Wednesday 25 March 2026
The Mighty Headlines
Economics: Economic activity falls in the Eurozone
Business and markets: Estée Lauder in merger talks with Puig
Foreign Affairs: Italy’s Meloni loses key referendum
Security and intelligence: Russia launches its first internet satellites
Domestic politics: New homes in England to have renewables from 2028
The Mighty Stats
FTSE = 9,965.16 (up 0.72%)
S&P 500 = 6,556.37 (down 0.37%)
Nasdaq = 21,761.90 (down 0.84%)
Stoxx 600 = 579.28 (up 0.43%)
£1 = $1.34 / €1.16
Lab / Con / Reform = 19 / 17 / 23 per cent (YouGov, 22-23 March)
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The Mighty Detail
Economics: Snap data suggests that economic activity in the Eurozone fell this month to a 10-month low. An index measuring activity (the S&P PMI) fell from 51.9 in February to 50.5 in March. Although any number above 50 indicates growth, the decline to 50.5 was more than analysts had expected.
Business and markets: Estée Lauder is in talks about a possible merger with Puig, the Spanish owner of brands such as Jean Paul Gautier and Rabanne. The merger would create one of the world’s largest beauty and fashion brands worth around $40 billion.
Estée Lauder’s share price has fallen by 80 per cent since its high point in 2021.
Foreign Affairs: Italy’s Prime Minister, Giorgia Meloni, has lost a major referendum on reforming the judiciary, potentially risking her political future.
Meloni called the referendum in order to reorganise a system of prosecutors and judges whom she views as too political.
Opposition figures effectively turned the vote into a referendum on Meloni herself. Italy’s General Election is due next year.
Security and intelligence: Russia has launched its first internet satellites. The satellites will create a domestic rival to Elon Musk’s Starlink satellites. Starlink has been used extensively by both sides in the Ukraine war but the Russian military was cut off from Starlink last month, creating communications issues for the Russian army.
Domestic politics: The UK Government has announced plans requiring most new homes in England to be installed with solar panels and heat pumps. The rules will apply from 2028. Energy Secretary, Ed Miliband, said the move would mean escaping “the grip of fossil fuel markets we don’t control”.
The Mighty Calendar
What’s happening today?
President Trump speaks at National Republican Congressional Committee dinner
Prime Minister’s Questions in UK House of Commons
UK CPI inflation data (February) – set to fall from 3% to 2.8% (provisional)
Lookahead to tomorrow
NATO Secretary General holds press conference on NATO annual report
Joint Expeditionary Force leaders’ meeting in Finland
G7 Foreign Ministers’ meeting in France
Former Venezuelan President Maduro’s hearing in New York
Company results from: NEXT, Porsche
The Mighty Finale
🌤️Weather today
Light rain across the UK. High of 10C and low of 2C in London.
✏️Life coaching quote of the day
“No act of kindness, no matter how small, is ever wasted.” – Aesop
Mighty takeaway: Nothing further to add!
That’s it for this morning. Thank you for reading and we’ll see you next on Friday.
Bye!
The Mighty Memo team
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