Thursday 1 May 2025

The Mighty Headlines

Economics: Chinese manufacturing falls to lowest level since 2023

Business: Facebook reports revenue of over $42 billion in Q1 2025

Markets: Shein pauses London IPO to focus on its US business

Foreign Affairs: Spanish authorities deny power cut and renewables link

Security and intelligence: France accuses Russia of cyberattacks

Domestic politics: UK local and mayoral elections today

The Mighty Stats

FTSE = 8,494.85 (up 0.37%)

S&P 500 = 5,569.06 (up 0.15%)

Nasdaq = 17,446.34 (down 0.085%)

CAC40 = 7 593,87 (up 0.5%)

£1 = $1.34 / €1.18

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The Mighty Detail

Economics: China’s manufacturing activity fell in April to its lowest level in 18 months. According to official statistics, China’s manufacturing PMI stood at 49.0 last month – its lowest level since December 2023. Any number below 50 indicates a contraction and any number above indicates growth.

Business: Facebook’s parent group, Meta, has announced revenue of $42.31 billion in Q1 2025. This beats the forecast of $41.38 billion which had been expected. In Q4 2024, Meta reported revenue of $48.39 billion.

Markets: The fast-fashion company Shein is pausing its London IPO. The Chinese fashion company is instead reported to be looking at how to restructure its US operations which are facing tariffs. The US generates around 29 per cent of Shein’s annual $38 billion of revenue.

Foreign Affairs: The head of Spain’s national grid has said that the organisation knows the cause of the power outage on Monday and that it was not due to issues with renewable electricity. Beatriz Corredor, President of Red Eléctrica, also added that the large scale power cut was not linked to a cyber attack. Portugal’s authorities have said separately that they “still don’t know the cause of the blackout.”

Security and intelligence: French authorities are claiming that Russia’s military intelligence agency, the GRU, has organised attacks against the French Government, French companies and the Paris Olympics. France’s cybersecurity agency states that the GRU has used the hacking group APT28 – also known as Fancy Bear – to attack a dozen French organisations since 2021.

Domestic politics: Local and mayoral elections are taking place across England today. A total of 1,641 council seats in 23 local authorities are up for election. Of these a total of 1,182 are currently held by the Conservative Party. Many of these elections were last held in 2021 when the Conservative Party was ahead in the polls following the Covid-19 vaccine rollout.

The Mighty Calendar

What’s happening today?

• France, Spain, Italy, Germany, China, Brazil public holiday (Labour Day)

• UK local and mayoral elections

• President Trump delivers speech at University of Alabama

• Tony Awards nominations

• Business Questions in UK Parliament

• UK house price data (April)

• UK, US, Canada manufacturing data (April)

• US initial jobless claims (weekly)

• Company results from: Amazon, Apple, Lloyds, Whitbread, Drax, Eli Lilly, McDonald’s

Lookahead to tomorrow

• China public holiday (Labour Day)

• Eurozone manufacturing data (April)

• Eurozone CPI data (April)

• US factory orders (March)

• Company results from: Shell, ExxonMobil, Standard Chartered, NatWest, BASF

The Mighty Finale

🌤️Weather today

Dry and sunny across England. High of 29C and low of 14C in London. Sunny spells in Belfast and Edinburgh.

✏️Life coaching quote of the day

“To make others less happy is a crime. To make ourselves unhappy is where all crime starts.” – Roger Ebert, film critic

Mighty takeaway: Be as kind to yourself as you would be to a friend or family member.

That’s it for this Thursday morning. Thanks for reading and we’ll see you tomorrow.

Cheerio!

The Mighty Memo team

Wednesday 30 April 2025

The Mighty Headlines

Economics: US consumer confidence falls to near five-year low

Business: BP reports sharp fall in net profits to $1.4 billion

Markets: FTSE 100 rises in value for 12 consecutive days

Foreign Affairs: EU court bans Malta’s “golden passport” scheme

Security and intelligence: Japan and Philippines discuss defence deals

Domestic politics: Labour Party and Reform UK leading in polls

The Mighty Stats

FTSE = 8,463.46 (up 0.55%)

S&P 500 = 5,560.83 (up 0.58%)

Nasdaq = 17,461.32 (up 0.55%)

CAC40 = 7,555.87 (down 0.24%)

£1 = $1.34 / €1.18

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*Canada election update: Canada’s Liberal Party has won the General Election as the largest party but may need to rely on smaller parties to pass legislation. Mark Carney remains as Prime Minister.

The Mighty Detail

Economics: US consumer confidence has fallen to a near five-year low. The Conference Board’s measure of confidence fell by eight points to 86. This is the lowest level since May 2020. It is the eighth consecutive monthly decline.

Business: BP has reported a sharp fall in net profits to $1.38 billion in Q1 2025. At the same point last year, it stood at $2.7 billion. BP has previously blamed higher corporate costs and lower customer volumes among others for poorer performance.

Markets: The FTSE 100 has now risen in value for longer than at any point in the last eight years. It has now seen 12 consecutive days of growth. Shares in HSBC, which have remained strong despite global trade uncertainty, are contributing to the FTSE 100’s winning streak.

Foreign Affairs: The EU’s top court has ordered Malta to shut down its “golden passport” scheme. The European Court of Justice said that Malta’s scheme, which allows wealthy individuals to buy Maltese citizenship – and EU citizenship by extension – is against EU law. The Maltese Government said that the programme had brought in $1.6 billion since 2015.

Security and intelligence: The governments of Japan and the Philippines are to start discussions on two new defence agreements. The aim is to increase security cooperation in the face of territorial claims in the East and South China Seas from China. The US signed a similar deal with the Philippines in November.

Domestic politics: Ahead of the local and mayoral elections in England tomorrow, polls suggest that the Labour Party and Reform UK Party are tied on 25 per cent of the vote each. The Conservative Party is on 21 per cent.

The Mighty Calendar

What’s happening today?

• 100 days since the inauguration of President Trump

• Prime Minister’s Questions in UK Parliament

• US, Eurozone GDP data (Q1 2025)

• Bank of Japan interest rate decision

• Company results from: Meta, Microsoft, Volkswagen, Mercedes-Benz, Stellantis, Aston Martin, TotalEnergies, Barclays, Santander, UBS, Credit Agricole, Société Générale, Airbus, Next

Lookahead to tomorrow

• France, Spain, Italy, Germany, China, Brazil public holiday (Labour Day)

• UK local and mayoral elections

• President Trump delivers commencement address at University of Alabama

• Tony Awards nominations

• Business Questions in UK Parliament

• UK house price data (April)

• UK, US, Canada manufacturing data (April)

• US initial jobless claims (weekly)

• Company results from: Amazon, Apple, Lloyds, Whitbread, Drax, Eli Lilly, McDonald’s

The Mighty Finale

🌤️Weather today

Sunny across the UK. Again! High of 26C and low of 11C in London.

✏️Life coaching quote of the day

“The man who moves a mountain begins by carrying away small stones.” – Confucius, Chinese philosopher

Mighty takeaway: Small, consistent efforts will get you on the path to achieving your goals.

That’s it for this morning. Thanks for reading and we’ll see you tomorrow.

Bye!

The Mighty Memo team

Tuesday 29 April 2025

The Mighty Headlines

Economics: EY forecasts lower UK GDP in 2025 and 2026

Business: French company in talks to buy ITV

Markets: Deliveroo shares rise after £2.7 billion takeover bid

Foreign Affairs: Russia says it is waiting on Ukraine for peace talks

Security and intelligence: IAEA in Iran for nuclear talks

Domestic politics: UK Government to publish immigration plans

The Mighty Stats

FTSE = 8,417.34 (up 0.025%)

S&P 500 = 5,528.75 (up 0.064%)

Nasdaq = 17,366.13 (down 0.097%)

CAC40 = 7,573.76 (up 0.5%)

£1 = $1.33 / €1.18

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Spain update: Spain's Prime Minister, Pedro Sanchez, has declared a state of emergency following a power outage which hit large parts of Spain and Portugal yesterday afternoon.

The Mighty Detail

Economics: The consultancy EY has changed its forecast of UK economic growth in 2025 and in 2026. In 2025, it now predicts that the UK economy will grow by 0.8 per cent. This is down from the 1 per cent growth it previously predicted. In 2026, it has reduced its forecast for UK growth from 1.6 per cent to 0.9 per cent. It suggests that the weaker global economy and trade uncertainty are to blame.

Business: The French media group Banijay is in early talks to takeover ITV. It is being reported that Banijay would either purchase the broadcaster as a whole or its studio arm only. Analysts have said that ITV Studios alone could be worth around £3 billion.

Markets: Shares in Deliveroo rose by over 16 per cent yesterday. It comes as the food delivery company said on Friday that it had received a takeover bid from DoorDash. DoorDash is the US’s largest takeaway company. DoorDash is offering to buy Deliveroo for £2.7 billion.

Foreign Affairs: The Russian Government said on Monday that it is ready for peace talks but is waiting for a signal from Ukraine. It also announced a three-day ceasefire from 8 May. President Trump had criticised President Putin in recent days for continued delays, saying that “maybe [Putin] doesn’t want to stop the war” and is “just tapping me along”. 

