Friday 2 May 2025
The Mighty Headlines
Economics: UK house prices rise by 3.4 per cent in April
Business: Post Office makes deal with banks on cash access
Markets: Amazon shares fall as income outlook worsens
Foreign Affairs: South Korea’s President indicted for abuse of power
Security and intelligence: US emphasises relationship with Ukraine after deal
Domestic politics: Reform UK wins by-election and first mayoralty
The Mighty Stats
FTSE = 8,496.80 (up 0.023%)
S&P 500 = 5,604.14 (up 0.63%)
Nasdaq = 17,710.74 (up 1.52%)
CAC40 = 7,593.87 (up 0.5%)
£1 = $1.33 / €1.18
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*Special news: Earlier this week, a British woman become the world’s oldest living person. Ethel Caterham is 115 years old and was born on 21 August 1909 in the reign of Edward VII. She has lived through World War I, the Russian Revolution, the Wall Street Crash, and World War II.
The Mighty Detail
Economics: House prices in the UK increased by 3.4 per cent in April. Analysts had expected an increase of 4.1 per cent. The difference is reported to be the result of stamp duty changes and a seasonal slump before home buying picks up again in the summer.
Business: The Post Office has reached an agreement with banks and building societies to provide customers with access to cash. Under a five-year deal, Post Office customers will continue to be able to withdraw and deposit cash as well as deposit cheques. Over 6,300 bank and building society branches have closed in the UK since 2015 and more people are now using Post Office branches for banking services.
Markets: Amazon has reported revenue of $155.67 billion for Q1 2025, beating analysts’ expectations. Shares fell by up to 5 per cent in after-hours trading, however, because Amazon is also forecasting weaker than expected growth in Q2. At least 50 per cent of items sold on Amazon are subject to tariffs and they could become more expensive following global tariff increases.
Foreign Affairs: South Korea’s former President Yoon Suk-yeol has been indicted on charges of abuse of power. Yoon briefly declared martial law in December 2024. In January, he was indicted for leading an insurrection. Serving presidents are protect from indictment for abuse of power but South Korea’s Constitutional Court removed Yoon from office last month.
Security and intelligence: The US Treasury Secretary, Scott Bessent, has welcomed the minerals deal with Ukraine, saying it showed the “Russian leadership” that there was “no daylight between the Ukrainian people and the American people, between our goals.” The agreement gives the US preferential access to Ukraine’s mineral resources and establishes a reconstruction fund but will not be used as payment for the US’s past military support for Ukraine as previously proposed.
Domestic politics: Reform UK has won yesterday's by-election in Runcorn and Helsby by six votes. The seat was previously held by Labour MP Mike Amesbury, who resigned after assaulting a constituent. Labour's share of the vote in the seat decreased from 53 per cent at the General Election last year to 38.7 per cent this year. Reform UK has separately won the Greater Lincolnshire mayoralty as well.
The Mighty Calendar
What’s happening today?
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
Lookahead to the weekend
Saturday
General Election in Australia
Liverpool Sound City music festival
Jousting Tournament, Blenheim Palace
Sunday
Re-run of Presidential Election in Romania
Madrid Open Tennis Final
F1 Miami Grand Prix
Belfast Marathon
The Mighty Finale
🌤️Weather today
A little cloudy in the southwest of England. Sunny elsewhere. High of 27C and low of 10C in London. Sunny spells in Belfast and Edinburgh.
✏️Life coaching quote of the day
“Opportunities multiply as they are seized.” – Sun Tzu, Chinese philosopher
Mighty takeaway: Take the opportunities that are given to you. The may not come again.
That’s it for this week. To our UK readers, we hope you enjoy the Bank Holiday weekend.
Adios!
The Mighty Memo team