Friday 23 January 2026
The Mighty Headlines
Economics: UK borrowing falls unexpectedly to £11.3 billion in December
Business and markets: Exxon shares hit highest level since listing in 1920
Foreign Affairs: Bolsonaro narrows gap with Lula in Brazil presidential poll
Security and intelligence: NATO clarifies deal with Trump on Greenland
Domestic politics: High Court to hear legal challenge to local elections delay
The Mighty Stats
FTSE = 10,150.05 (up 0.12%)
S&P 500 = 6,913.35 (up 0.55%)
Nasdaq = 23,436.02 (up 0.91%)
Stoxx 600 = 608.86 (up 1.03%)
£1 = $1.35 / €1.15
Lab / Con / Reform = 14 / 18 / 32 per cent (Find Out Now, 21 January)
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The Mighty Detail
Economics: UK Government borrowing fell to £11.6 billion in December. It follows better-than-expected revenue from tax receipts and National Insurance Contributions. Total borrowing in the financial year to December 2025 stood at £140.4 billion, or around 4.6 per cent of GDP.
Business and markets: Exxon Mobil shares have reached their highest level since the company was first listed on the New York Stock Exchange (as Standard Oil) in 1920.
Exxon’s stock price hit $134 during trading yesterday before dipping at the end of the day.
The oil giant has benefitted from exploration and production in Guyana (neighbour to Venezuela) and Texas’s Permian Basin.
Foreign Affairs: Flavio Bolsonaro is narrowing the gap to become Brazil’s new President. Incumbent President Lula is still leading in the polls but his lead over Bolsonaro in a head-to-head poll fell from 12 points in December to four points in January.
Flavio Bolsonaro is the son of former President Jair Bolsonaro, who was jailed for plotting a coup in 2022.
Security and intelligence: NATO Secretary General, Mark Rutte, has said that he had no talks with President Trump on US access to Greenlandic minerals. This comes despite President Trump stating yesterday that the “total access” deal he had agreed on Greenland includes allowing for a “Golden Dome” missile-defence system as well as access to Greenland’s minerals.
Domestic politics: The High Court will hear Reform UK’s legal challenge to the delay of local elections in England on the 19th and 20th February. So far, 29 councils have said they would delay elections due to council reorganisations. Of those, 21 are Labour-run councils, five are Conservative and one is Liberal Democrat. Reform UK says it was due to win 20 councils.
The Mighty Calendar
What’s happening today?
Bank of Japan interest rate decision – set to hold at 0.75%
UK manufacturing growth data (January) – PMI of 50.8 expected
UK services growth data (January) – PMI of 51.5 expected
Assisted Dying Bill debate continues in UK House of Lords
Company results from: Ericsson, SSP Group
Lookahead to the weekend
Saturday
RSPB: Big Garden Birdwatch Survey (23-25 January)
Tudor Times “Six Queens” Talks, Southwark Cathedral, London (Day of talks about Henry VIII’s wives)
Sunday
Burns Night (Scotland)
Annual March Commemorating King Charles I, The Mall, London
Snow Polo World Cup 2026, St. Moritz, Switzerland
The Mighty Finale
🌤️Weather today
Light rain across the UK and strong winds in the southwest of England. High of 9C and low of 6C in London.
✏️Life coaching quote of the day
“We must all suffer from one of two pains: the pain of discipline or the pain of regret. The difference is discipline weighs ounces while regret weighs tons.” – Jim Rohn, motivational speaker
Mighty takeaway: What should you be more disciplined about in your life?
That’s it for this morning and for this week. We hope that you enjoy the weekend!
Cheerio!
The Mighty Memo team
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