Security and intelligence: A delegation from the International Atomic Energy Agency arrived in Iran yesterday for technical talks on Iran’s nuclear programme. It follows three rounds of nuclear talks between the US and Iran. The US wants to stop Iran from developing a nuclear weapon and Iran wants US sanctions to be lifted. Israeli Prime Minister Benjamin Netanyahu said at the weekend that all of Iran’s nuclear infrastructure should be removed.

Domestic politics: There are reports that the UK Government is set to publish a policy paper on immigration in an attempt to fight off Reform UK. Plans could include a goal to reduce net migration and introducing restrictions on graduate visas. The Home Office says that the plans are not in response to the threat from Nigel Farage’s party.

The Mighty Calendar

What’s happening today?

• Japan public holiday (Showa day)

• Prince and Princess of Wales visit Isle of Mull

• President Trump holds rally to mark 100 days in office

• UN Security Council debate on the Middle East

• Energy Questions in UK Parliament

• Eurozone consumer confidence data (April)

• Japan industrial production data (March)

• China manufacturing data (April)

• Company results from: BP, General Motors, HSBC, Deutsche Bank, Associated British Foods, Spotify, AstraZeneca, Adidas, Lufthansa

Lookahead to tomorrow

• Prime Minister’s Questions in UK Parliament

• US, Eurozone GDP data (Q1 2025)

• Bank of Japan interest rate decision

• Company results from: Meta, Microsoft, Volkswagen, Mercedes-Benz, Stellantis, Aston Martin, TotalEnergies, Barclays, Santander, UBS, Credit Agricole, Société Générale, Airbus, Next

The Mighty Finale

🌤️Weather today

Sunny and dry across the UK. High of 24C and low of 9C in London.

✏️Life coaching quote of the day

“Those who don’t believe in magic will never find it.” – Roald Dahl, novelist

Mighty takeaway: If you don’t truly believe in your dreams, you’ll never achieve them.

That’s it for this Tuesday morning. Thanks for reading and we’ll see you tomorrow.

Goodbye!

The Mighty Memo team

Monday 28 April 2025

The Mighty Headlines

Economics: California’s economy now bigger than Japan’s

Business: Vanguard won’t re-enter China

Markets: US stock markets start the week on a positive

Foreign Affairs: General Election in Canada today

Security and intelligence: Russia detains Ukrainian agent over car bomb

Domestic politics: England set for an end to two-party politics

The Mighty Stats

FTSE = 8,415.25 (up 0.093%)

S&P 500 = 5,525.21 (up 0.74%)

Nasdaq = 17,382.94 (up 1.26%)

CAC40 = 7,536.26 (up 0.45%)

£1 = $1.33 / €1.17

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The Mighty Detail

Economics: The US state of California has said that it has over taken Japan as the world’s fourth-largest economy. Governor Gavin Newsom said that California’s GDP has reached $4.1 trillion. Japan’s GDP stands at $4.02 trillion. The world’s largest economy is the US, followed by China and Germany.

Business: Fund manager Vanguard has said that it will not re-enter the Chinese market as it seeks to expand its operations. The US fund manager has $10 trillion in assets under management. It closed its Shanghai office in 2023, where it had partnered with a local firm, after saying that it would “prioritize regions where it offers its own investment products.”

Markets: The major US stock market indices start on a positive footing this week. The S&P 500 increased by 4.6 per cent last week and the Nasdaq rose by 6.7 per cent after a few weeks of turmoil. According to comments published on Friday, President Trump said he expected announcements on many trade deals “over the next three to four weeks”.

Foreign Affairs: A General Election is being held in Canada today. The two front runners are the Conservative Party, led by Pierre Poilievre, and the Liberal Party, led by Mark Carney. The Conservative Party has focused on the cost of living and has support among younger voters. The Liberal Party has focused on the economic and political risk posed by the Trump administration and has support among older voters. The Liberal Party is in the lead according to opinion polls.

Security and intelligence: Russia’s security services say they have detained a Ukrainian special agent over a car bomb detonated on Friday in Moscow. Russian Lieutenant General Yaroslav Moskalik, was killed in the attack. Russian media claims that the bomb was denoted remotely from Ukraine. Ukraine has not commented on the incident.

Domestic politics: A leading elections analyst has said that the UK is set for “biggest challenge” to the two-party system for 100 years. Professor Sir John Curtice was speaking ahead of the local elections on Thursday in England. Labour and the Conservatives could lose votes to Reform UK and the Liberal Democrats.

The Mighty Calendar

What’s happening today?

• General Election in Canada

• Trial for men involved in Sycamore Gap tree felling begins

• Education Questions in UK Parliament

• CBI retail sales survey (April)

Lookahead to tomorrow

• Prince and Princess of Wales visit Isle of Mull

• President Trump holds rally to make 100 days in office

• UN Security Council debate on the Middle East

• Energy Questions in UK Parliament

• Company results from: BP, General Motors, HSBC, Deutsche Bank, Associated British Foods, Spotify, AstraZeneca, Adidas, Lufthansa

The Mighty Finale

🌤️Weather today

The dry and warm weather continues across England. High of 24C and low of 9C in London. Cloudy in Belfast. Sunny spells in Edinburgh.

✏️Life coaching quote of the day

“The biggest temptation is to settle for too little.” – Thomas Merton, monk and writer

Mighty takeaway: Don’t aim too small in life!

That’s it for this Monday morning. Thanks for reading and we’ll see you tomorrow.

Bye!

The Mighty Memo team

Friday 25 April 2025

The Mighty Headlines

Economics: Germany set for no economic growth in 2025

Business: Google reports over $90 billion in revenue for Q1 2025

Markets: US stocks rise on prospect of interest rate cuts

Foreign Affairs: US to demand that Russia allows Ukraine its own military

Security and intelligence: Pakistan suspends peace treaty with India

Domestic politics: UK and Ireland could reach deal on Troubles in “weeks”

The Mighty Stats

FTSE = 8,407.44 (up 0.051%)

S&P 500 = 5,484.77 (up 2.03%)

Nasdaq = 17,166.04 (up 2.74%)

CAC40 = 7,502.78 (up 0.27%)

£1 = $1.33 / €1.17

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The Mighty Detail

Economics: The German Government has cut its growth forecast for the year to zero, citing the impact of US tariffs. It now faces a third consecutive year without growth. Last year, Germany’s economy shrank by 0.2 per cent. In 2023, it shrank by 0.3 per cent.

Business: Google’s parent company, Alphabet, reported revenue of $90.2 billion in Q1, beating analysts’ estimates. Revenue of $89.1 billion had been expected. Google’s search engine generated $50.7 billion in revenue while Google’s cloud service brought in $12.3 billion.

Markets: US stocks rose yesterday on the news that the Federal Reserve could cut interest rates before the summer and that global trade tensions are easing. The Chair of the Cleveland Federal Reserve said that rates could be cut as soon as June while US Treasury Secretary Scott Bessent said that an “agreement on understanding” with South Korea on trade could come next week.

Foreign Affairs: There are reports that the US intends to demand that Russia accepts Ukraine’s right to its own military as part of peace negotiations. Additional concessions could include Russia returning the Zaporizhzhia nuclear plant and returning land in Kharkiv.

Security and intelligence: Pakistan has suspended the Simla peace treaty with India following an Islamist militant attack in Indian Kashmir which killed 26 people on Tuesday. India has linked the attacks to Pakistan. Pakistan denies involvement.

Domestic politics: The UK and Irish Governments have said that an agreement on resolving issues from the Troubles could be reached “within weeks”. They largely relate to how to deal with killings during the conflict in Northern Ireland. The UK’s Northern Ireland Secretary met the Irish Deputy Prime Minister at the British-Irish Intergovernmental Conference in Northern Ireland yesterday.

The Mighty Calendar

What’s happening today?

• Australia and New Zealand public holiday (ANZAC Day)

• ANZAC services at Westminster Abbey, London

• National Rifle Association annual meeting begins, Atlanta, Georgia

• UK, Canada retail sales data (March)

• Private Members’ Bills in UK Parliament

• Company results from: Colgate-Palmolive

Lookahead to the weekend

Saturday

• Just Stop Oil holds final demonstration in Westminster, London

• White House Correspondents’ Association annual dinner, Washington DC

• Koningsdagviering “King’s Day” Celebration at the Dutch Church, London

• Guinness Women’s Six Nations: Italy vs Wales

• Guinness Women’s Six Nations: Scotland vs Ireland

• Guinness Women’s Six Nations: England vs France

Sunday

• London Marathon

• Women’s Golf Major: The Chevron Championships, Texas

The Mighty Finale

🌤️Weather today

Light rain in the southwest. Cloudy in the northwest and sunny spells everywhere else. High of 16C and low of 8C in London. Light rain in Belfast. Sunny spells in Edinburgh.

✏️Life coaching quote of the day

“What really frightens and dismays us is not external events themselves, but the way in which we think about them. It is not things that disturb us, but our interpretation of their significance.” – Epictetus, ancient philosopher

Mighty takeaway: Change your interpretation of events to a happier one. You will become happier too. It’s your choice.

That’s it for this week. Thanks for reading and we’ll see you next week.

Adios!

