Wednesday 21 May 2025
The Mighty Headlines
Economics: China cuts lending rates to record lows
Business: British ports ask for £120 million compensation over EU deal
Markets: World’s largest stock market listing this year in Hong Kong
Foreign Affairs: US warns Syria could collapse within weeks
Security and intelligence: President Trump selects “Golden Dome” design
Domestic politics: Poll puts Reform UK on top and Conservatives in fourth place
The Mighty Stats
FTSE = 8,781.12 (up 0.94%)
S&P 500 = 5,940.46 (down 0.39%)
Nasdaq = 19,142.72 (down 0.38%)
CAC40 = 7,942.42 (up 0.75%)
£1 = $1.34 / €1.19
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The Mighty Detail
Economics: China has cut its lending rates to record lows in a bid to stimulate the economy after the introduction of US tariffs. The People’s Bank of China cut the 1-year loan prime rate (used for household loans) to 3 per cent. The 5-year loan prime rate (used for mortgages) has fallen to 3.5 per cent.
Business: British ports are asking for £120 million in compensation after new border control posts have been rendered “obsolete” by the Government’s new deal with EU. The British Ports Association said new infrastructure had been built to “manage checks that never fully materialised”.
Markets: CATL was listed on the Hong Stock exchange yesterday and raised $4.6 billion. It is the world’s biggest stock market listing of the year so far. CATL (Contemporary Amperex Technology Limited) is one of China’s most important tech companies and the world’s biggest supplier of electric car batteries. It is blacklisted by the US Pentagon as a Chinese military company.
Foreign Affairs: The US Secretary of State, Marco Rubio, has warned that Syria could collapse and descend into civil war within weeks. Rubio blamed the resurgence of Islamic State and Iran for destabilising the government in Syria. Rubio added that concerns about the strength of the Syrian government were the reason behind the US lifting sanctions on Syria last week.
Security and intelligence: President Trump has selected the design for “Golden Dome” missile defence system. Space Force General Michael Guetlein has been chosen to oversee project. The “Golden Dome” would intercept hypersonic missiles, which travel faster than the speed of sound, as well as intercept missiles sent from space. The project is expected to cost around $175 billion.
Domestic politics: A YouGov poll has placed support for the UK Conservative Party at its lowest level in at least 24 years. Reform UK topped the opinion poll on 29 per cent, with the ruling Labour Party on 22 per cent and the Liberal Democrat Party on 17 per cent. The Conservative Party, which was in Government between 2010 and 2024, received only 16 per cent.
The Mighty Calendar
What’s happening today?
Kermit the Frog delivers University of Maryland commencement address
President Trump hosts South Africa’s President, Washington D.C.
Pope Leo XIV holds first general audience
Prime Minister’s Questions in UK Parliament
UK CPI inflation data (April)
Company results from: Marks & Spencer, JD Sports, Currys, Target
Lookahead to tomorrow
Matt Hancock and Patrick Vallance give evidence at UK Covid-19 Inquiry
Michael Gove introduced to the House of Lords
Culture Questions in UK Parliament
UK Government borrowing data (April)
UK, EU, US manufacturing and services growth data (May)
Company results from: BT, easyJet, British Land
The Mighty Finale
🌤️Weather today
Thundery showers in the southeast of England. Mixture of rain and sunshine elsewhere. High of 18C and low of 7C in London. Bright sunshine in Belfast and Edinburgh.
✏️Life coaching quote of the day
“It is a funny thing about life; if you refuse to accept anything but the best, you very often get it.” —W. Somerset Maugham, writer
Mighty takeaway: Don’t settle for things as they are if they don’t make you happy.
That’s it for this morning. Thanks for reading!
Bye!
The Mighty Memo team