Wednesday 24 June 2026

Written By Mighty Memo

*The Met Office has issued a “red warning” for extreme heat in some parts of the UK today. Affected areas include the East Midlands, the East of England, London and South East England, South West England, the West Midlands and Wales.

 

An “amber warning” for extreme heat has been issued for North West England and Yorkshire and Humber. Further details on the individual counties affected and the implications of the warnings are available on the Met Office website here: https://weather.metoffice.gov.uk/warnings-and-advice/uk-warnings *

 

 

The Mighty Headlines

 

Economics: UK economy contracts in June

 

Business: FedEx posts strong Q4 earnings of $25 billion

 

Markets: Global tech stocks fall, with 10 per cent drop in Korea

 

Foreign Affairs: De la Espriella set to take power in Colombia

 

Security and intelligence: E5 nations discuss security in Berlin today

 

Domestic politics: Prof Jonathan Haskel nominated as new OBR chair

 

The Mighty Stats

 

FTSE = 10,428.85 (down 0.086%)

S&P 500 = 7,365.46 (down 1.44%)

Nasdaq = 25,587.04 (down 2.21%)

Stoxx 600 = 634.63 (down 0.73%)

 

£1 = $1.32 / €1.16

 

Lab / Con / Reform / Green = 18 / 20 / 25 / 15 per cent (YouGov, 21-22 June)

 

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The Mighty Detail

 

Economics: The UK economy contracted slightly in June, according to new data from Standard & Poor’s. S&P Global’s purchasing manager’s index (a proxy for economic growth) stood at 49.4 in June. It was 49.7 in May. Any number below 50 indicates that the economy is contracting.

 

Business: FedEx posted strong earnings yesterday for its fourth fiscal quarter (the period ending 31st May). Revenue grew by 12.6 per cent to $25 billion, fuelled by strong demand in the US. Full year revenue was $94.7 billion and the company expects revenue in 2026 to grow by 11 per cent.

 

Markets: Global tech stocks fell yesterday amid renewed concerns about tech firms’ capital spending on AI. South Korea’s stock exchange (which lists some of the world’s largest chip makers) suspended trading for 20 minutes and its Kopsi index closed down by 10 per cent.

  • Micron, whose shares have risen by 300 per cent this year, reports its Q3 results later today. Its share price fell by 13 per cent yesterday.

 

Foreign Affairs: Abelardo de la Espriella seems to have won Colombia’s Presidential election, although the result has not been officially confirmed. De la Espriella, is a conservative candidate who was endorsed by President Trump.

  • His victory may extend a recent trend of conservative politicians winning power in South America, with right-wing Presidents coming to office in Argentina, Chile and Bolivia.

 

Security and intelligence: Germany’s Chancellor Merz is hosting a meeting of the leaders of the E5 countries in Berlin today. The group will discuss support for Ukraine, Europe’s role in the Iran War and European support for NATO.

  • The E5 is a security group consisting of Germany, France, Italy, Poland and the UK.

 

Domestic politics: The UK Government has nominated Jonathan Haskel as the next Chair of the Office for Budget Responsibility (OBR). Haskel is Professor of Economics at Imperial College London. The OBR plays a significant role in analysing the UK’s public finances, including the Budget.

 

The Mighty Calendar

 

What’s happening today?

 

  • President Trump officially opens the “Freedom 250” celebrations of American independence

  • President Trump meets NATO Secretary General Mark Rutte

  • Prime Minister’s Questions in UK House of Commons

  • Company results from: Berkeley Group, Micron

 

Football World Cup (UK times)

  • Colombia vs Congo DR, 3:00 AM, Estadio Akron, Guadalajara, Mexico

  • Bosnia-Herzegovina vs Qatar, 8:00 PM, Lumen Field, Seattle, Washington

  • Switzerland vs Canada, 8:00 PM, BC Place, Vancouver, Canada

  • Morocco vs Haiti, 11:00 PM, Mercedes-Benz Stadium, Atlanta, Georgia

  • Scotland vs Brazil, 11:00 PM, Hard Rock Stadium, Miami Gardens, Florida

 

Lookahead to tomorrow

 

  • UK VAT summer reduction scheme begins

  • Poland hosts the Ukraine Recovery Conference

  • Frida Kahlo exhibition opens at the Tate Modern, London

  • Cricket: England vs New Zealand final test

  • Company results from: H&M

 

Football World Cup (UK times)

  • Czechia vs Mexico, 2:00 AM, Estadio Banorte, Mexico City, Mexico

  • South Africa vs South Korea, 2:00 AM, Estadio BBVA, Guadalupe, Mexico

  • Curaçao vs Ivory Coast, 9:00 PM, Lincoln Financial Field, Pennsylvania

  • Ecuador vs Germany, 9:00 PM, MetLife Stadium, East Rutherford, New Jersey

 

The Mighty Finale

 

🌤️Weather today

 

Hot and sunny across most of England. Slightly cooler in the far southwest of England, viz. Cornwall. High of 35C and low of 18C in London. Light cloud in Belfast. Sunny with a gentle breeze in Edinburgh.

 

✏️Life coaching quote of the day

 

“We remain young to the degree that our ambitions are greater than our memories.” – Dan Sullivan, writer and life coach

 

Mighty takeaway: Find new projects and hobbies at every stage of life.

 

That’s it for this morning. Thanks for reading and we’ll see you next on Friday.

Stay cool!

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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Friday 19 June 2026