The Mighty Memo team

Thursday 24 April 2025

The Mighty Headlines

Economics: UK private sector activity shrinks to lowest level since 2022

Business: EU fines Apple and Facebook €700 million

Markets: European stocks close higher as US-China tensions ease

Foreign Affairs: Explosions in Moscow’s business district

Security and intelligence: Palestine’s Abbas asks Hamas to drop weapons

Domestic politics: Conservative Party and Reform UK could unite

The Mighty Stats

FTSE = 8,403.18 (up 0.9%)

S&P 500 = 5,375.86 (up 1.67%)

Nasdaq = 16,708.05 (up 2.5%)

CAC40 = 7,482.36 (up 2.13%)

£1 = $1.33 / €1.17

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The Mighty Detail

Economics: Private sector activity in the UK has shrunk to its lowest level since 2022. UK manufacturing export sales have also declined at a level not seen since the Great Financial Crisis in February 2009 (aside from the Covid-19 pandemic). US tariffs are considered to be a major contributing factor.

Business: The European Commission has fined Apple and Facebook €500 million and €200 million respectively for breaching EU competition rules. Apple was fined for breaching rules on its app store while Facebook was fined for requiring users to pay for ad-free versions of Facebook and Instagram. The Trump administration has previously criticised the EU for imposing such fines.

Markets: The pan-European Stoxx 600 stock index closed 1.7 per cent higher yesterday. It comes as traders expect a thaw in US-China trade relations. President Trump said this week that tariffs on Chinese goods could fall while US Treasury Secretary, Scott Bessent, said that there would be a “de-escalation in tensions” very soon and there was an “opportunity for a big deal”.

Foreign Affairs: There have been reports of three explosions in Moscow’s business district. According to Russian media, a car exploded in an underground car park of a shopping mall. It is not yet clear if the attacks are linked to the war in Ukraine. It comes a day after an explosion at a Russian ammunition depot east of Moscow, which the authorities said was due to a safety lapse.

Security and intelligence: The Palestinian President Mahmoud Abbas urged Hamas yesterday to put down its arms and cede control of Gaza to the Palestinian Authority. Abbas added that Hamas must “transform into a political party.” Hamas ousted the Palestinian Authority from Gaza in 2007 and has rejected US and Israeli calls to lay down arms.

Domestic politics: The Shadow Justice Secretary, Robert Jenrick, has allegedly called for the Conservative Party to unite with Nigel Farage’s Reform UK party. In a leaked speech to the UCL Conservative Association dinner in March, the former Conservative Party leadership contender said that he was still battling against Reform UK. He added, however, that at the General Election the right should be “united” and that “one way or another, I’m determined to do that.”

The Mighty Calendar

What’s happening today?

• International Energy Agency summit, London

• Cannes International TV festival begins

• Cabinet Office Questions in UK Parliament

• Japan CPI inflation data (April)

• UK, France, Germany, Italy new car registrations data (March)

• US jobless claims (weekly)

• US existing home sales (March)

• Company results from: Google, Intel, Asos, Merck, Nokia, PepsiCo, Procter & Gamble

Lookahead to tomorrow

• Australia and New Zealand public holiday (ANZAC Day)

• ANZAC services at Westminster Abbey, London

• National Rifle Association annual meeting begins, Atlanta, Georgia

• UK, Canada retail sales data (March)

• Private Members’ Bills in UK Parliament

• Company results from: Colgate-Palmolive

The Mighty Finale

🌤️Weather today

Sunny spells in northwest England. Cloudy elsewhere. High of 17C and low of 6C in London. Sunny spells in Belfast and Edinburgh.

✏️Life coaching quote of the day

“A great attitude does much more than turn on the lights in our worlds; it seems to magically connect us to all sorts of serendipitous opportunities that were somehow absent before we changed.” – Earl Nightingale, motivational speaker

Mighty takeaway: You’ll be amazed at what a change of attitude can do.

That’s it for this morning. Thanks for reading and we’ll see you tomorrow.

Bye!

The Mighty Memo team

Wednesday 23 April 2025

The Mighty Headlines

Economics: IMF cuts global growth forecasts for 2025

Business: Finance bonuses in the UK are highest in the world

Markets: Sterling set for historic gains against the dollar

Foreign Affairs: China warns countries against unfavourable US trade deals

Security and intelligence: UK hosts Ukraine peace conference today

Domestic politics: Badenoch promises to reverse farms tax

The Mighty Stats

FTSE = 8,328.60 (up 0.64%)

S&P 500 = 5,287.76 (up 2.51%)

Nasdaq = 16,300.42 (up 2.71%)

CAC40 = 7,326.47 (up 0.56%)

£1 = $1.33 / €1.17

*If you’ve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. You’ll receive the Mighty Memo directly in your inbox as soon as it’s published!*

The Mighty Detail

Economics: The IMF has cut global growth forecasts for 2025 from 3.3 per cent to 2.8 per cent. This follows an increase in tariffs imposed on trade around the world. The IMF has also predicted that inflation in the UK will be the highest in the G7 this year at 3.1 per cent. The US will see inflation of 3 per cent.

Business: Bonuses in the UK financial services industry were higher than anywhere else in the world last year. According to recent data, people in the industry received an average bonus of $149,000 in 2024. This is compared to $145,800 in the North America and $108,500 in the EU. It comes after the UK Government abolished the EU’s bonus cap in 2023.

Markets: The pound is on course for its longest run of sustained increases against the dollar for over 50 years. It has risen by 3.5 per cent against the dollar since the 2nd April when the Trump administration announced global tariffs.‎ The FTSE 100 has also risen for seven days in a row - its best result since 2023.

Foreign Affairs: The Chinese Government is warning countries not to make trade deals with the US which could in turn be unfavourable to China. The Chinese Government added that it would “resolutely take countermeasures” against the countries involved.

Security and intelligence: The UK Foreign Secretary, David Lammy, will host French, German, US and Ukrainian negotiators today to discuss a Ukrainian peace deal. Ukraine has proposed a ceasefire on civilian infrastructure for 30 days. The US has separately proposed formally recognising Crimea as Russian. US Secretary of State Marco Rubio had been expected to attend but pulled out yesterday.

Domestic politics: The Conservative Party Leader, Kemi Badenoch, has said that she would reverse the Government’s inheritance tax proposals on farms if her party were to win the next election. From April 2026, people with agricultural properties will pay a tax of 20 per cent on agricultural assets over £1 million.

The Mighty Calendar

What’s happening today?

• St George’s Day

• UK Turner Prize shortlist announced

• Prime Minister’s Questions in UK Parliament

• UK, US, EU, Japan manufacturing and services growth data (April)

• UK Government borrowing data (March)

• US new homes sales data (March)

• South Korea GDP data (Q1 2025)

• Company results from: Heathrow, Boeing, Chipotle, AkzoNobel, Babcock

Lookahead to tomorrow

• International Energy Agency summit, London

• Cannes International TV festival begins

• Cabinet Office Questions in UK Parliament

• Japan CPI inflation data (April)

• UK, France, Germany, Italy new car registrations data (March)

• US jobless claims (weekly)

• US existing home sales (March)

• Company results from: Google, Intel, Asos, Merck, Nokia, PepsiCo, Procter & Gamble

The Mighty Finale

🌤️Weather today

Rain in the southeast of England. Largely dry elsewhere. High of 13C and low of 8C in London. Sunny spells in Belfast and Edinburgh.

✏️Life coaching quote of the day

“Accept responsibility for your life. Know that it is you who will get you where you want to go, no one else.” – Les Brown, motivational speaker

Mighty takeaway: How your life turns out and evolves is up to you. You have the power to change at any moment and at any stage.

That’s it for this morning. Thanks for reading and we’ll see you tomorrow.

Adios!

The Mighty Memo team

Tuesday 22 April 2025

The Mighty Headlines

Economics: US Vice President visits India to discuss trade

Business: Netflix increased revenue to over $10 billion in Q1

Markets: Dollar falls to three-year low

Foreign Affairs: Details of Pope Francis’s funeral emerge

Security and intelligence: Iran’s Foreign Minister visits China today

Domestic politics: UK Government launches “breakfast clubs”

The Mighty Stats

FTSE = 8,275.66 (up 0.00073%)

S&P 500 = 5,158.20 (down 2.36%)

Nasdaq = 15,870.90 (down 2.55%)

CAC40 = 7,285.86 (down 0.6%)

£1 = $1.33 / €1.17

*If you’ve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. You’ll receive the Mighty Memo directly in your inbox as soon as it’s published!*

The Mighty Detail

Economics: The US Vice President, JD Vance, began a four-day visit to India yesterday. Vance is expected to discuss trade with the Indian Prime Minister, Narendra Modi. US-India trade was worth $129 billion in 2024. Earlier this month, the Trump administration had imposed 26 per cent tariffs on Indian goods which have been now paused.  

Business: Netflix increased its revenue to $10.54 billion in Q1 2025. This is a 12.5 per cent increase from the same time last year and exceeds analysts’ expectations. The company is forecasting revenue of between $43.5 billion and $44.5 billion for 2025.

Markets: The dollar fell to a three-year low against the world’s major currencies yesterday. It comes after President Trump criticised the Chair of the US Federal Reserve, Jerome Powell, last week for not lowering interest rates. President Trump also said that the “termination” of Powell as Chair “cannot come fast enough”.

Foreign Affairs: Following Pope Francis’s death yesterday, his funeral is expected to take place within four to six days. Voting by the College of Cardinals for a new People typically happens within 15 to 20 days. Of the 252 Cardinals, only 132 may vote because those over the age of 80 are not allowed to vote.

