keep up with the important business, economic and political stories in the coming days with the FT’s Week Ahead.
Food for thought
Are emerging markets entering a new virtuous cycle? Optimism over growth and returning investment on the back of Chinese demand is offset by fears of problems ahead. But to some, it could be an era in which optimism begets investment, which in turn begets higher productivity and earnings, leading to yet more investment and faster growth. (FT)
When the internet dies A widespread technical failure at Amazon Web Services hit hundreds of websites on Tuesday. The company powers much of the internet and every once in a while, it has a technical problem such as this, most often in its US-East region. What that means is that something is broken in northern Virginia, where Amazon’s data centres are hidden deep in spy country. (FT, Atlantic)
Uncovering the origins of flight Fossils from northern China may show the evolution of dinosaurs to birds — a long missing link in evolutionary science. The discovery has come from a small four-winged dinosaur called the Anchiornis. (SCMP)
Samsung chief’s new home Lee Jae-yong has been in a cell measuring 68 square feet, roughly half the size of a standard parking space. The 48-year-old has a communal shower, eats three meals a day valued at $1.25 each and can watch TV for seven hours daily. It is unprecedented treatment for the de facto head of the country’s largest conglomerate, but South Koreans’ “anger about chaebols has never been so high”. (WSJ)
An occasional fast works On a Lent health kick? Good — a new study suggests that a scientifically designed fasting regime causes a drop in the levels of markers associated with age-related diseases. (FT)
Video of the day
Wall Street records help European equities Michael Mackenzie explains what to watch for in markets today as European equities open higher following yet another record day for Wall Street. Is this level of enthusiasm for Donald Trump's fiscal deregulation and for a tightening in monetary policy sustainable? (FT)
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