US politics to gear up as Biden and Congress return from break

US politics gets back to work this week, as President Joe Biden returns on Tuesday from his holiday in the US Virgin Islands, while Congress convenes on Wednesday for a largely ceremonial opening session.

Former president and likely 2024 contender Donald Trump stumps in Iowa this week. On Wednesday the Federal Open Market Committee issues minutes from its December 12 2023 meeting.

Wild weather is also set to make headlines as Japan cleans up after an earthquake and tsunami that killed at least four people. New York City expects severe wind and rain in the first week of January, while Australia is bracing for more storms along much of its eastern coast.

In the UK, Eurostar services have been restored after a tunnel flooded in Kent last weekend, but passengers face industrial action from Friday by the RMT union’s engineering and maintenance workers. The NHS junior doctors’ strike resumes on Wednesday.

Among companies, electric-vehicle maker Tesla on Tuesday is set to report record production in 2023. Rival Rivian is also due to announce quarterly deliveries.

The US Securities and Exchange Commission is expected on Tuesday or Wednesday to grant regulatory approval for the launch of exchange traded funds tied to the spot price of bitcoin. BlackRock Asset Management, Fidelity, Invesco and WisdomTree Investments are among those seeking to introduce the ETFs.

Other events expected this week:

• Iranian President Ebrahim Raisi visits Ankara.

• Bank of Israel to cut short-term rates for the first time in nearly four years.

• Argentina’s new government plans to eliminate 160 regulations that it says hinder economic activity.

• Bangladesh holds a parliamentary election on Sunday.

Read Jonathan Moules’s preview of The Year Ahead here.