Wednesday 2 July 2025
The Mighty Headlines
Economics: EU to accept universal US tariffs
Business and markets: AstraZeneca CEO wants to move listing to NYC
Foreign Affairs: Thai PM suspended over leaked telephone call
Security and intelligence: US judge says Huawei must face criminal charges
Domestic politics: UK Government wins vote on diluted welfare reform
The Mighty Stats
FTSE = 8,785.33 (up 0.28%)
S&P 500 = 6,198.01 (down 0.11%)
Nasdaq = 20,202.89 (down 0.82%)
CAC40 = 7,662.59 (down 0.043%)
£1 = $1.37 / €1.17
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The Mighty Detail
Economics: There are reports that the EU will accept a 10 per cent universal tariff from the US. This would be in exchange for lower rates on certain products such as pharmaceuticals, alcohol, semiconductors, and commercial aircraft. It would also mean quotas and exemptions on EU cars, steel and aluminium.
Business and markets: Shares in pharmaceutical giant AstraZeneca rose by 2 per cent yesterday. It came on reports that CEO Pascal Soriot would like to move the company’s listing from London to New York. Soriot is said to be frustrated by restrictions on the approval and pricing of new medicines in the UK.
Foreign Affairs: The Prime Minister of Thailand, Paetongtarn Shinawatra, was suspended from office yesterday by the country’s Constitutional Court. It follows a leaked telephone conversation between the Prime Minister and the Cambodian Senate President in which the Prime Minister seemed to criticise a Thai Army commander when discussing a border dispute.
Security and intelligence: A US judge has ruled that Huawei should face criminal proceedings over commercial theft and other allegations. Prosecutors claim that the Chinese technology company has stolen trade secrets from US companies, committed bank fraud and been involved in racketeering.
Domestic politics: The UK Government has won a vote on welfare reform by a majority of 75. It follows, however, last minute concessions which mean that most of the £5 billion of savings which had been proposed will not now happen.
The Mighty Calendar
What’s happening today?
UK Justice Secretary addresses Annual Judges Dinner
EU unemployment data (May)
Lookahead to tomorrow
London Assembly considers proposal to pedestrianise Oxford Street
French Foreign Minister addresses Aix-en-Provence Economic Forum
US trade data (May)
Company results from: Currys
The Mighty Finale
🌤️Weather today
Light rain in the northeast and southeast of England. Dry elsewhere. High of 23C and low of 12C in London. Thundery showers in Belfast. Light rain in Edinburgh.
✏️Life coaching quote of the day
“Life has no limitations, except the ones you make.” – Les Brown, motivational speaker
Mighty takeaway: Don’t restrict your dreams!
That’s it for this Wednesday morning. Thanks for reading!
Cheerio!
The Mighty Memo team