Friday 17 July 2026
The Mighty Headlines
Economics: US imposes 25 per cent tariffs on Brazil
Business and markets: Foxtons loses revenue citing Renters’ Rights Act
Foreign Affairs: Protests in Ukraine after Defence Minister dismissed
Security and intelligence: Hungarian ex-minister's alleged Russia ties
Domestic politics: IMF issues warning on UK debt
The Mighty Stats
FTSE = 10,572.24 (up 0.54%)
S&P 500 = 7,533.77 (down 0.51%)
Nasdaq = 25,881.95 (down 1.47%)
Stoxx 600 = 643.73 (up 0.16%)
£1 = $1.35 / €1.18
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The Mighty Detail
Economics: The US is to impose tariffs of 25 per cent on most Brazilian goods from next Wednesday. US authorities claim that Brazil has given unfair treatment to US goods, imposed barriers to digital trade, and is engaged in illegal deforestation.
Brazil’s President says that the claims are without merit and that he will impose countermeasures.
Business and markets: Shares in British estate agent Foxtons fell by 10.5 per cent yesterday. In a trading update, the company said that it lost £3 million of revenue following the introduction of the Renters’ Rights Act in the UK, with the Act leading to “elevated levels of tenancy terminations”.
Foxtons announced £8.5 million of operating profit in H1 2026, compared with £12.3 million in H1 2025.
Foreign Affairs: There were protests in Ukraine yesterday after President Zelensky dismissed the popular Defence Minister Mykhailo Fedorov. Fedorov was credited with reinvigorating morale in the armed forces and he supported the use of new military technologies.
President Zelensky said that Fedorov and the Commander of Ukraine’s Army Forces, General Syrskyi, clashed and that he (Zelensky) was having to mediate between them.
Security and intelligence: Hungary is investigating former Foreign Minister Peter Szijjarto’s alleged links to Russia. Earlier this year, recordings were leaked of Szijjarto reportedly offering to support Russia against the EU.
Szijjarto, who was Foreign Minister for nearly 12 years, resigned from Parliament on Wednesday to work as head of external relations for Chinese car maker BYD.
Domestic politics: The International Monetary Fund warned yesterday that investors remain highly sensitive to increases in UK government borrowing, following the mini-Budget event under Liz Truss in 2022.
Separately, there are reports that incoming Prime Minister, Andy Burnham, will announce new drilling for oil and gas in the North Sea and will take control of Thames Water.
The Mighty Calendar
What’s happening today?
The Queen turns 79
President Macron and Chancellor Merz lead Franco-German Ministerial Council
European Commission publishes annual report on the rule of law
BBC Proms begin
Lookahead to the weekend
Saturday
Annual cart marking ceremony (Guildhall Yard, City of London)
Football World Cup (UK time): England vs France, 10.00pm, Hard Rock Stadium, Miami Gardens, Florida
Sunday
Elections in Sao Tome and Principe
The Open Championship (golf) ends
F1 Belgian Grand Prix
Football World Cup (UK time): Spain vs Argentina, 8.00pm, MetLife Stadium, East Rutherford, New Jersey
The Mighty Finale
🌤️Weather today
Sunny spells across the UK. High of 28C and low of 14C in London.
✏️Life coaching quote of the day
“This world can overwhelm. But if you slow down, and sit under a tree long enough, it’ll tell you everything. And if you forget who you are, draw something. Or go walk alone. Nature remembers you.” – Robert Redford, actor
Mighty takeaway: Take time to relax, sit and do nothing. You do not always have to be occupied.
That’s it for this Friday morning. Thank you for reading and we hope that you have a lovely weekend.
Cheerio!
The Mighty Memo team
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