Wednesday 1 July 2026
The Mighty Headlines
Economics: Mercosur begins trade negotiations with Japan
Business and markets: Bitcoin falls below $60,000
Foreign Affairs: Spain to grant residency to 1.1 million migrants
Security and intelligence: Iran refuses to meet US envoys for peace talks
Domestic politics: UK to spend an extra £15 billion on defence over four years
The Mighty Stats
FTSE = 10,497.12 (up 0.12%)
S&P 500 = 7,499.36 (up 0.79%)
Nasdaq = 26,213.72 (up 1.52%)
Stoxx 600 = 641.73 (up 0.88%)
£1 = $1.33 / €1.16
Lab / Con / Reform / Green = 20 / 20 / 24 / 13 per cent (YouGov, 28-29 June)
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The Mighty Detail
Economics: The Mercosur trade bloc of South American nations has started trade negotiations with Japan. The potential deal could create a freed trade area with a GDP of $7 trillion.
Mercosur and the EU concluded a trade deal in January of this year after 25 years of negotiations. Details of that agreement are available here: https://commission.europa.eu/topics/trade/eu-mercosur-trade-agreement_en
Business and markets: The value of Bitcoin has continued to fall and is again trading below $60,000. Capital flows into AI-related stocks, significant IPOs and a general lack of confidence in cryptocurrencies have been cited as factors in the cryptocurrency’s decline.
Bitcoin was worth just over $126,000 in October 2025.
Foreign Affairs: The Spanish Government is set to grant residency and work permits to around 1.1 million undocumented migrants. The deadline to apply for the scheme, which the Spanish Government announced last year, closed yesterday.
Spanish Prime Minister Pedro Sanchez said yesterday that Spain’s GDP could be 19 per cent smaller in 2050 without immigration.
Security and intelligence: Iran has said that it will not meet US envoys, Steve Witkoff and Jared Kushner, for peace talks in Qatar today. Iran’s head negotiator, Mohammad Bagher Ghalibaf, said that the current ceasefire commitments must be met and also warned that safe passage through the Strait of Hormuz had only been agreed for 60 days.
Domestic politics: The UK Government has announced an additional £15 billion in military spending over the next four years. Former Defence Secretary, John Healey, resigned earlier this month stating that the £13.5 billion the Government was then planning was insufficient. Defence leaders have asked for £28 billion.
The Mighty Calendar
What’s happening today?
US Federal Reserve Chair, Kevin Warsh, ECB President, Christine Lagarde, and Bank of England Governor, Andrew Bailey, speak at the ECB Forum in Portugal
Prime Minister’s Questions in UK House of Commons
UK house prices data (June) – set to rise by 0.1%
EU CPI inflation data (June) – set to fall from 3.2% to 3.0%
US manufacturing PMI data (June) – set to increase from 55.1 to 55.7
Company results from: Associated British Foods
Football World Cup (UK times)
England vs Congo DR, 5:00 PM, Mercedes-Benz Stadium, Atlanta, Georgia
Belgium vs Senegal, 9:00 PM, Lumen Field, Seattle, Washington
Lookahead to tomorrow
Canada public holiday (Canada Day)
Hong Kong public holiday (Hong Kong Establishment Day)
European Court of Justice judgment on Google antitrust case
Ofsted Chief Inspector, Sir Martyn Oliver, gives speech
Business and Trade Questions in UK House of Commons
Results from: Currys
Football World Cup (UK times)
USA vs Bosnia-Herzegovina, 1:00 AM, Levi's Stadium, Santa Clara, California
Spain vs Austria, 8:00 PM, SoFi Stadium, Inglewood, California
The Mighty Finale
🌤️Weather today
Cloudy in the northwest of England but sunny spells elsewhere. High of 25C and low of 15C in London. Light rain from early afternoon in Belfast and Edinburgh.
✏️Life coaching quote of the day
“Almost everything will work again if you unplug it for a few minutes, including you.” – Anne Lamott, writer
Mighty takeaway: Rest, recuperate and enjoy life. Don’t mistake busyness for living.
That’s it for this Wednesday morning. Thanks for reading!
Bye!
The Mighty Memo team
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