Tuesday 8 April 2025
The Mighty Headlines
Economics: EU offers to reduce tariffs as US threatens more action
Business: McCain potatoes increases revenue to £800 million
Markets: Companies pause IPOs because of market turmoil
Foreign Affairs: 1000-year-old cherry tree blooms in Japan
Security and intelligence: China allegedly targets Mark Carney
Domestic politics: UK Government reviews all quangos
The Mighty Stats
FTSE = 7,702.08 (down 4.38%)
S&P 500 = 5,062.25 (down 0.23%)
Nasdaq = 15,603.26 (up 0.099%)
CAC40 = 6,927.12 (down 4.78%)
£1 = $1.27 / €1.17
*If you’ve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. You’ll receive the Mighty Memo directly in your inbox as soon as it’s published!*
*Trump administration special: Stock markets went up and down yesterday, following the rumour that President Trump may impose a 90-day pause on US tariffs. The FTSE 100 closed down but shares in US tech companies Google, Amazon, Facebook and Nvidia rose by around 1 per cent. Shares in McDonald’s fell on fear of a recession and oil prices fell to a four-year low.
The Mighty Detail
Economics: The EU has offered to reduce its tariffs on industrial goods to 0 per cent if the US does the same. Over €380 billion in EU goods will be affected by the US tariffs. Meanwhile, President Trump has said he will increase tariffs on China to 104 per cent if China proceeds with reciprocal tariffs on the US.
Business: The UK subsidiary of McCain Foods, the potato chip maker, increased its profits to £98.7 million in the year to June 2024. It has doubled its profits since 2021. Overall, the potato company increased its revenue to just under £800 million.
Markets: Klarna has paused its decision to list on the New York Stock Exchange this month following the stock market turmoil. Along with the Buy Now Pay Later company, the ticketing company Stubhub and the trading platform Etoro have also paused their plans to go public.
Foreign Affairs: A cherry tree reported to be 1000 years old has bloomed in Japan. The tree is called the Daigo Cherry Tree after the Emperor Godaigo who was said to have praised its beauty in the 1300s.
Security and intelligence: There are reports that an online operation linked to the Chinese Communist Party is targeting Canadian Prime Minister Mark Carney. Canadian security officials said the material has appeared on the social media platform WeChat and targets Carney’s experience, credentials and political positions.
Domestic politics: The UK Government has said that it will review the continuing existence of every quango (quasi autonomous non-governmental organisations). Departments must justify all arms-length bodies, such as the Environment Agency and British Film Institute, or they will be closed, merged or be brought back to departments.
The Mighty Calendar
What’s happening today?
King and Queen begin state visit to Italy
UK Prime Minister appears at Liaison Committee hearing
US Trade Representative appears at Senate Committee hearing
Treasury Questions in UK Parliament
France trade data (February)
US small business optimism data (March)
Lookahead to tomorrow
King addresses joint session of Italian Parliament
King and Queen’s 20th wedding anniversary
UK Parliament in Easter Recess
US Treasury Secretary speaks at American Bankers Association summit
US tariffs come into effect for EU, China, Japan and India
China CPI inflation data (March)
Company results from: Delta Airlines
The Mighty Finale
🌤️Weather today
Another sunny day across the UK! High of 17C and low of 3C in London.
✏️Life coaching quote of the day
“You're only given a little spark of madness. You mustn't lose it.” – Robin Williams, actor
Mighty takeaway: Never forget or hide the talent that make you who you are.
That’s it for this Tuesday morning. See you tomorrow!
Bye!
The Mighty Memo team