Wednesday 21 January 2026
The Mighty Headlines
Economics: Russian oil exports reach lowest level since August 2025
Business and markets: Japanese bond market crashes ahead of election
Foreign Affairs: President Macron says US trying to “subordinate Europe”
Security and intelligence: UK approves new Chinese “mega” embassy
UK domestic politics: UK seeks to attract top talent with visa fee changes
The Mighty Stats
FTSE = 10,126.78 (down 0.67%)
S&P 500 = 6,796.92 (down 2.06%)
Nasdaq = 22,954.32 (down 2.39%)
Stoxx 600 = 602.80 (down 0.7%)
£1 = $1.35 / €1.15
Lab / Con / Reform = 19 / 18 / 24 per cent (YouGov, 18-19 January)
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The Mighty Detail
Economics: Russia’s oil exports – a key source of revenue for the country – have fallen to their lowest level since August 2025.
In the last four weeks, Russia exported around $900 million worth of oil a week and averaged around 3.16 million barrels a day. This is down by around 700,000 barrels from the peak before Christmas.
A slump in demand from India, following US and EU sanctions, is contributing to the downturn.
Business and markets: Japan’s $7.6 trillion bond market crashed yesterday, with yields on Japan’s 30-year bonds increasing by their largest amount since 2003.
The Government’s expansionary fiscal policy, including the promise of a $32 billion tax cut on food and drink if it wins next month’s election, is adding to investors’ concerns.
Japan’s debt-to-GDP ratio is already fairly high at around 250 per cent (the UK’s is around 100 per cent).
Foreign Affairs: Speaking at the World Economic Forum yesterday, France’s President Macron claimed that the US was trying to “subordinate Europe” with its economic policies. Macron added that France preferred “respect to bullies” and the “rule of law to brutality”. President Trump addresses the Forum today.
Security and intelligence: The UK Government has approved a new Chinese “mega” embassy in London. Regarding espionage concerns, the heads of MI5 and GCHQ said that it was not realistic to “wholly eliminate” all security risks but a “proportionate” set of national security mitigations had been developed for the location.
UK domestic politics: The UK Government has announced plans to reimburse visa fees for “select trailblazers” seeking to work in the UK technology sector and in “priority companies”. It comes as part of the Government’s bid to make the UK more attractive to foreign companies and investors.
The Mighty Calendar
What’s happening today?
President Trump speaks at the World Economic Forum, Switzerland
NATO Military Committee meeting (Chiefs of Defence), Belgium
Prime Minister’s Questions in UK House of Commons
UK CPI inflation data (December)
Company results from: Burberry, Aberdeen, JD Sports, Currys, JD Wetherspoon, Experian, Halliburton
Lookahead to tomorrow
Australia holds national day of mourning over Bondi Beach attack
Former US Special Counsel, Jack Smith, testifies before the US House Justice Committee on Trump investigations
Transport Questions in UK House of Commons
Oscar nominations announced
UK government borrowing data (December)
US GDP data (Q3 2025) – set to increase from 3.8% to 4.3% (annualised)
Company results from: Procter & Gamble, Intel
The Mighty Finale
🌤️Weather today
Light rain in the north of England. Heavy rain in the south. High of 11C and low of 9C in London. Light rain in Belfast. Light showers possible in Edinburgh.
✏️Life coaching quote of the day
“If you don't have peace, it isn't because someone took it from you; you gave it away. You cannot always control what happens to you, but you can control what happens in you.” – John C. Maxwell, motivational speaker
Mighty takeaway: How could you change your perspective on an event to make yourself calmer/happier/less stressed?
That’s it for this morning. See you on Friday!
Cheerio!
The Mighty Memo team
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