Wednesday 23 April 2025
The Mighty Headlines
Economics: IMF cuts global growth forecasts for 2025
Business: Finance bonuses in the UK are highest in the world
Markets: Sterling set for historic gains against the dollar
Foreign Affairs: China warns countries against unfavourable US trade deals
Security and intelligence: UK hosts Ukraine peace conference today
Domestic politics: Badenoch promises to reverse farms tax
The Mighty Stats
FTSE = 8,328.60 (up 0.64%)
S&P 500 = 5,287.76 (up 2.51%)
Nasdaq = 16,300.42 (up 2.71%)
CAC40 = 7,326.47 (up 0.56%)
£1 = $1.33 / €1.17
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The Mighty Detail
Economics: The IMF has cut global growth forecasts for 2025 from 3.3 per cent to 2.8 per cent. This follows an increase in tariffs imposed on trade around the world. The IMF has also predicted that inflation in the UK will be the highest in the G7 this year at 3.1 per cent. The US will see inflation of 3 per cent.
Business: Bonuses in the UK financial services industry were higher than anywhere else in the world last year. According to recent data, people in the industry received an average bonus of $149,000 in 2024. This is compared to $145,800 in the North America and $108,500 in the EU. It comes after the UK Government abolished the EU’s bonus cap in 2023.
Markets: The pound is on course for its longest run of sustained increases against the dollar for over 50 years. It has risen by 3.5 per cent against the dollar since the 2nd April when the Trump administration announced global tariffs. The FTSE 100 has also risen for seven days in a row - its best result since 2023.
Foreign Affairs: The Chinese Government is warning countries not to make trade deals with the US which could in turn be unfavourable to China. The Chinese Government added that it would “resolutely take countermeasures” against the countries involved.
Security and intelligence: The UK Foreign Secretary, David Lammy, will host French, German, US and Ukrainian negotiators today to discuss a Ukrainian peace deal. Ukraine has proposed a ceasefire on civilian infrastructure for 30 days. The US has separately proposed formally recognising Crimea as Russian. US Secretary of State Marco Rubio had been expected to attend but pulled out yesterday.
Domestic politics: The Conservative Party Leader, Kemi Badenoch, has said that she would reverse the Government’s inheritance tax proposals on farms if her party were to win the next election. From April 2026, people with agricultural properties will pay a tax of 20 per cent on agricultural assets over £1 million.
The Mighty Calendar
What’s happening today?
St George’s Day
UK Turner Prize shortlist announced
Prime Minister’s Questions in UK Parliament
UK, US, EU, Japan manufacturing and services growth data (April)
UK Government borrowing data (March)
US new homes sales data (March)
South Korea GDP data (Q1 2025)
Company results from: Heathrow, Boeing, Chipotle, AkzoNobel, Babcock
Lookahead to tomorrow
International Energy Agency summit, London
Cannes International TV festival begins
Cabinet Office Questions in UK Parliament
Japan CPI inflation data (April)
UK, France, Germany, Italy new car registrations data (March)
US jobless claims (weekly)
US existing home sales (March)
Company results from: Google, Intel, Asos, Merck, Nokia, PepsiCo, Procter & Gamble
The Mighty Finale
🌤️Weather today
Rain in the southeast of England. Largely dry elsewhere. High of 13C and low of 8C in London. Sunny spells in Belfast and Edinburgh.
✏️Life coaching quote of the day
“Accept responsibility for your life. Know that it is you who will get you where you want to go, no one else.” – Les Brown, motivational speaker
Mighty takeaway: How your life turns out and evolves is up to you. You have the power to change at any moment and at any stage.
That’s it for this morning. Thanks for reading and we’ll see you tomorrow.
Adios!
The Mighty Memo team