Security and intelligence: Iran’s Foreign Minister, Abbas Araqchi, is visiting China today. It comes ahead of a third round of discussions between the US and Iran on Iran’s nuclear capabilities later this week. Araqchi has said that Iran has always had “close consultations with our friends China and Russia” on the “nuclear issue”.

Domestic politics: The UK Government has said that it is launching 750 breakfast clubs for children across the UK today. The programme will provide 30 minutes of free childcare which the Government says will help parents “get up to 95 hours back a year”. Details on a national roll-out have not yet been published.

The Mighty Calendar

What’s happening today?

• Earth Day

• IMF World Economic Outlook report published

• UK Chancellor travels to IMF Spring Meeting, Washington DC

• Justice Questions in UK Parliament

• Eurozone consumer confidence data (April)

• Company results from: 3M, Lockheed Martin, Moody’s, Tesla, SAP

Lookahead to tomorrow

• St George’s Day

• UK Turner Prize shortlist announced

• Prime Minister’s Questions in UK Parliament

• UK, US, EU, Japan manufacturing and services growth data (April)

• UK Government borrowing data (March)

• US new homes sales data (March)

• South Korea GDP data (Q1 2025)

• Company results from: Heathrow, Boeing, Chipotle, AkzoNobel, Babcock

The Mighty Finale

🌤️Weather today

Sunny spells across most of England but light rain in the southwest. High of 18C and low of 9C in London. Heavy rain in Belfast and sunny intervals in Edinburgh.

✏️Life coaching quote of the day

“Decisions without actions are worthless.” – W. Clement Stone, business and motivational writer

Mighty takeaway: Take action – it’s the only way things will change for you.

That’s it for this Tuesday. Thanks for reading and we’ll see you tomorrow.

Adios!

The Mighty Memo team

Wednesday 16 April 2025

TO: Mighty Memo Readers

FROM: Mighty Memo Editorial Department

SUBJECT: Easter break

The Mighty Memo office will be closed between Thursday, 17 April and Monday, 21 April for the Easter break. Your next issue of the Mighty Memo will arrive in your inbox on Tuesday, 22 April. If you wish to contact us during this time, please send your email to hello@mightymemo.co.uk. We will respond to you as soon as we can.

Happy Easter to all of our readers!

The Mighty Headlines

Economics: EU waits on the US for a trade deal

Business: Chinese Government stops Boeing aircraft deliveries

Markets: Shares in UK banknote printer rise by 17 per cent

Foreign Affairs: Prison attacks in France

Security and intelligence: China names US agents accused of cyberattacks

Domestic politics: UK Business Secretary rows back on China comments

The Mighty Stats

FTSE = 8,249.12 (up 1.41%)

S&P 500 = 5,396.63 (down 0.17%)

Nasdaq = 16,823.17 (down 0.049%)

CAC40 = 7,335.40 (down 0.86%)

£1 = $1.32 / €1.17

*If you’ve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. You’ll receive the Mighty Memo directly in your inbox as soon as it’s published!*

The Mighty Detail

Economics: Trade negotiations between the US and the EU ended without a decisive breakthrough yesterday. The EU claimed that an “additional level of engagement from the US” would be needed to “keep the ball rolling forward”. The EU has offered 0 per cent tariffs on industrial goods including cars. President Trump had previously suggested that the EU should buy $350 billion of US energy to receive tariff relief.

Business: The Chinese Government has ordered Chinese airlines to stop receiving deliveries of Boeing aircrafts as well as associated parts. The news is the latest development in escalating trade tensions with the US. Boeing shares fell by just over 2 per cent yesterday.

Markets: Shares in the British banknote printer De La Rue increased by nearly 15 per cent yesterday. It comes on the news that it is set to be taken over by US private equity firm Atlas Holdings at 130 pence a share for £263 million. De La Rue was founded in 1821 and rejected an offer of 900 pence a share by a French firm in 2010.

Foreign Affairs: Prisons across France have been targeted by violent behaviour. Shots from an automatic weapon were fired at a prison in Toulon and vehicles were set on fire. Prisons in Aix-en-Provence, Marseille, Valence, Nîmes, Luynes, Nanterre and Villepinte were also affected. The attacks are reportedly a response to the French Government’s new anti-narcotics strategy.

Security and intelligence: China has put three US intelligence officers from the National Security Agency on a wanted list. It accuses them of carrying out cyberattacks against the Asian Winter Games in February. Although the US and China regularly accuse each other of cyberattacks, it is unusual for individual operatives to be named.

Domestic politics: The UK Business Secretary has rowed back on comments he made at the weekend that China should no longer be involved in the UK steel industry. Jonathan Reynolds now says that Chinese involvement will instead be considered in “a different way”. The Chinese Embassy had rebuked the UK for “politicising” the steel situation.

The Mighty Calendar

What’s happening today?

• UK Parliament on recess

• WTO release trade growth forecast

• China holds press conference on GDP

• Canada interest rate decision

• UK, Eurozone CPI inflation data (March)

• US retail sales data (March)

• US industrial and manufacturing production data (March)

• Japan trade data (March)

• Company results from: ASML, WHSmith, Heineken, United Airlines

Lookahead to tomorrow

• Norway and Mexico Public holiday (Maundy Thursday)

• The King and Queen distribute the Royal Maundy

• President Trump hosts Italian Prime Minister Giorgia Meloni

• English-language leaders General Election debate, Canada

• ECB interest rate decision

• UK Parliament on recess

• US jobless claims (weekly)

• Japan CPI inflation data

• Company results from: Sainsburys, Netflix, TSMC, UnitedHealth Group, American Express

The Mighty Finale

🌤️Weather today

Rain in the west. Dry but cloudy in the east of England. High of 16C and low of 5C in London. Heavy rain in Belfast. Light rain in Edinburgh.

✏️Life coaching quote of the day

“The graveyard is the richest place on earth, because it is here that you will find all the hopes and dreams that were never fulfilled, the books that were never written, the songs that were never sung, the inventions that were never shared, the cures that were never discovered, all because someone was too afraid to take that first step, keep with the problem, or determined to carry out their dream.” – Les Brown, motivational speaker

Mighty takeaway: Don’t let your talents and skills go to waste by not using them!

That’s it for this morning. Thanks for reading and we’ll see you next week.

Bye!

The Mighty Memo team

Tuesday 15 April 2025

The Mighty Headlines

Economics: US tariffs may lead to pandemic-era trade drop

Business: Facebook faces potential breakup

Markets: US markets falter but end higher following tech tariffs news

Foreign Affairs: Russian attack on Sumy draws mixed opinion

Security and intelligence: Leftist group responsible for Athens bombing

Domestic politics: UK Government “demands explanation” from China over banned MP

The Mighty Stats

FTSE = 8,134.34 (up 2.14%)

S&P 500 = 5,405.97 (up 0.79%)

Nasdaq = 16,831.48 (up 0.64%)

CAC40 = 7,273.12 (up 2.37%)

£1 = $1.32 / €1.16

*If you’ve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. You’ll receive the Mighty Memo directly in your inbox as soon as it’s published!*

The Mighty Detail

Economics: New data suggest that US tariffs could lead to a 2.3 per cent fall in global trade by 2028. The research from Oxford Economics suggests that the drop in trade could be close to the fall seen during the Covid-19 pandemic and the US recession in 1975.

Business: Facebook faces a potential breakup as an anti-trust lawsuit gets underway in the United States. The US’s competition regulator, the Federal Trade Commission, claims that Facebook bought Instagram and WhatsApp in 2012 and 2014 to eliminate competition and gain a monopoly in the social media market. Facebook could be forced to sell the companies if it loses.

Markets: US markets rose yesterday morning before trailing off and then recovering by market close. It comes as enthusiasm for President Trump’s exemption on tariffs for tech goods fades after the President suggested they were temporary.

Foreign Affairs: The death toll from Russia’s attack on Sumy in Ukraine on Sunday has risen to 35 people along with 117 people wounded. Russia claims that it was targeting a meeting of Ukrainian military leaders and “Western colleagues”. President Zelensky condemned the attack. President Trump called the strikes “horrible” but also said “I was told [the Russians] made a mistake”.  

Security and intelligence: A new leftist group has claimed responsibility for the bombs that exploded in Athens last week and in February. The Revolutionary Class Self-Defence group claims that the attacks are an act of “opposition to the state” and are dedicated to the “Palestinian people and their heroic resistance”. The bombs went off outside the offices of Hellenic Train and near the Labour Ministry. There were no injuries.

Domestic politics: The British MP who was banned from entering Hong Kong last week has accused Beijing of holding a “blacklist” of banned politicians. Vera Hobhouse was travelling with her husband to visit her son and newborn grandson who live in Hong Kong. The British Government has said it has demanded an explanation from senior Chinese officials.

The Mighty Calendar

What’s happening today?

• 80th anniversary of the liberation of Bergen-Belsen

• UK Foreign Secretary holds conference on Sudan

• UK Parliament on recess

• UK earnings data (March)

• Eurozone industrial production data (March)

• Canada CPI inflation data (March)

• China GDP data (Q1 2025)

• China industrial production data (March)

• China retail sales data (March)

• China unemployment data (March)

• Company results from: Bank of America, Johnson & Johnson, Citigroup, Ericsson

Lookahead to tomorrow

• UK Parliament on recess

• WTO release trade growth forecast

• China holds press conference on GDP

• Canada interest rate decision

• UK, Eurozone CPI inflation data (March)

• US retail sales data (March)

• US industrial and manufacturing production data (March)

• Japan trade data (March)

• Company results from: ASML, WHSmith, Heineken, United Airlines

The Mighty Finale

🌤️Weather today

Rain across England tomorrow. High of 17C and low of 8C. Dry in Belfast and light rain in Edinburgh.

