Friday 21 November 2025
FRIDAY 21 NOVEMBER 2025 | www.mightymemo.co.uk
The Mighty Headlines
Economics: Italy may receive first credit upgrade in nearly 25 years today
Business and markets: US stocks fall again on AI bubble fears
Foreign Affairs: EU says Russia paying “lip service” to US on Ukraine
Security and intelligence: Germany pressures EU to let UK in defence fund
Domestic politics: UK Covid-19 inquiry criticises all four UK Governments
The Mighty Stats
FTSE = 9,527.65 (up 0.21%)
S&P 500 = 6,538.76 (down 1.56%)
Nasdaq = 22,078.05 (down 2.15%)
CAC40 = 7,981.07 (up 0.34%)
£1 = $1.31 / €1.13
Lab / Con / Reform = 16 / 17 / 32 per cent (Find Out Now, 19 Nov)
*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: Italy’s credit rating review by Moody’s today may give the country its rating upgrade in nearly 25 years. Giorgia Meloni’s administration has been able to reduce budget deficits, pay less on debt interest, and take in more taxes.
Business and markets: US stocks fell again yesterday, following a short-lived rally yesterday after Nvidia reported sales of $57 billion for Q3. Traders remain concerned about an AI bubble and the fact that the US Federal Reserve may not cut interest rates again in December.
Foreign Affairs: The EU’s chief diplomat, Kaja Kallas, said yesterday that Russia was “paying lip service” to the United States in its peace negotiations on Ukraine.
The US and Russia are reportedly in discussions over a 28-point peace plan, which would require Ukraine to reduce the size of its army and give the Donbas to Russia.
Kallas added that any peace plan must be supported by Europe and Ukraine.
Security and intelligence: The German Government is pressing the European Union to allow the UK to join the bloc’s new €150 billion defence fund. The EU had previously requested that the UK pay a joining fee of €6.75 billion, which has now been reduced to €2 billion. The UK has offered a few hundred million euros. The deadline is the 30th November.
Domestic politics: The UK Covid-19 inquiry has reported its findings. It states that the four UK Governments “did not take the pandemic seriously enough until it was too late”.
The inquiry’s recommendations include reforming the structures for emergency decision-making, broadening participation in SAGE, and greater parliamentary scrutiny of emergency powers.
The Mighty Calendar
What’s happening today?
UK government borrowing data (October)
UK retails sales data (October) – set to grow by 1.5%
England plays Australia in The Ashes first test
Company results from: Babcock
Lookahead to the weekend
Saturday
South Africa hosts G20 leaders’ summit
Rugby Autumn Internationals: Wales vs New Zealand
WBC fight: David Benavidez vs Anthony Yarde
F1 Las Vegas Grand Prix
Sunday
Swedish Church Christmas fair, London
Rugby Autumn Internationals: England vs Argentina
The Mighty Finale
🌤️Weather today
Sunshine across most of England but a touch of cloud in the southwest. High of 6C and low of -1C in London. Light rain in Belfast. Sunny spells in Edinburgh.
✏️Life coaching quote of the day
“My point is simple: Adults will have negative opinions about you and everything you do. Let Them judge. Let Them react. Let Them doubt you. Let Them question the decisions you are making. Let Them be wrong about you. Let Them roll their eyes when you start posting videos online or you want to rewrite the manuscript for the 12th time. Instead of wasting your time worrying about them, start living your life in a way that makes you proud of yourself. Let Me do what I want to do with my one wild and precious life.” – Mel Robbins, writer and life coach
Mighty takeaway: Nothing more to add!
That’s it for this Friday morning and for this week. We hope that you enjoy the weekend.
Bye!
The Mighty Memo team
*To read the Mighty Memo manifesto and learn about why we do this visit: https://www.mightymemo.co.uk/why*