Friday 3 July 2026
The Mighty Headlines
Economics: British credit card defaults at highest level since 2009
Business and markets: Google loses €4.1 trillion antitrust case
Foreign Affairs: Peru declares state of emergency over El Niño
Security and intelligence: China and Japan tensions rise over territory
Domestic politics: Morgan McSweeney gives first interview
The Mighty Stats
FTSE = 10,652.87 (up 1.67%)
S&P 500 = 7,483.24 (up 0.0001%)
Nasdaq = 25,832.67 (down 0.8%)
Stoxx 600 = 648.46 (up 1.43%)
£1 = $1.34 / €1.17
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The Mighty Detail
Economics: A survey from the Bank of England suggests that the number of people defaulting on their credit cards and unsecured loans has reached the highest level since September 2009. There are suggestions that a weak jobs market in the UK and higher interest rates could be factors in the defaults.
Business and markets: Google has lost its antitrust case against the EU. In 2018, the EU stated that Google had given an unfair advantage to its Google Search and Google Chrome products on smartphones. It fined the tech giant €4.1 billion. Google appealed the fine but the European Court of Justice upheld the decision yesterday.
Foreign Affairs: Peru declared a state of emergency yesterday in areas covering around 40 per cent of the country. The Government stated that there was imminent danger from heavy rainfall due to the El Niño weather event.
Security and intelligence: The Chinese Government has warned two Japanese Coast Guard survey ships to stop operating in the East China Sea close to the contested Senkaku/Diaoyu Islands.
It follows Chinese Coast Guard activity near Japan last month and comes after China said it would launch a “special maritime traffic enforcement operation” to assert it maritime sovereignty.
Domestic politics: In an interview with the BBC, Sir Keir Starmer’s former Chief of Staff, Morgan McSweeney, said that the Labour Party was not fully prepared for Government when it took office. McSweeney admitted to other errors such as the policy change over winter fuel payments. The full interview is available here: https://www.bbc.co.uk/sounds/play/m002ykg2
The Mighty Calendar
What’s happening today?
Pope Leo awarded the Liberty Medal
Governor of Bank of England addresses the Aix-en-Provence Economic Forum
Mont Rushmore fireworks in celebration of 250th US independence anniversary
Football World Cup (UK times)
Switzerland vs Algeria, 4:00 AM, BC Place, Vancouver, Canada
Australia vs Egypt, 7:00 PM, AT&T Stadium, Arlington, Texas
Argentina vs Cape Verde, 11:00 PM, Hard Rock Stadium, Miami Gardens, Florida
Lookahead to the weekend
Saturday
President Trump holds rally to mark 250th anniversary of US independence
Funeral begins for Iran’s Ayatollah Ali Khamenei
Tour de France (cycling) begins
Coopers' Cask Racing, City of London (barrel rolling competition at the Guildhall)
Football World Cup (UK times)
Colombia vs Ghana, 2:30 AM, Arrowhead Stadium, Kansas City, Missouri
Canada vs Morocco, 6:00 PM, NRG Stadium, Houston, Texas
Paraguay vs France, 10:00 PM, Lincoln Financial Field, Philadelphia, Pennsylvania
Sunday
OPEC+ Meeting
F1 British Grand Prix, Silverstone
Football World Cup (UK times)
Brazil vs Norway, 9:00 PM, MetLife Stadium, East Rutherford, New Jersey
The Mighty Finale
🌤️Weather today
Sunny in the south. Cloudy but dry in the north. High of 26C and low of 14C in London. Light rain from mid-afternoon in Belfast. Cloudy but dry in Edinburgh (until late evening).
✏️Life coaching quote of the day
“What the superior man seeks is in himself; what the small man seeks is in others.” – Confucius, Chinese philosopher
Mighty takeaway: Try to be happy in and of yourself rather than seeking it outside of yourself.
That’s it for this morning. Thanks for reading and we hope that you have a lovely weekend.
Cheerio!
The Mighty Memo team
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