✏️Life coaching quote of the day

“Your mind will take the shape of what you frequently hold in thought, for the human spirit is coloured by such impressions.” – Marcus Aurelius, Ancient Roman emperor and philosopher

Mighty takeaway: What you think about most often, becomes the reality you live every day.

That’s it for this morning. Thanks for reading and we’ll see you tomorrow.

Cheerio!

The Mighty Memo team

Monday 14 April 2025

The Mighty Headlines

Economics: EU Trade Commissioner in US to talk tariffs

Business: Apple airlifts 1.5 million iPhones out of India

Markets: Stock markets start week on a high

Foreign Affairs: Hong Kong’s last major opposition party to disband

Security and Intelligence: Occupied Ukrainians denied healthcare

Domestic politics: UK Government provides £10 billion to relieve tariff impact

The Mighty Stats

FTSE = 7,964.18 (up 0.64%)

S&P 500 = 5,363.36 (up 1.81%)

Nasdaq = 16,724.46 (up 2.06%)

CAC40 = 7,104.80 (down 0.3%)

£1 = $1.31 / €1.15

UK: Con / Lab / Reform = 22 / 24 / 24 per cent

*If you’ve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. You’ll receive the Mighty Memo directly in your inbox as soon as it’s published!*

The Mighty Detail

Economics: The EU Trade Commissioner, Maroš Šefčovič, is travelling to the US today to discuss tariffs with US counterparts. Šefčovič is due to meet with US Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer. The EU is offering 0 per cent reciprocal tariffs on industrial goods.

Business: It is being reported that Apple airlifted 600 tons of iPhones from India at the end of March so that they would arrive before tariffs came into effect. This equates to around 1.5 million iPhones. Apple also reportedly secured a customs “green lane” at Chennai airport to reduce clearance times from 30 hours to 6 hours.

Markets: Stock markets rose on Friday after a turbulent week. The S&P 500 and the Nasdaq rose by their highest levels since November 2023 and November 2022 respectively. The remain, however, lower than before US tariffs were announced on the 2nd April.

Foreign Affairs: Hong Kong’s last major opposition party is set to disband. According to members of the Democratic Party, they have been warned by Chinese officials to disband or face serious consequences including arrest. Until Beijing changed electoral rules in 2021 to allow only “patriots” to run for election, the Democratic Party achieved around 50 per cent to 60 per cent of the vote in elections.

Security and intelligence: There are reports that Ukrainians living in occupied territories are being denied healthcare and free movement unless they take up Russian citizenship. The news comes as President Trump said on Saturday that “there is a point when you have to put up or shut up” on the Ukraine-Russia negotiations but the Kremlin said there cannot be “instant results”.

Domestic politics: The UK Government has said that it will provide £10 billion of additional support for businesses impacted by US tariffs. Alongside this, an expanded Growth Guarantee Scheme will provide £500 million specifically for small businesses.

The Mighty Calendar

What’s happening today?

• President Trump meets President of El Salvador

• South Korea’s President Yoon Suk-Yeol’s criminal trial starts

• UK Parliament on recess

• China, South Korea trade data (March)

Lookahead to tomorrow

• 80th anniversary of the liberation of Bergen-Belsen

• UK Foreign Secretary holds conference on Sudan

• UK Parliament on recess

• UK earnings data (March)

• Eurozone industrial production data (March)

• Canada CPI inflation data (March)

• China GDP data (Q1 2025)

• China industrial production data (March)

• China retail sales data (March)

• China unemployment data (March)

• Company results from: Bank of America, Johnson & Johnson, Citigroup, Ericsson

The Mighty Finale

🌤️Weather today

Raining in the southwest and northwest of England. Dry elsewhere. High of 17C and low of 9C in London. Light rain in Belfast and Edinburgh.

✏️Life coaching quote of the day

“I have learned over the years that when one’s mind is made up, this diminishes fear.” – Rosa Parks, activist

Mighty takeaway: Action removes fear. Don’t hesitate!

That’s it for this Monday morning. Thanks for reading and we’ll see you again tomorrow.

Bye!

The Mighty Memo team

Friday 11 April 2025

The Mighty Headlines

Economics: Bank of England delays bond sales after market turmoil

Business: Prada buys Versace for €1.25 billion

Markets: US markets fall again as scale of China tariffs revealed

Foreign Affairs: France set to recognise Palestinian state

Security and intelligence: US to hold nuclear talks with Iran tomorrow

Domestic politics: Farage rejects formal coalition with Conservative Party

The Mighty Stats

FTSE = 7,913.25 (up 3.04%)

S&P 500 = 5,268.05 (down 3.46%)

Nasdaq = 16,387.31 (down 4.31%)

CAC40 = 7,126.02 (up 3.83%)

£1 = $1.30 / €1.16

*If you’ve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. You’ll receive the Mighty Memo directly in your inbox as soon as it’s published!*

The Mighty Detail

Economics: The Bank of England has said that it is delaying the sale of long-term government debt because of recent “market volatility”. The significant selloff in the bond markets in recent days, following US tariffs, saw yields on 30-year UK debt reach its highest level since 1998. The Bank will instead sell £750 million of short-dated debt next week and sell long-dated debt in Q3.

Business: Prada has bought Versace in a €1.25 billion deal. It is being reported that the original deal uniting the two fashion companies had been set at €1.43 billion but €180 million was taken off because of the recent market volatility. Prada reported revenues of €5.4 billion in 2024, 17 per cent higher than in 2023.

Markets: After rising on Wednesday, US stock markets accelerated downwards yesterday after the White House confirmed that tariffs on China would actually stand at 145 per cent and not 125 per cent as previously understood. Shares in Apple – which has significant supply lines in China – fell by over 8 per cent yesterday and have fallen by nearly 26 per cent this year.

Foreign Affairs: President Macron of France has said that his government plans to recognise a Palestinian state in the coming months. Macron said that he was not doing so for unity but because “at some point it will be fair.” Israel’s Foreign Minister said that the decision would be a “reward for terrorism and a boost for Hamas”. None of the G7 countries currently recognises Palestine as a state.

Security and intelligence: The US is to hold direct talks with Iran tomorrow to discuss the country’s nuclear activities. The US Secretary of State said that he hoped the talks would “lead to peace”. President Trump said earlier this week that if the talks were not successful Iran would be in “great danger”.

Domestic politics: The leader of Reform UK, Nigel Farage, has dismissed the proposal that his party could form a coalition with the Conservatives after the local elections next month. The idea had been proposed by Conservative leader Kemi Badenoch. Farage did not, however, rule out the possibility of “working relationship” in local councils.

The Mighty Calendar

What’s happening today?

• UK convenes Ukraine Defence Contact Group meeting in Brussels

• UK Parliament in Easter Recess

• UK GDP data (February)

• UK industrial and manufacturing data (February)

• Company results from: Wells Fargo, Morgan Stanley, JPMorgan Chase, BNY Mellon, Blackrock

Lookahead to the weekend

Saturday

• Passover begins

• Presidential election in Gabon following 2023 coup

• Chelsea versus Liverpool in Women’s FA Cup semi-final

• “Moonies” Church holds mass wedding ceremony in South Korea

Sunday

• Presidential runoff election in Ecuador

• Oxford-Cambridge Boat Race

• The Masters final (golf)

• Paris Marathon

• Manchester United versus Manchester City in Women’s FA Cup semi-final

• F1 Grand Prix, Bahrain

The Mighty Finale

🌤️Weather today

Sunny and dry across the UK. Again! High of 22C and low of 7C in London.

✏️Life coaching quote of the day

“When everything seems to be going against you, remember that the airplane takes off against the wind, not with it.” – Henry Ford, entreprenuer

Mighty takeaway: You need to put in the effort to achieve your aims.

That’s it for this Friday and for this week. Thanks for reading and we’ll see you again next week.

Cheerio!

The Mighty Memo team

Thursday 10 April 2025

The Mighty Headlines

Economics: China responds to US tariffs

Business: Volkswagen doubles electric car sales in Europe

Markets: US and UK government bond yields rise to highest in decades

Foreign Affairs: Argentina receives $20 billion IMF bailout

Security and intelligence: Russia begins Spring offensive in Ukraine

Domestic politics: UK Chancellor: “imperative” to improve EU trade relations

The Mighty Stats

FTSE = 7,679.48 (down 2.92%)

S&P 500 = 5,460.90 (up 9.52%)

Nasdaq = 17,124.97 (up 12.16%)

CAC40 = 6,863.02 (down 3.34%)

£1 = $1.28 / €1.16

*Follow us on Twitter and Instagram on @MightyMemoUK*

The Mighty Detail

Economics: In response to the US’s 104 per cent tariffs on Chinese goods, China has retaliated with tariffs on US imports of 84 per cent. They are due to take effect today. The US has in turn retaliated with 125 per cent tariffs on China and also paused most other global tariffs for 90 days at 10 per cent.

