Friday 27 June 2025
The Mighty Headlines
Economics: Risk of banking crisis in Russia
Business and markets: US Treasuries fall with Fed Chair’s future in doubt
Foreign Affairs: Cryptocurrencies’ everyday use in Bolivia
Security and intelligence: US doubles down on impact of Iran strikes
Domestic politics: Bank of England Governor links tax increases to jobs slowdown
The Mighty Stats
FTSE = 8,735.60 (up 0.19%)
S&P 500 = 6,141.02 (up 0.8%)
Nasdaq = 20,167.91 (up 0.97%)
CAC40 = 7,557.31 (down 0.011%)
£1 = $1.37 / €1.17
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The Mighty Detail
Economics: According to some reports, there is a credible risk of a systemic banking crisis in Russia in the next 12 months. Russian banking officials are concerned about the level of bad debt on their balance sheets and the risk of defaults by retail and corporate clients because of the current high interest rate of 20 per cent in Russia.
Business and markets: US Government bond yields fell yesterday on the news that President Trump is considering naming a replacement for Federal Reserve Chair Jerome Powell. Trump has repeatedly expressed frustration at the perceived slow rate of interest rate cuts by the Fed. Treasury Secretary Scott Bessent has been named as a potential successor to Powell.
Foreign Affairs: Cryptocurrencies are increasingly being used in small businesses in Bolivia as an alternative to the fiat (traditional) currencies normally used to pay for products and services. Bolivia’s currency, the boliviano, has lost half of its value this year on the black market and reserves of the US dollar have been almost depleted after an economic and energy crisis.
Security and intelligence: The US Secretary of Defense, Pete Hegseth, has said that there is no evidence the Iranians moved uranium ahead of US strikes. The UN has also said that the centrifuges at Fordow, a key Iranian nuclear facility, are “no longer operational”.
Domestic politics: The Bank of England Governor, Andrew Bailey, has said that the UK Government’s national insurance rise is contributing to a slowing jobs market. Speaking at the British Chamber of Commerce conference yesterday, Bailey suggested that higher taxes were leading to a cut in jobs and a decline in wage growth.
The Mighty Calendar
What’s happening today?
Glastonbury Festival beings
Wimbledon tennis draw
Eurozone consumer confidence data (June)
Canada GDP data (May)
Lookahead to tomorrow
Saturday
British Summer Time Hyde Park music festival
Canada Day celebration, Trafalgar Square, London
Iceland Volcano Marathon
Sunday
Organization for Security and Co-operation in Europe Parliamentary Assembly
F1 Austrian Grand Prix
Glastonbury Festival (final day)
The Mighty Finale
🌤️Weather today
Sunny intervals across much of England. High of 26C and low of 16C in London. Light rain in Belfast and Edinburgh.
✏️Life coaching quote of the day
“There will always be someone who can't see your worth. Don't let it be you.” – Mel Robbins, motivational writer
Mighty takeaway: Believe in yourself!
That’s it for this morning and for this week. We hope that you enjoy the weekend.
Adios!
The Mighty Memo team