Friday 16 January 2026
The Mighty Headlines
Economics: Good UK GDP data increase gilt yields
Business and markets: US banks report record $134 bn in trading revenue
Foreign Affairs: French Government struggles to pass 2026 budget
Security and intelligence: Japan and the Philippines sign defence pact
Domestic politics: English councils seek delay to local elections
The Mighty Stats
FTSE = 10,238.94 (up 0.54%)
S&P 500 = 6,944.47 (up 0.26%)
Nasdaq = 23,530.02 (up 0.25%)
CAC40 = 614.57 (up 0.49%)
£1 = $1.34 / €1.15
Lab / Con / Reform = 15 / 19 / 28 per cent (Find Out More, 14 January)
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The Mighty Detail
Economics: Gilt yields rose yesterday after traders reduced their expectations of a Bank of England interest rate cut. It comes after UK GDP growth increased unexpectedly by 0.3 per cent in November, driven by industrial output.
Gilt yields had fallen to 4.34 per cent on Wednesday (their lowest since 2024) on the expectation of poor GDP data and the Bank of England having to lower rates.
Business and markets: Five major US banks reported a record $134 billion of trading revenue in 2025 – an increase of 15 per cent on 2024.
The banks are reportedly benefitting from investors rushing to rebalance their portfolios (in light of US trade and policy uncertainty). They are also benefitting from an increase in mergers and acquisitions as the US Government deregulates the economy and interest rates fall.
The banks include Morgan Stanley, JP Morgan, Goldman Sachs, Citi and Bank of America.
Foreign Affairs: The French Government said yesterday that it would not be able to pass the country’s budget by a vote in the French Parliament.
It blamed opposition from far-left and far-right parties and said it could pass a budget by decree instead.
Successive French Governments have struggled to pass budgets after elections in 2024 left the Parliament without a stable majority.
Security and intelligence: Japan and the Philippines have signed a new defence pact as they seek to boost cooperation against China in the East and South China Seas. The deal will allow for the tax-free provision of ammunition, food and fuel during military training exercises. Japan will also provide security and development assistance to the Philippines.
Domestic politics: Approximately one third of eligible councils in England are seeking to delay local elections this May. It comes amid a reorganisation of local government, which will effectively see some councils merged. The delay is creating some concerns about democratic accountability.
The Mighty Calendar
What’s happening today?
House of Lords continues debate on the Assisted Dying Bill
First verdict in trial of South Korea’s former President Yoon Suk Yeol
Lookahead to the weekend
Saturday
Wassail events across the country – check local listings
80th anniversary of the first UN Security Council meeting
International High Seas Treaty on protecting marine biodiversity takes effect
Masters final (snooker), Alexandra Palace, London
Sunday
Presidential elections in Portugal
Australian Open begins (tennis), Melbourne, Australia
NBA London 2026: Memphis Grizzlies vs Orlando Magic (basketball), O2 Arena, London
The Mighty Finale
🌤️Weather today
Largely dry in England but some light rain in the southwest. High of 10C and low of 6C in London. Light rain in Belfast. Cloudy but dry in Edinburgh.
✏️Life coaching quote of the day
“You become what you believe, not what you think or what you want.” – Oprah Winfrey
Mighty takeaway: How can you change your perspective so that it benefits you and supports you rather than makes you feel bad or sorry for yourself? Change your attitude and you change the way you view yourself and the world.
That’s it for this morning and for this week. We hope that you have a lovely weekend.
Adios!
The Mighty Memo team
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