Business: Volkswagen’s sales of battery electric vehicles have more than doubled in Europe while falling by over a third in China. They increased by 112 per cent in Europe between January and March and fell by 37 per cent in China.  Six out of ten of the best-selling vehicle models in Europe are Volkswagen.

Markets: US and UK government bond yields have risen as investors sell their holdings. Yields on 30-year US government bonds briefly rose to over 5 per cent and to nearly 5.65 per cent for UK gilts – their highest level since May 1998. Investors may sell their bonds if they lose confidence in the government that issued them.

Foreign Affairs: Argentina is set to receive a $20 billion bailout from the International Monetary Fund (IMF) to support its economy. It comes after President Milei has managed to reduce inflation and public spending. Argentina already owes the IMF more than $40 billion and has received 22 loans from the IMF since 1958.

Security and intelligence: Ukraine has said that Russia has started its Spring offensive, with a doubling of frontline operations. There are reports that Russia is close to entirely pushing out Ukrainian troops from Kursk, a part of Russia held by Ukraine since August.

Domestic politics: The UK Chancellor, Rachel Reeves, has said that it is “imperative” that the UK improve its trading relationship with the EU following “Russia’s invasion of Ukraine” and the “challenges in global trade”. The UK and EU are due to hold a summit on 19 May.

The Mighty Calendar

What’s happening today?

• “Coalition of the Willing” Defence Minister meet in Brussels

• China’s retaliatory tariffs on the US take effect

• UK Parliament in Easter Recess

• The Masters (golf) begins

• UK, France, Italy, Germany, China, Japan consumer sentiment data (February)

• US CPI inflation data (March)

• US jobless claims (weekly)

• Company results from: Tesco

Lookahead to tomorrow

• UK convenes Ukraine Defence Contact Group meeting in Brussels

• UK Parliament in Easter Recess

• UK GDP data (February)

• UK industrial and manufacturing data (February)

• Company results from: Wells Fargo, Morgan Stanley, JPMorgan Chase, BNY Mellon, Blackrock

The Mighty Finale

🌤️Weather today

Sunny, sunny, sunny! High of 17C and low of 5C in London.

✏️Life coaching quote of the day

“Our greatest fear should not be of failure but of succeeding at things in life that don’t really matter.” – Francis Chan, writer

Mighty takeaway: Don’t forget what life’s true priorities are.

That’s it for this morning. Thanks for reading and we’ll see you again soon.

Bye!

The Mighty Memo team

Wednesday 9 April 2025

The Mighty Headlines

Economics: US tariffs on China reach 104 per cent

Business: Italian state railway to run cross-Channel train

Markets: UK equity funds post worst quarter on record

Foreign Affairs: South Korea fires warning shots at North Korea

Security and intelligence: NATO chief says cannot be “naïve” about China

Domestic politics: Starmer rejects retaliatory tariffs and “Buy British” campaign

The Mighty Stats

FTSE = 7,910.53 (up 2.71%)

S&P 500 = 4,982.77 (down 1.57%)

Nasdaq = 15,267.91 (down 2.15%)

CAC40 = 7,100.42 (up 2.5%)

£1 = $1.28 / €1.17

*If you’ve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. You’ll receive the Mighty Memo directly in your inbox as soon as it’s published!*

The Mighty Detail

Economics: US tariffs on Chinese imports of 104 per cent are coming into effect today. President Trump said the additional tariffs are in response to China’s retaliatory tariffs on US goods. *This could change at the last minute.*

Business: The Italian state railway company Ferrovie dello Stato has said that it plans to launch a London to Paris rail service by 2029. It will invest €1 billion in the project. It comes after the UK rail regulator effectively ended Eurostar’s monopoly last week by stating that Eurostar was required to share its rail depot in east London. Virgin has also announced plans for its own rail service.

Markets: UK-focused investment funds had their worst quarter on record between January and March 2025. Investors took out £3.5 billion from UK equity funds over the first three months of the year and put £1.8 billion in North American equity funds – the third highest inflow into such funds on record.

Foreign Affairs: South Korea’s military fired warning shots at North Korea yesterday after a number of North Korean soldiers crossed the demilitarised zone. South Korean media reports suggest that the North’s incursion may have been accidental. The demilitarized zone is 248 kilometres long, 4 kilometres wide and contains an estimated 2 million landmines.

Security and intelligence: The head of NATO, Mark Rutte, said yesterday that NATO countries “cannot be naïve” about China’s military build-up. Speaking on a visit to Japan, he listed concerns about China’s support for Russia, the increasing strength of its armed forces and its military drills around Taiwan. During Rutte’s visit, Japan has said it would be interested in participating in NATO’s Ukraine assistance operations.

Domestic politics: The UK Prime Minister Sir Keir Starmer told the Liaison Committee yesterday that the Government would not rush into a response to US tariffs and that “an arrangement which mitigates tariffs is better”. The Government also rejected the idea of a “Buy British” campaign yesterday.

The Mighty Calendar

What’s happening today?

• King addresses joint session of Italian Parliament

• King and Queen’s 20th wedding anniversary

• UK Parliament in Easter Recess

• US Treasury Secretary speaks at American Bankers Association summit

• US tariffs come into effect for EU, China, Japan and India

• China CPI inflation data (March)

• Company results from: Delta Airlines

Lookahead to tomorrow

• “Coalition of the Willing” Defence Minister meet in Brussels

• China’s retaliatory tariffs on the US take effect

• UK Parliament in Easter Recess

• The Masters (golf) begins

• UK, France, Italy, Germany, China, Japan consumer sentiment data (February)

• US CPI inflation data (March)

• US jobless claims (weekly)

• Company results from: Tesco

The Mighty Finale

🌤️Weather today

Sunny across the UK. Again! High of 16C and low of 5C in London.

✏️Life coaching quote of the day

“Age is of no importance unless you’re a cheese.” – Billie Burke, actress

Mighty takeaway: Are you cheese? Unlikely, which means your age is a number. Nothing more. Don’t let it define you.

That’s it for this morning. Thanks for reading and we’ll see you again soon.

Bye!

The Mighty Memo team

Tuesday 8 April 2025

The Mighty Headlines

Economics: EU offers to reduce tariffs as US threatens more action

Business: McCain potatoes increases revenue to £800 million

Markets: Companies pause IPOs because of market turmoil

Foreign Affairs: 1000-year-old cherry tree blooms in Japan

Security and intelligence: China allegedly targets Mark Carney

Domestic politics: UK Government reviews all quangos

The Mighty Stats

FTSE = 7,702.08 (down 4.38%)

S&P 500 = 5,062.25 (down 0.23%)

Nasdaq = 15,603.26 (up 0.099%)

CAC40 = 6,927.12 (down 4.78%)

£1 = $1.27 / €1.17

*If you’ve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. You’ll receive the Mighty Memo directly in your inbox as soon as it’s published!*

*Trump administration special: Stock markets went up and down yesterday, following the rumour that President Trump may impose a 90-day pause on US tariffs. The FTSE 100 closed down but shares in US tech companies Google, Amazon, Facebook and Nvidia rose by around 1 per cent. Shares in McDonald’s fell on fear of a recession and oil prices fell to a four-year low.  

The Mighty Detail

Economics: The EU has offered to reduce its tariffs on industrial goods to 0 per cent if the US does the same. Over €380 billion in EU goods will be affected by the US tariffs. Meanwhile, President Trump has said he will increase tariffs on China to 104 per cent if China proceeds with reciprocal tariffs on the US.

Business: The UK subsidiary of McCain Foods, the potato chip maker, increased its profits to £98.7 million in the year to June 2024. It has doubled its profits since 2021. Overall, the potato company increased its revenue to just under £800 million.  

Markets: Klarna has paused its decision to list on the New York Stock Exchange this month following the stock market turmoil. Along with the Buy Now Pay Later company, the ticketing company Stubhub and the trading platform Etoro have also paused their plans to go public.

Foreign Affairs: A cherry tree reported to be 1000 years old has bloomed in Japan. The tree is called the Daigo Cherry Tree after the Emperor Godaigo who was said to have praised its beauty in the 1300s.

Security and intelligence: There are reports that an online operation linked to the Chinese Communist Party is targeting Canadian Prime Minister Mark Carney. Canadian security officials said the material has appeared on the social media platform WeChat and targets Carney’s experience, credentials and political positions.

Domestic politics: The UK Government has said that it will review the continuing existence of every quango (quasi autonomous non-governmental organisations). Departments must justify all arms-length bodies, such as the Environment Agency and British Film Institute, or they will be closed, merged or be brought back to departments.

The Mighty Calendar

What’s happening today?

• King and Queen begin state visit to Italy

• UK Prime Minister appears at Liaison Committee hearing

• US Trade Representative appears at Senate Committee hearing

• Treasury Questions in UK Parliament

• France trade data (February)

• US small business optimism data (March)

Lookahead to tomorrow

• King addresses joint session of Italian Parliament

• King and Queen’s 20th wedding anniversary

• UK Parliament in Easter Recess

• US Treasury Secretary speaks at American Bankers Association summit

• US tariffs come into effect for EU, China, Japan and India

• China CPI inflation data (March)

• Company results from: Delta Airlines

The Mighty Finale

🌤️Weather today

Another sunny day across the UK! High of 17C and low of 3C in London.

