Friday 8 May 2026
The Mighty Headlines
Economics: Shell CEO says market is 1 billion barrels short of oil
Business and markets: McDonald’s cites petrol prices for slow sales
Foreign Affairs: China sentences two former Defence Ministers to death
Security and intelligence: Two UK men found guilty of spying for China
Domestic politics: Local election, Senedd and Scottish Parliament results today
The Mighty Stats
FTSE = 10,276.95 (down 1.55%)
S&P 500 = 7,337.11 (down 0.38%)
Nasdaq = 25,806.20 (down 0.13%)
Stoxx 600 = 616.42 (down 1.1%)
£1 = $1.36 / €1.16
Lab / Con / Reform / Green = 16 / 20 / 25 / 20 per cent (Find Out Now, 6 May)
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The Mighty Detail
Economics: The CEO of Shell told investors yesterday that the market is short of nearly 1 billion barrels of oil due to the conflict in the Middle East. Global consumption is around 100 million barrels a day.
The price of Brent crude reached around $100 per barrel yesterday and continues to see-saw with the uncertainty in the Middle East.
Business and markets: Shares in McDonald’s fell yesterday. Although the company posted an increase in global comparable sales of 3.8 per cent in Q1, it missed its target of 3.95 per cent, and also flagged a weak start to Q2.
The fast-food chain said that higher petrol prices were the “core issue” and were putting pressure on the budgets of low-income consumers.
Foreign Affairs: China has sentenced two former Defence Ministers to death over corruption charges. Wei Fenghe and Li Shangfu face a two-year reprieve, with the sentence commuted to life imprisonment if they are not convicted of further crimes during that period.
It marks a continuation of recent purges in the Chinese military, which includes the dismissal of China’s top general, Zhang Youxia, in January.
Security and intelligence: Two men in the UK have been found guilty of spying for Hong Kong and China. Chung Biu “Bill” Yen, 65, and Chi Leung “Peter” Wang, 40, were convicted of carrying out surveillance on targets between 2023 and 2024. The men are dual British-Chinese nationals and the Chinese Government says the charges are fabricated.
Domestic politics: England’s key local election results are likely to be announced between 12.00pm and 6.00pm today, covering (in order) Manchester and Sheffield (around 12.00pm to 3.00pm), Greater London (around 3.00pm to 6.00pm) and Birmingham (around 6.00pm to 9.00pm). Results in Wales and Scotland are expected from this afternoon.
The Mighty Calendar
What’s happening today?
The Philippines hosts the ASEAN Summit
Sir David Attenborough’s 100th birthday, marked by a special event at the Royal Albert Hall (see BBC One at 8.30pm)
One year anniversary of Pope Leo’s election
Giro d’Italia 2026 (cycling) begins
Company results from: IAG, Toyota, Sony, Nintendo, Commerzbank
Lookahead to the weekend
Saturday
Hungarian Parliament votes on new Prime Minister Peter Magyar
President Putin attends Russia’s annual Victory Day Parade
WBO Heavyweight Championship: Fabio Wardley vs Daniel Dubois
Sunday
Campaign Against Antisemitism event in London
Women’s FA Cup semi-finals: Liverpool vs Brighton; Chelsea vs Manchester City
BAFTA Television Awards ceremony, Royal Festival Hall, London
The Mighty Finale
🌤️Weather today
Small chance of light rain in the north of England. Largely dry elsewhere. High of 19C and low of 9C in London. Thick cloud with a small chance of rain in Belfast. Dry with light cloud in Edinburgh.
✏️Life coaching quote of the day
“When one looks back at one’s life, it is better to say ‘Wow, I cannot believe I did that!’ than to say ‘I wish I had done that’”. – Anonymous
Mighty takeaway: Don’t wait to start living your life!
That’s it for this Friday morning and for this week. Thank you for reading and we hope that you have a lovely weekend!
Adios!
The Mighty Memo team
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