Wednesday 22 July 2026

Written By Mighty Memo

The Mighty Headlines

Economics: US prepares to issue new round of tariffs

Business and markets: Takeovers of London-listed firms reach $64 billion

Foreign Affairs: Students and farmers protest in India

Security and intelligence: Zelensky dismisses the head of Ukraine’s military

Domestic politics: New UK PM’s Cabinet unveiled – the key names

The Mighty Stats

FTSE = 10,585.91 (up 0.58%)

S&P 500 = 7,509.20 (up 0.89%)

Nasdaq = 25,837.21 (up 1.29%)

Stoxx 600 = 643.19 (up 0.56%)

£1 = $1.34 / €1.17

Lab / Con / Reform / Green = 20 / 21 / 23 / 14 per cent (YouGov, 19-20 July)

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The Mighty Detail

Economics: The US Government has said that it is preparing to issue another round of tariffs. It comes as President Trump announced tariffs of 50 per cent on some Canadian goods on Monday. President Trump said that those measures were in retaliation for unfair Canadian treatment of US cars, alcohol and dairy products.

  • The US’s global 10 per cent tariffs, which it imposed in February, are due to expire on Friday.

Business and markets: New analysis indicates that the value of London-listed firms subject to mergers and acquisitions reached $64 billion in the last year. That figure is nearly 130 per cent greater than in 2025. The relatively cheap value of London companies is a factor in the rise.

  • The London Stock Exchange is struggling to attract new listings and has unveiled plans to allow trading for nearly 24 hours a day from next year on a new venue.

Foreign Affairs:Thousands of people gathered in Delhi, India on Monday and Tuesday demanding reforms to the education system which they say is corrupt. The police used tear gas and batons on Monday to deter crowds.

  • The protests are a significant sign of dissent in Prime Minister Modi’s third term in office.

  • Indian farmers separately gathered yesterday to protest against the proposed US-India trade agreement.

Security and intelligence: President Zelensky has sacked the head of the country’s armed forces, Oleksandr Syrskyi. There have been days of protests in Ukraine after President Zelensky dismissed his popular Defence Minister, Mykhailo Fedorov last week. Fedorov (who is viewed as a moderniser) reportedly clashed with Syrskyi (who is viewed as having a more traditional approach to defence).

Domestic politics: The UK’s new Prime Minister, Andy Burnham, unveiled his new Cabinet earlier this week. Who is occupying the top Cabinet posts?

  • Chancellor: John Healey (resigned as Defence Secretary under Starmer over defence spending concerns)

  • Chancellor of the Duchy Lancaster: Louise Haigh (resigned as Transport Secretary under Starmer after a mobile phone conviction emerged)

  • Foreign Secretary: Ed Miliband

  • Home Secretary: Shabana Mahmood

  • Defence Secretary: Wes Streeting (resigned as Health Secretary under Starmer over his leadership direction)

  • Health Secretary: Yvette Cooper

  • Education Secretary: Lucy Powell (sacked as Leader of the House by Starmer for “unforced errors”.)

  • Housing Secretary: Angela Rayner (resigned as Housing Secretary under Starmer over tax allegations but was subsequently cleared by HMRC.)

The Mighty Calendar

What’s happening today?

  • Venezuela’s ex-President Maduro appears in court in New York

  • EU deadline to review Paramount’s takeover of Warner Bros.

  • Company results from: Google, Tesla, IBM, Wetherspoon’s, Reach, Unicredit, Santander, GE Vernova, AT&T, Equinor

Lookahead to tomorrow

  • European Central Bank interest rate decision

  • Commonwealth Games begin (Glasgow)

  • Company results from: Centrica, TotalEnergies, BT, Heathrow, Nokia, Eurotunnel, Intel, easyJet, Carrefour, CVS Group, American Airlines

The Mighty Finale

🌤️Weather today

Sunny spells in the south of England. Light cloud in the north. High of 26C and low of 16C in London. Light cloud in Belfast and Edinburgh as well.

✏️Life coaching quote of the day

“My life has no purpose, no direction, no aim, no meaning, and yet I'm happy. I can't figure it out. What am I doing right?” – Charlie Brown (written by Charles Schulz)

Mighty takeaway: Don’t overcomplicate things in your life. You might just be happy!

That’s it for this Wednesday morning. Thank you for reading as ever.

Bye for now!

The Mighty Memo team

*To read the Mighty Memo manifesto and learn about why we do this visit: https://www.mightymemo.co.uk/why*

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Monday 20 July 2026