✏️Life coaching quote of the day

“You're only given a little spark of madness. You mustn't lose it.” – Robin Williams, actor

Mighty takeaway: Never forget or hide the talent that make you who you are.

That’s it for this Tuesday morning. See you tomorrow!

Bye!

The Mighty Memo team

Monday 7 April 2025

The Mighty Headlines

Economics: US Treasury Secretary denies recession

Business: Minecraft movie grosses $300 million at opening weekend

Markets: S&P 500 loses $5.4 trillion in two days

Foreign Affairs I: France’s Le Pen vows to fight on

Foreign Affairs II: Massive housing protests in Spain

Domestic politics: UK to “turbocharge” competitiveness after US tariffs

The Mighty Stats

FTSE = 8,054.98 (down 4.95%)

S&P 500 = 5,074.08 (down 5.97%)

Nasdaq = 15,587.79 (down 5.82%)

CAC40 = 7,274.95 (down 4.26%)

£1 = $1.29 / €1.18

*If you’ve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. You’ll receive the Mighty Memo directly in your inbox as soon as it’s published!*

The Mighty Detail

Economics: US Treasury Secretary Scott Bessent denied suggestions of a US recession following the new US tariffs regime. Bessent added that countries trading with the US had been “bad actors for a long time” and that trade issues could not be negotiated away in a few days or weeks. On Saturday, President Trump urged the American people to “hang tough”.

Business: The film “A Minecraft Movie” has had the highest grossing opening weekend of any film this year. It took in around $300 million globally this weekend. The film is based on “Minecraft”, one of the world’s best-selling video games which has sold over 300 million copies. The production budget is reported to have been around $150 million.

Markets: Former US Treasury Secretary Larry Summers has warned of further market turbulence after the S&P 500 lost $5.4 trillion in two days last week. Summers said stock movements last week were the highest since World War Two after the 1987 crash, the 2008 crisis and the Covid-19 outbreak. He suggested there would be a $30 trillion hit to the US economy.

Foreign Affairs: At a rally in Paris yesterday, the leader of the France’s National Rally party Marine Le Pen called her conviction for embezzlement a “witch hunt”. The conviction effectively bans her for standing for the Presidency in 2027. She said her fight against the conviction would be “peaceful” and that she would follow Martin Luther King Jr as an example.

Foreign Affairs II: Hundreds of thousands of Spaniards took to the streets on Saturday demanding access to affordable housing. There are reports of a 150,000-strong protest group in Madrid and protests in 40 other cities. Public housing for rent makes up only 2 per cent of housing in Spain compared to 16 per cent in the UK and 34 per cent in the Netherlands.

Domestic politics: The UK Government has promised to move “further and faster” in response to US tariffs. In the coming days, the UK Prime Minister Sir Keir Starmer said he would “turbocharge plans” to improve UK competitiveness which include easing regulation on electric car manufacturers.

The Mighty Calendar

What’s happening today?

President Macron visit Egypt

Housing Questions in UK Parliament

UK Prime Minister gives speech on US tariffs

EU Trade Ministers discuss US tariffs

UK house price data (March)

Germany trade data (February)

Lookahead to tomorrow

King and Queen begin state visit to Italy

UK Prime Minister appears at Liaison Committee hearing

US Trade Representative appears at Senate Committee hearing

Treasury Questions in UK Parliament

France trade data (February)

US small business optimism data (March)

The Mighty Finale

🌤️Weather today

Sunny and dry across the UK. High of 16C and low of 3C in London.

✏️Life coaching quote of the day

“Everything passes if you learn to hold things lightly.” – Oprah Winfrey

Mighty takeaway: What we resists persists. Let go!

That’s it for this morning. Thanks for reading and we’ll see you again soon.

Bye!

The Mighty Memo team

Thursday 3 April 2025

The Mighty Headlines

Economics: President Trump imposes global tariffs

Business: UK law firm makes bonus dependent on staff using AI

Markets: Tesla shares fall on plunging sales

Foreign Affairs: US-Mexico border crossings lowest on record

Security and intelligence: US sends B-2 bombers to Diego Garcia

Domestic politics: UK won’t retaliate against US tariffs

The Mighty Stats

FTSE = 8,608.48 (down 0.3%)

S&P 500 = 5,670.97 (up 0.67%)

Nasdaq = 17,601.05 (up 0.87%)

CAC40 = 7,836.23 (down 0.51%)

£1 = $1.30 / €1.19

*If you’ve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. You’ll receive the Mighty Memo directly in your inbox as soon as it’s published!*

The Mighty Detail

Economics: President Trump has announced tariffs of 10 per cent on the UK, 20 per cent on the EU and 34 per cent on China. The tariffs take effect from today. A 25 per cent tariff on all cars imported to the US also applies from today.

Business: The UK law firm Shoosmiths has said that it will make a £1 million bonus pot available for staff who use AI. Under the initiative, employees will be required to use Microsoft’s AI “Copilot” tool a million times together over the next year. This is around four times a day for each employee. Shoosmiths said that using AI would give staff more time to spend “on human-to-human work.” Last year the firm made over £200 million in revenue.

Markets: Tesla stock fell yesterday after the company reported its worst sales in almost three years. Tesla sold 336,681 cars last quarter. This is down by 13 per cent and 50,000 fewer cars than in the same period last year. Tesla shares have fallen by 44 per cent since their all-time high in December.

Foreign Affairs: According to the US Government figures, the number of migrants caught crossing the US-Mexico border has dropped to its lowest level on record. In March, around 7,180 migrants were arrested. Over the last four years, the monthly average was 155,000 migrants.

Security and intelligence: Amid mounting tension in Iran, the US is reinforcing its capabilities in the Middle East. It is being reported that six B-2 bombers have arrived at the US-British military base on Diego Garcia. B-2 bombers have stealth technology and are capable of carrying nuclear weapons.

Domestic politics: The UK Chancellor, Rachel Reeves, has said that the UK would not retaliate against US tariffs. Speaking at the Treasury Committee, she said that the Government would “approach this in a clear-headed way.”

The Mighty Calendar

What’s happening today?

NATO Foreign Ministers meeting, Brussels

Labour Party’s local election launch

Culture Questions in the UK Parliament

UK, US, EU services growth data (March)

US trade data (February)

US jobless claims (weekly)

Lookahead to tomorrow

China and Hong Kong public holiday (Ching Ming Festival)

US Federal Reserve Chair speaks about US economic outlook

Fifth anniversary of Sir Keir Starmer becoming Labour Party leader

Eurozone industrial production data (March)

UK construction data (March)

The Mighty Finale

🌤️Weather today

Another sunny, dry day across the UK…except for Cornwall (strong winds and rain for you). High of 19C and low of 8C in London.

✏️Life coaching quote of the day

“It is never too late to be what you might have been.' – George Eliot, author

Mighty takeaway: It is not too late for you to start over if you wish. Make the most of your one life!

That’s it for this morning. Thanks for reading and we’ll see you tomorrow.

Cheerio!

The Mighty Memo team

Wednesday 2 April 2025

The Mighty Headlines

Economics: Eurozone inflation falls to 2.2 per cent

Business: Volkswagen and others fined nearly €600 million over a cartel

Markets: Newsmax shares increase by over 2,000 per cent in two days

Foreign Affairs: Israeli PM arrives in Hungary today despite arrest warrant

Security and intelligence: Russia rejects US ceasefire proposals

Domestic politics: UK Government’s new sentencing bill

The Mighty Stats

FTSE = 8,634.80 (up 0.61%)

S&P 500 = 5,633.07 (up 0.38%)

Nasdaq = 17,449.89 (up 0.87%)

CAC40 = 7,876.36 (up 1.1%)

£1 = $1.29 / €1.20

*If you’ve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. You’ll receive the Mighty Memo directly in your inbox as soon as it’s published!*

*US special: President Trump is due to announce tariffs globally today but their exact level and the timing of the announcement are not clear.

The Mighty Detail

Economics: Eurozone inflation fell to 2.2 per cent in March, increasing prospects of a cut in Eurozone interest rates later this month. Inflation in February was at 2.3 per cent. The pan-European Stoxx 600 index closed 1.07 per cent higher on the news after four days of consecutive falls.

Business: Volkswagen, Stellantis and a number of other car makers have been hit with fines of nearly €600 million by antitrust regulators in the EU and UK. Regulators say that the car manufacturers were in a cartel which supressed customer awareness of vehicle recycling and demand for more environmentally friendly products.

Markets: ‎Shares in Newsmax have risen by more than 2000 per cent since it was listed on the New York Stock Exchange on Monday. Newsmax is a right-wing cable news channel in the US, a supporter of the Trump administration and the fourth most-watched cable news channel after Fox, MSNBC and CNN. The company is now worth $26.5 billion.

Foreign Affairs: Israel's Prime Minister, Benjamin Netanyahu, is starting a four-day visit to Hungary today despite a warrant for his arrest by the International Criminal Court (ICC). As a signatory to the ICC, Hungary is legally required to arrest Netanyahu but Hungary's Prime Minister Viktor Orban, a supporter of Netanyahu, is unlikely to allow this to happen.

Security and intelligence: The Russian Government has said that it cannot accept the US's ceasefire proposals in Ukraine. Russian Deputy Foreign Minister Sergei Ryabkov said they did not "solve the problems related to the root of this conflict". Russia wants to take all of the four Ukrainian regions it has invaded, it wants the size of Ukraine's army to be restricted and it wants Ukraine to drop its ambition to join NATO.

