Tuesday 3 June 2025
*Please accept our apologies for the technical difficulties yesterday which meant that you did not receive the Mighty Memo briefing.*
The Mighty Headlines
Economics: OPEC+ increases oil production to lower prices
Business and markets: Monzo records over £1 billion in revenue
Foreign Affairs: US Senate pushes for “bone-crushing” Russia law
Security and intelligence: Ukraine hits 40 Russian bomber planes
Domestic politics: UK Government puts UK on “war-fighting readiness"
The Mighty Stats
FTSE = 8,774.26 (up 0.021%)
S&P 500 = 5,935.94 (up 0.41%)
Nasdaq = 19,242.61 (up 0.67%)
CAC40 = 7,737.20 (down 0.19%)
£1 = $1.35 / €1.18
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The Mighty Detail
Economics: The OPEC+ group of oil producing nations has agreed to increase oil production in July by 411,000 barrels a day. It follows previous increases in May and June which is pushing the price of oil to its lowest level in four years. Lobbying by the US to lower oil prices and internal rivalries between countries in OPEC+ may be factors in the decision to increase production.
Business and markets: Monzo has reported revenue of £1.2 billion for the year ending March 2025. It is the first the online bank has reached over £1 billion in revenue. The number of customers also increased from 9.8 million to 12.2 million. Monzo is examining a possible £6 billion IPO in London.
Foreign Affairs: The US Senate is pushing for a bill which would impose “bone-crushing” tariffs of 500 per cent on countries buying Russian oil. The bipartisan bill has gathered 80 signatures in the 100-seat Senate and is designed to bring Russia to the negotiating table over Ukraine. It is also supported by the European Commission.
Security and intelligence: Ukraine has said that it used 117 drones on Sunday to hit at least 40 Russian bombers at four military bases. Ukrainian security services said that the attack struck “34 per cent of [Russia’s] strategic cruise missile carriers”. It is Ukraine’s biggest long-range attack of the war so far.
Domestic politics: The UK Government has said that the country must move to “war-fighting readiness” to counter Russian aggression in Europe. As part of its defence review, the UK Government said that the UK would build up to 12 attack submarines and six munitions factories and spend 3 per cent of GDP on defence by 2034.
The Mighty Calendar
What’s happening today?
South Korea Presidential Election
President Macron meets Prime Minister Meloni in Rome
Eurozone CPI inflation data (May)
Lookahead to tomorrow
UK and Germany convene meeting of Ukraine Defence Contact Group
Prime Minister’s Questions in UK Parliament
UK, Eurozone service growth data (May)
Bank of Canada interest rate decision
The Mighty Finale
🌤️Weather today
Light rain for much of England. High of 18C and low of 9C in London. Light rain in Belfast and Edinburgh too.
✏️Life coaching quote of the day
“You get in life what you have the courage to ask for.” – Oprah Winfrey
Mighty takeaway: What are you afraid of stepping into? Try to take that first step.
That’s it for this Tuesday morning. Thanks for reading!
Adios!
The Mighty Memo team