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
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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