Domestic politics: ‎The UK Government has introduced new legislation in Parliament to ensure that people from ethnic minorities are not given more favourable treatment in sentencing. Guidelines published by the independent Sentencing Council last month would have required judges to seek more information when deciding sentences for people from ethnic minorities.

The Mighty Calendar

What’s happening today?

• US tariffs on steel, aluminium and cars expected to take effect

• EU Defence Ministers meeting, Brussels

• Prime Minister’s Questions in UK Parliament

• Chancellor Rachel Reeves attends Treasury Committee hearing

• China, Japan services growth data (March)

• Company results from: Raspberry Pi, Blackberry

Lookahead to tomorrow

• NATO Foreign Ministers meeting, Brussels

• Labour Party’s local election launch

• Culture Questions in the UK Parliament

• UK, US, EU services growth data (March)

• US trade data (February)

• US jobless claims (weekly)

The Mighty Finale

🌤️Weather today

Sun across the UK! High of 15C and low of 8C in London.

✏️Life coaching quote of the day

“There is only one success – to be able to spend your life in your own way.” – Christopher Morley, writer

Mighty takeaway: Don’t chase someone else’s dream or ideal. Live life on your own terms.

That’s it for this Wednesday morning. We’ll see you tomorrow morning.

Adios!

The Mighty Memo team

Tuesday 1 April 2025

The Mighty Headlines

Economics: Italy’s birth rate at lowest level since 1861

Business: Competition regulator rules in favour of Virgin Group

Markets: S&P 500 falls to lowest level since September before rising again

Foreign Affairs: Hard-right candidate set to win Romania’s election

Security and intelligence: Poland signs $2 billion defence deal with US

Domestic politics: Bank of England increases deposit protection scheme

The Mighty Stats

FTSE = 8,582.81 (down 0.88%)

S&P 500 = 5,611.85 (up 0.55%)

Nasdaq = 17,299.29 (down 0.14%)

CAC40 = 7,790.71 (down 1.58%)

£1 = $1.29 / €1.20

*If you’ve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. You’ll receive the Mighty Memo directly in your inbox as soon as it’s published!*

*France update: Marine Le Pen has been given a four-year prison sentence and has been banned from holding public office for five years. The leader of the National Rally was found guilty of using EU funds to finance her national party. It is understood she will appeal. Le Pen reached the final two in elections for the French Presidency in 2017 and 2022.

The Mighty Detail

Economics: The number of births in Italy has declined to its lowest recorded level since the country was unified in 1861. In 2024, there were 370,000 births in Italy and 651,000 deaths. The total population fell by 37,000 in 2024 and has fallen by nearly 1.9 million since 2014. The declining birth rate could lead to economic and social security issues.

Business: Virgin‎ Group has said that there are "no more major hurdles" to it operating cross-Channel rail services. It comes as the competition regulator said that Eurostar should make room at a north-east London depot for more trains. Eurostar had previously blocked new operators by saying that the depot was full.

Markets: The S&P 500 briefly fell to its lowest level since September yesterday in anticipation of the US administration's large scale‎ tariffs due to come into effect tomorrow. The Trump administration is also expected to announce reciprocal tariffs on all countries that impose tariffs on US goods tomorrow.

Foreign Affairs: New polling suggests that a hard-right candidate is on course for victory in a re-run of Romania's presidential election in May. Ultranationalist George Simion supports returning Romania's borders to their pre-World War Two area which includes parts of Ukraine, Bulgaria and Moldova. The election in December was declared void on the grounds of Russian interference.

Security and intelligence: Poland is signing a $2 billion deal with the United States ‎to support its air defence systems. The agreement will see the US provide further technical support for Poland’s Patriot defences against short-range ballistic missiles. Poland is the biggest defence spender in NATO relative to GDP and is due to spend 4.7 per cent of GDP this year.

Domestic politics: The Bank of England is proposing to increase the level of bank deposit insurance to £110,000. This is the maximum amount that savers are entitled to from their account if a bank collapses. It currently stands at £85,000. It follows a review of the collapse of Silicon Valley Bank two years ago.

The Mighty Calendar

What’s happening today?

• NASA press conference with astronauts Wilmore and Williams

• UK Home Secretary hosts Border Security Summit

• Foreign Office Questions in the UK Parliament

• Russia and China’s Foreign Ministers meet in Moscow

• Forbes publishes its global billionaires list

• UK house price index (March)

• Eurozone CPI inflation data (March)

• US manufacturing data (March)

• Company results from: CLS Holdings

Lookahead to tomorrow

• US tariffs on steel, aluminium and cars expected to take effect

• EU Defence Ministers meeting, Brussels

• Prime Minister’s Questions in UK Parliament

• Chancellor Rachel Reeves attends Treasury Committee hearing

• China, Japan services growth data (March)

• Company results from: Raspberry Pi, Blackberry

The Mighty Finale

🌤️Weather today

Sunny and dry across England. High of 15C and low of 6C in London. Same fine weather in Belfast and Edinburgh. 

✏️Life coaching quote of the day

“Failure is simply the opportunity to begin again, this time more intelligently.” – Henry Ford, entrepreneur

Mighty takeaway: Nothing more to add!

That’s it for this Tuesday morning. See you tomorrow.

Bye!

The Mighty Memo team

Monday 31 March 2025

The Mighty Headlines

Economics: China gives its banks $69 billion to boost lending

Business: Elon Musk sells X to his own AI company for $33 billion

Markets: European stocks fall as US inflation increases

Foreign Affairs: Greenland’s PM says US “won’t get” Greenland

Security and intelligence: US threatens to bomb Iran over nuclear talks

Domestic politics: Tate Gallery and UK Government return Nazi-looted artwork

The Mighty Stats

FTSE = 8,658.85 (down 0.084%)

S&P 500 = 5,580.94 (down 1.97%)

Nasdaq = 17,322.99 (down 2.7%)

CAC40 = 7,916.08 (down 0.93%)

£1 = $1.29 / €1.20

*If you’ve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. You’ll receive the Mighty Memo directly in your inbox as soon as it’s published!*

The Mighty Detail

Economics: China’s Ministry of Finance will provide $69 billion to four of the country’s biggest state banks in order to support lending. The banks are currently facing slowing profit growth and an increase in bad (unpaid) debt.

Business: Elon Musk has sold his social media company X to his own artificial intelligence company, which is called xAI. The deal is worth $33 billion. Commenting on the deal, Musk said that “xAI and X’s futures are intertwined. Today, we officially take the step to combine the data, models, compute, distribution, and talent.”

Markets: European stock markets fell on Friday after economic news from the US suggested that inflation was higher than expected. The pan-European Stoxx 600 closed 0.77 per cent lower, while the German Dax and French CAC40 fell by around 1 per cent. The latest US data puts annual inflation at 2.8 per cent which is more than expected.

Foreign Affairs: The Prime Minister of Greenland has said that United States will not “get” Greenland. In a statement, Jens-Frederik Nielsen said that “President Trump says that the United States is getting Greenland. Let me be clear: The United States won't get that. We do not belong to anyone else. We determine our own future”. On Friday, the US Vice President said that Denmark has “not done a good job” for Greenlanders and suggested the US would do better.

Security and intelligence: President Trump has threatened to bomb Iran and impose further tariffs if it does not make a deal with the US on its nuclear programme. Speaking at the weekend, Trump said “it will be bombing the likes of which they have never seen before”. Western countries believe that Iran is seeking to develop nuclear weapons.

Domestic politics: The Tate Gallery has agreed to return a painting to the heirs of a Jewish Belgian art collector, Samuel Hartveld, who fled to the UK in World War II. The painting, ‘Aeneas and his Family Fleeing Burning Troy’ was looted by the Nazis and bought by the Tate in 1994. The UK Spoilation Advisory Panel recommended that the work be returned and the UK Culture Secretary, whose agreement is required under UK law, agreed.

The Mighty Calendar

What’s happening today?

• Home Office Questions in the UK Parliament

• Liberal Democrats launch local election campaign

• Michelin Guide publishes annual list of best French restaurants

• Italy, Germany CPI inflation data (March)

• Japan unemployment rate (February)

Lookahead to tomorrow

• NASA press conference with astronauts Wilmore and Williams

• UK Home Secretary hosts Border Security Summit

• Foreign Office Questions in the UK Parliament

• Russia and China’s Foreign Ministers meet in Moscow

• Forbes publishes its global billionaires list

• UK house price index (March)

• Eurozone CPI inflation data (March)

• US manufacturing data (March)

• Company results from: CLS Holdings

The Mighty Finale

🌤️Weather today

Sunny and dry across England. High of 17C and low of 5C in London. Cloudy in Belfast. Sunny spells in Edinburgh.

✏️Life coaching quote of the day

“Learn to enjoy every minute of your life. Be happy now. Don't wait for something outside of yourself to make you happy in the future. Think how really precious is the time you have to spend, whether it's at work or with your family. Every minute should be enjoyed and savoured.” – Earl Nightingale, motivational writer

Mighty takeaway: In all the busyness of life, make sure that you are enjoying all its different aspects. Don’t stay on autopilot because that’s the easier option.

That’s it for this morning. Thanks for reading and we’ll see you again soon.

Bye!

The Mighty Memo team