Friday 4 July 2025
The Mighty Headlines
Economics: South America’s Mercosur and Europe’s EFTA sign trade deal
Business and markets: HSBC sells UK life insurance business
Foreign Affairs: Dalai Lama says his Trust will identify his successor
Security and intelligence: Trump-Putin call yields no progress on Ukraine
Domestic politics: Value of UK bonds and sterling rise
The Mighty Stats
FTSE = 8,823.20 (up 0.55%)
S&P 500 = 6,279.35 (up 0.83%)
Nasdaq = 20,601.10 (up 1.02%)
CAC40 = 7,754.55 (up 0.21%)
£1 = $1.37 / €1.16
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The Mighty Detail
Economics: The Mercosur trade block in South America has signed a trade deal with the EFTA trade bloc in Europe. The deal will establish a free trade area with combined GDP of more than $4.23 trillion and covering almost 300 million people. Key members of Mercosur include Argentina, Brazil, Paraguay, Uruguay and Bolivia. EFTA includes Switzerland, Norway, Liechtenstein and Iceland. A similar deal was signed between the EU and Mercosur last year but has not yet been ratified.
Business and markets: HSBC has sold its UK life insurance business to Chesnara for £260 million. It marks a further retreat for the bank from its European operations, after it sold its retail banking business in France to CCF early last year. HSBC is focusing on growth in Asia instead.
Foreign Affairs: The Dalai Lama, who turns 90 years old on Sunday, has said that he will be reincarnated after this death and that the Dalai Lama Trust will have the sole authority to identify his successor. Beijing, which annexed Tibet in 1950, insists that it will choose his successor.
Security and intelligence: President Trump has said that his telephone call with President Putin yesterday resulted in no progress “at all” towards ending the war in Ukraine. It comes as the Pentagon said it would stop the delivery of some US air missiles and munitions to Ukraine amid concerns that the stock of US weapons was being reduced too much.
Domestic politics: The price of UK Government bonds and the value of the pound rose yesterday as the UK Prime Minister backed the UK Chancellor to remain in her job. It came as UK Government borrowing costs rose significantly on Wednesday on the rumour that the Chancellor could be replaced.
The Mighty Calendar
What’s happening today?
US public holiday (Independence Day)
One year anniversary of UK Labour Party’s election win
UK, EU construction growth data (June)
Lookahead to the weekend
Saturday
Tour de France (cycling) begins
England vs Argentina (rugby)
Ozzy Osbourne’s final concert with Black Sabbath
Sunday
Brazil hosts BRICS Summit
Annual Orange Order service in Drumcree
F1 British Grand Prix, Silverstone
The Mighty Finale
🌤️Weather today
Sunny in the south, patchy rain and cloud in the north of England. High of 27C and low of 16C in London. Light rain in Belfast and Edinburgh.
✏️Life coaching quote of the day
“To be wronged is nothing, unless you continue to remember it.” – Confucius
Mighty takeaway: Don’t hold on to bitterness.
That’s it for this morning! Thanks for reading and we hope you enjoy the weekend.
Adios!
The Mighty Memo team