Monday 3 November 2025
The Mighty Headlines
Economics: Bank of England expected to keep interest rates at 4%
Business and markets: Berkshire Hathaway profits up 13%
Foreign Affairs: Iran to rebuild nuclear facilities
Security and intelligence: South Korea launches fifth spy satellite
Domestic politics: UK Government plans higher tax on expensive homes
The Mighty Stats
FTSE = 9,717.25 (down 0.44%)
S&P 500 = 6,840.20 (up 0.26%)
Nasdaq = 23,724.96 (up 0.61%)
CAC40 = 8,121.07 (down 0.44%)
£1 = $1.33 / €1.14
Lab / Con / Reform = 16 / 16 / 32 %
*US electoral update*: Year-off elections are being held in the United States tomorrow, with elections for the Governors of New Jersey and Virginia and for the Mayor of New York City among many others. They are the first major electoral tests of President Trump’s presidency so far. What do the polls say?
Governor of New Jersey: Sherill (Dem) 50% / Ciattarelli (Rep) 49%
Governor of Virginia: Spanberger (Dem) 56% / Earle-Sears (Rep) 44%
Mayor of New York City: Mamdani (Dem) 41% / Cuomo (Ind) 34%
The Mighty Detail
Economics: The Bank of England is expected to keep UK interest rates at 4 per cent when it meets on Thursday. It follows official data published last week which showed inflation running at 3.8 per cent in September (the target is 2 per cent target).
Business and markets: Berkshire Hathaway’s operating profit increased by 34 per cent to $13.49 billion in Q3 2025. The company’s cash pile increased to $381.7 billion.
These are the company’s last results before Warren Buffett, 95, leaves the role of CEO in December.
Shares in Berkshire have fallen by 12 per cent since Buffett, who has been CEO for over 60 years, announced his retirement in May.
Foreign Affairs: Iran’s President, Masoud Pezeshkian, said yesterday that the country would rebuild its nuclear facilities with “greater strength”. He added that Iran would not build a nuclear weapon but would use the technology to solve “the problems of the people” including for health and disease. The US bombed Iran’s nuclear facilities in June, stating that Iran was building a weapon.
Security and intelligence: South Korea has launched a fifth spy satellite to monitor North Korea. The military satellite entered orbit from Florida in the US on a SpaceX rocket. The satellite will enable South Korea to monitor North Korea’s missile launch pads every two hours in all weather conditions.
Domestic politics: There are reports that the UK Government will revise council tax bands to increase the rate on more expensive homes. The plan has been proposed by the Institute for Fiscal Studies think tank, which predicts it could raise £4.2 billion a year by 2030.
The Mighty Calendar
What’s happening today?
Reform UK’s Nigel Farage gives speech on the economy
Foreign Affairs Committee interviews Cabinet Secretary and Foreign Office Permanent Secretary on Peter Mandelson’s appointment as US ambassador
UK Joint Committee on National Security Strategy interviews former Hong Kong Governor Chris Patten on UK-China relationship
Defence Questions in UK Parliament
Company results from: Palantir
Lookahead to tomorrow
Japan public holiday (Culture Day)
New York City Mayoralty election
Virginia and New Jersey Gubernatorial elections
Treasury Questions in UK Parliament
Company results from: Pfizer, Uber, Shopify, AMD
The Mighty Finale
🌤️Weather today
Rain in the northwest of England. Largely dry but cloudy elsewhere. High of 16C and low of 13C in London. Rain in Belfast and Edinburgh.
✏️Life coaching quote of the day
“Fun is one of the most important – and underrated – ingredients in any successful venture.” – Richard Branson, entrepreneur
Mighty takeaway: Life is so much easier when you have fun. Try to make even the mundane tasks fun. Enjoy life!
That’s it for this Monday morning. Thanks for reading!
Bye!
The Mighty Memo team
*To read the Mighty Memo manifesto and learn about why we do this visit: https://www.mightymemo.co.uk/why*