Thursday 24 April 2025
The Mighty Headlines
Economics: UK private sector activity shrinks to lowest level since 2022
Business: EU fines Apple and Facebook €700 million
Markets: European stocks close higher as US-China tensions ease
Foreign Affairs: Explosions in Moscow’s business district
Security and intelligence: Palestine’s Abbas asks Hamas to drop weapons
Domestic politics: Conservative Party and Reform UK could unite
The Mighty Stats
FTSE = 8,403.18 (up 0.9%)
S&P 500 = 5,375.86 (up 1.67%)
Nasdaq = 16,708.05 (up 2.5%)
CAC40 = 7,482.36 (up 2.13%)
£1 = $1.33 / €1.17
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The Mighty Detail
Economics: Private sector activity in the UK has shrunk to its lowest level since 2022. UK manufacturing export sales have also declined at a level not seen since the Great Financial Crisis in February 2009 (aside from the Covid-19 pandemic). US tariffs are considered to be a major contributing factor.
Business: The European Commission has fined Apple and Facebook €500 million and €200 million respectively for breaching EU competition rules. Apple was fined for breaching rules on its app store while Facebook was fined for requiring users to pay for ad-free versions of Facebook and Instagram. The Trump administration has previously criticised the EU for imposing such fines.
Markets: The pan-European Stoxx 600 stock index closed 1.7 per cent higher yesterday. It comes as traders expect a thaw in US-China trade relations. President Trump said this week that tariffs on Chinese goods could fall while US Treasury Secretary, Scott Bessent, said that there would be a “de-escalation in tensions” very soon and there was an “opportunity for a big deal”.
Foreign Affairs: There have been reports of three explosions in Moscow’s business district. According to Russian media, a car exploded in an underground car park of a shopping mall. It is not yet clear if the attacks are linked to the war in Ukraine. It comes a day after an explosion at a Russian ammunition depot east of Moscow, which the authorities said was due to a safety lapse.
Security and intelligence: The Palestinian President Mahmoud Abbas urged Hamas yesterday to put down its arms and cede control of Gaza to the Palestinian Authority. Abbas added that Hamas must “transform into a political party.” Hamas ousted the Palestinian Authority from Gaza in 2007 and has rejected US and Israeli calls to lay down arms.
Domestic politics: The Shadow Justice Secretary, Robert Jenrick, has allegedly called for the Conservative Party to unite with Nigel Farage’s Reform UK party. In a leaked speech to the UCL Conservative Association dinner in March, the former Conservative Party leadership contender said that he was still battling against Reform UK. He added, however, that at the General Election the right should be “united” and that “one way or another, I’m determined to do that.”
The Mighty Calendar
What’s happening today?
International Energy Agency summit, London
Cannes International TV festival begins
Cabinet Office Questions in UK Parliament
Japan CPI inflation data (April)
UK, France, Germany, Italy new car registrations data (March)
US jobless claims (weekly)
US existing home sales (March)
Company results from: Google, Intel, Asos, Merck, Nokia, PepsiCo, Procter & Gamble
Lookahead to tomorrow
Australia and New Zealand public holiday (ANZAC Day)
ANZAC services at Westminster Abbey, London
National Rifle Association annual meeting begins, Atlanta, Georgia
UK, Canada retail sales data (March)
Private Members’ Bills in UK Parliament
Company results from: Colgate-Palmolive
The Mighty Finale
🌤️Weather today
Sunny spells in northwest England. Cloudy elsewhere. High of 17C and low of 6C in London. Sunny spells in Belfast and Edinburgh.
✏️Life coaching quote of the day
“A great attitude does much more than turn on the lights in our worlds; it seems to magically connect us to all sorts of serendipitous opportunities that were somehow absent before we changed.” – Earl Nightingale, motivational speaker
Mighty takeaway: You’ll be amazed at what a change of attitude can do.
That’s it for this morning. Thanks for reading and we’ll see you tomorrow.
Bye!
The Mighty Memo team