Wednesday 19 November 2025
The Mighty Headlines
Economics: Russia’s legislators vote to raise taxes as economy falters
Business and markets: Nvidia reports Q3 earnings as stock markets fall
Foreign Affairs: Palestinian Foreign Minister approves of Trump’s Gaza Plan
Security and intelligence: MI5 warns UK MPs about Chinese spy risks
UK domestic affairs: UK net migration figures revised down
The Mighty Stats
FTSE = 9,552.30 (down 1.27%)
S&P 500 = 6,617.32 (down 0.83%)
Nasdaq = 22,432.85 (down 1.21%)
CAC40 = 7,967.93 (down 1.86%)
£1 = $1.31 / €1.14
Lab / Con / Reform = 19 / 17 / 27 per cent (YouGov, 16-17 Nov)
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The Mighty Detail
Economics: Russian legislators voted yesterday to increase VAT from 20 per cent to 22 per cent. The move could raise $12.3 billion.
The Russian Government has also suggested raising taxes on alcohol, cigarettes and technology products, as the war in Ukraine continues and sanctions hit oil revenues.
Inflation is already running at 8 per cent and central bank interest rates are at 16.5 per cent.
Business and markets: AI chipmaker Nvidia reports its Q3 results today.
They come after the world’s major stock indices continued their technology-led decline yesterday.
Nvidia is the world’s most valuable company and reached a market valuation of $5 trillion in October but its shares have fallen by more than 10 per cent this month.
Foreign Affairs: The Palestinian Foreign Minister, Varsen Aghabekian Shahin, said on Tuesday that President Trump’s plan for Gaza was a “first step in a long road towards peace”. The US drafted resolution was adopted by the UN Security Council on Monday, with Russia and China abstaining. Hamas has criticised the plan.
Security and intelligence: The UK’s domestic intelligence agency, MI5, has issued an alert to UK parliamentarians about the risks from Chinese espionage. The Speaker of the House of Commons, Sir Lindsay Hoyle, added in a letter to MPs that Chinese state actors were “relentless” in their attempts to interfere in Parliament. The Chinese Government has denied such claims.
UK domestic affairs: Revised figures from the ONS suggest that net migration to the UK between 2021 and 2024 was lower than previously thought, at 2.5 million instead of 2.6 million.
Peak net migration figures have also been revised to stand at 944,000 in the year to March 2023. The previous peak was thought to be 906,000 in the year to June 2023.
The Mighty Calendar
What’s happening today?
Former US Vice President Mike Pence speaks at Chatham House
Prime Minister’s Questions in the UK Parliament
Royal Variety Performance, Royal Albert Hall, London
UK inflation data (October) – expected to fall from 3.8% to 3.5%
Eurozone inflation data (October) – expected to fall from 2.2% to 2.1%
Company results from: Nvidia, British Land, Severn Trent, Sage Group
Lookahead to tomorrow
Former US Vice President Dick Cheney’s funeral in Washington D.C.
Sotheby’s auctions Frida Kahlo’s self-portrait
Transport Questions in the UK Parliament
Company results from: Nationwide, Walmart, Mitie, Gap Stores
The Mighty Finale
🌤️Weather today
Light rain in the south, possibly drier by lunchtime in the southeast. Sleet in the northeast. High of 5C and low of -1C in London. Sunny spells in Belfast and Edinburgh.
✏️Life coaching quote of the day
“Worry does not empty tomorrow of its sorrow, it empties today of its strength.” – Corrie ten Boom, Dutch resistance fighter who saved Jewish people during the Holocaust
Mighty takeaway: Try not to worry: it brings you nothing.
That’s it for this Wednesday morning. Thanks for reading!
Bye!
The Mighty Memo team
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