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On today's podcast:

(1) Swiss police said about 40 people were killed and 115 injured after a fire broke out in a bar in the ski resort of Crans-Montana during New Year celebrations.

(2) European Central Bank President Christine Lagarde said Bulgaria joining the euro area on Thursday is a testament to Europe’s ability to collaborate and defy international headwinds.

(3) Stocks opened the new year with artificial intelligence and chipmaking once again dominating market moves. Precious metals — another hot corner of the market in 2025 — also advanced.

(4) BYD met its full-year sales target and likely surpassed Tesla to become the world’s largest electric-vehicle maker in 2025 — a milestone overshadowed by a challenging outlook for the Chinese auto market in the year ahead.

(5) Zohran Mamdani unapologetically promised to lead New York City as a democratic socialist during a frigid inauguration ceremony on the steps of City Hall, a warning to those who believed he might moderate his positions after taking office.

Podcast Conversation: Skip a New Year’s Resolution and Make Jan. 2 ‘Defaults Day’ Instead