Monday 19 May 2025
The Mighty Headlines
Economics: Moody’s downgrades US’s credit rating
Business: UK Government likely to sell last NatWest shares by June
Markets: Novo Nordisk CEO stepping down after share price plunges
Foreign Affairs: US’s plan for Gaza resettlement in Libya
Security and intelligence: US and Iran at odds over uranium enrichment
Domestic politics: UK and EU set to announce new deal today
The Mighty Stats
FTSE = 8,684.56 (up 0.59%)
S&P 500 = 5,958.38 (up 0.7%)
Nasdaq = 19,211.10 (up 0.52%)
CAC40 = 7,886.69 (up 0.42%)
£1 = $1.33 / €1.19
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The Mighty Detail
Economics: Moody’s has downgraded the US’s credit rating by one level. The US’s creditworthiness has fallen from Aaa (the highest rating) to Aa1 (the second highest rating). Moody’s said that the US’s rising budget deficit – caused by increasing spending without an increase in revenue – was a major reason behind the decision.
Business: The UK Government could be set to sell its remaining shares in NatWest next month. The UK Government had given the bank a £46 billion bailout after the Great Financial Crisis, buying an 80 per cent stake in the company.
Markets: The CEO of Novo Nordisk, Lars Fruergaard Jørgensen, is to step down from his role after a steep fall in the company’s share price. The pharmaceutical giant’s shares have fallen by 52 per cent since mid-2024. Novo Nordisk makes the weight-loss drug Ozempic and is facing steep competition in the weight-loss drug market.
Foreign Affairs: It is being reported that the US administration is working on plans to resettle up to 1 million Palestinians from Gaza to Libya. The US would allegedly release billions of frozen Libyan funds as part of the deal. The US embassy in Tripoli, however, has denied that any such plans exist and called the reports “untrue”.
Security and intelligence: US special envoy, Steve Witkoff, has said that a nuclear deal with Iran cannot allow Iran to have “even 1 per cent of enrichment capability.” The US fears that Iran would use enriched uranium to build weapons. In response, the Iranian government rebuffed the comments and said that “enrichment in Iran is not something that can be stopped”.
Domestic politics: The UK and EU are set to announce a new deal today. The UK Government said yesterday that a deal could benefit UK goods producers, enhance safety and security, and reduce queues at the UK-EU border.
The Mighty Calendar
What’s happening today?
Canada public holiday (Victoria Day)
Phone call between President Trump and President Putin expected
UK Prime Minister hosts UK-EU summit in London
78th World Health Assembly in Switzerland begins
Defence Questions in UK Parliament
Eurozone CPI inflation data (April)
Company results from: Ryanair
Lookahead to tomorrow
G7 Finance Ministers and Central Bank Governors’ meeting, Canada
Elon Musk addresses the Qatar Economic Forum virtually
Chelsea Flower Show begins
Treasury Questions in UK Parliament
Joint session of UK and Ukraine Foreign Affairs Committees, UK Parliament
Canada CPI inflation data (April)
Japan trade data (April)
Company results from: Vodafone, Home Depot, Greggs
The Mighty Finale
🌤️Weather today
A touch of cloud in most of the UK but sunny in southeast England. High of 21C and low of 9C in London.
✏️Life coaching quote of the day
“If the path be beautiful, let us not ask where it leads.” – Anatole France, writer
Mighty takeaway: Follow what you find beautiful and what makes you happy – there is no need to justify or explain.
That’s it for this Monday morning. Thanks for reading and we’ll see you again tomorrow.
Bye!
The Mighty Memo team