Thursday 5 June 2025
The Mighty Headlines
Economics: Trump legislation could add $2.4 trillion to budget deficit
Business and markets: Vodafone completes £15 billion merger with Three
Foreign Affairs: South Korea’s new liberal President takes office
Security and intelligence: China lodges complaint against Marco Rubio
Domestic politics: UK has two weeks to finalise US trade deal
The Mighty Stats
FTSE = 8,801.29 (up 0.16%)
S&P 500 = 5,970.81 (up 0.0074%)
Nasdaq = 19,460.49 (up 0.32)
CAC40 = 7,804.67 (up 0.53%)
£1 = $1.36 / €1.19
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The Mighty Detail
Economics: The Congressional Budget Office in the US has said that a key piece of legislation enacting Donald Trump’s domestic agenda could add $2.4 trillion to the US Government’s budget deficit. The Bill, officially called the “One Big Beautiful Bill Act”, extends tax cuts, ends clean energy incentives and cuts Medicaid (a form of healthcare provision for Americans) by around $700 billion.
Business and markets: Vodafone completed a £15 billion merger with its rival Three earlier this week. Vodafone has said that it will invest £1.3 billion in network infrastructure over the next 12 months to create “one of Europe’s most advanced” 5G networks. The company’s shares have rise by 12 per cent since the start of 2025.
Foreign Affairs: South Korea’s new president officially took office yesterday. Lee Jae-myung, from the liberal Democratic Party, said that he would “never again” allow democratic institutions to be threatened. It comes after the impeached former President Yoon Suk Yeol briefly imposed martial law in South Korea last year.
Security and intelligence: The Chinese Government has lodged a complaint against US Secretary of State Marco Rubio. Ahead of the 36th anniversary yesterday of the Tiananmen Square Massacre, Rubio said that the Chinese Communist Party “actively tries to censor the facts, but the world will never forget”. The Chinese Government said in response that “the road of socialism with Chinese characteristics is the choice of history and the people."
Domestic politics: The UK has approximately two weeks to finalise its trade deal with the United States or it could face 50 per cent tariffs on steel. The US’s 50 per cent tariffs on steel for much of the rest of the world came into effect yesterday.
The Mighty Calendar
What’s happening today?
Holyrood by-election for Hamilton, Larkhall and Stonehouse constituency
NATO Defence Ministers meeting, Brussels
Japanese private lunar lander “Resilience” due to land on the Moon
Cabinet Office Questions in UK Parliament
European Central Bank interest rate decision
US, Canada trade data (April)
US jobless claims (weekly)
Lookahead to tomorrow
Singapore public holiday (Eid al-Adha)
Court hearing for three Iranians charged under UK National Security Act
Google annual shareholders’ meeting
UK Parliament in recess
Eurozone GDP data (Q1 2025)
Canada and US unemployment rate (May)
The Mighty Finale
🌤️Weather today
Rain expected across the UK. High of 17C and low of 11C in London.
✏️Life coaching quote of the day
“I find that when we really love and accept and approve of ourselves exactly as we are, then everything in life works.” – Louise Hay, motivational writer
Mighty takeaway: What’s holding you back in life?
That’s it for this morning. Thanks for reading!
Cheerio!
The Mighty Memo team