Monday 30 June 2025
The Mighty Headlines
Economics: US pauses trade talks with Canada
Business and markets: $1 billion tariff hit to Nike
Foreign Affairs: President Putin extends Russia’s secrecy law
Security and intelligence: IAEA says Iran could enrich uranium again soon
Domestic politics: Conservative Party and Reform UK work together on bill
The Mighty Stats
FTSE = 8,798.91 (up 0.72%)
S&P 500 = 6,173.07 (up 0.52%)
Nasdaq = 20,273.46 (up 0.52%)
CAC40 = 7,691.55 (up 1.78%)
£1 = $1.37 / €1.17
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The Mighty Detail
Economics: President Trump has said that trade talks with Canada will stop “until such time as they drop certain taxes”. Negotiations seem to have reached an impasse because of Canada’s decision to put a digital services tax on US technology companies which takes effect today. The tax is estimated to cost US tech companies around $3 billion.
Business and markets: Nike has said that it expects US tariffs to cost it around $1 billion. It comes as the company struggles with poor performance. Revenue was down 10 per cent to $46.3 billion in the year to May 2025. A new business strategy will see it decreasing production in China, which accounts for 16 per cent of the shoes it imports into the US.
Foreign Affairs: President Putin has further extended Russia’s state secrecy law to strengthen control of the country. A decree published in the last week means that details of Russia’s foreign, trade and economic policy as well as information on scientific developments and news of military mobilisations may be classified.
Security and intelligence: The head of the International Atomic Energy Agency, Rafael Grossi, has said that Iran could be producing enriched uranium within a few months. It follows President Trump’s comments on Friday that the US would bomb Iran “without question” if it enriches uranium to a concerning level.
Domestic politics: The UK Conservative Party and Reform UK Party are working together in Parliament for the first time. The two parties are supporting an amendment to the Victims and Courts Bill which would require the nationalities of migrant offenders to be revealed.
The Mighty Calendar
What’s happening today?
Wimbledon begins
UK GDP data (Q1 2025)
China manufacturing growth data (June)
Lookahead to tomorrow
Canada public holiday (Canada Day)
Royal Week begins (Scotland)
Welfare Reform Bill vote in UK Parliament
US manufacturing growth data (June)
The Mighty Finale
🌤️Weather today
A scorcher! Sun across England. High of 33C and low of 19C in London. Thundery storms in Belfast and sunny spells in Edinburgh.
✏️Life coaching quote of the day
“If a problem is fixable, if a situation is such that you can do something about it, then there is no need to worry. If it's not fixable, then there is no help in worrying. There is no benefit in worrying whatsoever.” – The Dalai Lama
Mighty takeaway: How does worrying actually help you?
That’s it for this morning. Thanks for reading and we hope you have a good start to the week.
Bye!
The Mighty Memo team