Good morning from the newsroom of the Financial Times.

Today is Wednesday, February 5th, and this is your FT news briefing.

More than 24 hours after voting ended in Iowa,

we have only preliminary results from the first event of the Democratic

presidential primary.

Plus, the owner of the New York Stock Exchange held talks with eBay about a takeover,

a top executive at Soft Bank's $100 billion vision fund is leaving,

and Ford's disappointing 2020 outlook brought the share price down by nearly 10% in after-hours

trading on Tuesday. But first, Donald Trump delivered his third

state of the union last night in a pre-campaign speech making claims about boosting the

U.S. economy and foreign policy.

I'm Mark Filipino and here's the news you need to start your day.

Three years ago we launched the great American comeback.

Tonight I stand before you to share the incredible results.

Mr. Trump's speech boasted about resilient job growth and a pair of trade deals that he hopes will propel him to re-election in November.

Many politicians came and went pledging to change or replace NAFTA, only to do so, and then absolutely nothing happened.

But unlike so many who came before me, I keep my promises, we did our job. He hailed the newly agreed upon phase one deal with China.

I also promised our citizens that I would impose tariffs to confront China's massive theft of America's jobs.

But the speech was most notable for laying bare the tensions between the president and

Democratic Speaker of the House of Representatives Nancy Pelosi.

Mr. Trump appeared to snub Ms. Pelosi when she offered her hand just before he was about

to speak.

...