Wednesday 3 December 2025
The Mighty Headlines
Economics: Bank of England eases post-financial crisis rules on banks
Business and markets: UK pension funds sell US stock fearing an AI bubble
Foreign Affairs: Bulgaria withdraws tax-raising budget after large protests
Security and intelligence: US and Russian negotiators meet in Moscow
Domestic politics: New UK Border Security bill becomes law
The Mighty Stats
FTSE = 9,701.80 (down 0.0075%)
S&P 500 = 6,829.37 (up 0.25%)
Nasdaq = 23,413.67 (up 0.59%)
CAC40 = 8,074.61 (down 0.28%)
£1 = $1.32 / €1.14
Lab / Con / Reform = 19 / 19 / 26 per cent (YouGov, 30 Nov-1 Dec)
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The Mighty Detail
Economics: The Bank of England has decided to reduce the capital requirements for banks from 14 per cent to 13 per cent. Capital requirements act as a buffer for lenders in case of shocks to the financial system and were increased after the 2008 financial crisis. The Bank of England Governor says the economy will be stronger if banks are encouraged to lend more money.
Business and markets: There are reports that UK pension funds are reducing their exposure to US shares. It comes as fears of an AI bubble deepen.
The Nasdaq – which features many technology firms – has increased by over 20 per cent this year and nearly doubled since 2023.
The Bank of England also warned yesterday that stock valuations in the US are nearly as stretched as they were in the dot-com boom.
Foreign Affairs: Bulgaria’s Government withdrew its budget plans yesterday. It follows large-scale protests by young people against increases to tax and social security contributions as well as against state corruption. This budget will be Bulgaria’s first budget in euros, which it adopts as a currency on 1 January 2026.
Security and intelligence: US and Russian negotiators met in Moscow yesterday to discuss the Ukraine-Russia peace plan. Ahead of the talks, President Putin said that Russia was “ready right now” to fight Europe, if Europe wants to fight.
After the five-hour meeting, Russian negotiators said “no compromise” on land had been reached and there was a “lot of work” ahead.
Domestic politics: The Border Security, Asylum and Immigration Act received Royal Assent yesterday to become law. The Government says the legislation allows law enforcement officials to get intelligence from illegal migrants’ mobile phones and makes it a criminal offence to promote or facilitate small boat crossings.
The Mighty Calendar
What’s happening today?
German President begins state visit to the UK
President Macron visits China
NATO Foreign Ministers’ meeting, Brussels
Prime Minister’s Questions in UK Parliament
Company results from: Salesforce, Macy’s
Lookahead to tomorrow
Supermoon visible in the UK (last supermoon of the year)
President Putin begins two-day visit to India
Budget debate in the UK House of Lords
Cabinet Office Questions in UK Parliament
Company results from: Sports Direct
The Mighty Finale
🌤️Weather today
Sunny spells across most of England but light rain in the southwest. High of 11C and low of 7C in London. Light cloud in Belfast, with rain possible in the late afternoon. Sunny spells in Edinburgh.
✏️Life coaching quote of the day
It’s a longer quote in the Mighty Memo today, but we think it’s worth reading:
“The poorest way to face life is to face it with a sneer. There are many men who feel a kind of twisted pride in cynicism; there are many who confine themselves to criticism of the way others do what they themselves dare not even attempt.
There is no more unhealthy being, no man less worthy of respect, than he who either really holds, or feigns to hold, an attitude of sneering disbelief toward all that is great and lofty, whether in achievement or in that noble effort which, even if it fails, comes to second achievement.
A cynical habit of thought and speech, a readiness to criticise work which the critic himself never tries to perform, an intellectual aloofness which will not accept contact with life’s realities — all these are marks, not as the possessor would feign to think, of superiority but of weakness.
They mark the men unfit to bear their part painfully in the stern strife of living, who seek, in the affection of contempt for the achievements of others, to hide from others and from themselves in their own weakness. The role is easy; there is none easier, save only the role of the man who sneers alike at both criticism and performance.” – Theodore Roosevelt, US President
Mighty takeaway: Choose to dream and to take action over cynicism and criticism.
That’s it for this Wednesday morning. See you on Friday!
Adios!
The Mighty Memo team
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